How can I borrow money?
Answer:
The simplest way of borrowing money is to borrow it from friends or family and pay it back to them. If you cannot, or do not want to, borrow money this way you will need to go to a bank, building society or other lender and apply to borrow money
Question:
Are there different kinds of loans?
Answer:
There are many kinds of loans. For example you can borrow money by using your credit card, go into overdraft, take out a personal loan, buy goods on hire purchase, or take out a mortgage
Question:
What is the best for me?
Answer:
The answer to this depends on your own personal circumstances. You may not want the hassle of form filling and prefer to simply buy goods on your credit card - paying off the balance over a period of time. You may prefer to take out a personal loan because the interest is cheaper. Or your bank or building society may allow you an overdraft. If you are not sure what loan is most suitable for you ask your bank manager or independent financial adviser
Question:
How do I find out which bank provides the best deal?
Answer:
You either shop around or check out best buy tables such as those on Tiscali. Best overdrafts, credit cards and loans
Question:
What if I'm turned down?
Answer:
It is likely that the lender has contacted a credit lending agency such as Experian and have decided to turn you down. The first thing to check is if your credit record has been blackened by others living at your address. It costs £2 to see a copy of your record. Contact:
Experian, Consumer Help Service
PO Box 8000
Nottingham
NG1 5GX
You can also check online
Equifax,
Department 1E
PO Box 3001
Glasgow
G81 2DT
Should the information be incorrect you can ask for it to be removed from your file - or for other people at your address to be disassociated from your record. Failing that there are organisations who lend to those with bad credit records. But they often charge very high rates of interest
