Loans Is it good to obtain loan to throw up party?

kayode10

VIP Contributor
Do you not surprised about the question I ask, most people in my City obtain loan to throw up big and lavish party.

The major reason why they are doing this is to impress others and show that they are well popular.

I often wonder why they do this because it does not make sense to me. When I was discussing this with someone. I was told that they are doing this just like a business venture.

The person told me that those who are doing the party usually receive gift in terms of money. So they are going to use part of the money to pay back the loan.

I would like to know about your opinion on obtaining loan to throw up a party.
 

Sotherefore

VIP Contributor
Hmmm, this is a difficult question but what I always advise people is that they should not get a loan to do something that will never be profitable to them especially if they are not hundred percent sure of a potential profit in what they are getting a loan to do. You might get a loan to start up a business yes but not to get a loan to involved in any gambling.
 

Good luck

Verified member
I will not advise someone to acquire a loan to throw a party,it will ba at a loss because if you think that your invited guests will give you gift that will cover what you spend then you will find yourself to be blame.You can only seek for money from individual that will not require payment of interest at the end.
 

btaliat

VIP Contributor
Unfortunately, in my country, this is the easiest loan that is obtainable. Though I won't be quick to decide whether it is good or not. It depends on the personality. I know someone who borrowed a huge amount for party and he refunded everything as and when due. If you have the capacity of repaying the loan, no qualm.
 

Jonaville

Active member
There are a lot of things to obtain loans for. But using it to throw a party? Really? That is extravagant and seriously unnecessary. But then, if you have a confirm means to pay it back in time, why not? The burden is on you after all, the responsibility is yours alone
 

Bashbash

Active member
Taking a loan to throw a party is a very dangerous game such as wedding , birthday party etc you marry a with a loan you will need to pay back after the wedding with other expenses such as food, nepa bill s,and other expenses and you didn't meet up,it will begin to furstrate your life that is what is causing divorce this days.
 

Abigael

Valued Contributor
If throwing a party actually earns you money in terms of gifts or people paying an entrance fee, then that could be a great business. Then taking a loan to do so is not a bad idea at all, as long as you are assured of a good turnout. But if the party is just a luxurious one, then that is a bad use of money.
 

Jasmine

VIP Contributor
You should get a loan only for two purpose, one to invest in something that will earn you more than what you are going to pay as interest on your loan, two, to buy things (a house for instance) that you cannot buy on your own. Getting loans for parties is a foolish thing.
 

Sodiq

Active member
@kayode10 This sound funny to me personally, I doubt if any rightful individuals can do such. Acquiring a loan for investments or for business purpose is not bad and it is totally acceptable but taking a loan just for the purpose of party is not ideal. And also who exactly obtain loans for mere party in this century? Imagine obtaining a loan for a birthday party, or obtaining a loan just because you are holding a get together party. Who is going to pay back the money you obtained, is it the guest or who your friends?

Howbeit, obtaining a loan to organize a party is a wrong idea.you should stay far from it.
 
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