Early Repayment Of M And S Loan
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Taking on a personal loan is an important financial responsibility. Here we look at the considerations you need to address whenever you take out credit.
To begin with, consider if you truly need to take out a loan for the amount proposed?
As an example, if you feel you need to have a newer car since your friends have purchased newer ones and everything works well with your own do you really want the weight of this debt on your back?
If you think 'Yes I would still like a loan', then keep on reading.
If you reply 'No', well done, you are at the head of the class and are allowed the rest of the week off!
So, you still would like to borrow money. Have you considered other alternatives to getting a personal loan?
For example, should you have enough money in your savings account, why not consider using some of it? The money you could have made in interest on your savings will be less than the amount you would have paid out in interest charges on borrowed money, as loan interest rates are above those of savings rates. Nevertheless, make sure you continue to have a portion of money set aside - the best would be in a tax-free account like a cash ISA - where it is not possible to simply spend the money you have saved.
You might think about borrowing against your house, by extending a mortgage. The rates of interest on mortgages are almost always lower than loan rates, so it might be a more economical means of borrowing money. However, be conscious of the fact that if you cannot make these newly increased instalments on a monthly basis, you might lose your house.
Finally, where the loan is for a small sum of money and/or short-term, then why not take on an overdraft from your bank or maybe a 0% credit card?
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