Some things to be mindful about before seeking a loan.

[CALVINDOL]

There are so many personal conditions and situations that could lead an individual to borrow money. An individual could be financially broke or could be financially in need of funds to facilitate his or her business and so because of this he or she could borrow money either from financially well-meaning friends of his or hers, or possibly from financial institutions. Whatever the case may be an whatever strategy an individual chooses to borrow money there and some things and individual should consider first before actually borrowing money. Despite the fact that borrowing money is something most individuals do everyday, yet it is not something that we should do unprepared. First and mandatorily, an individual should first of all think about how to repay the money he or she is about to borrow, if you do not have a valid reason or value strategy of repaying back a money you are about to collect or borrow from another it is best to not to collect at all so as not to be indebted to another for a long period of time which somehow could make you feel restless and uncomfortable.

Secondly, you need to cross-check the reason in which we want to use the borrowed money for. If the reason is absolutely a serious and important reason, then there is absolutely no problem collecting the loan but if the reason turns out to be unserious or less important after carrying out critical thinking about it, then it is best not to collect the loan so as not to feel remorse and regretted in the end.

 

[Heartstrings]

The funny thing here is i almost take a loan yesterday because I was owing a debt which I have to pay on time, but then I was so uncomfortable and not happy, why because I have never taken a loan before,I don't know how soon I will pay back,that would be another disturb night for me. Honestly speaking I do Wonder how people take loans all the time. I just felt I might regret taking this loan,so I resolved on not taking the loan but rather work extra hard to pay off my debt,is not as if it is that much afterall.

I thought everything through yesterday before I concluded to plead with the person to give me few weeks,while I forget the loan and work hard.
I do not have a stead source of income,how do I pay off the debt on time to avoid embarrassment and sleepless nights. This was my main reason why I decided not to take the loan.

 

[Carpon]

You have mentioned two basic things that need and infact must be taken into consideration when taking a loan.

First you must analyse your financial strength and the level of income you make. It must balance with the amount you are collecting. I have witnessed a situation that happened with my dad while I was still a kid. He was a civil servant and decided to collect a loan for some purpose I can't recall. He ended up getting no salary at all while paying the loan because he collected an amount he cannot be able to settle without having any financial crises.

Moreso, as you have mentioned, your reason must be very genuine. Some people collect loan for some irrelevant purposes and that is quite pathetic. You must first of all analyse the reasons and prove them worthy before you jump into collecting any loan.

Truly loan taking requires the use of knowledge and wisdom.

 

[Shaf]

Having some money saved aside can help you to avoid seeking loans to cover emergencies or extra costs in business or personal life.

Before taking a loan, I would first consider the source. The easiest place to get it without future inconveniences is from close family and friends. These people can give you as long as it takes to repay the money interest free. Infact, some may gift you the money instead.

If I them have to get money outside, banks would be the best option if you have collateral to give. Some banks give loans to federal government workers and deduct it monthly from their salaries. It's also important to have food credit account with your bank to aid with this.

At all costs, avoid loan sharks and lan apps. Loan apps are known for defamation as you as you miss a single day of payment. You can go to rich people around you who may be willing to lend you the money even if it's with interest instead.

 

[Axis]

Loan grantors are not stupid and intend to give their money to an individual who is absolutely not worth the money in which they are given to. But instead they will need to make it a one of those considerations and consider all requirements based on the individual who is filing for a particular sum of money as a loan before they can actually issued such amount of money to such individual. That is why before an individual intends to seek a loan, either a business loan or a financial personal loan he or she must definitely put into proper consideration certain requirements expected for him or her to consider before actually making sure that he or she goes for the loan.

first and foremost, one of the main and paramount thing to consider is his or her financial status and the second thing to consider is basically his capability and ability to repay back the loan. List of all he or she must consider his financial records in terms of how much do he or she has pending for repayment.