Generally speaking, getting a loan is often a last resort for individuals facing financial challenges. Even though loans have several advantages, for instance, you can use the money to generate income, they become disadvantageous under specific conditions. One major disadvantage is related to using loan money for none productive things, buying luxury items, for instance. Other disadvantages include overborrowing beyond one's repayment capacity, obtaining a loan without having a secure repayment source, etc. Getting loans requires careful consideration. It is not possible to generate immediate profit even when you invest, therefore, you need to have a source for repayment.
