Special Rates and Loan Amount
Special Rates and Loan Amount
Be aware that often there are special offers or deals available on loans, for example this summer a number of loan companies have offered special deals for their customers. Loans also tend to be priced at different interest rates depending on the amount you plan to borrow.
Generally speaking on an unsecured personal loan you can expect to get a much more favourable rate of interest on amounts over £5,000 in comparison to loans under £5,000. This being the case, if you plan to borrow just below the threshold for the cheaper rate, sometimes it may make sense to increase your loan amount slightly to get a better deal.
However while you may find you get a better deal by borrowing more, be wary of falling into the daytime advertising trap of borrowing a bit extra to treat yourself. If you can already get a great deal, or the amount you would need to increase by is significant enough to mean adding unnecessary debt then don’t. At the end of the day it’s not just about getting a great deal but making sure your debts are manageable and whatever you spend the extra money on will be effectively incurring interest.
Written by admin on May 25th, 2007 with no comments.
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