If you live on a fixed income, it makes no sense to get a variable rate home loan. Instead, go for fixed rates. However, if your job allows you to increase your income within certain periods, you should look for a loan that lets you pay back early. That way, if you double your average income on a certain month, you may pay double that month, making the overall payback time smaller. | General Consumer Tip: If you only pay the minimum wonga due every month you can't hope to get out of debt. The requirement of collateral can be done away with in case of an unsecured personal e-loan. lenders rarely offer such e-loans. A good credit history is a pre-requisite but there are always a few brokers who will consider your particular situation. brokers will accept some borrowers with a bad credit history; it depends on their own internal credit scoring system.
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| General Consumer Tip: Get it in writing. Any negotiations when purchasing any item need to be recorded in written form. If you do not have a copy in writing then you can consider whatever has been discussed as non-binding. Do not take anyone at their word. They may have believed what they were telling you at the time, but given time to cool off, they may re-assess. If a seller is offended you asked for a copy, it could mean they are being less than 100% truthful. That’s why you need things in writing. If nothing else, it acts as a reminder to both parties. The worst business meetings are those where no proper notes are taken, so everything has to be discussed again at the next meeting.
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