etermine the purpose of the loan
Before you borrow any money from anyone we
recommend giving it a second thought, as a great majority of people cant cope
with repayments, 50 pounds loans is relatively a small amount to borrow but
still think twice before you do so.
Loan Term - get a credit card
How soon can you repay the loan back, for
example if its a small amount and you can see a good chance of paying your
money back within a year, then look for a Credit Card with 0% interest for the
first year.
Borrowing for more than a year
In this case Credit Cards are of no help
unless you consider paying hefty interest rates. Credit Cards turn out to be a
lot more expensive when the payback is expected beyond 12 months.The basic
difference is due to the compounding nature of interest applied on Credit
Cards.
Borrow from friends or family
Its cheaper to get a deal from your friends
and family but its advisable to sign a written contract with them.
Student Loan
Student loans are offered by many universities
and banks with lower interest rates and longer payback periods.
Unsecured - Personal Loan
You can also get a personal loan and there are
plenty of banks and finance companies in the UK offering it so you can have a
good look around researching interest APR rates and terms periods.
Secured Loan - For Home Owners
If you own a home then you could also go for
re-mortgage of your existing property which has a loan taken out and you could
add this amount to the loan, but this should be considered the last option as
it has a long interest repayment period, secondly the lenders will have a claim
on your property if anything goes wrong.
1 comment:
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