First Rule of Borrowing: Keep Your Word

Posted by on Jul 11, 2014 in Uncategorized | 0 comments

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Once you qualify for a loan with 800LoanMart, it is important to use your money wisely and pay it back on time. Although many borrowers do not see this as a major means of establishing a credit record, dishonoring your commitment could have negative repercussions. Those who borrow often do so because their options of borrowing from traditional financial institutions is limited. They either have negative credit incidents in their personal history or have no record of revolving credit for lenders to approve. This can be quite limiting, and non-traditional loan firms help to give borrowers with these type of credit histories some more options.

It is important to use the loan for the purpose you tell the lender you are borrowing money. This not only helps to establish you as creditworthy, but it also ensures you are trustworthy in a lender’s eyes. If you do not honor what you say, it becomes difficult to do business with you in the future. Honest can lead to bigger lending opportunities in the future, but this is where you begin to lay the groundwork for those opportunities.

Paying back the money you borrow when you say you are going to pay it is equally important. It, too, builds trustworthiness. Even is something comes up like the loss of a job, it is important to stay in communication with your lenders and let them know your situation. Even if you cannot pay the entire amount when it is due, if you can pay something, it lets the lender know you are making a good faith effort to keep your word.

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