How do I compare loans?

Money language can often be confusing, making sure you get a loan that is right for you can be difficult!

Here are a few tips that might help along with a video from the great supporter of credit union Michael Sheen! First things first ALWAYS make sure who you are borrowing from is registered to lend money, if they are not they are an illegal money lender or loan shark! Its easy to check  simply search the Financial Services Register it’s also worth checking that the company or persons you are dealing with is really the one on the register (are the contact details and name the same as the register).

Tips when comparing loans

1. Is the amount, period, and repayment frequency the same?

2. Are there any additional hidden fees or charges?

3. What are the APRs?

4. What is the TOTAL amount you will repay?

5. Will there be any early repayment penalty?

6. Are thee any additional benefits e.g. life cover

7. Can you afford the repayment

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