Bank loans come in all shapes and sizes, and there is a confusing array of products to choose from. Watch out for payment holidays, and flexible fixed interest payments, are wary of early settlement fees, variable APRs and the small print. Different people have different types of loans, so make sure you get the loan that is right for you.

Securing bank loans can get a minefield, but if you quickly what homework the process much easier – and you can save money.

The first thing to consider is the interest rate, usually described as an annual or April, the differences can be dramatic – especially if you borrow a lot of money over a long period. The difference between 7% and 10% does not seem much on paper, but it is probably a difference of a few hundred pounds to make your total repayments.

Fixed APRs are a good idea, especially when the economy is exhausted. With a fixed APR when interest rates rise, your payments. You can often bank loans with very low APRs variable, but you take a big gamble if interest rates rise.

Flexibility can be useful: a number of bank loans to pay a penalty if you asked to repay, while others do not. An option is a payment holiday, you can skip three consecutive payments if times are hard, its worth it because you do not know what is around the corner. Some companies can also vary your payments so you pay more if you loaded and less if you’re broke.

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