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Funding a business
Why do people fail to payback their loan?
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[QUOTE="Ayuba Ernest, post: 231530, member: 70169"] People take up loans for different reasons. Most to start up their business, others to complete projects or other problems. But the truth is most people who take up loans fail to pay back in due time. Other never really got what they planned for causing a failure to loan repayment in the due date. Here are some of the reasons why I think people refused paying up their loan. 1. [B]They might be afraid[/B] We take loan not because we want to, but because we had to. Loan is the last thigh that comes to someone's mind and if taken and not executed well, you might find it hard to repay back. Most lender get scared and terrified when they think they're incapable of repaying back. This makes them take series of actions they aren't suppose to take. Some will pay off a minima amount and hope the other would be forgotten even in years to come. 2.[B] It might be a deliberate act[/B] Most people find it really hard paying loans they've acquired not because they don't have the money or means to do so, but because they're used to collecting loans and not paying back. This is a very bad and inhuman behavior and one should be punished when caught. 3. [B]Confusion[/B] Confusion can be another reason. Before thinking of getting a loan, you should have a means or source of income which you would make use of to pay back in the case everything crashes. A detailed plan should be made on how to use loans collected and prevent further problems and confusions. Confusions can arise from failed plan or other causes, this could keep lenders from paying back at a due date or rather, thinking of running away without paying back. [/QUOTE]
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Why do people fail to payback their loan?
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