Best goal for borrowing Fast loans
Repaying other loans is definitely not the best goal for borrowing Fast loans. It can create a gap in your finances, a gap that can lead to loss of assets and bankruptcy. It is therefore shocking to read that other Fast borrowers often admit to using fast credit to repay other loans.
Why is it so bad?
Because the use of Fast loans to repay other loans does not solve any problems, but they seem to have pushed ahead, in no way filling the drain already on your finances. Of course, someone can say that there are many lenders, so I can “refinance” a loan whenever I want .
However, there are two problems here: First, lenders may also refuse to grant you a loan if several companies have recently been interested in your data. This is a ‘barrier’ to lenders against multiple borrowing by the same person for the purpose of non-repayment. And secondly, if you are already having trouble repaying credits, it may be very likely that the originals of the loans you have taken out will not be sufficient to cover your long-term payments.
Based on the survey mentioned above, we know that 47% of credit users use 4 or more times a year, which is not at all gratifying, as it means that every second borrower is said to have long-standing financial problems. We can also deduce from this that fast credit, however, is more often than not the solution to financial problems. In addition, the aforementioned 16 percent of borrowers are definitely the top borrowers.
What to do?
We recommend that you go to the lender you are having trouble settling payments with and make a separate schedule. It is possible that your lender will grant you a credit vacation (you will only be able to pay interest) until you are able to sort out your financial situation. Lenders really do come in handy, and the key is to take the initiative and not forget about the credit until it knocks on the door.
Don’t be one of the fast credit borrowers who use irresponsible credit. If you are unable to cover your existing loans, you do not need to take new loans.