Loans Be Cautious while taking a Personal Loan

[raaman]

Today, personal loans that meet our needs are easy to get. However, it would be a mistake to think that the ultimate personal loan is good. No matter how careless you are they will put you in a debt trap.

There are lots of banks that advertise attractive offers. However, it is not a big mistake to take a loan when the interest rates are low and you need it for a short period of say five or six years.

But experts say that getting a loan to buy large items or going on excursions can have serious consequences in the future. So what to look for when taking a personal loan? You have to learn how to deal with it.

 

[Bookwormlux]

That is a common habit of people who have no sense of financial discipline at all and would always spend their income on liabilities. It does not make sense at all to ever take loans just for the purpose of meeting some kind of luxurious lifestyle that our monthly or weekly income cannot take care of. It is better to invest loans in assets and make profits than to use them for personal needs that could have been delayed.

 

[sincerem]

No matter how such loan might be tempting I won't take it. I know how detrimental it is when the deadline elude me, that will result in penalty which I've always avoided in my life, and in still avoiding to date. My siblings went ahead to collect loan that is more than 50% interest from an online loan app. Which is causing sleepless nights, I can't see myself undergoing such.

 

[Augusta]

No matter how such loan might be tempting I won't take it. I know how detrimental it is when the deadline elude me, that will result in penalty which I've always avoided in my life, and in still avoiding to date. My siblings went ahead to collect loan that is more than 50% interest from an online loan app. Which is causing sleepless nights, I can't see myself undergoing such.

This has always been my stance whenever I'm approach by this loan agents I try to only go for things that will not stress me. Loan is one stressor if you can't pay back when you should have. Then the interest rate which is always high is another one. I'm always mindful of this. Personal loan taking can be tempting but we need to apply caution

 

[Sherman198]

Loan is not something to toil with, no matter how small a loan can be, it's still a burden. All these loan firms never wishes you to pay back your loan time. Because if your loan time expires, and you couldn't pay back on time, then the interest on the loan starts increasing. I think we need should think very well before getting any types of loan.

 

[sincerem]

This has always been my stance whenever I'm approach by this loan agents I try to only go for things that will not stress me. Loan is one stressor if you can't pay back when you should have. Then the interest rate which is always high is another one. I'm always mindful of this. Personal loan taking can be tempting but we need to apply caution.

Caution needs to be applied. And we don't need to seek for loan when we don't have genuine reasons for it, we should have reasons first which is tangible enough before applying for loan, and not just applying for taking care of personal problem, and taking care of food too. We should always take loan we can afford to pay on time. O can't take loan when I have no genuine reasons for it.

 

[Chibson]

It's not always advisable to take loans, because it is situation whereby you are unable to pay back you will definitely sell your valuables in order to meet up with such. I have seen a situation whereby people take loans to start businesses and could not be able to pay back and from there they are businesses crumbled and of course they went into huge debt which is very bad for any individual.

 

[Augusta]

Caution needs to be applied. And we don't need to seek for loan when we don't have genuine reasons for it, we should have reasons first which is tangible enough before applying for loan, and not just applying for taking care of personal problem, and taking care of food too. We should always take loan we can afford to pay on time. O can't take loan when I have no genuine reasons for it.

You are on point, sometimes if we can do without this loan then so be it. No need accumulating debts that is absolutely unnecessary. Of course that is what loan hidden means. Debt that you would need to pay back later. So if it isn’t about business expansion is better to leave it

 

[sincerem]

You are on point, sometimes if we can do without this loan then so be it. No need accumulating debts that is absolutely unnecessary. Of course that is what loan hidden means. Debt that you would need to pay back later. So if it isn’t about business expansion is better to leave it

If it isn't about business or other form investment that will yield better result financially, then it isn't worth it. We need to spend money wisely and not borrowing without proper use if the money. I don't borrow money cos of the implications involved in such kind of risky loan taking. I prefer saving gradually until I meet up with what I need the money for.

 

[Mataracy]

To take loan I do not see as a bad thing especially when you have a tangible thing to use it for .But one just need to be very careful when the interest is too much because it can affect the business. Sometime when you see yourself and there is no option the next thing to do is to take load and use it well.

 

[Augusta]

If it isn't about business or other form investment that will yield better result financially, then it isn't worth it. We need to spend money wisely and not borrowing without proper use if the money. I don't borrow money cos of the implications involved in such kind of risky loan taking. I prefer saving gradually until I meet up with what I need the money for.

Well stated, it should be about what can be used to get more money outside that I don’t see why anyone should get a personal loan then at high interest too. Loans should be for a capital insensive projects that would be commercially executive, anything other than this should be avoided

 

[sincerem]

Well stated, it should be about what can be used to get more money outside that I don’t see why anyone should get a personal loan then at high interest too. Loans should be for a capital insensive projects that would be commercially executive, anything other than this should be avoided

Yes, I agree with you somewhat. It should be manly on business if we believe that we can make profit out loan taking. If we aren't sure about our chances when it comes to loan taking, we shouldn't gamble with our time cos at the end it will be very detrimental and regretful that's why we need to think twice before accepting to start business using a loan.