Understanding Loans

Increase your credit knowledge to save money
Why do we need loans?

Not everyone is fortunate enough to be able to pay for everything upfront or in cash. Sometimes, we need a little bit of help. When used wisely, loans can help you pay for those big ticket items such as a house, a new car, a holiday, or even your education. Loans can also be helpful in emergencies or when unexpected events occur that are out of your control

What is a Loan?

What is a Loan?

A loan is an arrangement in which a lender gives money to a borrower, and the borrower agrees to repay the money, usually along with interest, at some future point in time

Downsides of loans

Lending money to anyone always comes with risk. That is why your lender will charge you interest. There is such a thing as too much credit and that’s when you borrow more than you can afford to pay back. Borrowers must first consider what the loan will be used for and whether you can afford the loan before entering into a loan agreement

Financial Literacy

Questions to ask before taking out a loan

Types of Loan fees

Types of Loan fees

Loan companies vary based on the types of fees they charge with their loans.

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Types of Loans

Types of Loans

There are many different types of loans, learning the differences between the various types of loans will help you identify which loan will best suit your needs.

Types of Loan Providers

Types of Loan Providers

There are now a variety of ways in which borrowers can get access to loans.

Quiz

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