No matter how good you are at managing your finances, from time to time you may need to borrow money. This may be to cover the cost of a big outgoing, such as a new car or kitchen for example, where the alternative is years of saving. In such a situation, you may want to consider a personal loan.
Redemption penalties for repaying a loan ahead of schedule and expensive payment protection insurance lie in wait to trip up the unwary. In this chapter we show you what to look out for when choosing a loan to avoid spending more than you absolutely need to.
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Figuring Out When a loan makes perfect sense
If you need at least a couple of thousand pounds in the medium term to buy anything from plastic surgery to a new kitchen or a cruise, a loan can be a good choice. Loans are useful because:
You can borrow more than you can on a credit card or overdraft - You can take out a personal loan for any amount, usually between £500 and £25,000. You may even be able to borrow more than this via a secured loan
The rate of interest is normally fixed - You know exactly how much you have to pay back over the term of the loan, making it easy to budget.
You know when the debt will be cleared - Loans have a fixed repayment schedule, unlike an overdraft or credit card where you pay the money back as and when you can. If you lack the discipline to do this, a loan could be the answer.
A loan is easy to arrange - Loans can be arranged through the post, over the telephone, or via the Internet. There is no need to make an appointment to see your bank manager. The money is sent to you by cheque or transferred to your bank account within days.
Your borrowing is limited - You get a specified amount of cash - you can't keep dipping in and taking more, as you can with an overdraft or credit card.
As long as you can afford the monthly repayments and shop around for the cheapest deal you can find, a loan can be a good choice for borrowing money.
Steering Clear of Loan Sharks
If you're desperate for cash and have a bad credit rating, which makes it difficult to get a credit cards, bank loan, or overdraft, you may be tempted to borrow from a loan shark. But don't be fooled into thinking that you can control such a loan and won't go the way of all those other borrowers who fall behind with their repayments and find themselves intimidated and threatened with violence.
Loan sharks are illegal moneylenders who give out quick cash loans, so they are convenient if you need money as soon as possible. But the rates of interest they charge are astronomical - up to 200 per cent in some cases.
This would be hard enough to repay even if your finances were in a strong position. If you are in such a dire position that you are even contemplating using a loan shark, you must seek advice before you do anything else.
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