What to look for when borrowing money

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True Blue Loans

• What to look for when borrowing money

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What to look out for when borrowing money

• Care must be taken when looking for a loan. Not
  all lenders are equal or the same.
• We have put together a short presentation to
  highlight some of the things to look out for when
  borrowing money.

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1. Regulation

• Anyone lending money in the UK must be regulated
  by the FCA.
• The FCA have strict rules that are there to
  protect you the consumer. These rules include a
  maximum amount of interest that can be charged
  and other important protection measures. Do not
  borrow from anyone not regulated.

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2. Payday Loan or Instalment Loan

• If you take out a payday loan you need to be able
  repay the loan on your next payday. So care must
  be taken to ensure that you can afford to pay the
  capital and the interest in one go.
• An installment loan will be spread over multiple
  months, anything from 2 to 25 years (a mortgage
  is an installment loan).

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Only borrow what you need

• Dont be tempted to borrow more than what you
  actually need.
• Some lenders will upsell you. If you ask for 100
  and they think you can afford 200 they will
  offer you the 200.
• It is easy to lose control and borrow too much.

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Never borrow to repay another loan (unless the
interest rate is less)

• It may be tempting to take out a loan to repay a
  different loan but this is a really bad idea.
• It is easy to end up paying interest on multiple
  loans and end up with a serious debt problem.
• If you cant afford to repay a loan speak to the
  lender and ask for a repayment plan.

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Wealth Warning
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True Blue Loans

• This information is brought to you by True Blue
  Loans
• www.trueblueloans.co.uk

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