14 août 2013 ~ 0 Commentaire



We all wish to lead a luxurious and comfortable life and for that the key requirement is money. While we all work hard to earn well, taking a loan is an easy resort to make the things a little simpler. However, even loans need to be returned eventually in due course, so do not take an amount that you can’t afford to pay back. In fact, banks and other financial institutions that give loans are smart enough to see that they only give that amount of loan that they think you would be able to repay in time. They check this on the basis of your income, either through salary or business.

There are many institutions that give loans in the UK market. Some of the names include HSBC, MBNA, Sainsburys, GE Money, etc. All of them have their own policies and offers. The interesting part is how to select among so many offers on hand. Though all advertisements state that they are willing to give you money ‘just like that’, but the fact is that there’s always a catch!

The first thing that matters is the collateral security that you give to them. It can be your house, your car, shares, or any other valuable asset. The bank would auction that asset if you do not pay the installments in time. The other fact that matters is the income that you show in the papers. For instance, you are doing a business and for a few months your profit is say, $5000 per month. You never know when it could slump down. So you should show it as only $4000 per month.

Another thing that you must take care of while taking up any loan policy is to read the ‘terms and conditions’ carefully, especially those that are marked with an asterisk. Actually, these are the hidden clause that might become major issues for you later on. You would not be able to claim anything against the company as it would not be their fault. After all, it is you who has signed the contract with out reading it in full. Any clause that is not clear or that is objectionable, must be discussed with your agent or the bank executive involved.

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