Taking The Bite Out Of The Loan Shark

| Total Words: 340

You will not find an interest free loan, unless you are borrowing from a friend or family member, or somebody that likes you very much!

The interest on a loan is the ingredient that makes it worthwhile for a lender to lend you money, also known as APR. The higher the APR the more interest you will be paying back with your loan, which means the amount of money you borrow, becomes larger.

When you are looking for a loan, it really pays to do your research, the internet is a great place for you to start, and quite often you can find the best deal on the internet as a lot of companies have no overheads that they have to pay out, i.e. rent for premises, therefore they are not adding that extra cost into the APR of your loan.

Look for loans with a low APR, and make sure you read the terms and conditions, as sometimes some companies look like they offer a great deal but, when you read the small print you will see that if find yourself in the fortunate position to settle the loan early, they will penalise you. They may still make you pay the full amount of the loan, together with the full amount of interest that you would have accrued until the end of the term. And...

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