Worried that taking out a loan is more hassle than its worth? Just because youre asking for something from an organisation, doesnt mean you shouldnt get good customer service. After all, there are thousands of organisations out there all willing to lend you money.
As most of us know, the reason for taking out a loan is to pay for something that you cant afford at that particular time. The way a loan works is that you pay an agreed monthly amount back to the lender for a set period, until the loan is paid off in full.
Despite what some people may think, there is such a thing as a ‘no hassle’ loan. Our practical advice will help you avoid some of the common pitfalls and make you realise just how easy the process of applying for a loan should be:
What types of loan are available?
The two types are secured and unsecured. Secured is where you borrow on the value of your house. These loans tend to be more cost-effective, as the rates are normally lower than unsecured, because there’s less risk to the lender.
How do I ensure value for money?
Firstly decide how much youd like to borrow and ideally over what time period youd...