Loans come in may shapes and sizes, and it can be confusing for potential borrowers in a crowded market. A three thousand pound loan over 24 months is just one of a wealth of options available to borrowers, and it’s easy to pick the wrong deal.
It may seem obvious to say it, but never borrow money without factoring in how each repayment will affect your monthly budget. Sit down and do the sums. Work out whether you can be comfortable without having to make major sacrifices. Also calculate what repayment period best suits your circumstances. Everyone is different, after all. Some people are not comfortable with long repayment periods, but if you are, it may suit your budget better. Be aware though that the total amount repayable may be more as a result. You must weigh that up against the strain on your budget if you have a shorter loan with bigger amounts to be repaid.
We would all like more money, that much is clear. Sadly life does not work like that. If you are considering a three thousand pound loan over 24 months, decide if the loan is necessary. If you have an urgent home improvement or need a vehicle repair to get to work, then a loan is perfectly understandable. However, if you have earmarked the money to treat yourself or pay off other debts, you should seriously reconsider. Ensure that the money goes to good use.
Moolr offer no obligation quotes, and you will not be put under any pressure to proceed. The quote is a guide to give you an idea of what repayments you would have to make if you proceed with a loan. Make sure it seems within your capabilities to make repayments. Failing to meet repayments is not the end of the world, but could trigger extra costs. No one wants that, including the lender.