before you borrow
I am thinking about getting a loan or buying something on credit and I don't know what to ask.
Before you borrow money or buy something on credit (hire purchase) ask these questions:
How much is the interest rate?
What’s the total amount I will be paying back?
What is being used as security?
How much are the fees?
Do you need to get insurance?
What will happen if I miss a payment?
Compare these answers with another company to see if you can get a better deal.
You have at least three days to cancel the credit but you can't always cancel the purchase.