FREQUENTLY ASKED QUESTIONS
- Should I consider a loan?
- How much should I borrow?
- What’s the best way of working out the cost of my loan?
- Do I have to commit to a contract?
- Is GloTrans Financial Services registed?
- Request a Free Consultation?
A loan will allow you to borrow money from a bank, building society or other source, but remember that you’ll be charged interest on your repayments and run the risk of not being able to manage your debt.
It’s generally a good idea to only borrow as much as you need. However, borrowing a larger sum may mean that you’re charged a lower rate of interest on repayments.
The APR (annual percentage rate) is often very prominent, but it’s not the only figure you should look at. It’s best to focus on what your monthly repayment will be as well as the Total Amount Payable. This figure includes fees and charges and is a much better reflection of how much the loan will cost you. Providers are required to tell you any fees and charges that may apply to the arrangement of the loan, any fees and charges that may apply during the term you borrow for, the interest rate, APR, how much you’ll repay in total and how much you’ll pay each month. If the information isn’t available on the lender’s website, it will be available in the pre-contract credit information form which a lender will need to send you before you enter into a loan agreement.
With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company as often you will have to provide sensitive information online or over the internet. With any financial product that you buy, it is important that you know you are getting the best advice from a reputable company.
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