Taking out any loan is a huge decision. Some people do not think very hard before borrowing money, but you really should. You need to consider the consequences of doing so.
You will have to make monthly repayments which will have to come out of your household budget. Think about where you will cut back in order to be able to afford this. You will have to find this money every month for the whole of the repayment period and therefore go without something for that period of time. Will you realistically be able to manage?
You also need to consider the cost of the loan. It is very expensive and you have to decide whether it is really worth it. There are some emergencies where you would have no choice, perhaps if your family will be evicted or have a utility cut off without it. However, most situations are not dire emergencies and there may be other ways that you can cope.
It is worth thinking hard about the consequences of taking out the loan and how it will affect you in the future. Think about how the money will help you but also how the repayments will hinder you and whether it is something that will work for or against you. You need to carefully weigh up the advantages and disadvantages of the loan and decide whether it really is the best thing for you. Look at alternatives as well, which could be cheaper or better for you.
It is also important to compare different loan companies, once you decide to go ahead with a loan. You will find that their costs vary and this could make a significant difference to how easily and quickly you pay back the loan. Do not just compare the interest rates though. You need to calculate how much you will be paying back in full and also consider what the cost might be if you are late with a repayment or have to reduce how much you are repaying each month due to a change in your circumstances. Hopefully you will be able to stick to the agreement and pay it back but you may find that things do not go as planned and so it is a good idea to be prepared for the worst, just in case.