For those that need to borrow, loan rates are close to all-time lows.
The Golden Rules
- Only borrow what you actually need;
- Repay as quickly as possible;
- Ensure repayments are affordable;
- Use an eligibility calculator eligibility calculator prior to submitting a loan application;
- You won’t necessarily get the advertised APR. (APR stands for Annual Percentage Rate i.e. the real interest rate cost). The APR takes into account not just the interest on the loan but also other charges you have to pay, for example, any arrangement fee. Generally about 51% of successful applicants will be given the advertised interest rate.
If you’re looking for a loan, check out the best-buy rates on https://www.moneysavingexpert.com/loans/cheap-personal-loans/ If you want to find out which loans you’ll get, without applying, remember to use the eligibility calculator to assess your chances.
Borrowing should always be budgeted for, carefully planned and repayments affordable.