Before borrowing money, consider whether the short-term loan will be the best loan solution for you right now. Non-bank or alternative consumer loans are not appropriate for all aspects of life, especially if you have not thought about your ability to repay the loan on time and in full.
Short-term loans can help in unexpected situations, but think and then think again before you take out a loan to cover existing debt obligations, to resolve long-term financial problems, or take an impulsive decision.
Borrow only as much as you need, and only if you are completely sure you’ll be able to repay the loan.
Before taking out a short-term loan, you should make sure the payments will not exceed 40% of your monthly income and that the commission fees and interest rates are acceptable. The loans larger than this percentage pose an increased risk on your ability to repay them and on your financial health.
Remember: alternative loans are the same kind of financial services as those provided by banks and other financial institutions. You must treat them equally seriously when evaluating pros and cons.
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