Why You Should Never Apply For More Loan Money Than You Need

For years, borrowers have been known to pull out loans when they are in need of quick cash. Reasons can range from vacations and new baby to weddings and debt payment consolidation. Whatever the reason may be, loans are an okay option if you’re responsible enough to pay it back on time. Two mistakes a lot of borrowers make:

1 – Borrowing more than needed.

2 – Borrowing for longer than needed.

It’s best to only borrow what you need because of interest rates. Typically, the more you borrower, the higher the interest rates are. It’s also a great idea to only borrow for as short of a period as possible. Most lenders will have two or three payment period options. Selecting the shortest one is likely best. The quicker you can pay it off, the better.

By clicking submit, I authorize Wallet Monkeys and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Terms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here.