All A Loan

Regular readers know I used to broker Mortgages. I know a little bit about the subject. I know about money too. (I know I never seem to have enough!)

Personal loans are another form of borrowing. Basically a lender loans you money if you: a. have enough in the bank to pay them back or b. have really good credit. There are a lot of Personal loan companies that have really loose terms and high rates. You need to be careful with many of these loans or you could end up paying a prohibitively expensive interest rate.

Sometimes it's better to go with a secured loan to get a lower rate. Just be sure you can afford to make the loan payments so whatever you are offering for security isn't put at risk.

Whether you are looking for a secured loan, a personal loan or a Mortgage, be sure you understand the risk, rates and payments. You should never "sign on the dotted line" unless you understand what you are paying for the money you're borrowing!