Taking out a loan is extremely simple nowadays, with so many companies offering loans to more people and at excellent rates. However, some of the deals that seem to good to be true often have hidden charges that can make the loan costs much higher than you might have known. If you know about the dangers of these hidden charges, then you can easily avoid them and get a loan that is cheap and fair.
More than just APR
When you are shopping for a loan, you need to remember that the costs involved in repayment are more than just the advertised APR or Annual Percentage Rates. There are many other charges that you need to take into consideration, many of which the lender will not clearly point out. It pays to know about these extra charges, so that you can get a loan that suits your needs and doesnt put you under financial pressure.
Redemption fees
Most lenders do not talk about redemption fees when you make your application, but they are something that you should know about if you want to pay back your loan early, which many people do. When paying back your loan early, many lenders will charge you up to two months interest for doing so. These penalties are...
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