Taking Loan? Consider this …

raaman

Valued Contributor
In today's modern way of life, more money is needed to fulfil the needs and desires of the household. A lot of of us have become accustomed to borrowing without hesitation to accomplish this desires. Banks and financial institutions are competing with each other to lend a helping hand to people.

Today, a lot of loans are available in a matter of minutes, including quick loans, instant loans, and app loans. However, there are certain things that you have to look out for when availing a loan. One such thing is that you should not overpay the loan you have taken.

Calculate how much you can continue to pay (EMI) per month without any problems and borrow accordingly. Never borrow large sums beyond your means. When taking a consumer loan or personal loan to fulfil lifestyle wants, make sure not to go over EMI of more than ten percent of your monthly salary.
 

Sotherefore

Valued Contributor
I have concluded in my life personally I will never take a loan to start up anything like business because I cannot put myself in any uncomfortable situation of being in debt, it will be so stressful that you might even have high blood pressure if the business you have taken the loan into is not doing well.
 
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Ukohjnr

Valued Contributor
I don't welcome the idea of taking loan to do a particular thing, my mind won't be at rest until i repay or settle the loan,but i advice that before taking a loan u should consider this;will i be able to repay this loan,if no what can i do so as to repay this loan at the specific time given,if you think you won't be able to do this, please forget about taking or getting a loan.
 
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Sotherefore

Valued Contributor
I don't welcome the idea of taking loan to do a particular thing, my mind won't be at rest until i repay or settle the loan,but i advice that before taking a loan u should consider this;will i be able to repay this loan,if no what can i do so as to repay this loan at the specific time given,if you think you won't be able to do this, please forget about taking or getting a loan.
You are just exactly like me I can never considered myself taking a loan in any way no matter how I'm sure of the business I am about to start because we may not actually know what may happen tomorrow that are unable to pay back the loan maybe because of one reason or the other.
 
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btaliat

VIP Contributor
To be frank, I don't always pray to be in debt or even be pushed to obtain loans. I am not saying it can't happen but if it eventually happens, your advice is very vital to follow. The first thing is to pay what one can pay with ease in the shortest possible time. Some people borrow more than they can afford to repay even within 3 years.
 
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Briangsam

Verified member
There are many things to consider before taking out a loan. You should ask if you meet the requirements to qualify for the loan. You should ask yourself what is the loan for? What are the interest rates? What are the fees associated with a personal loan? What is the term of the loan? How do you plan to pay it off?
 
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