Most of us have been in a position at some point when we simply have had insufficient funds to pay for something. This could be car insurance/repairs, course fees, holiday, Christmas presents, electrical items or even the weekly shopping. According to Credit Action, 2.4 million personal loan agreements were recorded in the first quarter of 2005, totalling 13.5 billion. The national debt education charity reported that 30% of the personal loans were for cars, 24% for home improvements and 20% for debt consolidation. The total outstanding balance for personal loans reached 93 billion by March 2005.
Personal loans can help you out of a difficult period when cash-flow is restricted, but dont go for the first one you find or you may find that your loan becomes a lifetime commitment and lifetime strain. There are numerous personal finance comparison websites available for personal loans including moneynet, moneyfacts and lowermybills.
In their consumer loans guide, moneynet advise that as a general rule of thumb, the more you borrow the cheaper the rate of interest. For example, a loan of 1,000 may carry an interest rate as high as 20% – reportedly justified by...
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