What is the primary thing to consider when you set out to borrow money?

[Kross]

There are some times that people need to borrow money for several reasons. However, there are some things that a person has to really consider when they set out to borrow money. What is that most important thing to consider when you want to borrow money?

 

[Trush Jodie]

You must first of all consider your ability to payback the money that you borrow before you make up your mind to do so.

 

[eLdavis]

I think the first and primary thing you need to consider when it comes to borrowing money should be how to pay back, and most importantly when to pay back.

 

[King Belieal]

The primary consideration should be how to repay. Be sure you have the absolute means to repay before you borrow.

 

[Augusta]

Affordability: Before borrowing, ensure you can comfortably make the monthly payments, considering your income and existing expenses. Understand the interest rate charged by the lender,

 

[Stardom22]

For me l always consider the amount of interest being charged on the loan facility, the duration for the repayment and the collateral for the loan.

 

[Nomad]

When you are borrowing money, the most important thing to see is how much interest you will be paying and whether you have income source to pay back or not.

 

[Fidelia]

It is true that you have to carefully consider how much interest you would have to pay back. It might not even be about the principal amount borrowed.

 

[Springtime]

When you borrow money, you have to check out the interest rate, and your ability to repay the loan within the time limit.

 

[Fire&Rain]

The first thing you should always consider is the repayment of the loan. Can you afford to pay back the loan? if he answer its best you reconsider either taking the loan or reducing the amount to a lower amount that you can afford to pay back.

 

[Augusta]

Determine if the loan is secured (with collateral like a house) or unsecured. Secured loans may carry higher interest rates but offer lenders greater security,

 

[Kera]

Determine if the loan is secured (with collateral like a house) or unsecured. Secured loans may carry higher interest rates but offer lenders greater security,

I think that would be communicated to the person that wants to borrow from the first enquiry. But it is safe to ask even if they don't tell you.

 

[Augusta]

I think the first and primary thing you need to consider when it comes to borrowing money should be how to pay back, and most importantly when to pay back.

Consider the length of the loan and how it will affect your monthly payments and the overall cost.