Advantages and disadvantages of Requesting a loan

Accessing loans in this era is easy. Due to the fierce competition of financial institutions in granting loans With special campaigns Or even providing special interest in order to attract customers to request loans There are many types of loans such as home loans, car loans Business loans Credit for education Loans for factories and others, even if applying for a loan That will be easy and convenient nowadays. But there are both advantages and disadvantages.

Credit advantages
Requesting a loan Will help those who apply for loans to take the received cash To spend according to conditions specified in the loan, such as home loans Which does not require a lot of cash to buy But home loan applicants have a duty to pay monthly installments every month For many years Aside from home loans Also includes business loans That is very popular for entrepreneurs looking for funds to expand their business. And the financial institution is happy to help the entrepreneurs submitting the loan Because the loan is high and has a higher interest rate than other loans But getting a business loan isn't easy. Because there must be a business as specified by the financial institution And have further profits as specified by financial institutions Also must not have a bad financial history Before being able to apply for a loan
Can pay in installments in installments, which the financial institution will determine the installment period. Depending on the price of that product and the amount paid in each installment.
Able to control expenses in each month Since the monthly payment will be the same every month.

Credit Disadvantages
Qualifications of loan applicants If the criteria are not met, the financial institution will be rejected from the financial institution. Money and may be unable to apply for a loan with that financial institution Especially personal loans such as credit cards Or cash card That many people tend to default on credit card payments Or become a credit card debt When wanting to apply for a new credit card Was not approved Because there is a history in the credit bureau In addition to the rules The securities used as collateral are also effective. If the financial institution appraises the securities and considers that the evaluation price does not cover the loan requested Will also refuse to apply for credit as well
Each financial institution has different interest rates, such as home loan interest rates. Of financial institution A is not equal to financial institution B and the outstanding interest rate is different for each financial institution. Therefore having to conduct a check before applying for a loan
High fines in the case of overdue And may be sued if the payment is late than the financial institution has determined While also having to repay together with the defaulted interest

However, both the advantages and disadvantages of Requesting a loan may be just a component. But the most important thing of Requesting a loan That the loan applicant must be confident that he is able to bear the burden each month Because in the end, any benefit from any credit Will be a punishment for you in the end.

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