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Money and credit - key questions before borrowing
Before you take out credit, there are a number of factors to consider. Do not simply sign up to the first deal that comes along as it could not be the right product for you.
Before you sign on the dotted line, consider the following…
- Is this really the best deal for you? Have you shopped around?
- The cost of the credit compared with other similar deals. Check out the APR (annual percentage rate). Usually, the lower the APR, the cheaper the deal. But do look out for ‘hidden’ fees so you get a feel for the true overall cost
- Is the loan secured? This means that it is secured against your home. If you fail to keep up the repayments, you’ll lose your home.
- Do you fully understand the credit agreement form? Don’t just sign on the dotted line, read through the agreement fully and don’t feel pressurised in to signing. Remember, a credit agreement is a legally binding agreement.
- Is the interest rate fixed or variable?
- What penalties are there if you repay the debt early or if you miss a payment? Many lenders charge you a penalty if you pay a loan off early – typically a months’ interest. If you miss a payment, most lenders will charge you a fee.
- What is the repayment schedule? Make sure that you know how much you will be paying every month and for how long. What\'s the total amount that you will pay back? The longer you pay back the loan, the more you’ll pay in interest.
By taking all these in to consideration you should be in a position where you fully understand your credit commitment and are satisfied that you have got the right deal for you.
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