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Here are some Hints and Tips to help you unjumble the pitfalls.
- Work out a budget: Try to work out how much you can afford to borrow before applying for a loan. This way you can give yourself the best chance of being accepted and ensure you don’t take on a loan that you can’t afford. Use Nomey’s budget calculator to help.
- Watch out for interest-free periods: Interest-free periods can be useful when you’re borrowing, but be aware how long they last. Once the interest-free period ends you may be moved on to a high rate, so try and pay off as much of your debt as you can beforehand.
- Avoid Impulse Borrowing: Always think carefully before you take out a loan. Is the cost worth what you’re taking it out for? For example, don’t take a loan out for everyday purchases, as a credit card is more suitable.
- Check your Credit: Your credit information changes all the time and plays a big part in your eligibility for a loan. Check your credit report for free by signing up with Nomey.
- Watch out for loansharks and payday loans: Some lenders offer “quick cash” but also charge a premium for it. Unlike a personal loan or credit card where interest is charged annually, these short term loans have interest charged daily. Meaning the annual rates can be over 200%.
- Early repayment: You can pay off your debt before the end of the loan term, but watch out for early repayment fees. Many lenders have a penalty for early repayment, which could wipe out any potential interest savings. Some lenders also charge arrangement fees for personal loans, which you should factor into your cost calculations.
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