Tips For Finding The Best Loans
March 5th, 2006
The Motley Fool talks about the things you should look for in a loan in Big Questions For Borrowers.
They have five tips for finding the best loans:
- Shop around - how often do we have to say this - don’t go straight to your bank for financial products, as they’re unlikely to be cheapest.
- Check the TAR - the Total Amount Repayable should give you a better idea of the total cost of the loan than the APR.
- Do you really need Payment Protection Insurance? - PPI can be expensive, why not put the same amount in a savings account instead?
- Read the small print - make sure you know the really important information about the loan, such as charges for paying the loan off early.
- Best to go unsecured - so that your house won’t be at risk if you can’t make the repayments.
