Is it a good idea to borrow money to payback a loan?

[Emmatyking]

We use different things to improvise a situation that has a negative impact on us. You can use debt to settle debt in as much you know your way around it. Debt is business is not a strange thing but provision must be made for it.

 

[Samuel72]

according to my own point of view as a well experienced business man I don't think it is good for someone to borrow money to pay back on other money but still it all depends on what you're up against if you collected a loan from a bank and the time given to you is already due and the bank is about to sell out the collector you gave them because of that loan I suggest you can as well borrow money from somewhere to pay back the loan because of your collateral

 

[Adesam]

I think it is not a good idea to borrow money to pay back loan because if she is finding it difficult to offset the initial loan, what makes her think that by acquiring another with the intention of using it to service the earlier one will make any difference with additional interest? She will end up compounding her problem than solving it by incurring additional interest on the loan

 

[Janiya]

seriously I still never understand that why people are doing such kind of work which is really bad for self like why they are taking loan that in coming days they are not able to pay this they should try to avoid taking loan so in ke in future they will never stress full that they will pay money to someone taking loan is really bad because you know that you have to return the money after some time and you even know that you are doing such kind of work which is not giving you profit at any condition for some time so taking loan and then borrowing money from other to repay the loan this is such a bad work for me as I never did and never understand that were people acting like this we should stop and reject doing this type of work because it is not a self satisfaction work.

 

[Abigael]

Borrowing money to pay another loan is not a good idea at all. But sometimes people have to do it in order to avade some bad consequences of not paying back the loan. But in real sense, the best way to pay back a loan is to work hard and earn money so that you can settle it. It is even best to have a plan on how to pay back the loan right from the moment you are taking the loan.

 

[Chommyluv]

I've see a lot in this life, while I thought some there were bad ideas and some are normal. There is another incidence I witnessed recently. This happened in a particular cooperative society I belong to. A woman came to borrow some money with the hope to start her repayment the following month but to the surprise of the society the woman refused to show up on the repayment day. The society committee appointed some people to go and bring the woman and she came it was obvious to everyone that she borrowed the money to settle a bank loan she had obtained somewhere else. This got me dumbfounded and I kept asking within myself whether the woman did right or wrong.

To her she did the right thing but to others its wrong, have seen such cases before, its now rampant. They are in debt because of the loan they took from bank or some social groups, they will be on her neck instead of looking for a way out of it, she will go and borrow from another group, creating problems for herself.

 

[Alexandoy]

We call it re-structuring the loan when we borrow money to pay back an existing loan. Usually the new loan is longer in term like 1 or 2 years to pay back the existing loan that is on a shorter term. But if you are taking another loan because you have neglected the first loan then that would put you in a trap. Sooner or later you will drown in debt.

 

[Olajidey]

There is nothing bad there, especially if you borrow from the bank and if you don't return the money for a certain period of time you might forfeit your house or car which is not up to the loan amount, so the best thing to do is to borrow another money from other organisation or family and friend so you can avoid losing your properties.

 

[Snazzy001]

It can be a goid idea at the moment, but the question is when are you going to pay once and for all, will you continue to remain in debt.i hope its not even the kind of debt that requires you to pay interest on paying back.i am afraid you shall continue to remain in debt

 

[Setfragil]

It is not good idea to borrow money to pay back a loan but when every options have been exhausted to pay back the loan you can borrow money to pay back the loan to avoid embarrassment and litigation. It will save you somentime to restrategise on how to get money to back the loan. Though, it is not a good idea but it is the solution to a difficult situation.

 

[marcusfe]

I've see a lot in this life, while I thought some there were bad ideas and some are normal. There is another incidence I witnessed recently. This happened in a particular cooperative society I belong to. A woman came to borrow some money with the hope to start her repayment the following month but to the surprise of the society the woman refused to show up on the repayment day. The society committee appointed some people to go and bring the woman and she came it was obvious to everyone that she borrowed the money to settle a bank loan she had obtained somewhere else. This got me dumbfounded and I kept asking within myself whether the woman did right or wrong.

 

[Victor001]

If you can pay back it's fine to borrow,if the needs you want to meet is urgent you can borrow.but it should not becoming a consistent habit, I see people borrow money to pay for another borrowed money. Which is definitely wrong. You wouldn't have peace of mind,you will loose balance and focus.you will become a burden to your self.

 

[Daykas]

I've see a lot in this life, while I thought some there were bad ideas and some are normal. There is another incidence I witnessed recently. This happened in a particular cooperative society I belong to. A woman came to borrow some money with the hope to start her repayment the following month but to the surprise of the society the woman refused to show up on the repayment day. The society committee appointed some people to go and bring the woman and she came it was obvious to everyone that she borrowed the money to settle a bank loan she had obtained somewhere else. This got me dumbfounded and I kept asking within myself whether the woman did right or wrong.

With the look of things she had no other options that why she took that step.
But to be candid it not a polite step or right thing to do.
If she had borrow another loan from somewhere else to finance her business it would have been better.
But borrowing loan to pay another loan is the worst decision have ever seen or heard off.

 

[Adetayo100]

I can never be a loan guarantor to anyone because if the person default in the loan it is you they hold responsible, anyone that want to take a loan should go to the bank and seek for loan from them, instead of going for a loan you can always go to your family or friends circle to help you in your times of financial struggles, at least if you can't pay back in time no one will harass you at all.

 

[Adetayo100]

It is a very bad idea to borrow money to re pay or service a loan, i strongly advice against it, where does the circle ends, you will still borrow another one to pay for the one you borrowed again then the list will be endless and all this loans are coming with intrest. What you can do in such a situation is to plead with you lender to give you additional days in order to pay off your loan instead of borrowing from another source.

 

[IamDozzy]

It is a very bad idea to borrow money to pay back a loan. It will just be an unending cycle of you borrowing to pay back loans till you can borrow no more. Also this would give you a very bad credit rating which is not what you will want as a business owner. What can be done is to plead with the lending institution for more time to be given or alternatively, you can meet your friends and family to either dash you the money for repayment or lend it to you so that you can pay when it is convenient for you.

 

[eojo2401]

The action of the woman may be right. May be all her efforts to renegotiate the repayment schedule with the bank proved abortive. and the default penalty by her bank may not be friendly. That's why find alternative to pay the bank loan first. Who knows either she's took the said loan from lapo microfinance bank.

 

[Planet408]

I don't really buy the idea of borrowing money anywhere. Except in a situation whereby it is just unavoidable to borrow money. If you can avoid it, simply avoid it. A lot of people borrowed money that landed them into regrets. I advice you work hard and save up money to start the business you have always desired to start. Just start from somewhere.

 

[Chibson]

The topic of the thread is somehow funny. Borrowing money to pay back money is still is borrowing and of course you are still owing someone. In this scenario if the person you borrowed money for us he is at your neck telling you to give him his money, you can still borrow from another person and pay him but bear it in mind that you are still owing someone. I actually advise people not to borrow money they can't pay back because it will lead to a lot of negative effect both mentally and psychologically.

 

[Segat]

Borrowing money to pay loan is a bad idea that should be totally discouraged, however, if the interest on the loan is fast accumulated than expected, a soft loan whose interest is minimal could be considered. But as a business oriented person borrowing loan to put in something that will not bring any return is not a wise decision.