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Recommendations to borrowers

Think twice, borrow once

  1. Your repayments should never be more than 30-50% of your monthly income.
  2. Test any ideas about taking out a loan on the ‘want vs. need’ scale. If you only want something, don’t take out the loan. If you truly need it, a loan might be a good idea.
  3. If your application is turned down, ask why and take any recommendations on board for the future.
  4. When applying for a loan, trust the consultant – and your instincts.
  5. Borrow only as much as you need and not a cent more.
  6. Only when you’re truly prepared to go without 40% of your monthly income are you ready to take out a loan.
  7. Gifts should come from the heart – not from borrowed funds.
  8. Loans taken out in haste are often the heaviest burden.

A loan can help you realise some big plans you have, improve your standard of living or make a necessary purchase you've wanted to. Taking out a loan is a serious decision. Every loan has to be paid back, in full, plus interest, and in order to do so it's more than likely that you'll have to review your everyday spending.

In this page you’ll find ours and the Consumer Protection Boards recommendations that will help you make the right decision about whether and how much to borrow. All of the consumer credit services offered by the bank are covered by the term 'loan' herein: home loans, home equity loans, personal loans, credit line, hire purchase, student loans, car, motorcycle and small craft leasing and credit cards.

  • Think about whether you really need the loan

  • Don't settle for the first type of financing that's offered to you

  • Borrow a sensible amount

  • Make sure you know what the terms and conditions of your loan are

  • Interest - don't pay through the nose!

  • Make sure you know what other costs are involved in your loan

  • Make your repayments on time

  • Talk to your consultant

  • Think carefully whether you are prepared to provide collateral/surety

If you’ve answered all of these questions honestly and some of the answers are still "no", you should rethink your decision - taking out the loan could leave you worse off in the end financially rather than the other way round.

In order to be able to make informed decisions, you need background information. A lot of financial services are interconnected, and if you want to understand them you need to know how these connections work. To this end, the Financial Supervision Authority has launched the website

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Kind regards,