Applying for a Personal Loan
Before applying for a personal loan, ask yourself first:
Make sure you are never borrowing money for a personal loan based on an emotional decision.
Only after you look at your needs, financial situation and repayment plan should you consider moving forward with securing a loan.
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As good as it sounds, personal loans have its own disadvantages such as:
It is a three-digit number that lenders use to assess your creditworthiness and your ability to pay your bills on time.
With this method, you pay off your debts from the smallest balance to the largest balance, regardless of interest rates.
When you pay the smallest debts first, you start to clear your low debts away very quickly. Doing this feels empowering. Once you've paid off a debt, you will have more money to send as an additional payment to the next debt you are focused on (hence the snowball analogy.)
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