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Even though there may be a time you will need to take out a loan, the one thing to always look out for that can sting you if you are not paying much attention is the amount of interest you may have to pay back on the loan you take out. It is always wise to look over different places for different loans and keep an eye on the interest rate to not get stung.
Do you try and avoid loans with a high interest rate when needing to take out a loan?
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Absolutely, loans with high interests rates means that you'll most likely be paying way more than you even originally received when you first applied for the loan. It's definitely good practice to try and avoid these loans, otherwise you may end up in debt.
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Interest rates are the first thing that one would check before going for a loan. We purchased our first home when interest loans on House loans were very low and we could easily afford to pay the monthly installments. Glad that we could close our loans in advance by putting some extra effort to save and pay off the debt. Living in debt, even with a low interest rate can be stressful. It feels like a big relief once we are debt free.
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It depends. If you’ve never had a loan before, taking a loan with a higher APR can actually help build your credit score giving you access to a loan with a lower APR as lenders consider the risk lending to you to be lower. But, I won’t just take a loan to build my credit score.
