The decision to borrow or take out a loan should not be made hastily, as its effects could have a lasting negative outcome in the form of bad debt. Consider the following before you think about taking a loan out
Assess your need to borrow money and the reason why you need a loan. Will it positively add to your life in terms of reaching a goal or is it for something that you can do without? And are there other ways to achieve this goal without borrowing money?
Do not borrow when you are already in debt as it can make it even harder to recover from. If your debt-to-income ratio (which compares your monthly income to your monthly repayments) is over 50% reconsider taking on more debt until you have enough disposable income to do so.
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