Personal Loan Tips

The Motley Fool has a good list of things to look for in a personal loan. The factors it suggests you consider when choosing a personal loan are:

  • Compare APR AND TAR. The TAR will tell you how much the loan will really cost you.
  • Avoid payment protection insurance.
  • Fixed rate personal loans will give you more certainty about how much you are paying during the term.
  • Flexibility – allow yourself the luxury of being able to pay off the loan without penalties.
  • Making it unsecured means you shouldn’t lose your home if you can’t afford the repayments.

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2 thoughts on “Personal Loan Tips

  1. Thanks Sean, probably not that clear in the post (because i’ve used the HTML acronym tag which shows you what they stand for if you hover over the term), but APR is Average Percentage Rate, and TAR is Total Amount Payable.

    Which reminds me, I must start putting together some posts about a personal finance glossary…

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