Guaranteed Secured Loan
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If you are looking to borrow money, for whatever purpose - whether to consolidate your debts or to get a new car, or even to pay your child's university fees - there are some points that you need to think about before finalising any contract.
The main issue is your capacity to afford it. While at first glance a monthly repayment may seem reasonable, you should evaluate all your financial obligations practically. Write down a monthly budget - take into account everything from your savings to your mortgage to home and car insurance, other money owed or obligations you have, plus entertainment and food costs - and approach this realistically! For example, if you generally spend £200 monthly on food and entertainment, do not plan for £100, thinking that you are able to do it with less money - it's not at all likely!
If you have some money left over after all this, then this ought to be the most you can manage to pay out for your month to month loan repayment.
Once you have seen that you can afford the expense of borrowing, you must look at the small print.
For example, a large number of lenders include a clause in the loan contract between you and them that permits them to charge you a financial penalty in the event you pay off the loan prematurely. This is considered an ?early redemption?. The amount you will be charged will differ from loan provider to loan provider, though you can usually expect to be charged two months of interest charges on top of the amount for settlement.
In addition, take a look at what the consequences are when you make a late monthly payment - many loan providers will charge you an extra fee, consequently, it is vital that you know the precise amount that you will have to pay.
Shopping around will put you in good stead to find the best loan product for you. There is a large number of different loan products that you can get - some even include payment breaks where you can skip a monthly payment - so make sure you don't commit to the first offer that presents itself.
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