There are times when you may need some additional financing for a large purchase or project, such as buying a car or renovating your home, if you don’t have enough savings of your own. Additionally, it’s always wise to keep some buffer savings in case you’re faced with unexpected expenses or simply need to spend a little bit extra. If you want to apply for a loan, you should calculate in advance how much you can repay each month. We don’t recommend taking out a loan if you’re already unsure whether you’ll be able to repay it. You also shouldn’t use a loan to cover your daily spending but instead cut your expenses so it matches your income.