Loans Will you consider taking a loan of 60% interest rate within short term period?

[sincerem]

I don't like the notion of taking loans for whatsoever. In as much as I say, I don't like engaging myself into loan, it doesn't mean, it will stay like that for me till time immemorial. Challenges unfold might occur in the future that is too demanding that might attempt me hard wanting to take loans to solve the pressing needs.

Even those who are into business at times, take's loan to keep their business afloat. Their are some points when some entrepreneurs have no choice but to take higher loan that carries high interest just to stay on with their business. But going for high interest rate of 60% is detrimental for any business initiative to repay back within short period of time.

To be frank with myself, no matter how such kind of need might press me so hard I can't take a loan that requires me to pay back with high interest of 60% within short period of time. I can consider loan repayment interest ranging from 5%-10% for short term period.

 

[Mandy96]

Oh no that is so not advisable to take a loan of 60% interest rate?.. I mean what is the good thing about that?.. I call that legitimate scam.

 

[Good luck]

It is not ideal or advisable to get such exorbitant amount at such rate.60% rate is quite outrageous and unreasonable to borrow at that amount.If at all one wants to borrow at such amount,it should be a long term not at short time that will be hard for one to pay back easily.It is not a good idea at all.

 

[sincerem]

It is not ideal or advisable to get such exorbitant amount at such rate.60% rate is quite outrageous and unreasonable to borrow at that amount.If at all one wants to borrow at such amount,it should be a long term not at short time that will be hard for one to pay back easily.It is not a good idea at all.

Yes, if its a long term loan, it can be somehow fair than demanding for the user to pay back within short period of time. My sister is a victim to such. An online loan company charged her 60% interest rate for a lowly amount of money to be paid within one week. Which makes it the more outrageous.

 

[Good luck]

Yes, if its a long term loan, it can be somehow fair than demanding for the user to pay back within short period of time. My sister is a victim to such. An online loan company charged her 60% interest rate for a lowly amount of money to be paid within one week. Which makes it the more outrageous.

One week is not ideal for such loan.l am even thinking of a month or two,that was my interpretation of short term while my long term is around one year or two.normally weeks loan shouldn't be more than ten to 15% interest rate.It mean the company is not reliable and they are unfair to customers.60% is quite unreasonable and outrageous to me.

 

[sincerem]

One week is not ideal for such loan.l am even thinking of a month or two,that was my interpretation of short term while my long term is around one year or two.normally weeks loan shouldn't be more than ten to 15% interest rate.It mean the company is not reliable and they are unfair to customers.60% is quite unreasonable and outrageous to me.

Dear I was shocked when she told me that. The demanded for the 60% interest rate which is total bizarre and unreasonable when it comes to mortgage loan repayment interest charges. Had it been is about $100 they borrowed here, it would've been to pay $160 within one week, that's very poor.

 

[Alexandoy]

Pardon me for this comment but it is crazy to get a loan with 60% interest even for 3 to 6 months or even 1 year that rate of interest is usurious. The lender can be in hot water when the borrower complains. Usually they are private lenders who are opportunists. Those who are badly in need of cash are their victims.

 

[sincerem]

Pardon me for this comment but it is crazy to get a loan with 60% interest even for 3 to 6 months or even 1 year that rate of interest is usurious. The lender can be in hot water when the borrower complains. Usually they are private lenders who are opportunists. Those who are badly in need of cash are their victims.

Yes, those who are badly in need of cash can be attracted to such kind of high demand of interest rate. My sister entered into such high interest rate, she borrowed funds from an online borrowing company only to realise that the company us charging 60% at last gasps during repayment. She had no option but to request it that way cos she was in dire need of money as at then.

 

[funmi]

Taking a loan that is up to 60% is very outrageous! Especially when you are to pay back within short period of time. It is a no no for me.Even taking a loan of 10 to 8 percent is not that easy when it comes to paying back. Many people find it very difficult to pay back loans even at long period of time lets to talk of the loan that will take a short period of time. It is not advisable.

 

[Mataracy]

Through this issue of taking loan that one s up to 60% interest within a short period depends on individual that want to take it. I say this because some time many people might find themselves in many problem which needed urgent attention and when there is no other option again the next thing is to take that particular loan to solve the problem on time.

 

[sincerem]

Taking a loan that is up to 60% is very outrageous! Especially when you are to pay back within short period of time. It is a no no for me.Even taking a loan of 10 to 8 percent is not that easy when it comes to paying back. Many people find it very difficult to pay back loans even at long period of time lets to talk of the loan that will take a short period of time. It is not advisable.

It is unacceptable dear. Even me wouldn't enter into such, even if my bills wants to swallow me, looking more and Kore pressing. I can't still consider such kind of loan option instead I'll go begging my neighbours to help my with some funds. Or leading or flipping my property yo carter for such pressing needs. Already I know I can't stay and have such kind of money challenges. That's why I pray to my grand creator never allow issues of such magnitude finding me.

 

[anil02]

I don't like the notion of taking loans for whatsoever. In as much as I say, I don't like engaging myself into loan, it doesn't mean, it will stay like that for me till time immemorial. Challenges unfold might occur in the future that is too demanding that might attempt me hard wanting to take loans to solve the pressing needs.

Even those who are into business at times, take's loan to keep their business afloat. Their are some points when some entrepreneurs have no choice but to take higher loan that carries high interest just to stay on with their business. But going for high interest rate of 60% is detrimental for any business initiative to repay back within short period of time.

To be frank with myself, no matter how such kind of need might press me so hard I can't take a loan that requires me to pay back with high interest of 60% within short period of time. I can consider loan repayment interest ranging from 5%-10% for short term period.

All business have their own risk. For a moment if we think that for some unseen reason we couldn't pay loan amount on due date because of loss in business. What will be our situation, Interest amount added every moment even when whole world is sleeping. No one can earn in any business with loan on this higher interest.

 

[Kendy]

Since the experience I had encountered because of obtaining loans from a traditional bank, I became determined that I would not take any loan be it low yielding or high yielding. 60% interest rate is too much and exploitative. I do not think that the interest rates of banks is as much as this rate. How can I take such loan or even advise anyone to do so? Taking such loans will leave you in a state of depression and you will not be able to strike an equilibrium between maximizing profits and repayment. You might even loose customers indirectly because your mindset would be influenced to hike your prices and by doing so, customers would look for a less costly products or services to patronize.


Most loan companies that have such interest rates are mainly online loan apps and you will still see people trooping in despite the fact that their security details are not guaranteed. The reason most people patronize these loan apps is because their procedures of obtaining loans are less rigorous and the loan can be approved within a duration of 24-48 hours. Also, these online loan apps do not offer collateral or request for guarantors in most cases.

 

[Abigael]

When taking a loan, it is best to see the interest rates being offered. Some loan lending institutions usually put their interest rates insanely high. Which will cost you too much money when paying back. Personally, I can never go for a loan that has such a high rate of 60%.

Such a high interest rate and a short time of paying back is so unrealistic. The loan lending institution is exploiting the people alot. I wonder if there are people who take such a loan. It must be because they are really desperate to get the money. Or just being guided by the urge to have money.

In such a situation, it is so much better for you to look for other ways to get the money. You may borrow from family friends as they may not have such high interest rates. Alternatively, if you can, it is best to stay patient and earn the money you need yourself.

 

[anil02]

In India no one bank is charging such high rate of interest, Here it maximum 15% PA. Some unauthorised private financer is charging this interest rate. I think charging 60% PA in unfair and not justified rate. No one can earn this amount of interest. For business we must take loan at minimum rate of interest.