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Personal Loan Terms Should be Better Explained CAB

The easy availability of credit and the ever expanding UK financial market is attracting increasing number of borrowers. Amidst all these developments, Citizens Advice Bureau (CAB) is encouraging lenders to clearly explain the terms and conditions of a loan that will help borrowers from taking out unmanageable levels of debts.



Moira Haynes from the Bureau said that finer details of personal loans may create complexities and misunderstandings that may prove harmful to the borrowers. Haynes said that it could be difficult for the borrowers to understand the exact details of what they were taking on. It could be hard to understand the details and the small print and, therefore, the lenders should make it clear to customers what they were committing to, urged Haynes.



Haynes emphasised on the need for both the parties to be clear on all the terms and conditions of the loan to avoid any future complications.



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