How do I choose a loan?
The first thing to check when choosing a loan is that the lender is a reputable company with a consumer credit lending license. After this there are several factors which should influence your decision.

Interest rate
Most importantly the lower the rate of interest you have to pay the better.

The more you borrow, the better the rate. This is because the rate is based on which tier the amount you are borrowing falls in, with the interest rate falling as the tier gets higher.

Unfortunately the best deals are only available to those with perfect credit historys. Those with C.C.Js or other 'bad credit events' may not be offered the best deals.

The headline rate of interest can be misleading since different lenders calculate this rate in different ways. Hence two identical rates of interest can actually lead to different repayment levels. To avoid confusion and ease comparison of loans always refer to the Annual Percentage Rate as this is a standardised method of calculation.

Repayment period
The longer the term of the loan, the lower your monthly repayments. However, since the term of the loan is longer you will pay interest for longer. This almost always means the cost of borrowing will be higher. It is best to choose a shorter repayment period, but with repayments which you can comfortably afford.

Repayment penalties
You may wish to make additional payments during the course of the loan term, thus saving you money in the long term. There are many lenders who will allow you to repay your debt early. However, be sure to check the small print before choosing a loan as some lenders will penalise you for doing this.

Fees
Most lenders do not charge a fee for application to the scheme, but some do. It would be unwise to choose this type of deal unless a bad credit record prevents you from finding a loan elsewhere.