The best way of financing a major purchase is to save up for it. If you can't wait that long, your only other option is to borrow. But taking out a loan can push up the price of your purchase quite considerably. The interest on a personal loan of £5,000 from a high street bank, for example, could add between £1,400 and £2,600 to what you pay. So if you want to borrow to finance a major piece of furniture or a home improvement, it pays to check the different types of loan available, and the charges involved, before you commit yourself to a lender.
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