Things to Consider Before Applying for a Loan

These days loan application is kinda easy, as long you have all the requirements needed and you pass the verification, you can already have the thing that you want.

You may have attained the loan that you want, but the responsibility that lies ahead is that big thing you should keep an eye on. You need to make sure that you’re being a responsible payor because if you’re not, you might get in trouble and be in distress.

It is very important to check your financial situation first if you have the capability to pay for a loan before applying. Whatever type of loan you are planning to get, you must take note of these things first.

1. What is the purpose of your loan application?

Will the loan help you achieve your money goal or it is just a luxury that you wanted to get?

Ask yourself that question first and you will be able to get an answer if you must apply for a loan or not.

If it will help you reach your goals, then go ahead. However, if it’s just a vanity you should think first especially if you’re having a hard time with your finances.

2. Can you afford to pay the loan?

If you’re having a hard time with your finances, maybe it’s not the right time to apply for a loan because it will just add up to the burden that you’re carrying, but if you think you are handling your finances well and there’s still a big amount of money that was left after you pay all your bills, then maybe that is an indication that you can afford to pay for the loan that you wanted.

3. Does the loan application you prefer needs collateral

Some of the lenders will require you to provide collateral before approving your loan because they want to know that you have the ability to repay it. The collateral that you give will serve as the guarantee to the bank so if by any chance the borrower fails to repay the loan, the bank can sell the collateral to obtain the amount of the loan.

4. Are there any other fees or penalties that come with the loan?

When applying for a loan you must be vigilant. Be mindful of every detail. Make sure to ask about all the fees that were included and if there were penalties if you failed to pay. Be aware of the hidden charges.

5. Is the lender legit?

Be sure to apply for a loan in a legit lender. Be aware of the loan shark, yes they might provide you cash easily but you might end up in the worst situation, so it is very important to make a legitimacy check.

6. Pay attention to debt

If you still have other debt, you must pay that first before applying for a new one. Having so much debt might cause you trouble. In addition, once you pay for your debt, it removes all of the worries and side effects that debt can bring. It also gives you the satisfaction that comes with the fact that you don’t owe anyone anything. If that happens and you’re already debt-free that’s the time that maybe you can apply for a loan.

7. Live within your means

Spend less on your living expenses than you generate in earnings. If you live within your means, you will prioritize and be mindful of your spending to acquire what is truly important in the short term and still being able to save for long-term goals. Do not apply for a loan if you know to yourself that you can’t afford it. Remember that if it’s meant to be yours it will be, work harder and save for the future so that when the right time comes you will be able to buy something without applying for a loan.

Helpful Article:
SSS and GSIS Calamity Loan
Guide on How to Apply for a Salary Loan
Housing Loan Guide For Your Dream House
Available Loans for OFWs

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