What do you think about loans?

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Photo by Frederick Warren from Unsplash


Today I was having a discussion with a couple of friends and the discussion spiraled towards the topic of loans . I'm privileged to not have taken any major loans that have affected my life, I've always had just enough to do what I need. But I have seen a lot of people whose loans have sucked them and made their life difficult. They run from pillar to post looking for how to pay off their loans, and oftentimes even take more loans in order to pay off other loans and it all becomes one huge debt because they keep on accumulating interest.

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At times I wonder why such loans were taken in the first place, and what the plan to pay the loans back was. I for one believe that before one takes a loan they should and must know how they intend to pay it back. If you're not sure how to pay back, you most definitely should not take the loan.

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Another thing that baffles me is when one takes a loan on something that's not a need. Imagine taking a loan to throw a party or like one of my friends said "drink Coca-Cola." After the temporary enjoyment one is left with regret and a debt to pay off. When it comes to taking loans one should take loans to buy assets and not liabilities. In my opinion taking a loan to buy a car is not so much a good idea unless the car will save you expenses and possibly even generate money. Though there's plenty of variables that will come into play with this.

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And at times one could actually do everything right but unforeseen things may happen. Let's say someone takes out a loan to start a business which they are certain would generate a lot of income, but after a while something happens and the business is wrecked. The person is now left to pay off their debt. This is a very painful situation but loan companies and banks don't want to hear that. They expect their money and interest to be paid in full on or before their deadline. This is why when taking a loan one must expect the best but prepare for the worst.

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With all that's been said, loans are not all bad. They've helped to relieve financial pressure a lot of times. Some people are rich now simply because they took the right loans and bought assets or started businesses, with money from loans. Lives have been saved with loans. In the end, like all things loans are to be taken sensibly and in the right way, and they could be a very good tool towards financial freedom. What do you think about loans?

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Firstly, my experience with taking loan wasn't a healthy one and if I should have my way, I wouldn't consider it again unless on a solid sure condition that it will turn out well 🤩, however taking loan for a
liability is an error 😉

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I totally understand you, taking loans can be very scary especially if what you took them to do falls apart.

however taking loan for a
liability is an error 😉

A very big error

!PIZZA

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Taking a loan is a risk. If we get a large amount and can't pay it back we have a huge loss and also become embarrassed about that loan.
We should be careful in taking loans.
Thanks for sharing.

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Yes, taking loans should be done wisely, and one must be careful not to take a loan that they're unable to pay back if things back fire.

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(Edited)

PIZZA! PIZZA!

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Loan is not a bad thing but we just need to plan how we can use it. Taking loan is easy but repaying it would be the problem as some people do not plan for it properly.

I cam from @dreemport

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Exactly, proper planning is the difference between a loan being good or bad.

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when i come to taking a loan, I do give it a good thought first and it is better to have a means of paying back first before taking the loan like a collateral you can see incase things didnt go as plan, also what you want to use the loan for is really important

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(Edited)

Yes one shouldn't take a loan they won't be able to pay back...If you're not using the loan to better your life, just avoid it altogether.

Thanks for stopping by

!PIZZA

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Loans are necessary if you want buy a house for instance. I had the luck to be able to loan at a very low rate. With the current inflation, you could say that my loan is making me money now… So, in some cases loans are money makers!

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Oh, that's nice. You know loans like that are very helpful so one doesn't have to take too much from their pocket at once. And in your case inflation could happen and it helps you even more :)

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My Thought about Loan is DO NOT TAKE LOANS. The borrower is always slave to the lender 100%. Win a grant, competition, lottery or Hope the lender looses memory forever... The world is spiraling down, hence one thing I'll advise my generation is no to Loans. Lovely article B0s.

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Well you may be right, but I still think strategic loans from the right place could be really helpful.

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In cases of health emergencies or definite profit from business, sure.
Strategic is the word indeed👌

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The availability of loans was to easy the loads of some but over time, the wickedness of humans have crept into it. We collect loans and end up running away or we deceive people to take loan without letting them know the consequences of not paying on time.

Nice writeup Sir B0s 👍, dreemport brought me here.

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Yes nowadays especially over here, we see plenty "I'm not making my peyment" type of people. Especially with those loan apps which give out small loans to people instantly. And then you have friends and family who convince people to borrow money from them knowing fully well they may not be capable of paying back. And then fights and legal actions start

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Yes oo, that online loan app is a very good example of people not wanting to pay their debt. They think since it's online it's okay to delay their payments but it's even more scary than the offline loans.

It's really surprising how you borrow money to someone when you know you can't afford to lose it, I'm not a fan of lending money to people because they hardly pay back. I just support you with the one I can spare than borrow you and end up being enemies with you.

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They think since it's online it's okay to delay their payments but it's even more scary than the offline loans.

Hehe, they message all the persons contacts to tell them they're oweing, then they call everyday with various threats.

I just support you with the one I can spare than borrow you and end up being enemies with you.

Exactly, rather than ruin the relationship with arguments about paying back debt, just help out and if you can't don't.

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Yes, I received a call recently self from one these online loan companies, they told me that a friend of mine borrowed money from them and that he yet to pay 😂😂.

That's just the best oo, but there are some people that want to suck you dry of the money you have by insisting you should borrow them, that the one you want to give to them won't be enough. At the end, they will be the one calling you wicked person for going to draw your own money 😪😏.

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Obviously if can avoid loans then so much the better. We all know about robbing Peter to pay Paul!
Popped in from dreemport tonight, have a great night:)

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Obviously if can avoid loans then so much the better.

Yes of course 😁

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hehe yes unless a football club for players 🤣🤣🤣

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