If you are starting your own business, help can be available from your bank or another lender in the form of a small business loan.
When purchasing a house, the majority of buyers take out a mortgage. This is a form of long-term loan, whereby the mortgage lender makes payment for the house outright and you re-pay the mortgage
Saving & Investment
Saving & Investment
Mortgage lender makes payment for the house outright and you re-pay the mortgage company each month at a relatively low rate of interest.and you then pay them back over a period of time (the amount
A Guide To Different Kinds Of Loan
From a young age, people learn how to make loan agreements. From borrowing an item of stationary at school, to, at a much later age, subsiding the purchase of a house - loaning items to one another is a part of everyday life. As adults, the loan agreements that we undertake can be of a high value, and it is therefore important to choose the right type of agreement to assist you in your circumstances. To provide you with some assistance with your decision, we have produced a guide on the different kinds of loan agreements available.
As children, we are often told to save our cash before buying something. However, if you wanted to buy a house, many of us would be saving all our lives before acquiring enough cash to buy one. When you decide that you need a loan, we recommend doing so for the right reasons (i.e. not to fund a bad spending habit, or obtain something on a ‘whim’), having carried out the necessary research and considered the alternative options available. See our page on loan options for further details.
Reasons for a loan
At different stages of your life, extra funding can be required to help you achieve your long-term goals. You might decide that you need a new car. If you are considering starting a family, you might consider getting a mortgage so that you can move somewhere bigger. Initially, it can feel daunting to consider purchasing something that you cannot immediately afford.
Friends and family
Although friends and family are often an unattractive lending option, by asking friends and family to loan you money, you are likely to receive a relatively low interest rate (if at all), depending on your relationship.
Making a commitment to a friend or loved one, can make you feel more determined to pay the loan back as you do not want to become a burden to them and, having asked them in the first place, you might feel embarrassed to owe them money.