There are some key strategies to maximize benefits and minimize risks:

1. Assess the need:

   - Before applying for a loan, make sure it is truly necessary. Consider all available options, such as saving or redeploying expenses.

2. Determine the exact amount:

   - Apply for only the amount you need. Borrowing more money than you need can lead you to overspend and increase your debt unnecessarily.

3. Compare options:

   - Research different lenders and compare interest rates, terms, and conditions. Use online comparison tools to find the best deals.

4. Understand the terms:

   - Read the loan terms and conditions carefully. Pay attention to interest rates, fees, payment terms and any penalties for late payments or prepayments.

5. Plan for repayment:

   - Work out a realistic repayment plan based on your monthly budget. Make sure you can meet the payments without jeopardizing your financial stability.

6. Use the Loan for productive purposes:

   - Use the loan for investments that can improve your long-term financial situation, such as education, home improvements that increase your home's value, or debt consolidation with high interest rates.

7. Avoid using the consumer loan:

   - Avoid using the loan for non-essential consumer expenses, such as vacations, clothing, or entertainment. This can lead to unmanageable debt.

8. Maintain a Good Credit History:

   - Meet payments on time to maintain a good credit history. This will allow you to access better terms on future loans.

9. Consider Loan Insurance:

   - Evaluate the option of taking out payment protection insurance to cover loan payments in the event of job loss or serious illness.

10. Monitor your Debt:

    - Keep regular track of your debt and adjust your budget as needed to make sure you are on track to repay the loan.

By following these tips, you can make more efficient and responsible use of personal loans, protecting your financial health and avoiding long-term debt problems.

Translated by: A.M