Repayment tips

When considering taking out a loan, the most important thing to consider is if you can afford to repay the loan and interest.

There are multiple costs to defaulting on a loan so it is much easier to be realistic about what you can borrow. To get you started here are some general tips to help you decide whether to borrow.

  • Only borrow the amount you need to.
  • Review your income and outgoings before agreeing the loan.
  • Look at the monthly repayments, the total amount repayable in addition to the interest rates (APR).
  • Keep the term of the loan as short as you can manage.
  • Check the small print of your loan. Are there early repayment penalties?
  • Keep ALL documentation about your loan close to hand.
  • Read your mail as important information about your loan will be mailed to you.
  • Keep copies of all correspondence between you and the lender.
  • If you have any problems making payments, get in touch with your lender immediately.
  • If you have any queries about your loan ask right away and make sure you are asking the right person.
  • Make sure you stick to the budget you have set yourself.

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