I Have No Credit But I Need A Loan
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Taking out a loan is a considerable financial decision. Here are some of the important things you need to address when you take out a loan.
First of all, ask whether it is absolutely necessary to borrow this amount of money?
For example, if you've been thinking about a new car because all your friends have bought newer ones yet there is nothing wrong with your own do you truly want the burden of this debt weighing on you?
If you reply with a 'Yes I would still be willing to borrow', then keep reading.
If 'No', then well done, you go to the top of the class and get the rest of the day off!
So, you still wish to borrow money. Have you thought about other alternatives to getting a personal loan?
For instance, if you presently have enough money put away in savings, why not use some of it first? The sum of money you might have collected in interest on your savings will be less than the amount it would have cost you in interest fees on borrowed money, as loan interest rates are above those of savings rates. Nonetheless, you should make sure you still have an amount of money held aside - best in a tax-free account such as a cash ISA - where you are unable to easily 'touch' the money you have saved.
You could also consider borrowing against your house, by re-working your present mortgage. The interest rates on mortgages tend to be smaller than those offered on loans, so it might be a more cost effective approach to borrowing money. Nevertheless, understand that if you cannot keep up these overall higher repayments month to month, you could possibly lose your property.
Lastly, where the loan is for a small sum of money and/or for a short time, then why not look into an overdraft or maybe a 0% credit card?
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