Read before you borrow! Responsible borrowing! 2019-05-11

Responsible borrowing, what is that? It cannot be explained in one word, so the following text may help you understand the phrase: the essence of responsible borrowing.

Quick loan can improve your daily life and your standard of living, but only if you can afford it. Quick loan is an additional liability and obligation, regardless of its size. Therefore, before you take out a quick loan, evaluate how stable your income or ability to pay all or part of your payment is on a monthly basis.

You may have spent more money than you had planned or would like to buy something you long wish for, and taking out a loan may seem like a quick, easy, and good way to raise additional funds quickly, but it can sometimes be slow and expensive.

There is often a need for a loan, but there are so many different types of loans with different interest rates and terms that you may find it difficult to choose. Be sure to evaluate the various loan companies, their terms and conditions, to borrow as wisely as possible and to avoid negative consequences.

Here are some quick tips to read before you take a loan:

  • Evaluate offers from loan providers;
  • Find out the total amount that you will need to repay;
  • Is a pledge needed;
  • Rethink about borrowing (if you want to buy an item, rethink if you really need it!);
  • Do not borrow if you wish to repay a loan with the new loan;
  • Get acquainted with interest-free loan offers (they are tempting, but sometimes the % rate is higher if you can’t repay it in time);
  • Find out the terms of early repayment.

Talking about responsible borrowing can be long and broad, but the key is to understand for yourself: Before you borrow, evaluate your need for a loan and your ability to repay your preferred loan amount! Borrow responsibly!