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Loan protection: Check T's and C's before taking out a loan

People should make sure they read all the terms and conditions before taking out a loan, an expert has said.

Justin Modray of Candid Money, an independent, free and impartial website, dedicated to helping people better understand and look after their money, claims that most loan salespeople hope consumers will not notice the interest rate and repayment period.

He said: "Don't be fooled, establish exactly how much you'll end up paying and for how long.

"If you take advantage of an interest-free deal when out shopping, be very careful to stick exactly to the loan terms and conditions."

Mr Modray added that people should never buy payment protection insurance from a loan provider without shopping around first. recently reported that more borrowers could be charged higher than the advertised rate of interest for a personal loan under new European rules.

Changes to rules regarding loans will come into effect on February 1st.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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