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Interest rates are important – but they're not the only consideration

When you compare personal loans, the interest rate is important – after all, the higher the APR, the more you'll pay in interest charges – but it's not the only thing you should look at. Make sure you compare like with like: some loans include features that may be very important to you.

Many people who compare personal loans do so by looking at one thing and one thing only: the interest rate, called the Annual Percentage Rate or APR. That's certainly important – there's several hundred pounds' difference between a big loan at 6.9% and 9.9% APR – but it's not the only thing to consider.
When you compare personal loans, it's important to take other factors into account. Does the loan you're looking at include a payment holiday feature, where you can skip three consecutive payments mid-term? Many loans do. Can you pay extra if you're feeling flush, or borrow more if you need a cash injection? Some lenders include these features, and some don't.
Deciding whether you need these extra features isn't just a case of asking, do I need it now? Your circumstances may change during the term of your loan – you might have kids, or hit money trouble, or decide to go on an insanely expensive holiday. When you compare personal loans it's a good idea to consider these things before deciding which loan is the perfect one for your purposes. helps you find the best loans companies for your specific needs, and gives you background information on the various types of loans available in our loans articles, more loans articles and still more loans articles.

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