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If you are planning to borrow, for any purpose - whether to consolidate your debts or to purchase your next car, or perhaps to pay for sending your child to university - there are a few points that you need to consider prior to signing the contract.
The key matter is being able to afford it. While on paper a monthly instalment may appear achievable, you need to take a look at all your financial responsibilities practically. Draw up a budget plan for the month - calculate everything from your home mortgage to your savings to home and car insurance, other money owed or responsibilities you have, in addition - basics like food and 'going out' costs - and try to be realistic! For example, if you usually spend £200 a month on your food and leisure activities, do not write down £100, anticipating that it's possible for you to get by with less money - you can't!
When you have money left over when this is done, then you should consider this the maximum amount that you are able to spend on your monthly loan repayment.
When you've checked that you can handle the cost of the loan, you have to take a close look at the small print.
For instance, many loan companies include a clause in the agreement between you and them that entitles them to charge you a financial penalty when you wish to discharge the loan before its term is up. This is what is called ?early redemption?. The amount of money charged will differ from loan provider to loan provider, though you can normally have to pay an amount equal to two months of interest fees on top of the amount for paying off the loan.
In addition, consider what happens should you make a late monthly payment - the majority of loan companies will charge a fee, so it is crucial that you know the precise amount that you are responsible for.
Shopping comparatively will put you in good stead to find the most suitable loan product for you. There are hundreds of different loan offers available - some even include loan repayment holidays allowing you to postpone a monthly repayment - so make sure you don't just grab the first opportunity available.
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