What you need to know
- Lenders must give you key information about the loan including annual interest rates, fees and the total amount you will pay over the life of the loan, before you sign the contract.
- Make sure you think about the information your lender gives you before you sign up. You can ask your lender to clarify, take more time to think about it, shop around or get some independent advice.
- Your lender will need to be satisfied it’s likely you can pay your loan back and still have money left over for essentials such as rent/mortgage, food and power. Think about what might happen if something unexpected comes up – will you still be able to pay back the loan?
- When thinking about getting a loan make sure you know your rights – read ‘Signing up to a loan’.