A loan can help you buy what you want when you don't have savings set aside. Before you borrow, make sure the loan repayments will fit in your budget.
There are lots of different loans available, so shop around first. Choosing the right loan could save you thousands in interest and fees.
Tips for before you borrow
- Make sure you can afford the loan repayments – Use the personal loan calculator to work out what you'd pay if the interest rate went up by 2%.
- Shop around for the best deal – Choosing a loan with the lowest interest rate and fees could save you thousands over the loan term.
- Budget to make extra loan repayments – You'll save a lot in interest and pay back the loan faster.
- Think twice before going guarantor on a loan – Know the risks of guaranteeing a loan for someone else.
- Look out for loan scams – If you’re contacted about a loan you never applied for, or the interest rate seems too good to be true, it could be a scam. Spot the signs of loan and banking scams.
- Look for a better option if you need to borrow money quickly – A no interest loan is a better option than a payday loan. Find out if you're eligible for a no interest loan.
- Understand the real cost of payday loans – Add up the fees using the payday loan calculator to see how much it will really cost you.