Quick Microloans in Sri-Lanka

Hi friends! We are about to conclude this difficult and tortuous 2020. This time we will talk about credits or also known as “loans”.

What are the advantages of acquiring a bank loan? 

  1. If you acquire a loan and you are a good payer, this can help you have a good credit history, in this way you have the opportunity to access better loans and long-term opportunities.
  2. If you have a good credit history and have been with your credit card for a long time, it is very likely that you will acquire a loan immediately and for a larger amount.
  3. You can receive a loan that adapts to your possibilities. In Sri-Lanka, there is a very wide range of options and institutions that grant credits such as loanme application.

Acquiring a debt with a banking institution goes beyond signing papers and committing to pay. Before applying for a credit or loan, the first thing I recommend is to check the status of your personal accounts , second, how much are you going to borrow and how are you going to pay the credit if they grant it to you.

What are the disadvantages of acquiring a bank loan?

  1. A disadvantage is that you will always pay interest, that is, you will pay the money borrowed plus a commission or service percentage. Therefore, it is important that you check the interest rate so that you know how much you will actually pay to request the loan. 
  2. On many occasions it is necessary that you have an endorsement or guarantee so that they can grant you that loan. This will depend on your situation and the credit you are going to request.
  3. When you ask for a loan and sign documents, you are committed to paying in a certain time, which can generate uncertainty and a lot of stress, since you will spend money that does not belong to you and if you do not have the discipline to pay on time this could become a debt priceless with the passage of time. 

What do you recommend if I want a bank loan? 

  1. Compare: today there are several options on the market that offer you loans, but before going for it, analyze your case and your needs. Choose the one that is within your means and compare the entities that offer you the best conditions.
  2. Only one: when you request a loan make sure it is the only one, do not ask for more than one. Think that you can get out of hand and enter a vicious circle from which it will be very difficult to get out.
  3. I need it? Before going for that loan, think again for at least two days to know if you really want the credit for something you need or if it is just for a whim.

I hope I have resolved your doubts and that the advice I shared will serve you. If you want a very specific answer, the answer is: it depends, it depends on your possibilities, the credit you have and if you can pay it. Remember that the key is always to plan and have a savings fund that allows you to float if there is an unforeseen situation in your pocket.

Finally, I hope that this information has been to your liking and that it has been useful. Thank you all for reading me, I want to remind you that if you have any financial questions, you may leave in comments.


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