Ten Top Tips For Choosing Personal Loans
More Information About Ten Tips for Choosing a Personal Loan
Choosing the right personal loan for your needs can be tricky, and if don't know what you are getting yourself into then you could end up in financial difficulties. Here are some top tips to use when choosing a personal loan:
Secured vs. unsecured
A secured loan is a loan that is secured against collateral, such as your home. Secured loans have better rates than unsecured loans, but they are more risky because you could lose your home if the repayments are not met. If you are borrowing a small amount of money and have good credit, then go for unsecured loans.
Borrow as little as you can over a short period
The more money you borrow over a longer period of time, the more interest you are going to pay. Borrow as little as you can afford to, and pay it back as quickly as you can so that you minimise the interest payments.
Fixed vs. variable
Most personal loans have fixed interest rates. This means that the monthly repayments will remain the same throughout the loan period. However, some lenders offer variable or flexible loans. These loans are good if the rate goes down, but remember budget for the rate going up as well.
APR
APR or Annual Percentage Rates determine the amount of interest you pay yearly on the loan. Although a low APR might seem appealing, be careful because this is not the only charge that you are liable for when paying back your loan.
Typical APR
If you are comparing APR, then it is good to understand the concept of "˜typical' APR. Although you may qualify for this rate, it pays to remember that unless your credit history is good, you will end up paying a higher APR than the typical advertised rate.
TAR
A better way to look at how much a loan will cost is the TAR or Total Amount Repayable. This will show you exactly how much you will repay to the lender. The lower the TAR then the better the overall package is.
Shop around
The most important thing to do before getting a loan is to shop around. Before you sign anything, make sure that you have looked at all possibilities for your needs. If you can separate all the various features of a loan and concentrate on the features you require, you can find the best rates for your needs.
Look online
Although your bank may have a good deal, most of the best loan deals are to be found online because of the low overhead costs associated with online companies. You can find many web sites that will allow you to compare the best personal loan prices, helping you to get the best deal for your needs.
Beware of PPI
When securing a loan, it is likely that you will be offered PPI or Payment Protection Insurance. This insurance covers your payments in case of illness, accident or unemployment. Although this insurance may help you, very few people are eligible to claim under its terms, and it is very expensive. Look to see if your current employer covers some of these items, or find a cheaper stand-alone policy that will cover you.
Early settlement
Nearly three quarters of all loans are paid off early, so it pays to know the charges for doing so. Although charges can still be high, more and more lenders are scrapping the charges altogether. Finding a lender that does not charge for early repayment might save you a lot of money.
Peter Kenny
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The Fred Factor: How Passion in Your Work and Life Can Turn the Ordinary into the Extraordinary
Product Type: Book
Product Price: $15.99
Manufacturer: Crown Business
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Description
Meet Fred.
In his powerful new book THE FRED FACTOR, motivational speaker Mark Sanborn recounts the true story of Fred, the mail carrier who passionately loves his job and who genuinely cares about the people he serves. Because of that, he is constantly going the extra mile handling the mail - and sometimes watching over the houses - of the people on his route, treating everyone he meets as a friend. Where others might see delivering mail as monotonous drudgery, Fred sees an opportunity to make a difference in the lives of those he serves.
We've all encountered people like Fred in our lives. In THE FRED FACTOR, Mark Sanborn illuminates the simple steps each of us can take to transform our own lives from the ordinary - into the extraordinary. Sanborn, through stories about Fred and others like him, reveals the four basic principles that will help us bring fresh energy and creativity to our life and work: how to make a real difference everyday, how to become more successful by building strong relationships, how to create real value for others without spending a penny, and how to constantly reinvent yourself.
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Reviews
Rating: 3 / 5
Date: 2010-09-02
Summary: "FWD:FWD:FWD:FWD:FWD Read This"
I agree with the sentinements that this book contains too much filler and not enough content.
The message is a good one, it's just unfortunate that it reads like a chain e-mail forwarded from my mother or aunt. I was seriously bored after about 10 pages, and really could absorb the entirety of the book in 10 minutes of skimming.
If you're really desperate to read this, just browse it at your local library, assuming they carry it.
Rating: 5 / 5
Date: 2010-08-28
Summary: "Anyone can transform his or her work from the ordinary to the extraordinary"
A motivational speaker, Sanborn incorporates stories of the exceptional service he received from his mailman Fred into his talks. Fred is a mail carrier extraordinaire--he goes the extra mile to make life easier for the people on his route. Sanborn uses examples of other "Freds"--people who bring purpose and meaning to their jobs no matter how menial--to illustrate how anyone can transform his or her work from the ordinary to the extraordinary.
Rating: 5 / 5
Date: 2010-06-25
Summary: "Are you a Fred?"
The Fred Factor is an outstanding book for anyone no matter your age or profession. I've read the book two times and encourage everyone to read it. If more people read this book and applied its principles, it could radically shape the business world.
Rating: 3 / 5
Date: 2010-06-14
Summary: "Excellent idea but not much substance"
Very quick read and written in a very down to Earth manner. Most of the point of the book is made in the first 20 pages. The rest is kind of the general ideas on the topic that you find in similar books, and that ultimately points you to a website.
Still, the basic idea of "Fred" is a good one.
Rating: 5 / 5
Date: 2010-04-15
Summary: "Fred Factor"
Great book on customer service. Many thought provoking ideas on how one should take care of our customers.