What To Look Out For When Choosing A Personal Loan
With literally hundreds of personal loans on offer, it can be tempting to take the one that offers the lowest rate of interest.
However, while we all want to pay the least possible in interest on a personal loan, there are considerations that you need to make before signing on the dotted line. Otherwise, you could find yourself more out of pocket than you need to be.
Payment holidays
So, youve seen the advert that says Get a loan today and start paying it back in three months time! We think: Yippee!, I have access to a wad of cash and it wont cost me anything until three months time!
Wrong. In most cases, you will be charged interest from day one of your loan. This means that for three months that wonga will be sat in your pocket or spent a new car / holiday / debt consolidation /new clothes and will be accruing interest!
Unless the terms and conditions of the loan say otherwise, this is how you will be charged. So, start paying back the loan as from the very first month if you dont want to pay even more in interest.
Redemption penalties
Redemption penalties are normally...
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