Ayodele Oyewole

Know what you're doing and a 0% loan really is possible. Borrowing is dangerous though, so you need to keep tightly to the right recipe.

So I shall pop on my chef's hat and show you the key ingredients, to ensure if you do need to borrow, it's as cheap and safe as possible. First the basics - then, for the icing on the cake, the clever stuff (OK, I think I've overdone the cooking analogy now).

Never just apply willy-nilly - that marks your credit file. Use credit detective tools to uncover YOUR best deal. Apply for a loan or credit card and it usually puts a mark on your credit file that lasts a year, and too many of these can have a negative impact.

To help you minimise applications, we've two free tools that let you home in on the card or loan you're most likely to be accepted for - without any credit impact - so you can have a play to see what's out there...

- Eligibility calculators: Quickly fill in your details and they reveal your winners. The calcs include Loans Eligibility | 0% Purchase Cards | 0% Balance Transfers | 0% Money Transfers. The calcs include most top deals but occasionally we're unable to include a few of them.

- MSE Credit Club: The free MSE Credit Club includes all eligibility calcs plus your free Experian Credit Report, credit hit rate and credit and affordability scores. The registration process takes a little longer, but once in you can view all the calculators' results.
How to get a 0% loan? Pervert your plastic. There are no 0% loans, but there are 0% credit cards, so the game here is to turn the cards into a loan.

The easy way to do this is also the cheapest, but it only works when borrowing for something you can pay for by credit card eg, a washing machine (if not skip to point 3). Card credit limits above £3,000-£5,000 are tough to get, so it's best for smaller borrowing.

Use the 0% Purchases Eligibility Calc to see what your best card is. For example, Sainsbury's Bank* 31mths 0% is the current longest 0% period (it also gives Nectar points on spending).

Once you've got a card, buy your planned purchase on it, ensure you never miss a minimum monthly repayment and repay within the 0% period and IT'S TOTALLY FREE. Fail to clear it within that time though and the rate rockets (eg, Sainsbury's jumps to 18.9% rep APR). More info in Top 0% Cards.

- Quick Tip: To truly replicate a loan, set up a monthly direct debit to repay a fixed amount which'll clear the debt before the 0% ends.
- Quick Tip: Once you've done the planned spending, freeze the card in a bowl of water, to ensure you don't use it willy-nilly.
- Quick Tip: If you really don't trust yourself with a credit card, don't risk it; a cheap loan may be a bit costlier, but safety counts.
- Quick Tip: Some retailers used to add fees if you paid by credit card, but since 13 Jan '18 they've been banned.

Once you have a card, follow the golden rules of repaying at least the min monthly repayment each month (as miss it and you can lose the 0% period) and never withdraw cash on the card.
Need a '0%' cash loan? Use a money transfer card. If you need actual cash, or to, say, pay off an overdraft, a few cards offer new cardholders 0% money transfers. Here, for a one-off fee, you ask it to transfer cash to your bank account, which you then owe to the card. Use the 0% Money Transfers Eligibility Calc to see what you can get.

Eg, if you can repay quickly, Virgin Money's* 20mth 0% money transfer fee is 2.5% of the amount shifted. The longer you need, generally, the bigger the fee - the longest, from Tesco Bank (not in the eligibility calc) is up to 36mths 0%, with a 3.94% fee.

Once you've got the card, ensure you repay it within the 0% period. Fail to clear it within that time and the rate rockets (eg, Virgin is 20.9% and Tesco is 20.6% rep APR).

How cheap is it? If you borrowed, say, £1,250 over 2yrs, done right the cheapest 2yr money transfer card fee would be £38. The market's cheapest loan, for the same, is Zopa's 9.9%, costing £133.

Yet do make sure you understand exactly how this works - full step-by-step help is in our 0% Money Transfers guide.

Quick Tip: Do read the quick tips and golden rules in point 2 above, as most of them apply here too.
Borrowing £3,000+? The cheapest actual loans are 2.8%. For bigger loans, the issue with plastic is getting a big enough credit limit. So then a loan becomes the prime option.

But loan acceptance isn't just about your credit score. Your affordability score (see yours via MSE Credit Club) counts too, especially for large loans, as if lenders think you may struggle to repay that amount, they'll reject you.

