If you need to borrow money

Money Management - If you need to borrow money

If you need to borrow money

If you definitely need to borrow some money and are sure you will be able repay it, look carefully at the options.

Choosing the right loan

You don’t want to pay more than you need to, so shop around and compare deals, asking:

• What is the monthly or annual interest rate (APR)?
• How much will the loan cost me per week or month and could this vary?
• How much will I have to repay in total?
• What is the penalty for missed or late payments?

Not all credit options are good or safe. If you have a poor credit rating you may be tempted to use a doorstep lender or a payday loan company. But these are expensive and should be avoided.

If you would like to discuss your options why not give one of our advisors a ring and book an appointment

Top tips

Work out what you can afford to repay each month, to help decide which borrowing option is best for you.

Allow for the unexpected. If your mortgage, rent or bills went up, how much could you afford to pay?

Don’t just pay the minimum. Even if you can’t pay it all off, pay as much as possible over the minimum repayment on your credit card bill. If you don’t, your debt will keep growing.