Six Questions to Ask Yourself Before Applying for a Loan

Do you want to finance a new car, refinance your mortgage, or maybe even apply for a construction loan to get that new kitchen you’ve been dreaming of? Before you ask the bank to lend you the money you need, the first thing you need to figure out is which type of loan is right for your situation. “Not all loans are created equal,” says Colleen McCreary, chief people officer of Credit Karma.

The first step is to ask yourself what you need the money for. This can help you determine the best kind of loan for your situation with the most ideal terms.

Once you’ve narrowed down your options and know exactly what you’re looking for, you can zero in on the nitty-gritty of it all to ensure you’re making a smart financial move. Though borrowing money can help you get your finances on track, you never want to find yourself in a situation where you can’t pay back your loan on time and in full, since that can do the exact opposite, says McCreary. “The more you can understand about the loan you’re applying for before you apply and sign on the dotted line, the better prepared you’ll be to pay off the loan on time and in full.” As you begin comparing loans, there are a number of questions to ask yourself that will help you understand the terms, so you aren’t caught off by any unexpected fees.

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