Set up a direct debit AND a reminder!

Most lenders encourage you to set up a direct debit facility so your personal loan repayments are automatically deducted as soon as your pay has been deposited. This is certainly a great idea, but you must be 100% certain there will definitely be enough money in your account for the direct debit to happen. In the event you don’t have enough money, your direct debit will be dishonoured, meaning you will probably be hit with fees from both your bank and the lender.