When faced with a financial need, I always ask myself tons of questions before actually taking action and borrowing money off a financial institution. When it comes to personal loans, there are some things that I always think of first. The truth of the matter is that as much as possible, I do not want to borrow money in whatever form or means. So the first thing that I always ponder upon is whether I really need a personal loan or not. Of course need and the options open to me play a huge role in this deliberation. Sometimes I come up with the answer that I could do without the loan - which is great for me. There are times, however, when taking out a loan is the only viable option.
When placed in this position, what do I consider next? I try to see if there are other venues to get money from - aside from an unsecured personal loan, that is. As was mentioned, unsecured personal loans(payday loans) have the advantage of not having to put up collateral but they do carry hefty charges and rates with them. As such, one thing to consider would be other means by which I could borrow money. Again, the need and the amount needed are crucial factors in determining how and where to borrow. More so, the amount of time I need to be able to repay the loan will also matter.
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