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Borrowing and lending are integral parts of human existence. Individuals, Corporates and even Nations have to play one of these roles at one time or the other. Maybe you have been or are about to be on the borrowing side of life, the principles below will help you sail safely and successfully.
- Do Not Exaggerate Your Income
Blowing up your income for purposes of borrowing can be easily spotted out and may come back to haunt you in many ways. At the very least it causes the lender to doubt the character of the borrower.
- Do not indulge on Credit
Excessive or uncontrolled indulgence must never be the outcome of your borrowing. This is a common challenge amongst first-time borrowers who suddenly come into new money.
- Do not use loans to pay loans
Many still make the always fatal flaw of using loans to pay loans. This leads to deeper pits which eventually become too difficult to fill.
- Do not Avoid Repayments
Obviously, this leads to bad credit, which in turn inhibits your ability to borrow again, a typical situation you always want to avoid.
- Do not Borrow Ignorantly.
Know why you need a loan, what it will do for you, and how it will positively affect your overall bottom-line.
