Is paying back a loan easy for you?

Khezo

Active member
There are lots of people that involve themselves Into acquiring loans. I personally believe taking loans is not a good idea at all. I can never advise anyone to go for a loan. Taking loans are very easy to do, but repaying them is always the problem. After using the loan money for what you want to do with it, you will still end up removing the money from the same business to pay up.

So what's your opinion, is paying back a loan easy for you.
 

IamDozzy

Active member
Paying back a loan is never easy for anybody especially when the interest rates are high paying back then becomes a burden. This is the main reason why it is advisable to never be desperate when seeking a loan form a bank or an individual. Time should be taken to accurately study the loan agreement and if one is comfortable with it, the person should have a well structured plan that would lead to servicing the loan.
 

eojo2401

Active member
It is advisable not to take loan to start a business, most especially this time around that most of the nations are facing economy recession. I have some people that took loan late last year for the establishment of a particular business. But unfortunately the business was not picking up because of the effects of pandemic. Lol and behold, they have spent the whole loan on something else, which means they will surely find it difficult to pay it back.
 

Chommyluv

Member
It is always easy for everyone to borrow money but paying back is always causing a serious hitch. To me I hate owing money because that is where my heart will always be at all times. This makes it easy for me to always make proper loan repayment plan. I have acquired a loan that was supposed to take me 12 months to pay back but I made sure that I finish the payment within 9 months.
 

Alexandoy

VIP Contributor
To be frank, the loan is good only when you receive the proceeds. But come payback time it is not easy. We are lucky to have paid off our home mortgage for a duration of 8 years. It was not really easy but we have to pay the installments every month otherwise the bank may repossess our home. Now we are free from debts.
 

Samuel72

Verified member
It all depends on what you use the money you loaned to do, if you loaned money and use that money to invest in a business and the business is successful, it will be very easy for you to pay back that loan because you have good source of income but if you use the loan to do something else it will be very hard for you to pay back the loan.
 

funmi

Verified member
Paying back loan is not an easy task most especially when it is not used for business. Even when you use it for business, it is only when the business is really working fine that it can be easy to pay back. If the business is slow then paying back loan will be very difficult. At times,some people even borrow money to pay back loan.
 

btaliat

VIP Contributor
When loan is collected for a good purpose especially to expand business, it will be easier to repay it back. That's why I do advice people to only obtain loans that they are very sure of repaying. This will not give much stress while paying it. Because to be frank, it is not always nicer experience while repaying loan.
 
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