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LoansDirectory -
consult this online resource for guidance and opportunities to apply for
loans UK. |
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Help and guidance |
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UK Loan Tips |
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- A loan is a serious financial
commitment. Be sure to shop around and check out the myriad loan deals on offer
before deciding on a particular deal.
- Be sure to ask your loan provider about early repayment. Many lenders
will charge a fee if you decide to pay off your loan earlier than was first expected.
Find out exactly what would happen if you happened to find yourself in a situation
where you are able to pay off your debts earlier than expected.
- If you are getting into difficulty with your repayments then be sure
to inform your loan provider as soon as possible. The earlier you tell them, the
more sympathetic they are likely to be to your problems. Often lenders will make
arrangements for under-repayments until you are back on your feet financially.
- Remember that variable interest rates might appear a better deal at first
but can be subject to rapid growth. Fixed interest rates might start off at a
slightly higher percentage but offer more security.
- When arranging your loan, be sure to think about your budget sagely.
You will want to pay off your loan as quickly as you can to avoid undue interest
accruing, but at the same time it is important not to overstretch yourself. Be
sure to leave a portion of your monthly income aside for emergencies such as repairs
or other unexpected bills.
- It is of the utmost importance that you understand every word of your
credit agreement before you sign. Go through your terms and conditions with a
fine toothcomb, and if there are any areas which present uncertainties then ask
your loan provider for an explanation. If you know exactly what you are getting
into then you will not have any unfortunate surprises.
- The Consumer Credit Act was introduced to ensure that consumers have
access to objective and revealing information about lenders. For this reason APR
must legally be calculated in include not only the interest rate but also any
additional fees. For this reason, APR is a valuable way of comparing credit dealers.
- If you are concerned about the standing or history of a company you are
considering doing business with then you can check them up on the Consumer Credit
Register. The register contains information on every trader that has a license
or has ever applied for one. You can telephone the Office of Fair Trading on 020
7211 8608 to make an enquiry, within office hours.
- If a lender refuses your application then that company is not lawfully
obliged to explain to you the reasons for this. However, if you are curious then
you may request the name of the credit reference agency that the lender used to
help assess you. From this agency you can request a copy of your credit report,
usually for a certain fee.
- Some lenders offer flexible loan deals that allow the borrower to make
under- or over-repayments should they need to. If flexibility is high on your
list of priorities then be sure to find a lender that is prepared to offer you
such terms.
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