Looking for a loan? The good news is, there are more loaning agencies and they keep on proliferating year after year because of the overwhelming clamor for lending institutions. But the other side of the coin is that they are stricter in giving out loans.
Even though we are allowed to avail of a loan (whether personal loans, car loans or home mortgage), we still must be wary of some unscrupulous practices in the credit industry. Keep in mind that credits are supposedly given to help individuals get through with their life's difficulties and not to burden them even more. But dishonest practices in this field include fine print agreements not discussed with you during the loaning orientation. You will later learn of these so called 'agreements' (although you did not necessarily "agreed" to it) when the lenders already charged monthly debt payment schemes to your credit account.
Take the extra effort to carefully read and understand the Terms and Conditions part of the loan agreement. Make sure that you have thoroughly understood what each section means and be sure to have the loaning officer explain vague items to you. His answer must satisfy your inquiry and he must assure you that there are no underlying contracts aside from the ones discussed with you. Ask him point blank whether all pertinent information about the loan agreement were disclosed to you.
Also, ask the loaning officer if there are penalties charged to an account for late payments or for the inability to pay during the specified date. If there are penalties, ask how much is charged to a person's account. Be sure to weigh the consequences carefully and be introspective in choosing the right loaning company. Do not be content with visiting just a single loaning company. Compare interest rates of different companies and then choose which company you will apply a loan at.
Applying for loans is an important part of the economic struggle we face currently. But loans must only be availed of if you can not possibly think of any other option other than applying for a loan. Remember that loaning institutions might charge high interest rates to your loan.
Finally the loaned amount must directly be used for its intended vital and immediate purpose. You must make it to a point to stick to a loan repayment program so that you will be able to repay your debt as soon as possible and not incur accumulated penalties and surcharges for not paying on time - or not paying at all.
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