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How To Source For A Good Loan Deal?Francis Mwendo
A good deal always makes the purchase worthwhile. We have all bought goods and service a number of times. Most would be need based, and others for our pleasure. When the product purchased is bought at a reduced value or with a free gift, we think we have made a great bargain. Consumer Psychology teaches that a free gift is always welcome. When sourcing a good loan deal you too can have a great deal falling into your lap. There are a few points to remember for this. Unlike impulsive
buying, taking a loan is more serious and has to be a thought out
process. It should begin ideally with a need. A need that cannot be
paid for by you with the current income or savings you have. A loan
taken for a luxury would need to be reviewed. A car for instance could
be a need if you work far away from home. A luxury car on the other
hand would not really be necessary. The difference in cost for both
could be an awful lot. Having a positive attitude tilting towards a
need based loan will prevent a massive amount of debt right at the
start. Instead of taking a
formal loan from a bank for instance, why not take a soft loan. If you
borrow the money needed from family or friends you can leverage the
benefit of the relationship and get an interest free and friendly loan.
This is a much better choice and one, though informal, can still be
worked out in its terms and conditions in a good manner. If you must take a
hard loan then you need to do the following. Decide how much money you
need. If you have a decent credit history, chances are, you will be
offered more than you apply for. Even if the money seems good, remember
it is still a loan and it will make you a debtor. Decide firmly to take
just what you need. Like you would shop
around for your gifts, do the same with the various lenders. At any
given point of time you can find loads of offers and advertisements for
the same. Get the information, compare the terms, set up appointments
to know more and then choose your lender. Do not assume that going in
for the biggest name would ensure you get the best deal. Check however
for the authentication of the lender as that will ensure your position
in case of any issue. While the rate of
interest is a prime factor, consider also the fine print. Application
charges, late payment penalties, hidden charges, early repayment
penalties if any, can nullify the benefits of a loan with a low rate of
interest. Often the rate advertised may not be applicable to you if
your credit history is not much. You can also check
with your friends and families on good deals they may know of which may
have more friendly conditions of repayment. Sourcing a good loan deal is not a matter of chance. It is a well thought of and researched decision. |
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