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Some people find that they need to borrow money to buy an item that they need but cannot afford in full. The items can be anything from a new fridge, to a holiday or car and even in some cases basic goods such as utility payments or clothes.
The popular method of obtaining the money required, for most people, is to borrow with a personal loan and then make repayments every month. If you make a mistake when agreeing to a loan then it can be one of the major errors you make as it will stay with you, both financially and on your credit rating, for a long time. If you choose the right deal you will find it a great relief.
Many people now take a look at sites similar to uSwitch or The Motley Fool's loans comparison site for advice on the best deals around at the moment. Don’t be afraid to ask questions about finances; a personal loan is a financial commitment like any other and should be given the same consideration as you might to the holiday, car, food or clothing that you or your family enjoy.
The Motley Fool has a discussion board where you can ask questions and so do most of the other sites you will visit. Never be unrealistic and borrow more than you can comfortably afford to pay back. Take into account that you should not be putting all your monthly resources into paying off the loan as it will mean you getting into a cycle of debt.
Before committing to any one loan or lender it is a good idea to check out one of the many online loans calculators that are available; don’t worry they are easy to use and with the competition between lenders you should find one on most sites. As an example, the Natwest Loans site requests users to insert a figure to borrow and how long they would like to make repayments; the calculator then returns the APR, the total to repay and the amount to pay per month. If, for example, you input £3000 as the amount to borrow and a time period of 36 months the calculator returns the APR at 13.8% with a total repayable of £4,251.60 at £118.10p per month. It should be noted that the APR varies depending on how much you choose to borrow.
Don’t take the figure produced by a loan calculator as definitive or as a specific example for your situation. You should compare loan calculators across companies but remember that your personal situation and many other factors will be taken into account before you get a specific figure.
The table below shows some of the typical loan rates for some of the big lenders (figures are accurate at the time of writing):
Let your lender know ASAP if you get into difficulties as the effects of not taking control of any problems will be greater in the long term. Any defaults on loans will stay on your credit record and be an indicator of irresponsibility on your part as a borrower.
When borrowing money from a lender the fundamental rules are to learn about what’s relevant to your situation and borrow within your limits so you don’t fall in to a cycle of taking on more debt to pay off existing loans. |
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