OneMain Financial (formerly Citifinancial) has more than 1,300 local branch offices throughout the U.S. and Canada.
That’s the most important question you should ask yourself before you decide to take out a personal loan. The answer will depend on your unique financial situation.
To decide whether applying for a personal loan makes financial sense for you, carefully think about these issues:
- What’s the best, most financially wise way to get the money you need?
- Do you need the money right away or could you wait and save what you need?
- Do you make enough money to cover the additional monthly expense a personal loan will add?
- Will the new payment stretch your budget and leave you with no extra money at the end of the month?
- Is what you’re planning to take out a personal loan to pay for something you truly need or is it just something you’d like to have?
- Are you in a position to make all your payments in full and on time?
- Is the amount of the personal loan you’re thinking about more than what you really need?
- Are there any big changes in your life coming up that will add to your expenses like the birth or adoption of a new baby, retirement or a job change?
Copyright © 2008-2012 OneMain Financial. OneMain Financial is an advertiser only, and is not affiliated with DebtConsolidationLoan.com.
Our Notes: These are some good questions to ask yourself, but remember that they are just examples. Every person’s situation is unique, and should be treated as such. And, no person is more qualified at knowing how unique your situation is than you. If you would like to simplify this even more, it comes down to you being honest with yourself regarding two basic common sense considerations.:
- Have I made a true effort to differentiate between my “wants” and my “needs”? – The sad reality is… Unless you are wealthy and have an endless supply of money, you will never have financial security if you cannot learn to distinguish between the two, and then be disciplined about it. Not everyone gets into trouble with debt because of spending money they don’t have, on things that they don’t need. But, unfortunately, all too many of us do just that.
- Do / will I have the ability to repay this loan? Yes, the lenders have underwriters to make the determination if you are a credit risk, but only you know your situation inside and out. A lender does not know if this is truly a need. A lender also does not know if you are unsure about your job future. Only you can answer these questions, and if you are uncertain yourself, perhaps you should refrain from borrowing the money. Otherwise, you may just be digging a hole for yourself.
Debt Consolidation Loans – Sitting on too much debt to be able to make the monthly minimum paymentsl? Use the pull-down bars in the section above to find companies and services that provide debt relief, consolidation and other types of help for those who need it. Search by the type of provider or the state that you live in. In order read more of our financial advice, please visit our personal finance page for a list of online resources available on this website.