What key advice is recommended by Old Doc White regarding consumer loans?

Checking your credit history before applying for consumer loans is a crucial step in the borrowing process. Knowing your credit history allows you to understand your creditworthiness, which lenders will evaluate when considering your loan application. A strong credit history can lead to better loan terms, such as lower interest rates and favorable repayment plans. Additionally, if there are errors in your credit report, identifying them before applying gives you the opportunity to resolve these issues, improving your chances of loan approval.

Moreover, being aware of your credit score can guide you in making informed decisions about the types of loans you should apply for and how much you can realistically afford to borrow. This preparatory step emphasizes responsible borrowing and helps individuals avoid unnecessary financial strain, ultimately fostering better personal financial management.