Pitfalls Of Being An Individual Guarantor For A Loan
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Taking on a loan is an important financial decision. Here we look at the important things you need to think about whenever you take out credit.
To begin with, decide if you truly need to borrow this amount of finances?
As an example, if you long for a newer car as your friends have bought one and everything is fine with the one you've got do you really wish the pressure of this debt on your back?
If your answer is a definite 'Yes I still want a loan', then read on.
If you reply 'No', then good for you, you are at the head of the class and get the rest of the week off!
So now, you are still willing to go through with the loan. Have you thought about an alternative to getting a loan?
For example, should you have an adequate amount of money in your savings account, it might be wise to use it first. What you should have received in interest on what you were saving will be less than the amount you would have had to pay in interest charges on a loan, as loan interest rates are more than savings rates. Nevertheless, do make sure you do still have a portion of money set aside - the best would be in a tax-free account such as a cash ISA - where it is difficult to easily 'touch' your savings.
You might also look at borrowing money against your property, by extending a mortgage. Interest rates on mortgages are frequently smaller than rates on loans, so it can be a more reasonable way to borrow money. Nevertheless, understand that if you do not regularly cover these overall increased payments on a monthly basis, you could lose your home.
Finally, where the loan is for a little amount and/or for a short duration, then why not consider a bank overdraft or possibly a 0% credit card?
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