Loans
As with all loans, there are a number of things to look out for when looking for a consolidation loan.
The interest rate is arguably the most important, and ideally you want the lowest you can find, but also consider the other factors. Many lenders offer lower rates if you borrow more, but remember you still have to pay it back, with interest, don't borrow more than you need.
Flexibility is also important. If in the future you are able to pay it off early, you don't want to incur penalties, look for early repayment clauses in the loan terms and conditions.
Secured or Unsecured, secured loans often carry a lower interest rate, because the lender is taking less risk - if you default on repayments - they take the asset you put up as security - often your home. If there is any chance you may default, avoid a secured loan on your home.
Loan repayment period - try to make this as short as possible. Yes, it will make the repayments higher, but the longer it takes to pay off, the more you pay in interest. That said, it is important to make sure that you can make the payments.
Check out lots of loans. It's a long term commitment, make sure you are getting a good deal.
