Loans can be lifesavers — or financial traps. The difference? Knowing how to navigate them wisely. This post covers the 6 biggest loan mistakes people make, from borrowing more than needed to ignoring the fine print. These mistakes can cost thousands in interest or damage your credit.
Avoid these errors:
- Choosing the wrong loan type
- Not comparing interest rates
- Overlooking hidden fees
- Ignoring repayment timelines
Pro tip:
Always read the full loan agreement, and ask questions before signing anything.