Personal loans Q&A - Tiscali

Question:

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 our loan finder tool to find the lowest interest rates.

Question:

What if I'm turned down?

Answer:

It is likely that the lender has contacted a credit reference agency have decided to turn you down. The first thing to check is if there is a problem with your credit rating - for example if your credit record has been blackened by others living at your address. There are three main credit reference agencies: