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Basis of trust
Think twice before you choose your lender.
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A better and a more cost-efficient solution is to borrow the money from your family, or friends. However, it is very important to lay down the framework conditions in writing, in case you disagree later.
In the case of a bank or other finance company, it is worthwhile considering the following points:
In the case of a bank or other finance company, it is worthwhile considering the following points:
- How high is the interest rate?
- What is the term of the loan?
- Are there any additional processing or administration charges?
- Do you have to pay default interest if you are in arrears with your payments?
- In the event of an introductory or special offer, how long do the favourable conditions last and what do you pay after the special offer has ended?
Do not trust lenders who make unrealistic promises and claims by saying, for example, that they will give you a loan even if you have a writ of execution for debt.
Credit Brokers
If you engage the services of a credit broker check the information about your budget in your application form or contract and make up your mind how much credit you actually desire. As the commission of the broker depends on your credit amount, he might try to convince you to get a higher amount of credit.
Credit Brokers
If you engage the services of a credit broker check the information about your budget in your application form or contract and make up your mind how much credit you actually desire. As the commission of the broker depends on your credit amount, he might try to convince you to get a higher amount of credit.
