using loans to pay other debt.

[funmi]

Some people did not know the main reason why they apply for loan at a times. They don't know that when they use loan money anyhow, it could back fire one day.
I have seen people who patronize two or more loan companies to off set their debt which may even plugged them into more debts.
There are some loan companies like gurumi,Seap,lapo in Nigeria. Some women, will collect loan from Seap to pay for the loan their are repaying at lapo, or Seap. This has not really helped them to fulfill the initial purpose of taking the loans.
There fore, I will advise people to stop collecting loans from two or more loan companies as this will plugged them into more debts. We should try to maintain one loan company to avoid embarrassment.

 

[Sammyesx]

That is like using a temporal solution to solve a permanent problem, the problem will always be there, it won't be an entirely bad idea though, if the person in question is just trying to buy time if there is a possibility of getting money elsewhere but needs sometime. That way the person is able to extend the loan period using other loan companies.

 

[Bookwormlux]

That is never a wise decision as it is just a case of adding salt to injury. It is better to work harder to raise money and repay the loan from one company than to collect another one to repay elsewhere. This is never going to help the individual as it only compounds the matter.

 

[Abigael]

I have ever done this sometimes ago. I would take a loan to pay back another loan. It was a really unhealthy way of using money and so I never had financial stability. When I managed to finally pay back all the loans, I promised myself to never go there again. Now I prioritize using my earnings to spend on my basic needs and dealing with my urges.

 

[sincerem]

I wonder why I'll simply take loans simply to service another loan borrowed. I'll only take loan for business have established long time that is up and running and bringing profit steady to expand it, and drive more sales. With such loan i can achieve it, but the interest repayment should not be much, if not i won't go for it.

 

[Alexandoy]

There was a time that I was overcome with debts left and right so I decided to get a bank loan. Fortunately a bank employee has a privilege of a personal bank loan with no collateral. I used the loan proceeds to pay off all my debts and I focused on the monthly installments that I paid for 2 years. Without that bank loan the interest on my debts would make me struggle with the payments.

 

[Cinderella]

I am currently working towards the payment of my loans. My goal is to have them fully-paid and concentrate in business and investment. I need to support my children in their studies so I have loans from different institutions. Because of these loans, my net take home pay had suffered. So as of now, since my children had already finished their studies, I am doing my best to pay my loans and be debt-free.

 

[Sherman198]

Borrowing some times can be unavoidable because we can be in a lot of problems that we will need to borrow. But I don't support using loans to payoff loans.

I can't really comprehend how that will eventually free you from the shackles of borrowing money. It's better to work and pay off your loans with the job you are doing than paying with another loan.

If not, you will only be in perpetual loan.

 

[Augusta]

Some people did not know the main reason why they apply for loan at a times. They don't know that when they use loan money anyhow, it could back fire one day.
I have seen people who patronize two or more loan companies to off set their debt which may even plugged them into more debts.
There are some loan companies like gurumi,Seap,lapo in Nigeria. Some women, will collect loan from Seap to pay for the loan their are repaying at lapo, or Seap. This has not really helped them to fulfill the initial purpose of taking the loans.
There fore, I will advise people to stop collecting loans from two or more loan companies as this will plugged them into more debts. We should try to maintain one loan company to avoid embarrassment.

I don't even see the need for this as you have stated it will plough one to more debt which for me it can bring more worries that one was I'm before. I prefer to borrow to start a business or buy an asset.but to borrow to pay in another place, it doesn't sound right to me at all.