These loans are NOT expensive if used for a short term.  You can borrow £5,000 and pay back £7,000 over 3 months.  So you are paying £2,000 in interest.  But if you are able to make £50,000 in equity is it worth it?  It is kind of a dumb question as of course it is worth paying £2,000 to make £50,000.

 

So how do you raise £5,000 and pay it back in 3 months?  This is easy also.  You simply:

 

1. raise 10 lots of £500 from multiple payday loan providers
2. get a refurbishment mortgage which does not employ a 6 month rule.

 

So you would perform the refurb, get a remortgage on the now refurbished property and get all your refurb money back and more.  This additional monies raised are used to settle the loan ASAP.  You could do it in a month thus paying even less interest.

 

Now this strategy is for those who really know what they are doing.  Millionaires do this all the time.  I read Theo’s book called Enter the Dragon and the sort of interest rates he was paying on short term financing were HORRIFIC.

 

To get all the payday loan providers you could ever wish for enter “payday loan” in to the search box below and press search!

 

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Ajay

 

PS if you want some deals requiring refurbishment contact us.  We get them all the time!

Posted on: 8th May 2010

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