Getting Wed With The Wrong Loan!
Many people pay for a wedding, car, holiday or home improvements with a personal loan. However, choosing the wrong deal can cost you thousands!
Oops, Valentine's Day is almost upon us!Don't worry, I won't forget to buy my wife a card and gift, but not because it's Valentine's Day. The truth is that I dislike the whole garish, unromantic consumerism that surrounds the event. The reason that my wife and I celebrate on 14 February is that it's the date we met, back in the days when we were both in the first flush of youth and I still had a full head of hair!Speaking of romance and losing your hair, have you seen the shocking cost of married bliss these days? According to various reports, funding a typical wedding will set you back around £15,000 to £20,000. Naturally, most young lovers don't have anything like that sum in savings and, even with parental help, many couples are forced to borrow to pay their matrimonial bills.Anyway, they say that love hurts and, certainly, if you choose the wrong loan to fund your marital bills, life can become very painful indeed! Let's take a look at how big a mistake choosing the wrong personal loan can be, using data from the Moneyfacts database, which includes virtually all personal loans on the market:(Of course, these loans aren't just for weddings; you can borrow to pay for a car, home improvements, holiday -- or even a divorce!)Best Buy loans of £15,000 over five years(without payment protection insurance)Lender Total amountrepayable (£)Monthlyrepayment (£)TypicalAPR (%)Moneyback Bank17,135.40285.595.5Cahoot17,175.00286.255.6Post Office17,253.60287.565.8At the other end of the scale, the same loan from Royal Bank of Scotland would cost £18,690.60 over sixty months, a whopping £1,555.20 more than Fool partner Moneyback Bank. That's enough for a lovely holiday for the happy couple!Another thing to beware of is the dreaded payment protection insurance, or PPI. This insurance is massively overpriced and frequently mis-sold, plus policies are riddled with small print, exclusions and get-out clauses. Here's how much PPI can cost (brace yourself):Worst Buy loans of £15,000 over five years(with payment protection insurance)Lender Total amountrepayable (£)Monthlyrepayment (£)TypicalAPR (%)Norwich &Peterborough BS25,329.00422.158.5RAC24,053.49400.896.5Britannia BS23,464.20391.076.7So, a protected five-year loan from N&P BS would set you back an unbelievable £8,193.60 more than an unprotected loan from Moneyback Bank -- enough to pay for a new kitchen or a luxury cruise!Finally, after (or even before) you tie the knot, you may decide to open a joint bank account. Choosing a Best Buy current account could mean earning fifty times as much interest while in credit (5% versus 0.1%). Furthermore, you'll pay far less when you slip into in the red (for instance, with a free overdraft for a year). Learn more in Best Buy Bank Accounts Made Easy.Here'smany happy years of wedded (and financial) bliss!More: Getting hitched? Switch to these Best Buys bank accounts, 0% credit cards, personal loans and savings accounts!
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20 November 2017