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WELCOME
TO My Loan Advice
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Top Ten Loan Facts
- Never borrow a loan in a hurry. Do your homework before zeroing in on a lender.
- A loan should not be borrowed from a lender who you do not trust. You should know your lender. Check the credentials of your lender before giving the nod for the loan deal.
- It’s not just the banks that can offer a loan to you. There are other financial institutions as well that can provide you with a loan.
- A loan should be borrowed only if you actually need it, and there is no other reasonable option available.
- A loan should be borrowed only when you need it. Do not borrow money now if you need it six months later.
- Borrow the amount that you actually need. There is no point borrowing excessive amount. Excessive amount means unnecessary debt.
- A loan should be offered to you as a documented deal. It is important for you to carefully check all the loan documents. You must check that the documents contain all the clauses that you were promised.
- You should be aware of all the costs involved in the loan. Besides, you should know the exact duration of the loan.
- Precisely understand the loan dynamics. Longer repayment duration means lower payments. And lower payments mean greater amount of interest.
- Report any fraud to the law agencies of your country.
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