When taking out a loan, it's important to carefully review all the details presented to you. This will help you understand the terms and conditions of the loan and ensure that they match your expectations. In this article, we will go over the key elements of a loan and why they matter.
Step 1 - Understanding Loan Details
Before finalising any loan, make sure to carefully review the following details in the Pre Contract Information, the Key Facts and the CCA Agreement:
Your name and other personal details
The amount of the loan
The arrangement fee
The Annual Percentage Rate (APR) and interest rate of your loan
The Total Amount Payable
Monthly repayment
Number of repayments
Information on early repayment or one off payments
Any other fees such as late payment fee (we don't charge these)
Cooling off period
The consequences of not paying your loan on time
Understanding the details of your loan is crucial because it allows you to make an informed decision before finalising the loan. By reviewing all the terms and conditions, you can ensure that they match your expectations and that you are comfortable with the loan agreement. This will help you avoid any surprises or unexpected costs in the future.
In conclusion, taking the time to carefully review and understand the loan details is an important step in the borrowing process. It will help you make an informed decision and ensure that you are comfortable with the terms and conditions of the loan. If you have any questions or concerns, don't hesitate to reach out to your lender for clarification.
Step 2: Confirm the Direct Debit Agreement
After reviewing and accepting the loan terms, the next step is to confirm the Direct Debit agreement. This will allow Kravings to automatically debit your linked bank account for each scheduled loan repayment.
Step 3: Sign the Loan Agreement
Once you’ve confirmed the Direct Debit agreement, you’ll be prompted to sign the loan agreement digitally. This is the final step before your loan is officially accepted and the funds are disbursed.
Step 4: Final Confirmation
Once these steps are completed, you’ll receive a confirmation notification or email. This will include a summary of your loan details, payment schedule, and any relevant contact information for support.