The Best Ways To Borrow Money

Friday 2 January 2004

Whether you want $500 or $25,000, we explain the cheapest ways to get it.

By The Landlord

There are four golden rules to borrowing:

1 - Borrow within your means
Work out how much money you'll have after paying for housing, groceries, bills, transport, clothing and other personal costs. How much of what's left can you realistically afford to spend on repayments?

2 - Know what you're in for
Make sure you understand the contract. Know the total cost of the loan including any added fees and charges, and the number and amount of repayments. If you've given one of your assets as security for the loan, remember that by defaulting on the loan, you could lose the asset.

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