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Our Guide To Repaying A Loan
Before agreeing to any type of loan, it is crucial to work out the total cost of your repayments to make sure you can afford it. Taking the time to calculate the full figure of any borrowing allows you to plan your finances and ensure that you won’t be left out of pocket. Whether it’s payday loans, long terms loans or emergency loans UK that you need, here are our tips to help you manage repayments effectively.
What Affects The Cost Of Borrowing?
The two main factors that will affect the overall cost of your loan is the amount of money you need to borrow and your chosen repayment term. For example, if you want to borrow a small amount over a short period of time, you might well pay very little interest. If you want to borrow a larger amount of money over a long time, the interest rates will be typically higher.
In general, you should use the APR to compare loan products. The lower the APR, the better, but also look at how much it will cost overall.
How To Calculate The Cost Of Borrowing
You can usually work out how much a loan will cost you before signing an agreement by using the information the lenders provide. By law, when you apply for a loan, they must tell you:
- How much you will need to repay in total
- How much you will have to repay each month
- The interest rates and APR
- The cost of any extra fees
You should also be able to find this information on the lenders’ websites, so make sure you research or ask for the information before agreeing. This can also be applied to credit card providers, but these points will be based on certain assumptions about how you will use the card.
If you need help with calculating the total cost of borrowing, there are various calculators available online to help you.
How To Make Sure You Keep Up With Repayments
It is essential that you keep up with your monthly repayments or you could be hit by extra charges. Missing payments could also damage your credit score, which could hinder any future credit applications. To avoid this from happening, there are a few simple steps to take:
- Include your repayments in your monthly budgeting – if you have a budget that you update each month, factor the repayments in to ensure they are not missed.
- Set up a direct debit – arrange for your loan repayments to come out of your bank account automatically so that your payments are made on time. This method helps you to stop worrying about making payments manually.
- Check your bank account regularly – ensure that you have enough funds in your account to cover any loan repayments and give yourself peace of mind.
- Tell your lender if you can’t make a repayment – if your circumstances change, don’t be afraid to contact your lender as soon as possible. They should be able to find a suitable solution to help you manage around your new financial situation.
Before considering loans as an option, make sure that you check all other viable options first and seek financial advice for support. If loans are the only solution, follow this guide to ensure you can make repayments before signing in to an agreement.
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