You must always avoid getting loans because you will end up paying a lots of interest in the first place and this is never a great thing. Interest increase your debt in an unimaginable manner.
Ever had to take out a loan to help pay for something?
- Thread starter Ravenfreak
- Start date
You must always avoid getting loans because you will end up paying a lots of interest in the first place and this is never a great thing. Interest increase your debt in an unimaginable manner.
Actually I have taken loans more than once to be able to pay or solve some issues which was an emergency for me. I was in short of finance when it happened and thanks someone came to my aid.
I never have but I have considered it when I was having teeth issues and was in between insurance. I ended up waiting it out a few more months and got my insurance though. Luckily, nothing was made worse by waiting.
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Well, in such kind of cases, there should be a way to deal with problem. I think that you must try to prevent the problem in the first place. Never borrow a huge amount of money that you won't be able to pay back.
I have never done something of such nature.
I always make plans and I always try my possible best to eliminate loans in my plans.
I always make plans and I always try my possible best to eliminate loans in my plans.
I borrow a really small sum of money from my family members sometimes. Usually, I borrow around $5 to $10 when I do not have enough sum of cash in hand. This is because I know that I would be able to pay that much amount back.
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In all honesty it is not something to be comfortable about, as it is not really good and also puts a lot of dent on your financial life as you would not be able to plan yourself properly.
I would always try my best to pay the loan back in case if I have ever borrowed it. But I would definitely try to avoid loans in the first place. In case if I ever needed to borrow money, I would consider interest free loans.
Taking loan from an online merchant is a no go area for me, because of the high charges that are involved on this sort of platforms and they even put you at more depth than you meet them.
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The thing with loans depends on the interest rate. I try not to take out any loans unless it's for something I really need to pay, either bills or something to do with my work. But it's something I advise not doing often. And I recommend doing it through a bank or credit union if you're in the US. Because I am not very trusting of those alternative loan services you can find all over the place online and elsewhere. I feel it's much more safe with a bank or credit union.
The main problem now is that now there are many loaning apps that have made people addicted to taking loans. People must stop using such kind of applications.
Yes, I have a loan that I take out yearly around Christmas time to help pay for the costs of Christmas and I pay it off at a price I know I can afford weekly. This has been something I have done myself now for around 7 years and had no issue doing it this way it always really helps when it comes to Christmas and the extra spending that comes with that. I refuse to take any other loans or do any other borrowing though when it comes to anything like that as I know if I were to, I would struggle to pay it back and I would not want to get myself in that mess.
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The problem is loans with high interest rates. I think that people must focus on obtaining interest-free loans from people. This may also include borrowing money from a friend who might be willing to help.
This is a very delicate situation you are cute in and I do not blame you for taking loans from this online merchants because of the situation you where in, but the interest rate from most of this online merchants is usually exorbitant
Interest rates are one of the main reasons why I do not borrow money at all. Interest rates are charged on credit cards and this is why I prefer cash payments all the time.
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If a business does not charge you with interest rate, then how are they supposed to make profit from you, as this is the core of their business interest except you are borrowing from a friend
There is one thing about going for loans,the thing is that if you have the means as a business you will not go for such loans,but one thing is that you should be able to pay off your loan when it is due.
I think borrowing and taking out loan are almost the same thing. I have once takes out money from a friend though intrest charges are not applied to help settle out some emergency issues that came unexpectedly.
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Yes, borrow money and getting loans are definitely both the same things for sure. However, if you borrow money, you have to pay interest until or unless you get interest-free loans.
Yes, financial education is very important. It's not everybody that know how to manage their finances. And like you said, it's the reason why companies hire managers. If you let a financial illiterate person to manage your business, the business will crumble.
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