Making sure I can meet the repayments
The biggest commitment you will have is making your repayments for the period of your loan. So think carefully about how much you can afford to repay without making life hard for yourself. Remember, you have to pay interest on what you borrow, so you’ll pay back more than the initial amount you borrowed.
To make life easier, your repayments will come out of your account automatically every month by Direct Debit. You just have to make sure you've got sufficient funds in your account.
The term you take the loan over will affect the size of your repayments, so if you want smaller repayments, you should repay your loan over a longer term. Just remember, the longer you take to repay your loan, the more interest you’ll be charged overall.
You should also consider how you’ll manage to make your repayments if your circumstances change.
When you apply for a loan, we’ll usually ask a Credit Reference Agency for your credit history. If you apply for lots of credit, this could have a negative impact on your credit rating.
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