Chapter 6 Preview
Paving the Path to Understanding Loans
What you will learn from this chapter:
- What are loans?
- Why do you need to take out a loan?
- When and where can you take out a loan?
- Some tips on how to take out a loan
When do you need a loan?
If you need help fulfilling some life goals, like purchasing a house, a car, or putting up a dream business, you may need to understand loans.
Loans are essentially borrowed money that comes with interest. It gives you additional funds, which helps improve your quality of life.
You can get the full benefit of a loan when the purpose of getting it starts generating more value to you or even your small business.
Remember, borrowing money requires financial discipline so you can pay it back in full and on time.
Moneybility, Chapter 6
Ready to borrow? Here are the 5 things lenders ask for
Be ready to answer these questions that can help lenders decide if your loan application is worth the risk or not.
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