What you must know before you borrow

If you’re tempted to ask for loan, you should think carefully and take into account some important issues to not destabilize. If this is your case, pay attention to the following recommendations that could help you in case you need to borrow money to start your own business.

Always keep your accounts clear
It may sound obvious, but it is best to register all your debts and better if it’s in an Excel file where you’ll see more orderly and clear. You can have a plan and not borrow yourself more.

Do not use your credit card to get cash
Clearly, credit cards have high interest that could not tell you the favor. It may be that instead of generating income for you, you generate losses. It is best not to take this alternative to obtain cash.

Beware of frauds
Keep all your bills and check your receipts. Sometimes there are problems of identity theft where you could find yourself concerned of not having proof of payment.

Pay each month for your credit card
Don’t build up the balance on your card. Pay it on time so that you avoid future problems and then have to pay a very large amount.

Don’t negotiate with lenders
The lenders often have very high interest rates. We offer credit immediately, but it is best to first go to a bank and ask for a credit line or talk to your immediate supervisor the possibility of requesting an advance salary.

Beware of mortgage
If you want to mortgage your house, ask advice to a real estate agent to tell you what the value of your property, not to run the risk of losing your home.

So, think twice about the best way to get the money you need before making hasty decisions that could cost you dearly.