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Shop around for the best deals on holiday loans
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Thusday, 08 May, 2008
The Financial Regulator advises holiday makers to get the most out of their holiday loan by shopping around.
Don't automatically assume you will get the best deal from your local bank or credit union. You can check out a wider range of lenders as most of them can access your credit record and rate your ability to repay.
Check out the APR. Annual percentage rates (APRs) on personal loans currently range from about 7pc to 14pc, so by shopping around, you could save yourself money.
Check out the personal loan cost comparisons on personal finance website itsyourmoney.ie to see the various rates on offer.
Try online. Many lenders will process applications online so if you have internet access you are not confined to those in your area.
Your monthly loan repayments may look affordable, but look at the total cost of credit. This is the difference between what you borrow and the total that you will repay.
Pay off your loan in a year. If you are taking out a holiday loan, you should aim to have it paid off before your next holiday.
Check if the loan is fixed or variable. Ask your lender if there would be any charge or penalty if you wanted to pay the loan back early and in full.
Source: http://www.independent.ie/business/personal-finance/ |
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