Getting Secured Loans
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Taking out a personal loan is a big financial responsibility. Here we look at the considerations you need to address when you choose to borrow.
First, work out if you truly need to borrow this amount of money?
For instance, if you want a new car since your friends have got one but there is nothing wrong with the car you drive do you really want the burden of the debt weighing on you?
If the answer is 'Yes, I would still be willing to borrow', then keep on reading.
If you reply 'No', then good job, you are at the top of the class and can take the rest of the week off!
So now, you still would like to take out a loan. Have you thought about another option to getting a loan?
As an example, if you've got sufficient money in your savings account, why not use some of it first? The amount of money you could have received in interest on your savings will be less than the amount of money you would have lost in interest charges on borrowed money, as loan rates are more than savings rates. However, do make sure you do still have some of your savings held aside - if at all possible in a tax-free account like a cash ISA - where it is not possible to easily 'touch' your savings.
You might consider borrowing from the equity in your house, by extending your present mortgage. Interest rates on mortgages are almost always lower than loan rates, so it might be a more cost effective approach to borrowing money. Nevertheless, understand that if you do not regularly cover these newly increased instalments as agreed you might well lose your property.
Lastly, if the loan is for a minor amount and/or short-term, then why not take on a bank overdraft or else a zero percent interest credit card?
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