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Loans are basically ways for people to borrow money that they then have to pay back and usually with a bit extra added so that the lender can make some money from lending it you.

Loans come in all "shapes and sizes", there is personal loans, car loan, mortgages and they can be obtained from banks or specialist loan companies. The thing with loans is that you should make sure you shop around to find the one that will work out best for you (i.e. the one that you will be able to manage to reay for as small a fee as possible). The ammount you pay back on a loan depends upon what rate you get the loan at, this can vary hugely so it is well worth lookgni round, there is no point getting a loan that you are paying back at 12.6% APR when you can get one with all the same conditions tha you can repay at 6.5% APR.

A great tool to help you figure out how much you will be required to pay back is a loan calculator, this lets you enter the value of the loan you are wantign to take, over how long you want to pay it back, how often you want to pay it back and also the rate, this will then show you how much you will end up paying back and also what your payment ammounts will be!


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