When you are applying for a loan, you can prepare your own list of questions to ask the lender. We've prepared a few questions you may wish to consider asking.
| 1. What is the interest rate? |
| 2. Is the interest fixed or variable? |
| 3. What are the minimum repayments? Are there penalties for paying more than the minimum requirement? If yes how much? |
| 4. What is the term of the loan? Note: you have more flexibility with a loan if you take it over a longer term but make higher than required repayments. |
| 5. How much are the loan establishment fees? |
| 6. What is the total interest payable on the loan? |
| 7. Are there any penalties for making a lump sum payment? If yes how much? |
| 8. Is there a penalty for paying out the loan early? If yes how much? |
