Ask yourselves these questions before apply for Personal Loans
High Risk Personal Loans Presents:
Ask yourselves these questions before apply for Personal Loans
As the term applies 'Personal Loan' is a loan that you can apply for personal reasons.
Some people apply the loan to fix the house, to buy new furniture or Plasma TV or even to go on a holiday etc. However, some people need personal Loans because they urgently need the money.
Whatever the reason you can come up with, just to be safe you can ask yourselves these questions;
How much you make each month?
Have a little bit of understanding about your resources and your income base, as they can give you a better idea on how much you can afford to apply for personal loan, how much repayment, plus how much interest that you can afford pay.
To make it easier for you to assess your income base and your resources, you can write down all your monthly income and that include your salary, your spouse's salary, any government's welfare, etc.
How much you spend each month?
Now that you have written down all of your monthly income, you can start to write down all of your monthly expenses.
Your monthly expenses should include your credit card payment, existing mortgage payments, car installments, insurances, school fees, child support, bills, living expenses etc.
Now after you write down all of expenses, you can start to sum your total income and deduct it with your total expenses. The result would be your disposable income. This disposable income will tell you how much you can afford to make repayment each month. Make sure your repayment is lower than this figure.
How can you anticipate unfortunate future events?
Now that you got your monthly disposable income, it's time to think how can you anticipate if something unfortunate happens in the future?
Well we cannot really think that's everything will be run according to our plan, because we don't know what's the future hold for us, especially in the current global recession. What's happens if you suddenly loose your jobs, how about bills increase or interest rate increase. You need to identify each and every possible threat.
Now you can try to do these:
Some people apply the loan to fix the house, to buy new furniture or Plasma TV or even to go on a holiday etc. However, some people need personal Loans because they urgently need the money.
Whatever the reason you can come up with, just to be safe you can ask yourselves these questions;
How much you make each month?
Have a little bit of understanding about your resources and your income base, as they can give you a better idea on how much you can afford to apply for personal loan, how much repayment, plus how much interest that you can afford pay.
To make it easier for you to assess your income base and your resources, you can write down all your monthly income and that include your salary, your spouse's salary, any government's welfare, etc.
How much you spend each month?
Now that you have written down all of your monthly income, you can start to write down all of your monthly expenses.
Your monthly expenses should include your credit card payment, existing mortgage payments, car installments, insurances, school fees, child support, bills, living expenses etc.
Now after you write down all of expenses, you can start to sum your total income and deduct it with your total expenses. The result would be your disposable income. This disposable income will tell you how much you can afford to make repayment each month. Make sure your repayment is lower than this figure.
How can you anticipate unfortunate future events?
Now that you got your monthly disposable income, it's time to think how can you anticipate if something unfortunate happens in the future?
Well we cannot really think that's everything will be run according to our plan, because we don't know what's the future hold for us, especially in the current global recession. What's happens if you suddenly loose your jobs, how about bills increase or interest rate increase. You need to identify each and every possible threat.
Now you can try to do these:
- Write down all of possible threats
- After you write down all the possible threats, look back again to your list of expenses and see which one of them that you can reduce, or maybe even better, you should make budgets for your monthly expenses.
- Do the calculation again, until you come up to the figures that can make you, at least, pay the minimum repayment.
- Do that calculation again to every threat therefore you would know that should the threat become a reality you know how to handle it.
High Risk Personal Loan
2 comments:
Those are great questions to answer before you borrow. While the idea behind payday loans is ideally suited to the emergency situations they can be used for other reasons as well if you anser the questions satisfactorily.
Payday Loans Bones
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