Do you find it hard repaying a loan?

Bookwormlux

Well-known member
In the year 2020 when I just secured admission into the university, I needed money to buy some course materials in my faculty so my roommates introduced me to a loan application where you could request for one and receive it immediately. There was no need for any documentation, collateral and other legal actions. They only asked for my bank account number and they gave me the money immediately after I submitted my banking details.

There was not anyway they could trace me and request for the money, because I did not give them any personal details. However, I was always not feeling happy anytime I remember I have not repaid the loan. This kept on going on till early this year when I finally decided to settle the loan after receiving my payment from bizdustry.
Since then I feel happy because I settled the loan.

How about you, do you find it hard repaying a loan? What comes to your mind when you remember that loan you are yet to repay?
 

Josemendez

Well-known member
First , I think you were quite fortunate to get the loan without submitting personal details that could serve as collateral .
Now coming to being unable to pay back loan , I think this will only happen when the loan was gotten without collateral .
Consider , someone borrowing a loan worth $3 and using an asset worth $5 for securing the loan . Do you think that he or she will be reluctant towards paying the loan ? , I don't think so. The bottom line was that the company that have out the loan had nothing on you ,and as thus you were a bit comfortable not paying back the loan.

In general , it is right and ethical that ,before borrowing a loan , one should have a good plan as to how he will repay back the loan. This will help him succeed in paying back the loan and securing his collateral .
 

Bookwormlux

Well-known member
First , I think you were quite fortunate to get the loan without submitting personal details that could serve as collateral .
Now coming to being unable to pay back loan , I think this will only happen when the loan was gotten without collateral .
Consider , someone borrowing a loan worth $3 and using an asset worth $5 for securing the loan . Do you think that he or she will be reluctant towards paying the loan ? , I don't think so. The bottom line was that the company that have out the loan had nothing on you ,and as thus you were a bit comfortable not paying back the loan.

In general , it is right and ethical that ,before borrowing a loan , one should have a good plan as to how he will repay back the loan. This will help him succeed in paying back the loan and securing his collateral .
You have said it all, it is unfortunate to see how some people just take loans with no plans of making good use of It or investing it with the hope of making some returns with time. Some even spend borrowed funds extravagantly, and when the time for payment reaches, they would still resort to begging family members and friends to help them pay back.

All legal lenders need to make sure they collect necessary information that would help them Track defaulters who may want to outsmart them.
It is also not good to give out loans to individuals without making them to provide a colateral. The collateral is what give them the motivation to repay the loan.
 

Jonaville

Well-known member
I personally haven't taken any loans so far. But I know people who have, and to be honest, it wasn't easy for them. This I mostly because their reasons for taking the loan have not been fully met. Maybe they thought their business will bring great yields and returns, but they ended up getting disappointed. Some ended up selling their assets, tose who don't have assets are jailed.
 

Abigael

Well-known member
I also get so uncomfortable when I have not paid any loan that I have. It is only after I have settled it that I get to relax. The last two years have been very uncomfortable years for me financially. I was in campus and I would get tempted many times to take loans in order to meet some of my needs and wants. Paying them was hard due to low income as I only depended on my parents and the little I earn from online work. So towards the end of last year, I had more free time to work online after graduating from campus. My earnings increased and I was able to pay all my debts. Since then, I have been so relaxed and not planning to take loans anymore.
 
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