A personal loan is exactly what it says it is; a loan you can use for personal reasons. You can use the loan to buy a new car, to pay for some needed home improvements or even paying off your credit card bills. Whatever you use it for, you need to make sure you understand it and know how to get the best possible one for you.
Some things you should know before getting a loan are:
Know your limits - On average you are able to borrow up to £15,000 for a loan but it is not uncommon for some lenders to borrow up to £25,000 and over. Before you actually apply for your loan work out how much it is you actually need to borrow. Asking for too much could ruin your chances of receiving the money.
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Choose the right provider - Banks, building societies and now even supermarket chains are offering loans at very competitive rates. Shop around before settling on the one loan. You may find you can borrow the same amount of money for a lower interest rate somewhere else. Also, if possible, try to avoid small companies that you have never heard of, they tend to have very high interest rates even on small loans.
Interest rates - Generally the lower the interest rate the better. Interest rates will be fixed for the duration of your loan and so you will pay a fixed rate until you have paid off the loan in full. Also, generally speaking the interest rate on your loan will fall the larger it becomes.
Loan insurance - the loan protection insurance is offered with many different types of loans. The insurance will cover you if for some reason you are not able to keep up with the monthly payments. The most common reasons are due to illness or unemployment. Before you sign up for the insurance, make sure you actually need it as the insurance can be very expensive. Some lenders will say the insurance is compulsory unless you are prepared to pay a higher interest rate.
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