Friends in our loan series I am showing you some tips so you can avoid burden of loan or in other word you must read below 10 tips before taking loan.We all need to take a step back every time we start looking at a loan application. It does not matter whether it is a long term loan, or something that will only last a couple of months.
If you think you need money, read first about these 10 tips on how to avoid getting a loan you might not be able to maintain.
1. If you need money, get a second job. A part time job could be something you could do on your free time like tutoring or freelancing whatever your skill may be.
2. Have you ever considered a swap? You want something, and there are a million people out there who might just want what you have, and be willing to swap with you. What is one’s mans junk may just be another man’s treasure. Think about it. The best part about swapping? There is no cash outlay. You will need to be patient, and scrutinize the item for swapping very well. In most cases, the swap is based on as-is, where-is which means what you see is what you get.
3. Never swap electronics or gadgets. For one, there is no warranty, so the item could conk out on you the minute you plug it in.
4. Sleep on it. Sometimes what may seem urgent today, will not look the same way after a week.
5. Ask your close friends and family about the loan, and see what they may have to say. You might be surprised with what you hear, or you might get lucky and have a family member willing to lend you the money – interest free as long as you pay it back.
6. If you are have a great business idea, why not look for a partner who will put up the money, and you supply the technical know-how and business idea?
7. Think about it for at least a month before plunging in with a loan. During this time, canvass different banks and institutions for the best deals. In the process, you will get to know the pitfalls of each company and each kind of loan. Who know? You just might get turned off by the high interests and monthly payments, you will just forget about the loan idea.
8. Make a list of the possible scenarios that will happen to you if you default on the loan. Is it worth it? Will the loan make you bankrupt?
9. What does your religious beliefs say about getting out a loan? Most of the religions frown on borrowing money.
10. Stay home, and stop going to the commercial centers except if you need something important. The best way to avoid getting a loan is to stop reading the really great ads that convince us we need this and that.
Quote of the Day:
Don’t trust ads promising “No Credit? No Problem!”- Kenneth DeLashmutt
Best Reading:
Conclusion: There are ways of avoiding a loan if we just stop ourselves from wanting too much. Many people fall prey to advertising gimmicks and suggestive peer pressure. When things are getting too much for you, take a break and stay away from socializing and malls. You will be surprised that if you keep busy with other things, you won’t even think about loans.
