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  #1 (permalink)  
Old 08-20-2006, 08:47 AM
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Default Things to consider in applying for a loan

It is important that interest rates and length of payment will be considered in having a loan.

Are there any other things you would like to add that I missed?
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Old 08-29-2006, 01:56 PM
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Default Re: Things to consider in applying for a loan

Cancellation fees and conditions.

Actually, this is pretty important information to look at with any financial package you take out, whether it's a loan or insurance.

Also, look to see if there are any early repayment penalties - just paid off my car loan early, but I made sure when I took it out that there would be no fees or penalties for doing so.
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Old 09-14-2006, 08:05 AM
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Default Re: Things to consider in applying for a loan

Yes, I had no idea about the different penalties that could be involved. Thanks to this forum I have just recently learned about the early payment penalties. I knew they were the norm for auto loans, but did not even think of them being associated with home loans.
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Old 09-30-2006, 09:59 AM
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Default Re: Things to consider in applying for a loan

That is good reminder, brian and something that we should not forget when applying for a loan.
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Old 10-13-2006, 01:27 PM
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Default Re: Things to consider in applying for a loan

yup, the penalty part should be something to be wary of. 0 interest credit cards is a classic example of this. while some may find it a great deal, some credit card issuers get even with the penalties. some issuers would charge you a very high interest rate if you make a late payment. others would give you this long period of 0 interest, but if you make a late payment, you won't just be charged with a late fee, but also a a penalty interest rate.
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Old 04-13-2007, 01:53 PM
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Default Re: Things to consider in applying for a loan

Yes, always read the small print I've caught out before!
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Old 08-18-2007, 07:16 PM
asiaanwar asiaanwar is offline
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Default Re: Things to consider in applying for a loan

Always shop around when looking for a loan, and don't think your bank is the best place you can get a loan from. You Could find that high street banks have higher interest rates then loan companies. I recently read that research carried out by moneysupermarket.com showed that the loan company Northern rock could save you up to 2200, when borrowing 6800 pounds compared to major high street banks, with a minimum saving of over 200.
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Old 08-22-2007, 10:43 PM
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Default Re: Things to consider in applying for a loan

I would also investigate the reputation of the lender. Granted, your loan can be resold, but I would want a company with a strong reputation that I wouldn't have to worry as much about.
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Old 05-24-2008, 06:08 AM
sahilmiddha sahilmiddha is offline
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Default Re: Things to consider in applying for a loan

i think you check properly Cancellation fees and conditions.Actually, this is most important information to look at with any financial package you take out, whether it's a loan or insurance.
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Old 06-01-2009, 09:36 PM
OilTrader OilTrader is offline
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Default Re: Things to consider in applying for a loan

The most imporant thing when you get a loan - read terms and conditions as there're a lot of hidden fees and fines.
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Old 04-15-2010, 06:58 PM
kevdale kevdale is offline
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Default Re: Things to consider in applying for a loan

Is there a financial jargon name for being able to pay the loan back before the term of the loan, so you don't have to pay so much interest?
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Old 06-05-2010, 08:12 AM
newlookloans newlookloans is offline
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Default Re: Things to consider in applying for a loan

Quote:
Originally Posted by kevdale View Post
Is there a financial jargon name for being able to pay the loan back before the term of the loan, so you don't have to pay so much interest?
Early settlement figure. There are usually 3 examples of this on the Pre Contract Agreement.
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Old 01-04-2011, 08:26 AM
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SarahU SarahU is offline
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Default Re: Things to consider in applying for a loan

It's really very important to consider additional fees and charges, especially for delayed payments as they are usually very high. Besides, find out about the terms and conditions provided by particular lender in order not to get into trouble with financial services and just be attentive and careful and calculate the fees and interest rates before applying for a loan.
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Old 01-07-2011, 07:54 AM
coolJune coolJune is offline
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Default Re: Things to consider in applying for a loan

Just want to add, read the terms and conditions carefully and clear-up bad credit score. It will help you to approve you application loan.
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Old 01-12-2011, 12:33 PM
mortgagetoday mortgagetoday is offline
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Default Re: Things to consider in applying for a loan

Charges, if you want at any stage the transfer of your loan to other bank?
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Old 03-29-2011, 02:45 PM
annasearchnews annasearchnews is offline
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Default Re: Things to consider in applying for a loan

I just wanted to add that if you are thinking of taking out a loan always check the small print for payment protection insurance.

I know someone recently who got caught out, and it's quite common at the moment, with many having to reclaim mis-sold payment protection insurance.

I'm not saying don't get it, just make sure that what you are paying for covers you for what you need.

I think most banks and loan providers use tricks to try and tempt people into taking it out too, so be VERY wary.

This article I found at Gladstone Brookes shows in more detail what to look out for (I would recommend reading it if you are applying for a loan!) good luck otherwise though.
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