Sometimes no matter how hard you work or how many jobs you juggle, the money you make is only is not sufficient. In the right circumstances, get a loan can be a good move. However, lenders often look at your credit score to decide whether or not to approve your application.
What if you have a really bad credit score? What if you don’t have a credit score at all? Does this mean that you will not be able to enjoy this kind of financial relief?
Not necessarily. There are what we call ‘collateral loans’, which are basically like personal loans for bad credit scorers and those who have no score. These types of loans are secured in the sense that something you currently own (a car, land, etc.) is pledged as collateral for the money you borrow. If you do not pay within the agreed term, the lender assumes ownership of the item.
Because of the risks you take just to get the loan, the money you’re loaned shouldn’t be spent on things that don’t yield any return on investment, like an extravagant wedding reception or a vacation abroad. Consider such things as a luxury. Luxury should never be bought with borrowed money.
What should you do with the money you borrow?
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The decision to apply for a loan should only be triggered by an emergency situation. For example, if you are an online worker and your laptop crashed. Or, if you are the head of the household and your refrigerator suddenly stopped working as usual. These cases really require the immediate financing that a loan can very well provide.
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Credit scores exist to tell lenders what kind of spender you are. Are you good with money? Do you pay on time? Does it work mainly on credit? These are just some of the most important questions that a single score can answer, at least in the eyes of lenders.
When you’ve applied for a loan and your application is approved, use it as an opportunity to show that you really can pay on time. This way, lenders will have a better sense of who you are and could increase the amount you can borrow from them in the future.
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Money makes the world turn. Because of this, obviously you need money to explore any business opportunity. When you use borrowed cash to start a business, the cash you bring in has a chance to grow rather than just going toward pure expenses.
Risks will be involved, but these risks are ones you can calculate and prepare for, especially if you can hire the right people to help you.
Posted on October 2, 2018