• Home
  • Authors
  • Write for us
  • Advertise
  • Contact
  • Privacy Policy
  • Terms and Conditions
Wednesday, January 20, 2021
No Result
View All Result
ABC Money
PR Fire Press Release Distribution
  • News
  • Business
  • Economics
  • Finance
    • Investment
    • Tax
    • Mortgage
  • Property
    • Utilities
  • World
  • Technology
  • Fashion
  • Health
  • Holidays
  • News
  • Business
  • Economics
  • Finance
    • Investment
    • Tax
    • Mortgage
  • Property
    • Utilities
  • World
  • Technology
  • Fashion
  • Health
  • Holidays
ABC Money
No Result
View All Result
Home Finance

Loan Application Mistakes that can cost you more money

by Sam Allcock
30/12/2017

Loans can be a great way to get out of a pinch in a variety of scenarios ranging from buying a new house to financing a business. But because there are different types of loans available from different institutions, you need to ensure you pick one that will provide you all the benefits you need with the least amount of hassle.

A guaranteed way to ensure you select a type of loan that is wholly satisfying is to ensure you avoid making the following mistakes when seeking a loan;

  1. Neglecting to shop around

Shopping around involves looking at what various loan providers have to offer in order to ensure you get the best possible deal. By shopping around among various loan providers, you can compare interest rates, loan fees, speed of application process, convenience, customer service, and much more.

The trick to getting the best deal through shopping around is to not focus on just a single benefit being offered by a loan provider. Instead, consider the aggregate of all benefits being offered by a lender to determine which loan provider offers the overall best deal. Thanks to the internet, you can now easily shop around from the convenience of your home or mobile device.

  1. Overlooking your options

Keep in mind that there are a variety of loan options available. That is, you are not limited to just personal loans as there are other options such as bridging loans and much more. If your goal is to consolidate debt, you can consider opening a new credit card then transfer balance from your other cards to it. This is most effective if you can get your hands on a 0% introductory offer.

  1. Spending like nothing has changed

Taking a loan might have put some cash in your hands but you need to remember that you now have a financial obligation which you will do well not to ignore. Many people start spending wildly once they get a loan or keep spending like nothing has changed, and this is very ill-advised. In order to ensure your capability to satisfy a loan by its expiration date, it is important to make some necessary changes to your spending habits. If you fail to control your spending and end up accruing more debts, you could find yourself in a financial situation that’s worse than prior to taking a loan.

Your budget after taking a loan should make room for you to afford paying fixed monthly payments and interest rates. You can even trim some expenses of your budget that will enable you pay back a loan faster.

  1. Failing to tell the truth on a loan application

In the hopes of getting a better loan deal, some people overstate their income on a loan application. This and other lies when discovered are capable of jeopardising not only your current loan application, but also possible future ones. Also, a lie on your loan application that’s discovered after the loan has been granted can still lead to costly consequences.

RelatedPosts

Make a Living with Forex in 2021

Short selling – be in the know

How to Stay Warm over Winter Without Spending a Fortune

The prognosis for Bitcoin in 2021

Load More

Minimise cost and maximise benefits by avoiding the aforementioned loan mistakes.

Tags: Loans
Previous Post

7 Industries That Go the Extra Mile with 2018 Specials

Next Post

Factoring Financing For Manufacturing Businesses

Related Posts

Make a Living with Forex in 2021
Finance

Make a Living with Forex in 2021

18/01/2021
Short selling – be in the know
Finance

Short selling – be in the know

18/01/2021
How to Stay Warm over Winter Without Spending a Fortune
Finance

How to Stay Warm over Winter Without Spending a Fortune

18/01/2021
Next Post
Factoring Financing For Manufacturing Businesses

Factoring Financing For Manufacturing Businesses

How CBD Vape E-Liquid is Made

How CBD Vape E-Liquid is Made

How to avoid costly mistakes when redesigning your home

How to avoid costly mistakes when redesigning your home

Latest News

Ways to Improve Your Property During the Pandemic

Ways to Improve Your Property During the Pandemic

19/01/2021
The Benefits of Double Sink Bathtubs For Your Home

The Benefits of Double Sink Bathtubs For Your Home

19/01/2021
10 Facts About Vasectomy Procedures that You Should Know

10 Facts About Vasectomy Procedures that You Should Know

19/01/2021
Seven Easy Cost-Cutting Tips For Your Business During The Pandemic

Seven Easy Cost-Cutting Tips For Your Business During The Pandemic

19/01/2021
Top Four YouTube Music Downloader Apps

Top Four YouTube Music Downloader Apps

19/01/2021
Pandemic Fills The Supermarket Checkout

Pandemic Fills The Supermarket Checkout

17/01/2021

Social

Contact

For editorial enquiries:

editorials@abcmoney.co.uk

For advertising enquiries:

advertise@abcmoney.co.uk

Top Topics

  • News
  • Business
  • Finance
  • Property
  • Technology
  • Investment

Guides

  • Best UK Bridging Loans
  • Best UK Secured Loans
  • Best UK Commercial Mortgages
  • Best UK Business Loans
  • Best UK Payday Loans
  • Best Sites for International Money Transfers
  • Best Press Release Distribution Service

Social

  • Home
  • Authors
  • Write for us
  • Advertise
  • Contact
  • Privacy Policy
  • Terms and Conditions

© 2020 ABC Money

No Result
View All Result
  • Write for us
  • Contact
  • About Us
    • Authors
  • News Desk
    • Business
    • Finance
    • Property
    • Technology
    • Investment

© 2020 ABC Money

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.