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Responsible Borrowing Tips

It is easy to get trapped in the so-called debt cycle most especially when there are lots of borrowing opportunities available around. This is why it is very important for every consumer to learn when to borrow. Here are some questions to ask yourself before taking the next step in getting cash loans.

Do I really need cash loans?
To answer this question, ask yourself whether the loan is something you need or just nice to have. If it is the former, determine whether the need is immediate or can wait ‘til you have the money to pay for it.

Remember that cash loans are designed for urgent and temporary financial problems. If you need money to make a big purchase or solve a big financial problem, you likely need another type of financial solution.

The other thing to consider in determining whether you really need to apply for cash loans is to know how these loans work. Cash loans are short-term financial solutions designed for emergencies. As short-term loans, these loans are only ideal for small financial problems that come in between paydays.

How much money do I need to solve my problem?
Remember how loans work. The bigger the amount you borrow, the more interest payments you have to pay for, it is important to just borrow the right amount for your intended purpose.

How much should I set aside to pay for my cash loan payment?
As a rule of thumb, you should have a spare of 20-30% of your pay. If you don’t, you will be prone to loan rollover, which means another set of interest rate and fees.