Confused by the massive array of loans available to you today? Feel if you wanted to that you could buy a house, a yacht or a dream holiday in a matter of minutes, but want to make the right decision by taking out the most appropriate loan?
There are numerous ways to borrow money:
Secured loan An advance on your mortgage (see detail below)
Unsecured personal loan Tends to cost more in interest and needs to be paid off quicker than a secured loan.
Credit card If you pay off your balance every month in full, this costs you nothing. However, if you dont, interest rates can be high and can outweigh the initial amount that you borrowed on it. You will be charged if you miss a payment and some charge an annual fee.
Store card Similar to a credit card, although the interest rates can be even higher. Not a problem if you pay the balance off every month, but it soon adds up if you dont.
Hire purchase Used for buying expensive items, such as cars or kitchens, but tends to have a high rate of interest and a much shorter repayment term than a secured loan.
In-store interest free credit deals Often they are only interest free for...
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