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Loan Product Information Libraries

Welcome to Loan Product Information Libraries which contains further information and FAQ's on Loan Product money matters and financial product and key facts about all products featured on www.whichwaytopay.com.

        

Information Libraries

Loans and borrowing money is part of every day life. There are many things to consider when you take out a loan to that you ensure you borrow sensibly and donít get yourself into more debt. Ensure you spend plenty of time undertaking research before you make your loan application. This is not only to get a good understanding of what is on the market, but importantly, every time you make a loan application your credit history is checked which could have an adverse effect on your credit rating. Use comparison sites to check the loan companies APR, repayment terms and eligibility criteria. Ensure you are fully aware of the costs and check for any penalty charges. Remember that these could be in the small print so be careful to read all the terms and conditions thoroughly.

There are two main types of loans that you should consider when you are researching the perfect loan - secured and unsecured loans. There are several differences between these loans, however, the main difference with a secured loan is you are required to provide collateral against the amount that you are borrowing. Furthermore, each type of loan entails different repayment terms, interest rates and eligibility criteria.

If you need to borrow money and are shopping around for the perfect loan, it is of paramount importance that you find the right loan suitable for you otherwise you could find yourself in worse debt. Before you apply for a secured or unsecured loan there are several factors that you should think about before you commit to a loan provider.

How much and the duration of the loan are questions that you need to ask yourself before you take out a loan. Spreading the repayment of your loan over a longer period of time can lower your APR and reduce your monthly payments making your loan more affordable in the short term. However, bear in mind you will be committed to repaying the loan for a longer period of time and ultimately will end up paying more in interest. It is always worth pushing yourself to pay the loan back in the shortest time possible to avoid repaying more than necessary.

When you apply for a loan you must ensure that you meet the eligibility criteria. With the exception of secured loans, this usually relates to your age, income and most importantly your credit rating. Finding loans for people with bad credit can be slightly tricky, however, it is not impossible. Some lenders will still lend to those with bad credit, however, you usually find the interest rates will be higher and in some cases you might need a guarantor to guarantee your loan.

        


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