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Are you going to take out a personal loan? Know what precautions to take

Resorting to credit implies some caution, even more so in an unfavorable economic scenario. The Positive Balance explains what you should take into account.

Taking out a personal loan can be a way to carry out a project, make a dream come true or respond to an immediate need in terms of health or home works.

However, and given that it is a decision with medium-term financial implications, you should consider whether it is really the best option. Even more so at a time when interest rates rise and installments increase.

Before taking that step, there are questions to ask yourself. For example, is this credit really necessary? And what impact will it have on my family budget?

Comparing several proposals before choosing and not hiding information about your financial situation are aspects to take into account when taking out a personal loan.

If you are considering taking on this financial commitment, be sure to read the Positive Balance articlewhere you will find all the tips so you can do it safely and responsibly.

7 precautions to take before taking out a personal loan

Before taking out a personal loan, it is important to be careful not to fall for scams and not to unbalance your budget.

See the 7 essential points in this article from Saldo Positivo.

Learn more about other contents of Saldo Positivo.

THE Positive Balance is Caixa Geral de Depósitos’ financial literacy website and aims to make life easier for the Portuguese with regard to money management with the regular publication of articles, news, guides and infographics.

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