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10 Essential Questions to Ask Yourself Before Applying for a Personal Loan

Seul Joan by Seul Joan
April 1, 2024
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Today, personal loans are a much preferred financial ally to credit cards. With so much ease in applying and securing these loans along with other benefits, personal loans are more in demand than ever before. However, obtaining a personal loan is a significant financial move that demands careful consideration.

In this post, we will discuss the top 10 questions everyone needs to rethink when applying for an instant loan online from a lending institution. Let’s take a look!

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10 Questions To Ask Before Taking Out a Personal Loan 

  1. How much amount do I need?

The first and foremost question to ask yourself is how much loan amount you need. To begin, understand precisely how much money you need. Ask for only what’s necessary. Calculate the exact expenses if you are borrowing for a purpose, like a home repair or a special event like a wedding. It ensures you borrow responsibly, avoiding unnecessary financial strain. 

Consider your needs carefully and only borrow the amount essential for your specific situation. Doing so makes your financial commitments manageable and repayments more comfortable. Remember, it’s about fulfilling your needs without burdening yourself with excessive debt.

  1. Do I need the money in my bank account or pay the creditors directly?

Take time and think about whether you need the loan funds directly in your bank account or directly pay a debt from your other creditors. Some lenders can pay creditors directly if you use a loan for debt consolidate, simplifying the process.

However, having the funds sent to your account might be preferable for more flexibility or other expenses. It allows you control over the usage. Direct payment streamlines debt settlement, while bank transfer provides versatility, aligning with your financial strategy. 

  1. For how long will I have to repay it?

The repayment of personal loans usually starts within 30 days, structured in monthly instalments. Lenders offer diverse terms, ranging from 6 months to 5 years. Your choice impacts both interest rates and monthly payments. Consider aligning the term with your financial capacity; shorter terms mean higher monthly payments but less interest, while longer terms spread payments with potentially higher interest. Opt for a duration that balances comfortable monthly payments with overall interest costs. 

  1. What about the interest rates?

Interest rates are a key aspect when you are taking out loans. Interest rates depend on various factors like your credit score, income, and repayment tenure. Lower rates come with good credit and flexible terms. Striking this balance minimises interest costs, aligning with your financial capacity.

  1. Are my monthly repayments affordable?

Affordability is a good question to ask yourself when taking out an instant loan online. Plan your repayment plan to match your income. Lenders may cut your APR (Annual Percentage Rate) by 0.25% to 0.50% if you opt for autopay. Some favour lower monthly payments spread over time, while others prioritise quicker repayment with higher monthly sums. Be cautious; low payments with extended terms often mean higher overall costs due to increased interest. 

  1. Does a personal loan have fees?

Personal loans may come with processing fees, prepayment charges, etc. This upfront charge covers administrative costs, subtracted from your loan amount. However, many lenders only charge interest, making it wise to avoid origination fees. Always examine the terms to ensure a cost-effective borrowing experience.

  1. Do I have a good credit score?

Having a clear understanding of your credit score is very important because most lenders take the CIBIL score into account when giving loans. Also, a high credit score helps you secure loans at favourable interest rates, whereas lower scores may lead to higher interest rates and sometimes application rejections

  1. Do I have other alternatives?

Always have your alternatives open when applying for a personal loan. NBFCs often offer flexible terms compared to traditional banks. While NBFC loans can accommodate varied credit scores, they might have higher interest rates. Evaluate options and choose according to your financial needs, aiming for a balance between favourable terms and accessible approvals.

  1. How soon will I need the money?

Specific lenders prioritise quick fund delivery to address urgent financial needs. Some offer Immediate bank transfers, ensuring access to funds on the same day or the next business day. However, other lenders may take up to 10 business days to process. When urgency is a priority, opt for lenders providing quick fund disbursal.

  1. How will a personal loan affect my credit score?

Personal loans contribute to various credit mixes, including instalment and revolving credit. While diversity is beneficial, it’s not the sole factor. A personal loan might boost your score, but it’s advisable only when necessary. Prioritise on-time payments and maintain reasonable credit utilisation to ensure a positive credit score.

Before applying for a personal loan, reflecting on these ten essential questions is pivotal. By understanding your financial needs, repayment capacity, and credit implications, you can empower yourself to make smart financial decisions. Remember, a well-thought-out approach ensures approval and positively impacts financial well-being. 

Tags: applying for a personal loanloan for salariedpersonal loan
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Seul Joan

Seul Joan

Seul Joan is a freelance writer on lifestyle for refixmag.com. Previously, she was an editor at Dwell magazine. She has a master's degree in journalism from UC Berkeley.

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