Loans When you shouldn't take a loan

Augusta

VIP Contributor
I get to read about embarrassing stories online where people gets messed up by loan sharks when they can't pay back their loans. it can be image tarnishing for life if you allow this operators of loans to mess up with your reputation with your phone contacts.

The truth is that they will send tarnishing messages to their borrowers phone contacts when they do not pay their loans on time but don't deem it fit to retract those messages when they are paid. This means one image might be dented for life.

It is up to borrowers to be careful though and be sure of repayment before borrowing. So when do you think you shouldn't borrow money. see the below points.

Don't take a loan if you are flat broke

Avoid loans when you are not working, don't believe you would borrow also to pay back.

Don't take a loan if the repayment duration is too short for you to make the payment

Resist taking a loan if the interest rate is too high and you wouldn't have enough money for the interest rate.

whst do you think?
 

Kola

Verified member
When you take loans your mind will not be at rest and you always think and thinking too much is not good for the health.also when you borrow loan and you were not able to pay it can cause embarrassment such that they will disgrace you and it's not a good thing at all
 

Augusta

VIP Contributor
When you take loans your mind will not be at rest and you always think and thinking too much is not good for the health.also when you borrow loan and you were not able to pay it can cause embarrassment such that they will disgrace you and it's not a good thing at all
Exactly, a borrower is always at the mercy of the lender and it become even worse when the borrower begins to delay payment then the lender can become gross and do some embarrassing stuff. So if one can there shouldn't be any borrowing but if there should be, be sure you can pay back before borrowing.
 

Jasmine

VIP Contributor
Do not take a loan to buy luxury items, for example always avoid loan to buy cars. Take a loan only to fund something that will give you return. For example, you can get a loan to buy a house because when you buy a house, you don;t have to pay rents and the amount you used to pay as rents can be used to pay back loan. Do not take personal loan, repaying personal loan can be really had because you will be using the loan money on personal things and not on something that will give you cash return
 
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