It’s easy to decide whether you should get a personal loan or not. If you are indeed in need, then go for it. However, there are also things which you should look out for in the long run. As with all transactions involving finances, you should be aware of the dos and don’ts, things to avoid when it comes to getting a personal loan. Here are just a few examples:
1. Avoid doing it on impulse.
Ask yourself, do you really need a personal loan? Applying for one and getting approved after is a big commitment. Remember, needs should definitely come before wants. If it isn’t then consider saving up for it instead of applying for a loan. Not only is saving up the less risky, it will also save you from paying tons of interest. It may just delay your desired purchase, but at least you wouldn’t have any interest rates or penalty fees to worry about.
2. Don’t just settle for the first personal loan you find.
Consider all your options. Go for one which will offer a better interest rate or other favorable terms. Learn to look around and compare all of the deals and offers. Surely, no lender would force you to avail their offer the first time, discover more which are out of the usual recommendations and you may just find yourself a great deal.
3. Never lie on a personal loan application.
Honesty is the best policy, dear friends. Lying will never get you anywhere, let alone, increase your chances of an approval. If that isn’t bad enough, did you know that providing false information on your personal loan application can be prosecuted as fraud and may result in jail time? That’s definitely a scary situation to be involved in. Tell your lender the truth and let them decide in the end. Your sincerity may just well be enough the factor that they are looking for in order to approve your application.
With all of that in mind, when you’re hoping to acquire a personal loan, look no further than Cebuana Lhuillier’s Happy Loan, a multi-purpose loan amounting to Php 5,000, Php 10,000, or Php 15,000 offered to any individual who is employed, self-employed, student, or a remittance beneficiary. Our network of more than 2,200 Cebuana Lhuillier branches and online presence give customers unlimited access and utter convenience in applying for a loan. Our five-point application to disbursement process ensures services are delivered on time.