|
February is a troublesome month in the financial year. The extra costs and spending associated with Christmas still linger fresh in the memory, and jobs are starting to wear thin after the frivolity of the festive period. Many people are tempted into getting a personal loan to help them through this awkward period.
That's fine, but the rule is: look around. Many banks and loan companies are now getting more stringent with who they loan to and at what rate. Generally, interest rates on loans have increased since the Northern Rock fiasco, but the damage may not be as great as you might think: rates have only increased by 0.4% since the credit crunch hit.
An easy rule of thumb is not to grab the first thing that presents itself: the personal loans advertised on television are rarely the best ones available. So look carefully, find the best rate going and make your financial worries pale into insignificance.
|