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Borrowing and credit agreements

Although building up savings is the best way to cover costs, borrowing can sometimes be unavoidable.

Find the right option for you

  • Make sure you understand the total cost of your borrowing, including interest. You can use the Money Advice Service's loan calculator to help you work out the total cost of deals you look at.
  • Your credit rating will affect which lenders will be willing to lend to you and the rate of interest applied to your borrowing. You can check your credit rating for free using services such as Noddle and Clearscore.
  • You might have to pay fees or administration costs for arranging the loan. These can be hidden in the small print so don’t forget to check. You might be charged if you want to pay off your loan early.
  • The credit agreement term is the length of time you have to pay back the loan. The longer the term you choose the lower your repayments are likely to be, but the total you have to repay will be higher. Make sure you’ve set yourself a realistic budget so that you can work out how quickly you can pay off the amount you borrow.

You can find more information and advice about borrowing on the Money Advice Service's website.

If you need further advice to help review you household budget, contact Orbit and an expert adviser will be in touch. We've already helped Orbit customers access over £2million of benefits entitlements and other payments and we could help you too.

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