Tips For Finding The Best Loans

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.

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