Identify and understand what you need the money for, make sure it is something very important and that you are able to meet your repayment obligations.
- It is best to talk to your employer about taking out a salary advance if they are willing and can afford it and arrange payment terms with them rather than taking out a loan with friends which might cause you to end up borrowing more than what you need and paying a very high interest rate.
- If you need to borrow from a loan agency, make sure that you go to a legitimate loan agency and that interest rates are reasonable.
- Remember to NEVER USE YOUR PASSPORT AS A COLLATERAL.
- MAKE SURE YOU HAVE ENOUGH MONEY TO PAY FOR YOUR MONTHLY REPAYMENT DUES TO AVOID HIGH INTEREST RATE SURCHARGES AND PENALTIES and avoid re-loaning unless the interest rates of the new loan are much lower.