February 8, 2016 The performance of the consumer loan asset-backed securities (ABS) market in Europe, the Middle East and Africa (EMEA) remained stable in November, according to the latest indices published by Moody’s Investors Service. Before you apply for a personal loan with us, we recommend you to check your Debt Servicing Ratio which calculates your total monthly repayments as a percentage of your monthly income. The ideal ratio must not exceed 50% in order to keep your financial status healthy. Once you have considered these important aspects, you can start applying with us with just a few clicks, and most importantly this service is completely free to use! Before you apply for a personal loan, consider other forms of credit. You might find a credit card is cheaper and a card with a 0 per cent introductory offer on purchases will enable you to spread the cost of big purchase interest-free. The longest 0 per cent deal currently is 16 months from Tesco Bank. However, if you don’t think you will be able to repay your debt within the 0 per cent offer period, you may be better off with a long term, low rate deal. Right now, the Sainsbury’s Bank Low Rate Credit Card offers a rate of 6.9 per cent APR on purchases. Before you get a personal loan you must review your budget and test whether the repayments are affordable / manageable. Whilst the lender has a responsibility to do this also, no one knows your budget better than you. When you are considering the affordability, it’s a good idea to consider whether or not you income will change that is, in the event your income unexpectedly drops, you should ask yourself whether you will be able to maintain the normal payments. Before you get an unsecured personal loan, there may be other options to explore first depending on your situation and goals. Personal loans are great if you do not want to pledge anything as collateral, or you don’t have any collateral to pledge. However, unsecured loans probably won’t get you the best rate. For instance, a home equity loan will net you much better terms because it’s less risky for the lender. Also, some lenders have tailored loans for people with bad credit , which may or may not require collateral. Before you go ahead and start comparing loan options, you’d also want to know your credit score. A good score means you’ll have access to more loan options at lower interest rates. Little or poor credit score, on one hand, may mean limited options and higher interest rates. If you have bad credit, chances for rejections are also pretty high. In some cases, you’d be left with bad credit loan options, which come with hefty interest rates. And if you do go this route, make sure you know the risks and more the cost associated with the loan. Before you look for a lender who will be willing to give you a loan despite your bad credit history, your first priority should be to look to those you know. If you have a friend or family member who can provide you with cash up front, that is your best option. Loans taken from a friend or family member usually have little or no interest rate and you can pay them flexibly at your own ease. Your friend or relative will also understand any personal problems which led to your bad credit history such as an illness, or sudden loss of job. But before you borrow money from a friend or relative, you should also consider the fact that it can lead to feuds, especially if you are not able to pay back on time.