Things to consider before availing loan
It’s not a secret that most teachers of today if not all, but almost all do have loans with different loaning agencies both in the private and public. The reason is that the salary will not suffice the needs of the family for one month with so many expenses on the way. Somehow this is probably normal for the teachers even years before that is why teachers should measure and weigh things considering the consequences that come with having loans. Here are the things to consider before availing of a loan:
1. How badly do you need the money?
Check yourself first if you really need the amount that bad or you just wanted to buy unnecessary things that are not a priority? This is the most common misconception of most teachers since there are also a lot of banks and other lending institutions offering for big amount of loan that is very enticing. Make sure that the amount you need is intended for important purposes. After all “nasa huli ang pagsisisi”.
2. Are there any options left out there?
If you really need the amount, then are there any options out there that don’t require you to pay for high-interest rates? How about trying to settle an amount from your close relatives that entail no interest at all? You need to consider the amount you have to pay after you borrow a huge amount.
3. What are the best loan providers that are trustworthy?
If you have no other options aside from loan sharks, then what are the best trustworthy loan providers out there that match your need? Make sure it is a reputable loan institution with no history of scams and other illegal whereabouts. Be reminded that we are dealing with money and it is very hard to earn a peso in our current setting.
4. Are you willing to take risks to pay for high-interest rates?
If you found the best match, then are you willing to risk paying for their interest rate? Of course, you would want to choose those reputable yet loan providers that offer the lowest interest rate right? Be wiser in everything you are risking for.
5. What is your best plan for paying your loan?
If ever you availed a loan, how will you pay it? Make sure you have work and a salary that you can trust in the making of your loan. It is very hard to find payment nowadays.
6. Do I have a good credit reputation?
Banks and other loan institutions made sure that their clients have a good credit reputation so if you are someone who is not paying debts and always running from them, better not try to apply for any. Loans are only for those who have maintained their credibility as borrowers.
7. What are your plans for paying off your loan fast?
If ever there are ways to pay off your debts earlier and faster, make it happen. A longer period of debt maturity makes it dragging. You would want your payslip to be clean as you want it to be.
So, before jumping into your plan, try to think of these considerations, and maybe you won’t have to worry about later problems. – Clea | Helpline PH
