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Personal loan
Disadvantages of loans.
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[QUOTE="Ralphjoe, post: 69921, member: 23616"] Loans generally are a good method to source for funds but they are fraught with so many problems that can discourage a potential loanee. The banks that are the highest creditors when it comes to loans has to put some mechanism in place to encourage more people to take loans as people are really scared of taking loans these day. Some of the reasons that makes some people refrain from taking loans are as follows; [B]High interest rates[/B] This is one very disturbing disadvantage of taking most loans, it comes with an interest rate than is off the roof most times. Paying back the principal on it's own is an herculean task, then adding the high interest makes the total amount payable to be very difficult to pay. This reason is why most people don't take loans. [B] Collateral condition[/B] All loans comes with the condition of collateral. Collateral is an asset that an intending debtor must keep in the hands of the creditor that in the situation that he/she defaults on the loan payment, the creditor can seize that asset and sell it off to offset the loan amount. This makes taking loans a very risky venture [/QUOTE]
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Disadvantages of loans.
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