HOUSEHOLDS taking out personal loans are being urged to check they can afford the repayments - as the cost of borrowing has soared over the past decade.joined several other lenders in upping the maximum amount if will offer from £25,000 to £50,000, which it said reflected a rise in home renovation costs.
A personal loan is a type of "unsecured loan". This mean you can borrow the cash without having to offer up any assets as collateral that the bank can claim on if you miss payments. It’s always vital to ask yourself if you actually need to borrow before committing to a new credit card, personal loan or overdraft.
And after five years, they'd have repaid £63,914.57 in total, including £13,914.57 in interest - £5,609.34 more than if they took the loan out in 2014. And experts at The Building Cost Information Service say that costs are expected to rise by another 15% over the Mr Douglas explained: "Most personal loan applications can be completed online and will be paid out in a matter of hours."However, homeowners might be able to pay slightly less interest through additional borrowing on their mortgage.
You also need to take into account how long you'd have to spread these repayments if you took the remortgaging route.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ftenergy - 🏆 47. / 63 Read more »