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Deduct your total monthly outgoings from your monthly income to find out how much disposable income you have. Be realistic. Don't commit the whole amount of your disposable income to loan repayments.
Plan to repay the loan as quickly as possible (watch out for early repayment charges). Lenders often charge lower interest rates if you borrow larger amounts or pay back over a longer period. But the longer the term, the more interest you'll have to repay in total.
Judgement criteria vary from one lender to another. Typically, your income and your credit history are the two main factors. Many loan providers rely on data from credit reference agencies.
A non-standard lender provides finance to those who may otherwise have difficulty obtaining credit.
The interest is calculated in two basic ways. Either the total interest due is calculated up-front, and added to the loan advance, or is calculated on an ongoing basis, either daily or monthly, based on the capital outstanding at that time. Repayments are simply the total of interest and capital divisible. The two methods make no difference to the total amount repayable to the lender.
There are three principle ways in which your loan could be repaid. The most popular way is to set up a direct debit from your own bank account to the loan provider. Alternatively, you may be able to pay by cheque every month. Lastly, a small number of loan providers still allow payments to be made in cash to a branch.
You should be familiar with all charges, including interest, insurance premiums and arrangement fees before you sign your loan agreement. Some of the less obvious charges are those that may be charged for early repayment - these are listed on the product details page for each loan but you should also enquire with the lender when you are applying.
If you miss the deadline, late payment penalties may apply, and the missed repayment may be recorded against you in your credit history both with the loan provider as well as with the credit reference agencies.
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Terms from 3 years to 30 years. Choose a payback option that works for you.
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