Don't ever borrow more money than you need and always make
sure you will have the means to pay it back. Shopping
around for the best possible interest rates will save you
often a large amount of money in the long term. Do your
sums, it's really not that difficult, if unsure always ask
for the final total cost of your loan, to include insurance
protection etc. It's easy for a £1,000.00 loan to end up
costing you over double if you don't check. Always take the
time to read ALL of the small print.
Borrow against the equity of your house. Home loan interest
rates are often the cheapest source of money, so it makes
sense to use the equity to buy essentials like a new car,
extension etc. Avoid borrowing if you have funds available
else where, but feel you'd rather leave them along for a
rainy day (if you need to borrow, then today is that rainy
day). You will save interest as the interest you will be
receiving on your savings will be far less than what you
will be charged for borrowing. Should at a later date a
real emergency arise, then you can then borrow or use a
credit card.
Sadly unsecured loans will be more expensive, likewise if
you have a bad cedit history or earning a low wage. Under
these circumstances it's vital to shop around. Not all
companies are loan sharks and there are reasonable offers
to be found. Dependant on the amount to need to raise and
how soon, it's also worth considering selling a few items
that you no longer require or could manage without. eBay
has to be the quickest and simplest method of obtaining the
best price for an item. It's also extremely useful for
finding the current value of an item and just what people
are willing to pay, with the knowledge you could then
decide to sell via your local newspaper.
It's usually cheaper to borrow from a bank than a credit
company, but still shop around. It's not necessary to hold
an account with a bank to be able to borrow from them. If
you are looking to re mortgage, then it's worth employing a
mortgage broker. There will usually be a small charge, but
they will have access to all the different offers
available. Just a point here it's essential you check that
the broker is an independent, and does not receive a
commission or fee from money lenders, which in turn could
cloud his judgment on who he advises you borrow with.
A simple Golden Rule - 'Delay any decision for 24hrs' take
your time and do some homework.
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