Important information when applying for a personal loan:
- Budget your money - Provide your monthly spending plan when you meet with creditors. It will help them make a responsible decision.
- Beware of "now or never" offers - If it is a good deal, it will probably still be there after you have had time to think about it. Do not be pressured into making a quick decision.
- Ask questions - Do not sign a contract until all your questions have been answered.
- Read the Contract - Do not sign a contract that you do not understand or has any blanks. (A signed contract with blanks can be completed as anyone wishes and it will be legally binding.)
- Keep your contract in a safe place - It is important to keep all paperwork related to your credit obligations. If questions come up later, you will have your agreement in writing.
- Make your payments on time and in full - This is one of the best ways to build a good credit history. Repeated late payments will trigger late payment fees and hurt your credit report, which will make it difficult to obtain future credit.