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Loan alternatives

Borrow from your employer

Use your savings instead

Go without!

Do you really need the loan?

Borrowing from your employer.

It may be possible to get a loan from your employer. Large firms have set policies for this. Ask your personnel dept. If you work for a smaller firm, just ask the boss.

Employers will usually charge a much lower rate of interest. But taking out a loan from them may tie you down to the job more than you'd like.

If you leave you'll probably have to pay the loan back there and then - which might mean re borrowing at a higher rate than you'd bargained on.

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Use your savings instead?

If you really need the money it's considered a better idea to dip into your savings instead of taking out a loan.

This is because it'll cost you a lot less in the long run. If you take out a loan you can end up paying back double what you borrowed.

You're very unlikely to make as much money from your savings if you left them where they are.

OK so it might seem more comforting to have something saved up in case of emergencies. But, at the end of the day, you'll have more put aside by not having spent as much on the loan.

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Go without!

Just say no.

Consider whether you really do need that brand new car or whatever. Is it worth the inflated cost of borrowing? To read how much a loan can really cost you see you really need the loan?

Three in five people reportedly admit getting into debt for something they later wish they hadn't bought.

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Think before you borrow

Do you really need the loan?

Borrowing money is expensive.

Say you borrow £15,000 and pay it back at £169 a month for 180 months (ie 15 years)

By the end of that time you would have repaid £30,000.

In other words it's cost you twice as much as you borrowed.

Three in five people reportedly admit getting into debt for something they later wish they hadn't bought.

Consider loan alternatives

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All material UK Loans Guides and Information © Moneysorter Ltd 1999 - 2013 | Author: By Ed Parry