Here are some useful tips on borrowing money.

1. If you want to compare the cost of different loans, the APR figure is the one to use. The APR includes all the interest together with any other charges. This makes it easier for you to compare the true cost of borrowing.

2. Make sure that you can afford to repay the loan. If you're not sure, then call or visit a financial advisor or speak to someone you trust.

3. Get a "clear" picture of the equity loan package. Look carefully through all the documents and ask for an explanation of all the fees, charges, terms and conditions. Read every word of the loan agreement.

4. DO NOT inflate your earnings or provide other false information to qualify for a loan.

5. Long term loans are not designed and should not be used as bridging loans or to meet other short term needs.

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