6 Things to Consider Before Getting a Loan

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Are you trying to decide on whether you should take out a loan for something? Before you make your decision, read this slideshare on things to consider before getting a loan!

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6 Things to Consider Before Getting a Loan

  1. 1. Don’t take borrowing money lightly! 6 THINGS TO CONSIDER BEFORE GETTING A LOAN
  2. 2.  A loan is simply money you borrow from someone that you must pay back with interest. People take out loans when they don’t have the money to pay for something.  The danger with a loan is that it’s easy to get behind in payments, which only furthers your debt.  Getting a loan is not something anyone should take lightly. Don’t think that with a loan you’ll suddenly be financially free.  All loans must be paid back. That’s why, if you’re seriously considering getting a loan, you should consider the following six questions: WHAT EXACTLY IS A LOAN?
  3. 3.  Is whatever it is you’re thinking about buying an absolute need or just a want? If it’s just a want, don’t go through with it, or at least wait until you have more than enough money to buy it. 1. IS THIS PURCHASE NECESSARY?
  4. 4.  Sometimes you may have a justified need, but does that need have to be satisfied right now? Often times you will have time to wait and see if you can save up a little money first. 2. DO YOU NEED IT RIGHT NOW?
  5. 5.  You need a car, but do you need a $30,000 car? Sure, it’s nice to have fancy things, but not when you can’t afford them. Go for the less expensive car that you won’t have to take out such a huge loan for. 3. CAN YOU BUY SOMETHING CHEAPER?
  6. 6.  If you do take out a loan, seriously ask yourself whether you can afford the monthly payments. Even if you think you can, will it be worth cutting back on other expenses? Be honest. 4. CAN YOU AFFORD THE PAYMENTS?
  7. 7.  Paying off a loan as quickly as possible should be your goal. If you know there’s no way that’s possible, you might not want to go through with it. You can’t build wealth if you’re consistently paying interest to others. 5. HOW FAST CAN YOU PAY IT OFF?
  8. 8.  What if you were to lose your job, and you simply couldn’t make those payments anymore? Would you be able to find another job quickly? Your credit score will be negatively affected as soon as you start missing payments. 6. WHAT IF YOU CAN’T PAY IT OFF?
  9. 9.  If you know you can’t afford something, don’t buy it. People who make unnecessary, extravagant purchases with credit cards or loans may end up filing for bankruptcy.  Fortunately, a bankruptcy attorney can help anyone in a situation where bankruptcy is really the only option. DON’T GET IN OVER YOUR HEAD
  10. 10.  If you’re in serious debt and can’t see any way out of it, filing for bankruptcy could actually help you.  An attorney dedicated to helping people through the bankruptcy process, like JMM Legal, has the experience and expertise to get you back on your feet financially.  Don’t suffer through debt any longer. Contact JMM Legal today by calling 801-505-9679 or by visiting jmmlegal.com. BANKRUPTCY MAY BE YOUR BEST OPTION

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