Most people, at some stage in their life need to borrow money.
Alot of people end up paying more than they should - due to not searching properly for the loan that offers the lowest interest rates.
Be careful not to borrow more than you can afford.
A loan is often the best way you can raise funds quickly to pay for a dream holiday or a new car.
It is a cheaper way to borrow than credit cards. The most popular option is an unsecured loan or personal loan.
Personal loans are easy to get and you can often get the APR fixed for the term of the loan.
Make sure you check the advertised APR and calculate your monthly payments and the overall amount to be repaid.
For larger amounts, a secured loan is often better. Secured loans are secured against your home/property. Only homeowners can apply.
The APR varies a great deal between companies. Make sure you compare rates of as many companies as you can.
A loan broker can often find the best loan options available to you. If you have a poor credit history, your APR will be much higher.
Many people find it hard to get a loan due to their previous credit history.
Get your credit file from Experian (£2) before you apply. It may save you time and hassle.
Dont despair as many companies offer loans to people with a poor credit rating or history.
If you have many smallish debts, you should consider a
debt consolidation loan.