The Loans Eligibility Calc incorporates this, showing your acceptance odds. Always borrow as little as possible and set the shortest affordable repayment time (longer borrowing accrues more interest), being careful never to miss a monthly repayment. Here's an indication of the best buys (borrowing over 1-5yrs unless stated).

- £3k-£4,999: Zopa's* 5%-6.9% rep APR, Admiral* 7.7% rep APR.
- £5k-£7,499: Admiral* is 3.3% rep APR, Zopa* 3.4% rep APR.
- £7.5k-£15k: M&S Bank* (1-7yrs) & Yorkshire* / Clydesdale* are 2.8% rep APR. Full help in Cheap Loans.

- Quick Tip: All personal loans are 'representative APR', meaning only 51% of those accepted need to get the advertised rate.
- Quick Tip: Nationwide promises to beat any loan its current account customers are accepted for (excl peer-to-peer lenders like Zopa), by 0.5 percentage points.
- Quick Tip: Is your borrowing for a new car? If so there is a range of other options too - see our Cheapest Car Finance section.
Just because you can get cheap borrowing, doesn't mean you should - FOUR QUESTIONS to ask yourself. Debt is like fire - use it right and it's a powerful tool, use it wrong and you get burnt. So before you borrow, ask yourself...

- Do I really need to borrow? Be tough on yourself. If you do, borrow the very minimum. Better to wait and save.

- Is this a planned purchase? The worst borrowing is where you keep doing it to fill gaps in your income, which risks a debt spiral. Don't do it. Only borrow for a one-off, planned, necessary purchase, eg, paying for annual car insurance as it's cheaper than monthly.

- Have I budgeted for affordable repayments? Do the numbers. If you can't afford it, even if you really need it, don't do it. It'll likely make life worse, ruin your credit score and add stress and pressure.

- Can't get a loan or only offered a hideous rate? It's likely because lenders have evaluated your finances and decided there's a risk you can't repay. See that as a warning - it's best not to borrow. If you've a crisis see our crisis loans help or talk to a credit union.
Looking for a loan to repay existing credit card debt? The cheapest way to do this is usually a balance transfer. That's where you get a new card that pays off debts on old cards for you, so you owe it instead but at 0%. Our 0% Balance Transfer Eligibility Calc shows you top cards and Balance Transfers guide explains it.

And now on to the clever stuff...
THE CLEVER STUFF I: With personal loans, bizarrely, borrowing MORE can cost less. While generally you should try to minimise borrowing, a peculiar quirk means with loans sometimes you pay less by getting a slightly bigger loan. This happens as rates decrease at set thresholds (see point 4).

For example, if you wanted to borrow £4,900 over 5yrs, the cheapest loan is 6.8%, so in total you repay £5,794. Yet borrow £5,000 and as the rate drops to 3.3%, the total repayment is £5,431 - that's £363 LESS even though you borrowed £100 more.

So if you're borrowing close to a threshold (£2,000, £3,000, £5,000 or £7,500) use our Loan Cost Calc to see if you're better off borrowing a tad more (assuming you're accepted for the advertised rate).
THE CLEVER STUFF II: You're not certain to get the rate on a loan, you are on some credit cards. Use the Loans Eligibility Calc and while it shows your odds of acceptance for each loan, only 51% of accepted applicants have to get the advertised rate (we're working on trying to uncover this before application too).

However, use the Credit Card Eligibility Calc and with some top 0% cards that you can use as loans you get more certainty due to...

a) Pre-approval. The tool can pre-approve you for a few cards, meaning as long as you've given correct info, you've 100% chance of that deal.

b) Non 'up to' cards. Most card 0% deal lengths are 'up to' - meaning you're not certain to get the headline 0% length - but some deals aren't. While banks don't necessarily explain this, we highlight them, so if you see a card without an 'up to' and you're accepted, you will get the 0% length shown.
THE CLEVER STUFF III: There is a way to give yourself a much longer 0% credit card loan, but it's risky. The longest 0% cards last little more than 30mths, which is relatively short for a loan. Yet if you simply shift the debt before the 0% ends to a no-fee balance transfer card, you can extend it at no cost.

