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Understanding what a small loan is: opportune and inopportune moments to use it


 

Asking for a small loan has its advantages, but you have to know when it is appropriate and what not to use it.

Small loans are like the same name says, small help to get out of moments when you need extra money.

A small loan is very different from a high-value loan. These are much simpler to ask for, the time to pay for them is lower and the companies that offer them are not limited to being exclusively banks .

The latter, unlike the small ones, for the high sum of money they represent, usually ask a bank to normally pay large debts (a mortgage or the initial fee to buy a car).

You have to know that for every intention there is a moment and the request for a small loan is not the exception.

Therefore, it is not appropriate to use a small loan for situations that do not correspond to the needs you wish to satisfy.

Therefore, to avoid falling into the error of doing so when it is not indicated, here we talk about the opportune moments as inopportune to use it .

Timely moments

  • You need extra money for an emergency until the day of the payroll.
  • You have to make an unplanned purchase or pay an unexpected bill.
  • You have regular income and you are able to repay the loan within the defined period.
  • You have read and are absolutely informed about the terms and conditions that the company you are requesting the loan handles.
  • The repayments of the loan do not exceed 15% – 20% of your monthly income, that is, you will be able to pay the money.

Inopportune moments

  • To pay debts, for example: the mortgage of the home or any other type of loan.
  • To solve long-term financial problems.
  • To pay for an irresponsible taste.
  • If you are unemployed or you are not sure of being able to pay it in the near future.
  • You plan to leave the country without paying for the loan first.