7 Steps to Responsible Borrowing (Step 2)by Unknown
STEP 2 – Shop around – Interest is represented in various ways. Do your homework. While it might not be the most interesting way to spend your time, getting familiar with the different lenders in the market, and the loans and rates they offer, is vital. Choosing the lowest interest rate obviously helps you to save money but be aware that there are many components to this. Is the loan being calculated on a fixed or floating basis? Is it on a reducing balance or flat rate? Be aware of what’s on the market and make sure that what you finally choose suits your situation.