So, you want to get a loan?
Here are some simple tips that will help you make an informed decision about what kind to get, and who to get it from.
First ask yourself: do you really need it?
Can you manage without it?
Is it for something frivolous, like a holiday?
Could you get the money by other means: part-time job, from a relative, the sale an asset?
Don’t put a monkey on your back if you can avoid it.
A loan varies according to:
The amount borrowed;
The interest rate;
The type of rate (fixed or variable);
The term (repayment time in months or years);
Deposit (downpayment);
Associated fees (broker, origination, prepayment etc.);
Insurance required by the lender.
You are buying money for more than it cost the lender. Simple.
It’s a mistake to only care about the interest rate; there are also arrangement fees and prepayment penalties to consider. Many ‘no fee’ credit lines have a pre-payment penalty. This is how brokers and lenders make their money. Work out the total cost of your loan before committing.
To ensure you get the best...
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