Finance, Insights From Experts At Rosabon

5 Things Not To Do With Your Personal Loan

Personal Loans are fast, collateral-free, and reliable. They are the perfect ‘bail-out’ for all those times when you are urgently in need of financial aid. 

However, it is important that you don’t take the liberties afforded by a Personal Loan for granted, because for all its advantages, a Personal Loan can spell disaster if you get careless.

If you have an existing Personal Loan or planning to take one, the following practices are a big no-no.

Don’t Take More Than You Need

The fact that you don’t have to discuss the reasons for taking a Personal Loan with your lender, doesn’t mean you should get greedy. 

When it comes to your loan amount, don’t be tempted to go overboard. Take only as much as you can afford to repay because taking a loan amount more than you can afford will lead you straight into a debt trap. 

Don’t Take Too Many Personal Loans

You may not receive the entire amount you need in one Personal Loan. Hence, you might be tempted to take more. As appealing as this is, avoid it! 

Taking too many loans will suffocate you under a heap of debt and you don’t want that. As much as you can, try to tackle your financial issues with the funds you have access to. 

Don’t Miss Your EMIs

After approving your Loan, your lender expects timely return payments as and when due.  Skipping your Equated Monthly Installments will hurt your Credit Score and affect your chances of getting another loan in the future. 

Keep a reminder and make sure you keep funds aside for the repayment.

Don’t Be Careless With Your Records

Once your Personal Loan is approved, you’ll be given a whole lot of related documents. 

On receiving these documents, critically evaluate them to ensure that you and your lender are on the same page. Make sure there are no typos or other errors that can spell doom for you. 

Keep these documents safe. If at all there is a dispute, these documents will tell your side of the story. 

Don’t Forget To Compare

Just one search on the internet will give you a lot of loan options to go for. However, it is important not to go for the first option you see or the company recommended by your neighbour.

Take suggestions, of course, but do your own research as well. Evaluate what’s more important for you – amount, tenure, or interest rate? Decide on your loan provider after evaluating these parameters. 

The Rosabon Personal Loan is your best bet if you are looking for an easy-breezy loan that comes with extra benefits. It is the fastest and easiest way to access those funds you need to attend to your financial expenses.

This Collateral- free product is affordable and easy to access, giving you the opportunity to get up to ₦5 Million and repay over a period of time. Visit http://bit.ly/RFSApply to get started.

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