Hi I currently have a loan for £10,000 with Lloyds that I pay well over £300 a month for. Im finding it a bit much and the rate is about 11%. Would I be better to get a credit card and transfer the balance and if so which kind of one? Otherwise would i be wise to transfer my loan to another provider?!!! Help needed!!

Depends what you are trying to do ie pay of the loan in a short space of time or lower your repayments.

The problem with transfering your balance to a credit card would be the temptation to pay a less amount each month.A credit card with a balance of £1000 and card protection would take 14 years to repay if you only paid the minimum balance.

My advice would be to use this site and shop around for a loan.Find out your balance and look at increasing the term if you want a lower payment.Be very careful not to allow them to add loan protection unless you really want it.I would be surprised if you could not reduce your repayments.

I am a senior manager for a UK bank.

Good luck

Yeah, that monthly rate is really quite high! You would be better to choose the 0% balance transfer to credit card and work hard to pay off all the debt in the next months, of course if time is not the main factor for you in your current situation.

If to say after 12-15 months you haven't paid it off yet, you can find another 0% balance transfer offer and repeat all the process again.