Whilst lenders may have toughened up their criteria following the credit crunch, you may still find that you have a few options to choose from if you are looking at personal loans.
So, how can you get the most suitable loan for you? Whichever loan product you take, you may find that it may be worth asking yourself the following questions to help with your decision.
How much do you need to borrow?
If you have a specific purpose for the money in mind, it may make sense to tot up exactly how much you need before shopping around for a loan. This means you can compare loans on a like-for-like basis (such as the monthly amount payable) rather than working from a rough figure.
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How much will it cost you?
In lenders' advertisements personal loans usually state a 'typical' rate of interest, but that rate may not be the interest rate that is offered to you. The exact interest rate that you personally may be offered will be based on a number of factors including how much you earn; what your current financial commitments may be; and your previous credit history as well as other factors too.
This information may enable lenders to ascertain how "risky" a borrower you are. The more likely the lender deems you may be to default on the loan, often the higher the interest rate you may be offered.
Other costs associated with a loan may include:
arrangement fees; early redemption charges (if you pay the loan off early); and administration fees. How long do you need it for?
If the loan is for a large amount, you may wish to spread it over a number of years to reduce the monthly payments. However, you may wish to consider what effect this may have on the total amount of interest that may be payable compared to paying it off in a shorter amount of time.
Secured or unsecured?
The interest rate you may be offered may also depend on whether you are prepared to secure the loan against your property. You may find that there may be more choice for you in the personal loans market if you consider secured lending. However, your home may be at risk if you do not keep up the repayments.
Do you need payment protection insurance?
Payment protection insurance (or PPI, as it is known in its shortened term), may be available for personal loans to help cover some of the cost of your repayments if, after you take the loan and subject to certain criteria being met, you cannot work due to sickness, injury or involuntary unemployment. Deciding whether or not to take out PPI may depend on how large the loan repayments are, and whether you have any other source of income with which you may be able to meet them if you lost your monthly income.
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