Wednesday, December 10, 2014

When You Should and Should Not Get a Loan


If you feel like you are in need of some cash, there are literally hundreds of ways in which you could secure some short term investment. That being said, the bank is not always the right answer because you may end up getting roped into a long-term contract that will see you borrowing a large amount of money and paying back over a sustained period of time.

Sometimes, you just need some extra money in the short term.

In this article we look at how easily accessible loans are in our culture today; the increasing pressure to have money and whether taking out a loan is the right thing to do.

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Top 3 Reasons to Get a Loan

There are probably more reasons to obtain credit than there are reasons against doing this, however these reasons may not be as strong. Here are 5 possible reasons why you may wish to borrow money.

1. Starting a business

If you a starting your own business there is a high chance that you will need capital to invest in expenses; stock, rent, employees even. Usually the bank is the best option for this type of borrowing.

2. Unforeseen medical expenses

If you need emergency money to cover private medical costs, a short term loan may be the answer. These can come in the form of a payday loan or a logbook loan which are particularly useful if you need cash quickly.

3. Rent or mortgage payment

If you have recently felt the wrath of an expensive Christmas, January can be a tough month money-wise. You may need some extra money to spend on your rent or mortgage payment.

Top 3 Reasons to NOT Get a Loan

Because loans are so easy to get a hold of, many people are drawn in when they don't really need to be. Here are 3 reasons why you should probably avoid taking out a loan.

1. You want to buy something you don't really need

Getting an expensive designer handbag or going on holiday may seem like a great idea but if you cannot afford it with your salaried income, getting a loan is probably not the best idea.

2. If you're a poor borrower

This ties in with the previous statement - if you are the sort whose money burns a hole in your pocket you should not take out, at least, a large loan.

3. If you are unable to pay back

If you find yourself in a situation where you know you cannot afford to pay back finance that you borrow, you should try to avoid it at all costs. Many people get drawn into circumstances that go beyond their control where debt is concerned.

So, Should YOU Get a Loan?

There are many other reasons for and against borrowing money - whether it is from the bank or a cash lender should as the popular logbook loan option which is very available online at the moment.

You should look at your situation and personality traits before committing to taking out finance; are you equipped to pay back a loan? How much do you really need? Do you even need it? Answer these questions and you may be able make an informed decision.


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