What you need to know
- When choosing a loan make sure you do your research and shop around.
- Lenders must make their interest rates, fees and terms publicly available to help you to shop around and make a decision about the loan that is right for you.
- You have a choice, for example if you are buying a car you don’t have to take out the loan at that car dealership.
- Lenders must ask questions to make sure you can afford the loan and it is suitable for you.
- You will need to provide your lender with information proving that you can afford to repay the loan while still covering day to day living expenses. Collect together the information you need and be ready to answer your lender’s questions.
- When thinking about getting a loan make sure you know your rights and obligations – read ‘Signing up to a loan’.