Tips on checking a loan contract
Before you sign a contract for a loan or credit card, please check the following:
The name of the business or person lending you the money
Details of the loan including the need for you to offer an asset as security
How interest is calculated and charged
Fees and charges
What happens if you can't meet your repayments - will you be charged a higher rate of interest or extra fees?
If and when you'll receive account statements and how you will be told of any changes to the terms and conditions of the contract