It’s a good feeling when we know that we are able to pay for everything we have to pay for on our own. However sometimes, when something unexpected comes up or you simply want to spend more money than you have on a certain item, we will naturally want to lean towards taking out a loan.
Loans are extremely common and can be a huge benefit in someone’s life. However, it is important that before applying for a loan, you fully understand how they work. Not understanding how they work could lead to poor planning for paying it back which can result in a variety of consequences when missing a payment or even defaulting on the loan.
This month’s “It’s a Money Thing” video is targeted towards teaching you all the basics about taking out a loan. Find out about the different types of loans and how they all work. Surf’s up dudes and dudettes!