SHAUN STENNING BLOG
The real road of compassion, that is, giving, helping, assistance and community service, is a road that can be set and declared as your life's purpose
Loans are a tricky subject in the financial world because ideally, you'd never really need one. In the real world, however, plenty of responsible people find themselves needing loans for legitimate reasons.
Whether it's an unplanned financial emergency or a necessary, major purchase, there are some situations when taking out a loan can't be avoided. Read on to understand when a new loan is actually okay. 1. When You Can Easily Afford the Payments According to Shaun Stenning, This might seem like a no-brainer, but when people are desperate they will sometimes assume loans with large payments they couldn't possibly afford. 2. When Your Purchase is Essential Loans are never a good idea when you're using them to finance a lifestyle that is beyond your means. 3. When You Have Good Credit If you have good credit (above a 720), you will most likely be eligible for lower interest rates on your loans. 4. When Interest Payments Are Less Than Your Investment Returns Many investors think that they should use money from their investments to make major purchases before considering a loan. 5. When You Can Pay it Off Early Sometimes you know there's money coming in, but you just don't have it yet. 6. When You Qualify for a "Special" Loan There are a lot of "special" loans on the market, most offered by different government programs for things such as home-buying, education, or energy-efficiency retrofitting. What have you bought with money from a loan? Do you think that getting the loan was worth it?
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AuthorAs an investor, Shaun Stenning makes sure he invests in companies and people who are truly passionate about every day, and making every day an amazing day. Archives
May 2024
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