But this relies on no-fee 0% transfer deals still existing when your 0% card ends, and your credit score still being top-notch so you're accepted. So only do this if you're sure.
Are you in debt crisis? The options above are for new, planned borrowing. Yet some try to borrow their way out of debt. It doesn't work. Do any of these apply to your existing debts?

- You can't even meet minimum monthly payments.
- You have non-mortgage debts bigger than a year's salary.
- You have sleepless nights or depression/anxiety over debt.

If so, don't borrow more, get free, one-on-one debt-counselling help from Citizens Advice, StepChange or National Debtline. And if you need emotional support too, try CAP.

They are there to help, not judge. The most common thing I hear after is: "I finally got a good night's sleep". Read inspiring stories in our Debt-Free Wannabe forum and see our Mental Health & Debt guide. Full info: Debt Crisis Help.

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New. Lock in cheap energy for 2 YEARS from top service Ovo: Save £420

It's back - but we don't know how long for. And a similar two-winter fixed deal last year was hugely popular

We covered energy last week, but when we saw this tariff from Ovo, we thought it was too good to miss. The deal lasts two winters, so you won't have to switch again till 2020, and it's from Ovo - a top service, big name firm which 80% of its customers rate as 'great'. James got last year's deal: "Was fortunate to catch Ovo's 2yr fix which saved £400/yr thanks to @MartinSLewis." Of course you can go cheaper (do a full market comparison) if you lock in for just one year, but this gives you certainty and hopefully it's hassle-free too.

New. 2yr fix from top service, big name provider Ovo - £928/yr (incl MSE cashback). New and existing customers can get this 2yr Ovo fix, saving typically £420 over 2yrs compared with the £1,136/yr standard Big 6 tariff. Prices vary by region and use, so see how it compares for you with our top picks comparison.
- It costs a typical £928/yr after £25 cashback (factored over 2yrs). You must pay by monthly direct debit and have online billing, otherwise it's £60/yr more.
- It has £30/fuel exit fees. It's not portable, though if you move home you won't pay the exit fees.
- Anyone can get it. But existing custs won't get cashback, making it £940/yr, and will likely have to pay exit fees on their current deal.
- It's dual fuel and elec-only (incl Eco 7). You get £12.50 cashback for an elec-only switch.
Are there any cheaper long fixes? There are a couple of options, on average about £5-£10/yr cheaper. Just do a full market comparison and then use the '18+ months' filter to see them. But frankly we think for service and price the Ovo deal is a corker (and as the quote above shows, those of you who got its similar, albeit cheaper deal last year keep telling us how much you like it).

A personal message from Martin
'To those who sent me messages about my interview on losing my mum when I was 11, please read this.' See Martin's blog.

_________________

Rare cashback on Amazon purchases - if you have (or know) a kid. Most cashback sites don't work on Amazon, yet there's a way to get Amazon cashback.

Get £200 cashback on £1,900+ Nutmeg investment. Investing can be risky but if you're going to put money into one of these much-advertised 'robo-investors', our special link gives a 10%+ head start. Full explanation and pros and cons in Robo-investing cashback.

Ends Mon. Free £125 to switch bank to Halifax (or get £200 to switch to HSBC). Apply to switch to Halifax by 11.59pm on Monday and you'll get a free £125 paid before the switch completes. It also pays an ongoing £3/mth. It's one of many bank switch freebies incl... HSBC up to £200 | First Direct £125 + top service | M&S £125 gift card + £5/mth. Full switching help and eligibility criteria in Best Bank Accounts.

FREE wills for over-55s - go quick. March is Free Wills Month, letting anyone 55+ get a solicitor-drafted will for, er, free (in Britain, not NI), yet appointments are scarce. Charities run it in the hope you leave them cash. Free wills

Cheapest Samsung S9 - save £550. Not MoneySaving, and early adopters often pay more, but we've crunched the numbers if you're buying now. Cheap Samsung S9

M&S up to 50% off sale. Incl women's, men's and kids' clothing + furniture. In stores and online. M&S sale

BLAGGED FOR MSE

- £200 cashback on £1,900+ Nutmeg investment Ends 24 Mar
- £8 off Disney Florida tix code Ends 31 Mar

DID YOU MISS?

