The high cost of goods and services today at times put the average workers in a financial bind. Almost everything has doubled in price including utilities and the much needed health services. It is therefore natural to see people contemplate in BORROWING money from friends, relatives or in commercial and private financial establishments. However, being in a financial bind should not stop you from thinking and planning wisely on how you should go about filing or asking for financial loans.
Assess Your Financial Status before Borrowing
Even before contemplating on borrowing money for an emergency expense, make a quick but a very thorough study of your current financial situation because after organizing your finances you may just discover that you don’t really need to borrow money or at the least find that you only need to borrow a smaller amount to cover your needed expense.
Who to Go To First
After you’ve carefully analyzed and studied your current situation and you find that you still would need to borrow money, start to study and analyze on the who, how and where to avail of a reasonable amount of loan. If the amount is not sizable, you can perhaps go to friends or relatives for the loan. This is perhaps the best option for a small loan because in all certainty these people will lend you an amount without the burden of paying the loan back with interest. If the loan is a sizable one and you feel that the amount would be a little too much for friends and relatives to help you out, your next option is to apply for a PERSONAL LOAN from a bank or any other financial institutions from a list of moneylenders in Singapore that offers reasonable rates on their interest or if you have a credit card with a sizable CREDIT limit, use the same to get the needed cash.
Before Getting the Loan
When you’ve finally decided where to borrow the money from, first take a second look on your repayment plan. Make sure that it’s foolproof because if it’s not, borrowing the money may just put you in a much worst situation than you are in now.