Before taking out a loan, you should ask yourself whether you can meet all of your essential expenses and still afford the month

Question

maw [93]

3 years ago

15

Before taking out a loan, you should ask yourself whether you can meet all of your essential expenses and still afford the month

ly loan payments. This can be determined by

Business

1 answer:

sineoko [7] · Answer 1 · 2022-10-01T17:53:57+03:00

Answer:

Adding up basic monthly expenses and subtracting this total from take-home pay, plus trying to find out ways or figuring out what to give up to make the monthly loan payment.

Explanation:

A loan is simply a borrowed money that must be repaid at a certain point in time.

Before taking out a loan, it is better you ask yourself some questions like the reason for the loan collection, how much am i earning and willing to set aside for the loan repayment and will it be monthly and other questions.