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Site updated:

21 March 2010

Borrowing money

woman signing a loan agreement

Most people will need to borrow money at some stage to tide them over in an emergency, to buy larger items or to fund a special event. Borrowing money can also be called credit.

Before you borrow money, it's important to make sure you will be able to keep up the repayments, otherwise you could be taken to court and might even lose your home or other valuable possessions.

Find out about the different ways to borrow money, how to borrow sensibly and how to avoid some of the pitfalls of borrowing which can lead to problems with debt .

Types of borrowing

Find out about some of the different ways to borrow money including, plastic cards, loans, bank overdrafts, hire purchase and pawnbrokers

 

Getting the best credit deal

What you need to think about before you take out a loan, including how to shop around for the best deal, how to compare different deals, how to understand all the terms and conditions and checking you can afford the repayments

 

How lenders decide whether to give you credit

Find out when a lender can refuse to give you credit, what you can do if you are refused , what’s meant by credit scoring, what credit reference agencies do and how to correct a wrong entry on your credit record

 

Your rights when you borrow money

Information about your rights when you borrow money, including what information you must be given before and after you sign a credit agreement, whether you can cancel an agreement and what happens if you want to pay off a loan early

 

Credit cards

Find out how credit cards work, how to choose and apply for a credit card, the costs and charges of credit cards and how to deal with any problems

 

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Top tips

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Handy tips to help you when you borrow money, take out a loan or use credit cards.