Coronavirus Cash Crisis: Should I Take Out A Personal Loan?

The video tutorial advises on the cautious use of personal loans, especially in desperate times. It suggests first listing essential expenses and exploring available resources before considering financing options. If necessary, a personal loan with a good credit score might offer a lower interest rate than credit cards, making it a useful tool for financial gaps.

Why does the speaker advise against leveraging payments on high-interest entities?

• Because it is always a bad financial decision.

• Because it is a sign of financial success.

• Because it can lead to unmanageable debt.

• Because it is illegal.

What should you do before considering financing options according to the speaker?

• Take out a credit card.

• Make a list of essential expenses and contact service providers.

• Invest in stocks.

• Ignore financial planning.

What is the first step recommended by the speaker before thinking about financing?

• Purchase luxury items.

• Apply for a personal loan.

• List your essential expenses.

• Increase your credit card limit.

What advantage does a personal loan have over a credit card according to the speaker?

• Higher interest rates.

• Lower interest rates.

• More reward points.

• Longer repayment period.

Under what condition might a personal loan be a valuable tool?

• If you want to increase your spending.

• If you have a poor credit score.

• If you want to avoid all debts.

• If you have a fairly good credit score.