How To Take A Loan – 15 Tips Before Taking A Loan
Don’t borrow more than you can repay and never take out a personal loan that’s more than your monthly income.
Shop around for the best rates. Compare 29 lenders across the U.S. at Financer.com.
Always read the fine print and ask questions.
Think about early-repayment penalties if you pay off your debt early.
Check out peer-to-peer lending.
Borrow larger loan amounts, as some lenders offer lower interest rates for larger loans.
Taking out too many loans puts you in a high-risk category.
Be cognizant of the risks associated with a secured loan.
Tune your personal loans to their use — not all loans are great for all uses.
Evaluate lenders based on customer service ratings.
Don’t use credit card consolidation to clear up debt just to rack up credit card debt again.
Check your credit score and report for any errors.
Use automatic payments with care.
Understand the penalties involved if you pay late.
Avoid attractive-f0r-now adjustable rates that’ll balloon later. Stick with fixed rates.
Be a Smart Borrower
Plan thoroughly before taking out a loan. Ensure you have all the loan details at your fingertips and never rush through the signing process just to “get it over with.”
For larger loans, always consult a financial expert.