Although saving is an important way to reach a financial goal, borrowing by using a consumer loan may also help you attain your personal financial goals. Consumer loans are an important part of achieving financial goals, particularly when the amount borrowed and the debt repayment requirements are well within the budget. There are a variety of consumer loans available for a variety of purposes.

Based on the topic, discuss the following scenario:

Scenario 1: A father worry about his daughter education fees. Find out what can he do to solve his financial problem based on the following statement:

1.One of the most legitimate reasons for going into debt is to pay for a college education. There are several federally sponsored, subsidized student loan programs available: Biasiswa Kerajaan Negri, JPA, MARA etc.

2.Installment loans are frequently preferred to single-payment loans because of the ease of repayment over time.

3.Consumer loans can be obtained from commercial banks, consumer finance companies, credit unions, savings and loan associations, sales finance companies, life insurance companies, and friends or relatives.