Meeting Short-term Goals

Fulfilling needs without waiting for salary

Boosting Credit Score if loan is paid back on time

Managing Financial Emergencies

Interest on loan amount is higher

Repayment amount continues to grow with time

If not timely paid, can hurt your ability to take loans

You may fall into a debt trap if not careful

Points to remember

Borrowing money has merits and demerits

Borrowing money can alter your credit score which affects your ability to borrow money another time