Six questions to ask yourself before you take a loan
Before you sign anything, ask these six honest questions. A responsible-borrowing checklist from Lumo Loans.
By Lumo Loans editorial team · Updated 20 July 2026 · 4 min read
- Is this a need or a want? If it can wait, saving is cheaper than borrowing.
- What's the total amount I'll repay? Not just the monthly instalment — the full sum.
- Can I still afford it if something changes? A cut in hours, a fuel spike, an unexpected bill.
- Is there a cheaper option? Employer advance, family help, an existing insurance claim.
- Have I compared offers properly? APR is useful, but total repayable matters more.
- What's my plan if things go wrong? Who do I contact, and how early?
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Lumo Loans is a loan enquiry and referral service. We are not a credit provider. Any loan is subject to the credit provider's own criteria and affordability assessment, in line with the National Credit Act.