When is it okay for me to get a loan?

Mar 07, 2016
Author: Ean Barnard

A loan can either make an opportunity or break one. This makes it super important to discern when a loan is a good idea and when it should rather be avoided!

“The need for a loan should never lead to the decrease of one’s quality of life or detract from one’s future”

 

Taking out a loan to finance something you’ll regret will most surely lead to you resenting the repaying of that loan - and let’s not even consider the possibility of bad credit on something that was of no value to you.

 

Bear in mind there will be some discomfort to conservative spenders to repay a loan, but a loan is as an opportunity to finance something by using someone else’s money. And, it then adds the luxury of repaying it in a way that suits your financial situation.

 

Before you sign the agreement for a loan, you first have to decide whether you are able to carry the debt in question. Falling behind on payments will affect your credit score in a negative way. This will decrease your future chances of getting loans. This is why we strongly recommend budgeting for any household out there!

 

Budgeting is a tool. It is your friend. Only those with a lack in  financial education don’t realize the value a simple budget can add. But, that’s why Fincheck is here, to help you make better financial decisions! Draw up a budget and assess if you are able to make the monthly instalments needed for the loan you want.

 

Debt consolidation can be considered if you are struggling to keep up with your current loans. It is important that you keep yourself from any form of bad credit (credit that you can’t repay). Credit providers will mark you as a high risk and will charge you higher interest rates as a result. They may even withhold any credit altogether!

 

Where you get a loan is almost as important as your capacity to repay it. A National Credit Regulator (NCR) approved credit provider ensures that the lender will not exploit you or your situation. Shady deals and fine print are a loan shark’s weapons to enforce his increase and the borrower’s slow death.

 

We will help you with ways on how to get a loan. We will even search on your behalf. With Fincheck at your service you don’t even need to know where to find a loan. By means of our loan comparison calculator we will find the ideal loan for you. There will always be a reason to justify any need. As long as the fulfilling of that need will lead to increase - and lead to you reaching your life goals - a loan is a definite consideration!

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Fincheck is a financial comparisons website that organises information to assist the borrower in making their best financial decision.

Fincheck gathers information from numerous banking partners and presents it to the borrower in a simple, understandable way. Lenders benefit from an additional market place and extensive customer reach. Loan amounts vary from lender to lender. Fees, interest rates, loan amounts and credit scores influence the repayment terms. Lenders require personal details to control their risk and assist the government to combat theft, money laundering, terrorism. Fincheck does not endorse any particular product or company. We are an independent company. The information shown and provided is an opinion, based on numbers and must not be seen as advice or consultation.