Loans: Questions you should ask yourself before you commit to your first loan

12 September 2013 - Which Way To Pay

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Loans explained: Are you thinking about taking out your first ever loan?

Before you take out your first loan or credit card you should carefully consider whether you actually need to borrow the money and need the credit. Have you thought about any alternatives before you commit to the debt? If you answer ‘yes' to this then you should ensure you do your homework.

Loans or credit cards? How much do you need to borrow?

Before you ask yourself how much you need to borrow, you should ask yourself ‘how much can I afford to pay back each month'? Do a calculation on your weekly monthly budget and base your calculations on this to make a realistic plan. If you are not able to make the monthly repayments then you could find yourself in deep debt. If you are in any doubt then you should seek independent financial advice.

What interest and charges should you look out for with your loan?

The interest is the amount the bank or credit card provider will charge you when you pay back your loan. It is a percentage of the loan amount so the higher the interest rates and the longer you take to repay it the more the loan is going to cost you. Charges are any penalties that the bank charges you if you don't stick to the terms of the loan agreement. For example, if you miss a loan repayment, the loan provider can charge you extra so it is important to stick to the terms and agreement of your loan at all times.

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