Today's economy is in a crisis; jobs are scarce and people's finances are in dire straits.

There really is not much you can count on anymore. So, many consumers are taking out loans to pay their mortgage, car note, investments, and any other bills that may pop up. 

However, when you are getting a loan from from friends and family or large organizations, such as banks, remember these three tips to lessen the chance of being victimized and ripped off; all that will do is put you in a worse financial place, and that is the last thing you want to happen.

1.  First, before you procure a loan, take a look at your budget; make sure the payback amount will fit because you must be able to repay the money you borrowed. Receiving too high of a loan than you can handle will cause you to go into complete financial ruin. So, again, you must be able to afford the loan you take out. There are a variety of payment frequencies that differ between establishments: monthly, bi-monthly, weekly, quarterly, et cetera.

2.  Whatever person or lending institution you borrow from must be trustworthy, if not, you will find yourself in a world of trouble. For example, if you get a loan from a member of the mafia or a loan shark, and you are unable to pay it all back, you will probably face a terrible situation. Or, not paying back a friend or family member can destroy your relationship with them, possibly for life. Whoever your lender is, they should respect the rights you have as a loan borrower.

3.  Before you agree to anything or sign any paperwork, make certain you are clear about every aspect and condition of your loan. Watch out. Many places will try to sneak in hidden conditions, such as banks tacking on excess fees that could put you in a bad financial spot. Any person that borrows money is allowed to be aware and ask about all conditions of their loan. So, if you have any questions, do not hesitate to ask. It is not a privilege; it is a right.