- Ikea hacks incl free coffee
- 170,000+ water-saving freebies
- 1.3% cash ISA (or 1.4% for existing Nationwide custs)
- 50+ wedding (cost) crashers

Ends Thu. BT fibre b'band & line '£18.38/mth' (+ BT Sport discount)

Standard slower speed broadband costs can hit a huge £43/mth - so this, which is much faster, is a cracker

This is the cheapest BT fibre broadband deal we've seen this year and undercuts any promo deal for fibre broadband (which is faster than standard speeds) right now, but it's not on for long...

Deals are postcode-dependent - the easy thing to do is use our Broadband Unbundled tool to see which you can get.

Ends 11.59pm Thu. BT fibre & line '£18.38/mth' (+ BT Sport discount). Via this BT* link, which takes you via comparison site Broadband Genie, you can get up-to-52Mb fibre (3x normal speed) and line on an 18mth contract if you don't currently have BT broadband. It's available to 83% of the UK - use our Broadband Unbundled tool to check if you can get it. Here's how it works...

- Unlimited fibre broadband: Discounted from the usual £23/mth to £11/mth for 18mths.
- Line rent: Pay 12mths upfront at £208.80 (equiv to £17.40/mth). If you can't (and for the final 6mths) it's the normal £18.99/mth. You get inclusive weekend landline calls - see BT call costs.
- One-off cost: £9.99 for router delivery and activation.
- You can CLAIM £200 back: There's a £150 prepaid Mastercard, but remember to use this prepaid Mastercard claim link within 3mths of activation (as BT annoyingly won't remind you) and it'll come within 45 days. There's also a £50 Amazon voucher which comes within 90 days of sign-up if you enter your email after clicking to the deal.
- You can get a discount on BT Sport: While not compulsory, you can opt in for the full 18mths to watch BT Sport online, via its app or on Sky. You get the first 6mths 'free', it's then £7-£10/mth for the rest of the contract. BT will try to sell you a pricier package on its TV page first, so you'll need to skip it to find this BT Sport offer.

MSE price analysis. Pay line rent upfront and it's £530.73 over 18mths before calls (ignoring the optional BT Sport). Claim and use the Amazon vch and Mastercard (as good as cash where accepted) and it's £330.73 before calls, equiv to £18.38/mth. It's £1ish more a month if you pay line rent monthly.

Anything else? BT could hike prices, but you can then leave penalty-free. You can sometimes get bigger cashback via a top cashback site - but prices and contract lengths vary.
Already with BT or don't want fibre? There are plenty of other options, incl Sky standard speed for under £15/mth. Use Broadband Unbundled to see what's right for you.

Sky Sports full package £150 for 9mths - and you don't need a Sky box (equiv £16.66/mth). Most pay £27.50/mth on a non-promo deal. Cheap Sky Sports

3m EHICs expired last year and weren't renewed - check yours now. It's free and gets free or discounted medical care if you fall ill in Europe. See how to check and get a free EHIC.

New. £8 off Disney Florida tix + more Mickey MoneySavers. Incl cheaper eats, £50 off hotels and hidden freebies. 35+ Disney Orlando tips

Virgin Trains up to 52% off West Coast sale, incl Ldn-Birm £10 rtn. For travel 3 Apr-1 Jun. For most, book from Thu (though some can do it now). All aboard

Co-op Electrical eBay outlet 20% off code, eg, £269 Dyson cordless vacuum £215. Valid on 1,000 items until Thu. Min £60 spend. Outlet code

Let firefighters wash your car - and donate to charity. 'Pay what you like' for a car wash - and they may even use their big hose. Oo-er

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AT A GLANCE BEST BUYS

Longest 0%: MBNA* up to 36mths 0%, 2.49% fee (19.9% rep APR)
No-fee 0%: Sainsbury's Bank* 28mths 0%, no fee (18.9% rep APR)

Get comparison site quotes in this order:

Then check insurers they miss:
Direct Line*
Aviva*
Admiral MultiCar

Cheapest for £5,000-£7,499: Admiral* 3.3% rep APR
Cheapest £7.5k-£15k: M&S Bank* 2.8% rep APR (1-7 yrs)

