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The Disadvantages of Borrowing Money From Moneylenders
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[QUOTE="Holicent, post: 267144, member: 76163"] Moneylenders are a great source of financial assistance. However, there are some things you should consider before you borrow money from them. Here are the disadvantages of borrowing: You will be tempted to spend more than what you actually need. It is easy to spend more than what you have because most people live in an environment where they don’t have any limitations on spending. If you borrow money from a loan shark or a money lender, you will end up spending more than what your income can afford. You may not pay back the loan on time. When it comes to loans, everyone wants to repay them as soon as possible but this is not always possible especially if you have other responsibilities such as bills that need to be paid and children who need school fees for next year. You may end up paying high interest rates on your loan. The higher the interest rate, the more expensive it becomes for your finances especially if it is a long-term loan. For example, if someone charges 10% interest rate on his/her loan then they will earn 10% profit after one year while they only pay back their expenses. [/QUOTE]
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