5 Things To Keep In Mind When You Get A Loan

spot loans Spot the Dog's DOs and DON'Ts You've applied for your loan! So what next? Spot the dog shares the do's and don'ts you need to keep in mind now that you're cashed up. DO: Have a good reason to borrow money DO: Communicate with your Lender Don't bury your head in the sand. If you miss a payment or are experiencing financial difficulty, talk Getting a loan 'because you can' is the worst reason, and you'll find yourself in debt for nothing. Decide what you need to your lender. Most responsible lenders are happy to assist If you experience financial hardship. the loan for and stick to that. treats DO: Spend the money wisely DON'T: Forget your repayments You probably didn't get a loan so that you could gamble it or throw it away on lots of useless purchases - so don't do that now that you've got the money. Spend it wisely. Even if you have a direct debit set up, it's sy to forget to leave enough in your bank account. If you miss your repayments you may incur additional fees. DON'T: Get greedy If you know you can get a personal loan easily, it can be tempting to borrow over and above the amount you actually need, but doing this gives you larger repayments and therefore more chance of getting into arrears. © 2014. All Rights Reserved. Spot Loans is the registered trading name for Fundco Pty Ltd