There are times in most people's lives when their
wallet isn't big enough to cover some surprise expense.
You can find yourself a little short without realising
how it happened. If you do need to borrow money, you
need to take many factors into consideration before
How much do you need to borrow?
How soon do you need the money?
How soon will you be able to repay, and can
you afford interest?
What is the nature of the expense? Is it
necessary? Is it urgent?
Do you have friends or family from whom you
could borrow reasonably?
Will your job give you an advance on pay?
What are your existing debts, and can they
and new debt be managed simultaneously?
When should I borrow money?
Borrowing money is a wise practice when you know that
you certainly can pay it off, with interest, at the
end of the lending period. The longer the loan, the
more you need to be certain that you're keeping to a
payment schedule, so job security is also important.
A loan should last long enough for you to save the
money to repay it, and be saved primarily for urgent
needs that cannot wait, like car repairs for example.
Borrowing from friends and family is always an option,
though sometimes risky. When you don't want to strain
relationships with those close to you by bringing
money into the equation, borrow money from a certified
The most important thing when it comes to borrowing
from a lending company is paying back, in full and
with interest, your loan. Not only is it a part of
the contract you will sign and a legal obligation,
but also failing to do so can result in penalties.
What if I can't repay?
This is something you should avoid if at all possible.
This is a question you need to ask yourself before
borrowing any amount of money. The consequences for
failing to repay on time can be very serious and
long-lasting. Some lenders will charge late fees,
further compounding your financial problems. Others
do not charge fees, but still will negatively affect
your credit score during when you miss a payment.
Miss enough payments and your lender will put your
debt to a third-party collection agency that will be
persistent in retrieving the dues.
For more tips on borrowing money take a look at
our "Clever Borrowing" video below.
Borrowing money with Sunny
At Sunny, we make certain that borrowing money is a
simple, easy process. That said, remember it is something
you should think carefully about. We try to provide
complete honesty and transparency in all of our policies
and our application. Explore some of the features that come
with borrowing with Sunny and compare them to other