How to Manage Your Loan Successfully

3 Successful Loan Management Strategies

1. Before You Sign for a Loan: It’s important to know how much you’re borrowing and paying back per month and what your interest rate is. This enables you to check that the total amount you are paying back is correct.

2. While You Paying back: Each time you make a loan repayment, check the remaining balance of the loan. Make sure that the remaining balance corresponds with your loan schedule and decreases by the amount that you’ve paid back. This is especially important if you are allowed and able to pay additional amounts.

3. Once Your Loan is Paid Back Request a proof-of-payment or receipt acknowledging that you’ve paid your loan back in full. Not all institutions will automatically supply this. However, it can prove to be an invaluable document. Therefore, despite the potential extra bother worth getting. For example, if your loan institution doesn’t discontinue debit orders, it can be used to prove that you’ve paid it. Alternatively, you might be able to use it to support your future loan applications.

Ideally, where you can, and if it is allowed, make additional payments so that you pay off the interest part of the loan faster. This can decrease the total amount you owe and help you to pay off the overall loan quicker.

5 Loan Management Tips

1. Make sure you understand the Terms & Conditions (T&Cs) of your loan.

2. On your calendar for note the amount due for repayment on that day.

3. If possible, schedule a repayment a few days ahead of when it's due. This gives you time to sort anything out that unexpectedly goes wrong and not incur a penalty fee.

4. Check that the correct loan payment has successfully been made.

5. If something goes wrong (incorrect deduction or a loan repayment doesn’t go through…) then contact your loan provider immediately.

Where to get a Loan from

Almost everyone needs a loan at some point. It may be to bridge a financial gap during a difficult time. Pay for unexpected expenses or pay for something planned, such as school fees, a car or mortgage. Whatever your need, it's important to feel comfortable and know you can repay your loan without creating additional risk in your life.

It’s true that it's easier to borrow money from those who are more cut-throat, also known as loan-sharks. And it is especially tempting to do this, when getting access to a cash loan from a reputable institution, such as a bank, will take too long or isn’t possible. For example, lending companies often don’t extend loans to those who have a history of problematic loan repayments or are blacklisted. And if they are prepared to lend money to those with a bad credit rating, they will charge higher interest rates. Thereby, increasing the risk of a loan by escalating loan expenses.

Another loan option is to take out a Gold backed loan. Loans that use Gold Jewellery as collateral, are an excellent way of accessing an individual loan or a business cash loan quickly.

Enjoy Fast Loan Access

Coughlans Gold backed loans have a better interest rate than many alternative loan options. Due to there being collateral, they also carry inherently less risk to both the borrower and the lender. This is because a collateral gold loan uses what you already own as surety for the loan. Which means you know upfront what the result of being unable to pay instalments is. Additionally, the lender is also not able to access any of your other assets should you default on payment.

Coughlans extends cash loans to both businesses and individuals. Depending on the gold collateral item, the amount offered can be adjusted to suit your business or personal requirements. Additionally, Coughlans offers easy loan terms and is upfront with all loan costs and T&Cs. This means that there are no unexpected or nasty surprises when you partner with Coughlans for your business cash loan.

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