Here are a few tips on how _not_ to get a loan, and underneath each one, the smart thing to do instead.
1. Ignore borrowing costs.
Examples of these are insurance schemes and prepayment penalties. Make sure you understand and are willing to pay them all. Understand your agreement before you sign, including terms and conditions.
A loan may become too expensive, with variable interest rates and fees. The total cost of your loan will depend on the annualised percentage rate (APR). The annualised percentage rate takes into account the interest amount, and all other charges.
2. Pick the first lender you think of.
Deals vary enormously, from loansharks to credit unions. Consider fully mutual building societies and credit unions, then find companies that are dedicated to loans. The first were set up to help members, and the latter’s earnings come exclusively from lending money. They can offer better deals.
3. Communicate by telephone only, and don’t record the name of who you spoke to.
Make sure you get the full name of the person with whom you speak, if you call your loan company. Big offices are impersonal; your loan...
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