While some people have a candid reason to collect a loan, it Should still not be a habit in the lifestyle of the people. A loan is a borrowed money and most have interest attached with it. There are things to look out for while considering a loan: how much do I need? what will I use it for? how long can I pay back? will i also make money with this loan? Now, if this loan is collected and you want to use it to travel it is now a dept, moreso because you don't have a means of paying it back. It was not profitable.
It is preferable that when you collect a loan, you have a handiwork or skill that you want to invest it in to make gain, here you can pay the loan and still have your business booming.
All rounder, loan should not be considered in anything because the outcome of not paying back is dangerous. A person in loan will lose all his/her collateral, he/she could be indepted for life, he/she could die of heartattack or fear of not been not able to pay it. It would be a great loss if what they intend it for did not work out well, and many more consequences.
Loan is not a good thing to partake in and no one should develop that as a lifestyle in life.
It is preferable that when you collect a loan, you have a handiwork or skill that you want to invest it in to make gain, here you can pay the loan and still have your business booming.
All rounder, loan should not be considered in anything because the outcome of not paying back is dangerous. A person in loan will lose all his/her collateral, he/she could be indepted for life, he/she could die of heartattack or fear of not been not able to pay it. It would be a great loss if what they intend it for did not work out well, and many more consequences.
Loan is not a good thing to partake in and no one should develop that as a lifestyle in life.