05/09/2022
🧐Do you know what to look-out for when taking a loan?
If you have a loan on going, then you must not miss this!
Loan is a common thing for most of us. We will apply a loan while we are buying a house🏡, buying a car🚗, starting a business or etc. We get loan to buy something that we cannot afford with our current property😰. Or another saying, is that we buy stuff now, with our future money💰.
Loan is something inevitable for most of us who are working. Loaning a huge amount of money included some risk 🔥 when you sign the contract📄. Therefore, we must always be careful while choosing our loan. So, Do you know what to look-out for when taking a loan🔍?
🔥Before applying for a loan, handle current credit issues
To get approved by a loan, you must have a good credit score👍. This means that you should not have any credit having late payment🕔, or unpaid. According to most cases, if an individual has handled their loan or credit card in the past three months (no overdue repayments), then your credit score will not be a problem🙅♂️.
🔥If you intend to apply for a provident fund loan, do not use the money in your provident fund account before provident fund (aka KWSP in Malaysia) is an compulsory welfare saving for all workers. It will bring some of our monthly income💰 and save in into the provident fund account as a long-term deposit. And for some people, where their income is not enough🙅♀️ to get a loan, they will apply for a provident fund loan. Thus, if you plan to do so💭, you must not use that deposit money in the pass 12-month to get your loan approved☑️.
🔥Do not cut of your repayment no matter what the length of repayment are always very long. During this period, more or less we will suffer from some bad encounter which affect our income💰. But in any case, it is not recommended❌ to stop your repayment. This is because stopping a repayment will cause various credit reporting issue on your profile. And thus, bank might lose confident🏦 in you and you might face issue if you are going to apply for any loan in the future😢.
🔥It is not recommended to repay the loan in advance in three situations
📌Equal principal has been repaid for more than one-third of the loan period.
📌 The balance of principal and interest has been repaid more than half of the amount
📌 When the property market is bad, there are some mortgage discounts, and these discounts will be maintained with the latest benchmark interest rate. If you pay back in advance, the discount will be gone. 😰
🗣️There’s a lot of things to look into while going through a loan. But it is not difficult, you can always get a consultant to help you manage them! In the end, after going through years of loan, we must make sure we go through the right procedures👍 to put our loan in closure in time. Hence, we can finally be debt-free and move a head to be a free person🤗!
【Neway Resources】
A licensed money lender company and [over 17 years] experience!
✅The physical store is located at: Pulau Pinang, Jln Todak 6, 41, 1, 13700 Perai
✅Business Loan/Personal Loan
✅Absolutely no hidden fees
Click on the link to contact Neway Resources to ask about your situation.
>> http://m.me/newayresourcespenang
Neway Resources Contact: +60 10-669 9882
Or leave PM, we will assist you.