Loans are not a bad thing.. just like a gun… .. loans are just a tool that can help you or destroy you… I know.. from personal experience… lol. Here are some tips Home Credit and CIC share their top tips when getting a loan.
Loans can be gotten from different sources.. credit cards for example is a typeof loan… even with the credit card, you can also still get a cash loan in the form of a cash advance against your credit limit thru an atm. Loans from banks and other lending institutions are also common for house purchases, car purchases and other things.. you can even get a loan from the government thru Pag-ibig or SSS for multiple things.
Here are some TIPS:
Have a good credit record. – make sure you have a good record.. just like in school.. the better grades you have, the better chances in getting into a good school
First-timers have a chance, too. One problem with first timers is that usually no one wants to take a chance with them.. just like work.. most jobs require you to have previous job experiences, but how can you get experience when almost no one wants to hire you without it? Well, luckily, Home Credit, for one, can provide loans even to first-time borrowers, thanks to their sophisticated system for screening applications. The CIC, on the other hand, can get credit data even from telcos, and cable companies, and share these with financial institutions. So if you have paid bills to these companies, then it just might be the ticket to getting your loan approved!
Know your rights, and read the fine print. Know what you are getting into..Before you sign your loan contract, find out if there are any special condition. For instance, Home Credit offers the option to avail of insurance along with the loan; a 15 day “cooling-off” period that allows customers to pay back the full loan at no added cost within this time period; and a loan “safety guarantee” that promises full transparency on loan products with no hidden charges.
Pay on time or before the time – paying on time helps set your record that you are a good payer.. paying ahead of your schedule is also better.. and getting those funds off you hands that’s already slotted for payment is better than having it on you and you suddenly find another use for it.. lol..
Cant pay on time – let your lender know.. just call them and explain.. most cases.. they’ll give you the time to get things fixed.
Just remember – pay your dues back.. even if it takes you years.. it’s the right thing to do..