Personal loans are especially useful when you desperately need funds for wedding expenses, clearing credit card debt or saving your business. Not to mention for people who want to apply for the first time, it is definitely a very difficult decision! Take a personal loan only when needed and use it wisely. Personal loans generally come without any collateral and therefore attract higher interest than home loans and car loans.
The key is that you take a personal loan only when needed and use it wisely. Personal loans generally come without any collateral and therefore attract higher interest than home loans and car loans.
Many of us often overlook certain critical things that put us in avoidable debt or weaken our chances of getting a personal loan. However, personal loans are actually not something foreign in Malaysia. You are not the first person to consider this loan, and certainly not the last.
So, to prevent many people from becoming victims of personal financing fraud, we have prepared tips that you can use when you want to make personal financing and avoid becoming a victim of fraud.
Not planning ahead – Apart from doing proper research to get the best rate, it is also very important to know how you will repay the loan. Due to lack of proper planning, you may face various challenges to repay the monthly installments on the due date resulting in penalties.
Do not understand and study the detailed terms and conditions of the loan contract – do not make the mistake of not reading the details of the loan contract carefully. As a borrower, it is important that you pay attention to the important criteria of the loan
Avoid borrowing from agents who are not registered with personal finance companies – when an individual is tight for money, they will rush to apply for a loan without researching the borrower’s background first. They are also easily attracted and deceived by the fast approval period.
Borrowing From Money Lenders Without License– There are also individuals who need quick funds and many of them tend to fall into money lending schemes without license. When an individual is short of money, they will rush to apply for a loan without researching the borrower’s background first. They are also easily attracted and deceived by the fast approval period. There are also those who do not mind the high interest rates and conditions hidden in the offer.
Make sure the amount of financing needed – one of the most important things for you to make sure is the amount of financing needed to avoid problems later on. Avoid being influenced by their persuasion and refer to the product information known as Product Disclosure Sheet (PDS) and Frequently Asked Questions (FAQ) to prevent yourself from getting stuck with unnecessary financing payments.
It is important that you understand some important loan terms, so as not to regret later. If you work with the government, statutory bodies or selected government agencies, you can get Exclusive Personal Financing from Koperasi Kowaja which offers a profit rate as low as 4.99% per annum and a cashback reward of RM300 awaits and achieve your financial freedom today!