8 Tips And Tricks For Using Personal Loans Wisely

Budgeting for Your Best Summer Yet?

Sidharth Vishwanathan, Chief Risk Officer (CRO) at KreditBee shares 8 tips and tricks on how best to use your personal loans

1. Set Goal Before Taking Loan

Slow down before spending too much. List your summer plans and see if a loan fits your budget.

2. Borrow wisely, spend carefully

Only get loans for necessities. Compare interest rates to keep your finances healthy.

3. Every paisa counts

Use personal loans only for essential costs like car repairs or medical bills.

4. Plan how you'll pay it back

Before borrowing, think through how you'll repay it. Make sure the monthly payments work with your budget.

5. Reduce credit card stress

If you're burdened by credit card debt, consider consolidating it with a personal loan for lower interest rates and long-term savings.

6. Stick to your budget

It's tempting to overspend during summer. Focus on creating memorable experiences with loved ones rather than creating debt.

7. Monitor your spending

This simple exercise can help prevent financial surprises and empowers you to maintain control.

8. Anticipate future expenses

Plan ahead for upcoming costs like back-to-school shopping or holiday gifts. By setting aside money now.