Borrowing is a big financial milestone. The first step is making sure you really need the loan — whether that's taking out a student loan for college, buying a home, starting your own business, or getting a new car. You should feel secure knowing that your loan or line of credit is helping you work toward your goals
Reasons to get a loan – To purchase/finance items that generally cost more than a person can pay for out of one paycheck or even save for within a reasonable amount of time. However, with proper planning you can still avoid most loans.
There are a wide variety of types of loans. Be sure you understand all of the costs associated with the product, such as the interest rate, fees for late payments, penalties for repaying the loan early, and any other charges that may apply.
Learn about the types of loans that can be very harmful to your financial future and move you away from your goals.
The financial products you pick can help you accomplish different goals. They may help you build savings or improve your credit history. Some make it easier to access your paycheck, while others help turn your paycheck into cash. Thinking about what you want to accomplish can help you narrow down the choices of products that fit your needs.
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