Alternative borrowing for under £3,000

If you have a debt of £3,000 or less, it may be that a UK loan is not the best way to consolidate your debt.

"Most of the time providers charge higher interest rates on smaller loans and so it may be better to move the debt to a 0% balance transfer credit card and save £100s in interest charges" a representative of the Bank of England commented

Alternatively, if you’re looking to make a purchase, a credit card with 0% interest on purchases could be the right option for you. However its important to remember to stay interest-free on your borrowing and to do so you must re-pay the balance before the offer period ends.

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