Advice

  • Do not borrow money unless it’s absolutely necessary, as cost of borrowing can be very high. Try and budget your income and expenses in a better way, even if its for a short while, the money you will save on the cost of a loan can then be put aside and utilized for your needs.
  • Make sure that you are meeting all you financial obligation, as defaults on payments can sometime cost you nearly your initial debt as well as causing your name to be black listed on credit bureau, a fact that will make it hard for you to get credit assistant in the future.
  • Some loan companies will try and give you a loan that may be above your affordability, do not accept such loan – ask them to reduce the amount. As a rule of thumb your monthly installment for any loan should not exceed 25% of your monthly net income.
  • Try and avoid long term obligations as the total repayments for such loans can be very high, such loans should be taken only when absolutely necessary.
  • Do not over commit yourself – make sure that your total financial obligation and needs not exceeding your income.
  • Money was and still is a desired thing in our society, and the need for money in our world today is noticeable more then ever, if you having financial problems and are deciding to take a loan first consider the following:
    • for what purpose do you need the loan and is it really necessary
    • how much money do you need – do not borrow more then what needed
    • can you afford the propose installments and how long do you wish to be under that financial obligation
  • Always shop around for the best deal that you can get