Responsible borrowing is defined as having done a proper needs analysis and having considered the affordability and the cost of the loan.
Borrow responsibly, because by:
- You can afford the repayments since you have budgeted for these expenses.
- You have peace of mind and less worries about your finances/debts.
- You avoid over-indebtedness …
- You can build up a good credit record which makes it easier for you to get future loans from trustworthy financial institutions.
