5 golden rules always borrow like a boss

2019-04-26 Finance No comment

In an ideal world, we all want to have enough money to meet each of our requirements; there is never a need to access lenders to meet the cash gap. It sounds too convenient and happy to live. No? However, the reality is not so sweet, and most of us have little choice in finance. After all, we have billions of loan industries that thrive on the huge gap between consumer demand for credit.

With the advent of the financial technology industry, borrowing the required funds is easier than ever, for example, within a few hours you can take advantage of the loan of your choice. Many lenders even boasted to expand financial aid immediately [in less than a minute]! Service and processing are as easy as possible today.

Although borrowing channels have sprung up between lenders and borrowers, the basic rules for applying for loans are roughly the same. You should never borrow what you need; and at the same time ensure the affordability of the loan. Here's a quick list of the five absolute rules for choosing the right loan so that you won't be enslaved by debt in your life.

1. Borrowing according to your repayment ability

Whether you are a Christian or not, it is not a belief in faith; it is pragmatic to borrow money beyond your ability. After assessing your repayment ability, always increase your loan. Borrowing more than the allowed credit limit or borrowing more than 50% of your income can damage your credit score and credit limit.

Since many loan offers are always available, it is not uncommon to borrow low scores at the current time. Regardless of whether you have a loan or not, you must borrow strictly if you need a loan.

2. Try short-term loans; Don't borrow long-term money at unnecessary times

While it is always recommended to ensure that the loan is affordable or easy to pay, you must also ensure that you do not extend the payment period to maintain a lower installment. Because the bigger one is the term of office; the cost of the loan will be higher. When raising a loan, you must save as much loan interest as possible. If you have temporary funding problems, you can start the loan in small installments; then, prepay or refinance the loan to save extra loan interest.

3. Disciplinary action when repaying the loan

One of the most common reasons for breaking credit scores is delaying credit card payments. After refusing the loan, many people realized this mistake. Therefore, it is recommended that the sooner you realize loan repayment and credit bill automation, the better your credit status will be. In addition, you can adjust the same repayment date for multiple accounts to manage the repayment date with less hassle. Always keep in mind that the delay of one day is the same as the delay of one week. Therefore, it is important to pay before the deadline.

4. Try not to borrow investment or risk that cannot be borne

Loans should not be used to pay for investment or volatility risk payments. Because this is a liability that must repay the loan interest amount on time. Therefore, a loan does not mean funding your time deposit or equity fund. In addition, it is important to critically consider the purpose of the loan, as debt should always be used for major reasons in life.

5. Keep a label on the credit report

After applying for a loan, it is important to maintain strict jurisdiction over your credit report. You must look for ways to improve your score. If you have been running on a credit card statement for a few months, you must first clear the balance on this card. It can save enough interest in the portion.

Similarly, if you are running multiple loans at the same time, consider merging your debt and reducing your monthly debt burden. Here, you can also consider using the advice of experienced loan brokers to use cheaper loan alternatives, such as mortgage-backed loans or homeowner loans, to reduce your monthly repayment burden.

With all these factors in mind, when you evaluate your credit status and apply with confidence, your loan application will be accepted, making you the boss of your financial decisions!

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