AVOID ANY Simple personal loan promissory note WHO… tells you to indicate on your loan application that your income is higher than it actually is. pressures you to apply for a loan or to apply for more money than you need.
pressures you into monthly payments you cant afford. pressures you to sign documents you havent read. promises one set of terms when you apply and gives you another set of terms to sign-with no legitimate explanation for the change. tells you to sign blank forms and says theyll fill them in later. says you cant have copies of the documents you have signed. asks you to sign a loan that has credit insurance or any extra products you didnt want.
OTHER TIPS Make sure you talk to someone you can trust before making any decisions about a loan. Attorneys, financial advisors, and non-profit credit and housing counseling services are good sources to help you make the best decision about your loan.
REPRESENTATIVE EXAMPLE. If you borrowed 2,000 over a 12 month period and the loan had a 3 arrangement fee (60), your monthly repayments would be 189. 12, with a total payback amount of 2,269. 44 which including the 3 fee paid from the loan amount, would have a total cost of 329. Representative 29. 82 APR. If you borrowed 5,000 over a 48 month period and the loan had an 8 arrangement fee (400), your monthly repayments would be 131.
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