Top 5 Mistakes you are making when you Borrow Money

Not taking the time to research current rates and consider all options Evaluate your current financial situation, credit, actual financial needs and future repayment options before borrowing. Sometimes, other solutions are available that will serve your family better.

Not thinking in the long-term You need to consider very carefully how the loan will affect your month-to-month living expenses.

Not reviewing the documentation carefully or asking questions Loan documentation is quite complicated and you need to read it carefully before agreeing to the terms. Be especially careful with the fine print.

Not telling the truth Lying on your loan application form may have very negative repercussions on you. You may end up not receiving the money you need but what is more important it is illegal to provide incorrect information about your income or credit history.

Continue spending as usual It is of paramount importance to change your spending habits and get used to living with a budget. Take some financial counseling on how to do it if necessary or use any of the free mobile budgeting apps to help you with that.

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