Steve Jobs once asked a profound question - how would people know they like something if they don’t know about it?
The same principle applies when we ask about the danger of not doing loan comparisons and reviewing your options. How would you know of a loan’s benefits if you don’t know about the loan?
Here are the 3 pitfalls to not doing loan comparisons.
1. Cost disadvantages.
Without proper research you might find yourself signing for a loan that you can’t afford. Yes, to a large extent your credit record determines whether you can afford the loan. But a loan can come back and bite you in later years when you are struggling to keep up with payments. Simple loan comparisons could eliminate this risk easily.
2. Not having an option for a personal protection plan with your Credit Provider.
Should you need it, it is imperative that you look for a loan where the Credit Provider offers a Personal Protection Plan. Extra admin is no-one’s idea of fun, but doing your part with loan comparisons will quickly show the credit providers that offers this feature.
3. Not signing the loan you need.
It’s an awful position to be in. You have a loan. But it doesn’t meet your needs! Do some research to see if better options exist to consider before you do loan applications.
Pitfalls have a knack of getting people down - don’t let a lack of knowledge cause your financial demise. The information is after all, for free. Visit the Fincheck Blog & News Page to see a flow of other tips that will help you make better financial decisions!
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