Standard b'band & line rent: Sky equiv £14.58/mth
Fibre b'band & line rent: BT equiv £18.38/mth

£150 to switch + £50 if you stay a year: HSBC
5% interest fixed for a year: Nationwide FlexDirect

Top easy-access: Virgin Money 1.3%, min £1
Top one-year fix: Investec 1.9%, min £25,000

'I found my PPI details down the back of a cupboard - and got £27,764 back'

Check old loans, cards, mortgages etc even if you think you can't claim - only 18mths left to beat the deadline

One big barrier to reclaiming Payment Protection Insurance (PPI) is not having the info, yet as Selina's just emailed us, it's worth doing some digging: "I was putting off claiming as I had no account info till I found a carrier bag down the back of a cupboard with it in. I've now had £27,764 back, hoping to hit £30k with two more reclaims. Thanks for making it easy." Selina used our PPI reclaim guide & FREE tool. So if you've ever had a loan, card, mortgage or overdraft, take note...

There's no time limit on how far back you can claim. While there's an Aug 2019 deadline for submitting claims, you can go back as far as you like. We've had some who've got money back for PPI from the early 1990s. So check past debts to see if there was PPI, though it had many other names, eg, 'loan care', 'payment cover', 'accident, sickness & unemployment cover'.
If you haven't got paperwork you can still claim, but it's tougher for older claims. If you can't find the paperwork, it shouldn't be a problem if the debt was still active in the last six years (eg, a loan that started in 2007 and ended in 2012). Here's what to do...

- Can't remember which lender it was? Any bank, building society etc you've had debt with should be listed on your credit report, and you can get your Experian file (the UK's largest credit reference agency) via our free MSE Credit Club. If it isn't there, it's worth checking the two other credit reference agencies - see how to check other reports.

- Know your lender but not got your docs? You should simply be able to request them from your lender.

If your debt is older, lenders aren't required to keep records, so while it's worth asking, if they don't have them and you don't have them, it's going to be tricky. You may just need to shrug your shoulders.
Reclaim PPI for free. To reclaim you need to have been mis-sold it. Typical mis-selling includes they lied and said it was compulsory or it'd cut loan costs, or they sold unemployment cover to the self-employed, or didn't check pre-existing conditions. Plus the newish 'Plevin' rule means even if not mis-sold, as commissions were too high, the huge majority are due a refund on some of that anyway.

Find full info on this, what counts as mis-selling, how to claim and what to do if you're rejected, in our PPI reclaim guide & FREE tool.

FLASH Habitat 25% off almost everything code. Online and in stores. Wed-Thu only. Habitat

HAGGLING - SUCCESS OF THE WEEK
"Thanks for your very useful haggling pointers. I've just put the receiver down after haggling with Virgin over the cost of my TV, broadband and phone package - total saving £392 a year."
(Send us yours on this or any topic.)

£10 for two Ideal Home Show London tickets (& Martin's there too). For those who missed out on the freebies last month.Ideal Home Show tix. Related: FREE Homebuilding & Renovating Show tickets.

THIS WEEK'S POLL

Are you part of the cashless society? For some, the days of pockets stuffed with cash are long gone. Contactless cards especially now mean even small transactions can just be done with a 'beep'. So we wanted to test how cashless our society is now, and who's using it. How often do you use cash?

Most smart meter owners are happy with them. Last week we asked if you have a smart meter and how you felt about them. Nearly 11,000 voted - and while most don't have one, of those who do, the majority ARE happy. Not having to submit meter readings manually was the most popular perk. Among those who don't own one, 'If it ain't broke, don't fix it' was the most popular reason for staying away, while waiting until they're fully switchable was the second most popular. See full energy smart meter poll results.

MONEYSAVING NEWS

- Top story: Student loan repayment rules to change next month - what you need to know
- 'I got £1,120 back after finding a forgotten direct debit I'd paid for FIVE years'
- Tesco Bank cancels some credit cards as 'precautionary measure'
- Ofwat to quiz water firms after thousands of shortages
- Electricity switching hits record high
- Dad given £950 energy refund told he owes £1,500 months later

MONEY MORAL DILEMMA

Should I split my will equally? I'm updating my will, and plan to leave everything to my two daughters. When my younger daughter got married a few years ago, I gave her several thousand pounds towards the wedding. So should my older daughter get more in my will, or is it fairer to split everything equally? Enter the Money Moral Maze: Should I split my will equally? | Suggest an MMD | View past MMDs

THE QUICKIES

- Debt-Free Wannabe chat of the week: What small MSE things will you do?
- Competitions thread of the week: 11-day Mediterranean cruise
- Old-Style board thread of the week: Struggling with defrosting food
- Family, marriage, relationships chat: School appeals - help offered
- Discussion of the week: Refusing medical treatment

Caffè Nero - how to get 50+ FREE drinks a year stacking offers
Greggs - free Lucozade Energy (norm £1.50ish) via app
Virgin Wines - 12 bottles of wine £56 delivered (norm £138)
Ralph Lauren - 20% off most full-price items code
Illamasqua - £26.25 beauty box (£80ish individually)

Prezzo - 40% off mains
Harvester - two chicken dishes & drinks for £20
Café Rouge - 40% off mains
Giraffe - 2for1 on starters, mains and desserts
Bella Italia - 40% off mains

Railcard - how to get a £10 railcard (norm £20-£30)
Merlin - 2for1 Legoland, Alton Towers etc with £3 cereal
Vue - £4-£5 cinema tickets on Mondays
Outdoor fitness - incl free yoga, Zumba, bootcamp etc
Pets at Home - free kids' workshops

Unwanted gift card? How to sell it. Play your cards right
10 kids' books for £10. Read all about it
Free classic video games, eg, Pac-Man. Pac-Mania

MARTIN'S BLOG

- To those who sent me messages about the interview on losing my mum when I was 11...
- Spread the word - don't believe scam Bitcoin Code or Bitcoin trading ads

MSE TEAM BLOG

- My electricity costs HOW MUCH? Rogue smart meter tells MoneySaver she owes £100,000+

DEALS HUNTER BLOG

- McDonald's Monopoly 2018 - how to max your chances of a win

MARTIN'S APPEARANCES (WED 14 MAR ONWARDS)

Thu 15 Mar - Good Morning Britain, ITV, Deals of the Week, 7.40am
Fri 16 Mar - This Morning, ITV, Martin's Quick Deals, from 10.30am. See previous
Sat 17 Mar - Ideal Home Show, London, noon
Mon 19 Mar - This Morning, ITV, from 10.30am
Mon 19 Mar - BBC Radio 5 Live, Lunch Money Martin, noon. Listen to previous
Tue 20 Mar - Ideal Home Show, London, 2pm

MSE TEAM APPEARANCES (SUBJECTS TBC)

Wed 14 Mar - BBC Cumbria, Money Talks with Ben Maeder, from 6pm
Mon 19 Mar - TalkRadio, Breakfast with Julia Hartley-Brewer, 9.45am
Tue 20 Mar - BBC Radio Cambridgeshire with Jeremy Sallis, 2.20pm

QUESTION OF THE WEEK

Q: Can British Gas force me to have a smart meter? Anon, via email.

MSE Andrew's A: In a word, no. Smart meters aren't compulsory, and you're free to refuse if offered one. While smart meters - the new generation of gas and electricity meters - are free and provide a number of benefits such as automatic meter readings, not everyone wants one. Many are waiting for a newer type of smart meter, as the first-generation models often lose smart functionality if you switch supplier.

While you can't be forced to get a smart meter, it's worth noting British Gas and some other firms can and do insist you get a smart meter to qualify for certain tariffs, often including their cheapest. See our Smart Meters guide for more on the pros and cons.

Please suggest a question of the week (we can't reply to individual emails).

THE 22-YEAR-OLD MOBILE PHONE... WHICH STILL WORKS

That's all for this week, but before we go... the relaunch of the classic Nokia 8110 mobile phone has prompted MoneySavers to share pictures of ancient handsets they still own. Favourites include a Motorola with an aerial, a phone with a tiny 32MB storage and a Nokia 1610 from the mid-90s which STILL works (and runs on AA batteries). See the photos and share your own with our Old-school mobile phone Facebook post.

We hope you save some money,
The MSE team

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