Loan Guide for First Time Borrowers
Every first is part scary, part exciting.
Scary because of the uncertain feeling of trying out something new or going out of your comfort zone but at the same time, exciting for all the same reasons!
With that, allow us to let the excitement take over instead of those terrified butterflies in your stomach by helping you take on your first loan with these quick must-knows for every first time borrower:
There are several requirements that a borrower must meet before being eligible for a loan. The tricky part is that these conditions differ depending on where you’re applying so it’s important to research first if you’re fit for a certain loan or not!
Choice between Banks and Financial Corporations
In relation to the previous one, you now have a choice on where you can apply for your loan. Aside from traditional banks that is often the go-to borrowing place of most people, you can now utilize the emergence of several loaning institutions. Find a place where you’ll be comfortable with the terms and don’t be afraid to ask!
Fine Prints and Extra Clauses
Speaking of terms and conditions, it is always, always, an important rule to read every document from top to bottom - including the fine prints. You wouldn’t want to miss on any rule that will be applied on your loan! Better be safe than sorry, especially in legal and financial matters.
Last but not the least, aside from documents and requirements, the interests when paying back your loan also differs. While others give sky-high interests within a short duration, there are some that offers a slightly more flexible payback means with even lower rates. Some even have zero-interests on your first loan - just like Cashwagon! So be smart and conduct thorough research on where you can make the most out of your money.
Now you’re ready to take on your first loan! Just make sure that you take note of all these points and research more. It always pays to be prepared and informed before making a decision. Good luck!