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If you are planning to borrow, for whatever reason - whether to consolidate your debts or to get your next car, or perhaps to cover the cost of your child's university fees - there are some important things that you should check before you commit yourself.
The most significant consideration is being able to afford it. While at first glance a monthly payment may seem affordable, you must evaluate all your financial commitments sensibly. Draw up a monthly budget - take into account everything from your home mortgage to your savings to car and home insurance, other money owed or obligations you have, as well as food and 'going out' expenses - and approach this realistically! For example, if you generally spend £200 per month on food and going out, do not decide to say £100, hoping that you can do it with less money - you won't!
If you have some money left over at the end of this, then this ought to be the maximum amount that you can manage to spend on your monthly loan repayment.
When you've checked that you can meet the expense of borrowing, it's important to pay careful attention to the small print.
As an example, the majority of loan companies include a clause in the loan contract between you and them that entitles them to charge you a penalty when you wish to pay off the whole loan early. This is commonly known as ?early redemption?. The size of the penalty will be different from lender to lender, nonetheless, you can be required to pay the equivalent of two months' worth of interest charges additional to the settlement figure.
Also, consider what will happen should you make a late monthly loan payment - a large number of loan providers will charge a fee, consequently, it is vital that you know exactly how much they will charge.
Really shopping around increases your chances to find the best loan offer for you. There is a large number of different loan offers out there - a range of them even have payment breaks allowing you to skip a monthly instalment - so don't just grab the first deal that comes along.
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