BEFORE U APPLY FOR LOAN U SHOULD KNOW THIS.

Ebukaemmanuel

New member
check your credit and compare your income to your monthly debt payments.

If you're considering applying for your first personal loan, it’s important that you know certain information, both so you can provide it to potential lenders and for your own awareness. Some of these things you may know off the top of your head, like your income, but there are also things you'll want to look into before you apply for your loan, such as your credit score. Let’s dive into what you need to know before you apply and why.
A good credit score and credit history show lenders that you pay your credit obligations on time. The better your credit, the better your chances of securing a loan at the most favorable terms
 

Bookwormlux

Well-known member
You are right about this. There are some people who do not take these factors into consideration. In fact, it is important to only take a loan when you are having a reliable source of income that would help you repay without feeling reluctant.
Some agencies even go to the extreme extent of making sure they do not give out loans to people who are not working with the government. They do this so that it would be easier for them to report you to your ministry where you are working and you would be queried.
If they ever get to give out loans to people who are not working with the government, then it would be that you have someone working with the government that would Serve as a surety.

One should never take a loan without a proper plan of how to repay the loan when it's due.
 

Jonaville

Well-known member
Good points you made here. People just rush into collecting loans without knowing the implications that come along with it. Then when it comes to paying back, they realize that it is not as easy as they think. I won't advise anyone to take up a loan at all. If they must, they should ensure that they have a reliable source of income to back it up.
 

Abigael

Well-known member
That is so true. Most banks and money lending companies always check your credit score and credit history before giving you a loan. If you have a history of not paying back loans, you will rarely get the loan you need. So it best that you really keep your credit score good in order not to ruin your future when you actually need a loan for something beneficial.

Then the point of checking your income level is also very sensible. You will not be allowed to take a loan that is above your income capability to pay back.
 

Peppul

Well-known member
Well for me taking of loan without a reliable source of income is a bad idea because then it will be very difficult to pay back the loan and the longer it takes the more interest rate that will keep adding up to the loan you too, loan is to support one self to quickly enable one to do something because the main money is not available at the money. To get better offers from loan creditor you need to keep a good loan record with them at all times if you fail to do this then as times goes on you might not even be eligible to take loans from them anymore. But I would advice whoever wants to take a loan to always have a backup plans to repay back the loan, but if you don't have please stay away from taking loan because these loan companies can end up making life miserable for someone.
 

Lyrrex

Active member
Opting in for a loan isn't always idea. It's only not ideal to start a new business with loaned money because that can affect the growth of such business.
 

sincerem

Valued Contributor
check your credit and compare your income to your monthly debt payments.

If you're considering applying for your first personal loan, it’s important that you know certain information, both so you can provide it to potential lenders and for your own awareness. Some of these things you may know off the top of your head, like your income, but there are also things you'll want to look into before you apply for your loan, such as your credit score. Let’s dive into what you need to know before you apply and why.
A good credit score and credit history show lenders that you pay your credit obligations on time. The better your credit, the better your chances of securing a loan at the most favorable terms
You made a point that one should follow to request for a loan. In my country we don't use credit card to request for loan from any public loan mortgage. Rather you bid for loan using collateral or submitting your personal credentials that worth the loan you are borrowing. You don't need a certain number of trust count on your credit card before you request a loan from the government or bank cos the credit card loan option doesn't exist. Before borrowing funds from the government you must a civil of them or prominent man in the society before you can lay your claims to get a loan from them.
 
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