It is always paramount to borrow within your living and earning limit.
Taking a loan more than you can repay or more than your income is always a bad idea because it would mean that you can't afford to take a loan or you have to default; which in turn turns a good debt into a bad debt and your credit score decreases subsequently.
ALWAYS make sure to work out your budgets before taking a loan or increasing your expenses to make your financial capability stable.
The most important factor to consider when taking a loan is to make sure you have a stable repayment plan or source!
You can take emergency loans, personal loans, business loans and so on; but make sure when you take them, make sure you have a solid repayment plan.
This is because a loan can easily go from a good debt to a bad debt!
Protect your credit score by repaying your loan on time!
Have a Splendid Week Ahead!
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