When applying for a personal loan, first compare the multiple offerings so that you can make the right choice.

Here are the main considerations when looking:

• Will it be a secured or unsecured loan?
• interest/comparison rate
• fees & charges
• term of your loan
• Always read the fine print
• Check that the lender is licenced
• Don’t take on any loans that you can’t afford
• Establish how much you want to borrow and how much you can repay each month
• Establish how long it will take you to pay off your loan
• Lenders might want to look at your credit file and will need to access pay details, credit card bills & bank statements

So what are the Pros & Cons of Personal Loans?

Pros:

• Application processes are usually quick and can be done mostly online
• There are many different types of secured & unsecured loans that you can choose from
• Personal loans have very competitive interest rates as opposed to credit cards

Cons:

• There may be strict eligibility criteria and you may not be approved if you have a poor credit rating
• Loan purpose may be restrictive depending on the type of personal loan you choose.

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