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What To Look Out For When Choosing A Personal Loan

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What To Look Out For When Choosing A Personal Loan

With literally hundreds of personal loans on offer, it can be tempting to take the one that offers the lowest rate of interest. However, while we all want to pay the least possible in interest on a personal loan, there are considerations that you need to make before signing on the dotted line. Otherwise, you could find yourself more out of pocket than you need to be. Payment holidays So, youve seen the advert that says Get a loan today and start paying it back in three months time! We think: Yippee!, I have access to a wad of cash and it wont cost me anything until three months time! Wrong. In most cases, you will be charged interest from day one of your loan. This means that for three months that wonga will be sat in your pocket or spent a new car / holiday / debt consolidation /new clothes and will be accruing interest! Unless the terms and conditions of the loan say otherwise, this is how you will be charged. So, start paying back the loan as from the very first month if you dont want to pay even more in interest. Redemption penalties Redemption penalties are normally hidden away in the small print and relate to charges levied if you decide to repay your loan early. Legally, lenders can charge you one months interest in lieu of repaying your personal loan early. And while most so, there are some nice, friendly personal loan provider who do not charge you, so keep an eye out for these. Fixed rate When choosing your personal loan, make sure that the rate you will pay is a fixed rate and not variable. With a fixed rate of interest, you will repay the loan back in equal instalments and at the same interest rate over the term of the lending. With a variable rate of interest, this means that the interest rate can vary. And while it may go down, in reality, we all know that lenders are greedy and love any old excurse to make a bit more profit from their loyal customers and will therefore hike up the interest rates. This will leave you in a position of not knowing how much your loan repayments will be from month to month which is no good is you are trying to budget plus it means that you undoubtedly pay more in interest. Bear these three very important pointers in mind when shopping around for a personal loan, and you could snap yourself up a good deal on your personal loan. What To Look Out For When Choosing A Personal Loan



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Last update date : 06-12-2021


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