Most of us borrow money to buy our homes, and many of us borrow money in the form of a loan to pay for cars and holidays, or the odd shopping treat. If your borrowing is under control, then it is a sensible way to manage your finances.
The secret to safe borrowing is making sure your debts and the interest you pay are kept under control.
So if you are going to borrow money, what is the best way to do it? We look at the advantages and disadvantages of the most popular methods borrowing.
Unsecured personal
Unsecured personal loans from a bank, building society or other provider can be a relatively quick and easy way to buy what you want or to consolidate your debts. Generally they allow you to borrow between 500 and 25,000. But they can tie you in for between six months and 25 years.
Because these loans are unsecured – there is no collateral such as your home to back them up if you default – therefore lenders can sometimes charge more to compensate for their risk.
Lenders advertise their Annualised Percentage Rates, but beware as depending on your credit history you may not get qualify for the lowest rate. If you are believe...
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