The effects of taking loans

[Kinglegend01]

A loan is any amount of money obtained form a person or an organisation with the aim of using the money to increase your wealth column, improve your business,or even to take care of emergencies for the time period it is needed or requested for. In idealoghy the obtainmenent of loans often comes with the payment of interest which is the the money that is been charged the person obtaining the loan for the people insuring out the loan delayed usage or spending of the money. I think ordinarily the major difficulty or disadvantages of loans is the issue of intrest and late payment(defaulting). Recently these days, the loaner giver or the organisation giving out the loans have taken these avenues to not bully the recipients of these loans but they also charge exorbitant loans fees and most cases the defaulters are heavily purnished.

 

[btaliat]

One of the effect is psychological trauma the lender makes the borrowers go through. At times they go as far as tarnishing their images online. That's why I do encourage people to make sure that they borrow what they can afford they can pay. Don't borrow to consume. Borrow to expand. This is to make sure that you are able to repay easily.

 

[sincerem]

One of the effect is psychological trauma the lender makes the borrowers go through. At times they go as far as tarnishing their images online. That's why I do encourage people to make sure that they borrow what they can afford they can pay. Don't borrow to consume. Borrow to expand. This is to make sure that you are able to repay easily.

You're right btaliat, people face emotional and psychology trauma when they couldn't meet up loan repayment deadline. That's why to borrow what to psy back on time, is better off than not meeting up loan repayment deadline. One who doesn't earn weekly, monthly from other opportunities shouldn't just engage in taking loans, that's detrimental.

 

[Sotherefore]

the possible effects of taking you long to start up a business is the psychological depression which might actually affect a lot of people who are in this area,it might be very easier for you to take a loan but also at the same time it might be very difficult for you to return it,it is not advisable to do it at all , just raise money and start up your business.

 

[sincerem]

the possible effects of taking you long to start up a business is the psychological depression which might actually affect a lot of people who are in this area,it might be very easier for you to take a loan but also at the same time it might be very difficult for you to return it,it is not advisable to do it at all , just raise money and start up your business.

That's it, you spoke well. I don't see myself taking this loan for my business. Since i didn't take it when starting up one, i can't take it in the future i hope so. Anytime i owe debt, i always feel so embroiled. And i make sure i pay before passing in the front of the person. I don't like to be a debtor, it gives me the feeling of being at the state of apathy.

 

[Chibson]

I don't usually advise people to take loans before venturing into new business, this is because the business may not be successful and you will go into bad debt. I am not against established business taking loans because they have already known what he means to run a successful business and of course the loan will go a w long way in making their business successful.

 

[Vladv26]

There are both advantages and disadvantages of taking loans and you have to look at both of them and analyze it for your own particular situation in order to find out if taking a loan is good or bad.

The biggest problem I think is that most people take loans to buy materialistic things like a new phone, a new car that they don't necessarily need. And then they have to pay a couple months or even a couple years debts for that thing which they will only enjoy for a couple weeks or so.

 

[Alexandoy]

The effect of getting a loan is the pressure that gets into you every month for the monthly payments of the loan. Take for instance a housing loan with a term of 15 years. You have to pay the installment every month for that long period. It may cause an emotional burden and even your mental health may be affected if you are not really capable of paying back the loan.