Topic: Bad impact when You carry out Online or Offline Loans on an ongoing basis (Read 1116 times)

Adverse effects that occur to the borrower if the loan is not used in a profitable place, the consequences of the loan need to be considered before applying for a loan from moneylenders or banks that use an interest system. Urgent needs require someone to take out a loan when there are no other resources that can be monetized, many of the negative impacts of loans being used in inappropriate places.
Developing a business is one of the best ways to avoid the ongoing risks of interest-based loans. The profits from the business can be paid in installments to repay the loan in stages.

It all depends on the purpose of the loan that we are doing, if the purpose of the loan is to be productive, of course it will be detrimental, but not if the purpose of the loan is for positive things, such as developing a business or starting a business that is believed to provide benefits.
But of course what's burdensome is if there are high interest rates, but I don't think it will have a big effect if we can use the loan for a positive purpose.
And if the purpose of the loan is for things that are not important and you have to pay and the interest, of course it will have a very bad effect on the economy of our life, that is very detrimental.

Loans should have 2 different options. You should use them for consuming (ONLY necessary goods) OR you should be using it to benefit from opportunities given on stocks market, gold market or real estate. If someone is using loans to go holiday etc that's really terrible. Also only banks should be used to take loans. There are loan sharks out that would damage your life permanently if you ever appoint. I know life can be hard to deal with economically but we should all work harder and learn more.

Good advice, being wise and being practical will avoid you to have a problem in the future, loans should be treated as additional resources to expand your business, if there's no emergency better to keep yourself away aside from taking it for business affiliated reasons, else if you are just going to use it for doing something that temporary give you comfort the after-effect of your loans will affect you hard in your financial capabilities.

I do use pay later services on ecom sites (like Amazon and other local one), but I just use them to increase my credit score, and pay the due soon after product's delivery, refunds are faster when you use these so that's one of reason to use them.

That aside, I have also felt the temptation to use these services to buy items out of budget, however so far have succeeded in resisting the temptation. These services can be either boon or curse depends on how you use them.

The habit of being in debt is a bad habit and it seems that you have felt that way in the past, so you can more easily give advice on this matter after feeling it in the past. I also quite agree with what you are saying because taking on debt without sudden necessity or taking on debt that is not used for things like business is clearly not a good thing to do, especially if it can become a habit for someone in his life, of course he will always experience difficulties. and can be shunned by the people around him because of these habits.

Anxiety and burden in paying debts will only be felt by those who are unable to pay or do not intend to pay at all after being in debt. But for those who intend to pay and have the ability to pay I don't think there will ever be too much anxiety or burden for it. Because some people who make debts are to make sure their business continues to run perfectly by not forgetting their way to repay them to the people who have given them money.

Never heard of a thing called addicted to loans!
Regardless of loan addiction being in existence if someone is getting loans regularly then it simply means they are paying them off and lender trusts the recipient to do the same for any new loans.

It only gets bad if paying them off becomes a problem because you have lost or lack the discipline to do so!

Unfortunate circumstance for the fellow, but issues of such confrontation usually borders around bad communication such that even the lender fails to get through to such a person and when the two meet its always drama and fireworks 🎆

There are good debts and there are bad debts. Issues where your mental health is affected because of loan an individual collected and is unable to pay back may be classified into the bad debts. A loan taken to buy liabilities will surely result in bad debt. It is crucial to count the cost when taking a loan online or offline. The loan taker should consider the time frame for repayment, the interest rate, their plan on repayment, and alternative to taking a loan.

Except for those who are lazy and want to get rich quickly by borrowing money to gamble, the rest do not want to borrow money because everyone knows it is a burden they have to pay. But sometimes, life doesn't turn out the way we expect, and borrowing money can sometimes be helpful in some cases. As long as you have a goal and a plan before taking out a loan, getting a loan will be a good thing as it can help you deal with more pressing issues. Some people even consider borrowing money as a motivation to help them not forget to work hard because they always know that there is still a debt waiting for them, they don't have time to play around.

A lot of people make the mistake of not thinking about the long-term consequences of constantly taking loans and piling up interest, all they think about is the current situations where they must be stuck in something and urgently need some money to get out of it, some even take loans for their gambling thinking they will win a significantly high amount with the borrowed money and then repay the loan with it ignoring the fact that they can also lose the money.

I have a relative who does the same thing every time, he takes loans from loan-providing services online and gambles with it, loses the money and when the time reaches for repayment, he takes another higher loan from another source and repays the current loan and gambles with the remaining money, and now, he is stuck because he has stuck because the interests from the last loan are piling up and he has no way to repay it.

   

So far, I only had to take out two loans in my life and I am still paying one back today. The whole experience of applying for a loan and paying interest on it for such a long time is not pleasant for me and I hope too never do it again. I got the loans from my local bank so I have no experience with taking out loans online, but I would expect it to go more quickly and easily. That could be a problem, if you get access to a loan too easy the chances of getting used to it is high and it might be difficult to stop again. The issue with loans is that some people take them out for unnecessary things and spend the money quickly. Getting used to living above your means is a dangerous situation, that is why borrowed money shouldn't be used for normal consumption each month. It's easy to get used to spending more money than we actually have and once our new habit of a more expensive lifestyle is formed, it will be hard to get rid of it again. The mother of a good friend of mine is using her overdraft almost every month, she buys new clothes every month and spend so much in bank and interest fees over the years. We tried many times to convince her to stop, but it’s an addiction by now. Don’t rely on other peoples money, better to first save and then buy the things we really need and want

If you dont like burden then skip and avoid loans and this is actually give some headache afterwards but if you are really that in need or having that plans on expansion specially on your business but you do fell short on funding then having that kind of business loan on which i could say that its a type of loan on which i could say to be that considerable. As long it would be giving out that positive results like revenue or income then i could say that getting a loan is really worth it but on the time that you are just taking a loan on buying up something or some liabilities then it wont really be that something that wise on doing so.
Having those bad impacts would really come next in line since you would really be paying up some interest with those loans aside from the principal amount. Be wise always on taking up some
actions specially if its really that connected in terms of money.

Is that even a thing or some term you just came up with “eternal debt”

The loan business has become a very big business in recent times and it’s not easy for one yo go a day without having some of these loan apps having to flash there loan offers through ads on your screen.

What’s most daring is the ease at which one can acquire this loans. As little as just your cellphone number for some and you’re good. This is creating more and more problems for most individuals as you would find them taking more loans than need be even, when they don’t want it and don’t have the capacity to pay.

It’s a problem that needs resolution. Loan companies needs to slow it dow, get proper criteria for giving loans and not harass innocent and good minded citizens around the globe.

Learn to avoid taking loans in the first place. While it may be useful at some point, but it has more negative impacts in your life if you fail on its trap. And worst, if you suddenly lost your source of income, you will face a lot of troubles just to repay your debt with its high monthly interest.

Loans are very inflexible. It’s like you are paying the price from the loans you personally create. And if you fail to pay for it, you will have an increased debt load which I think will eventually make your whole life turns into a mess.

If being use wisely yes, it will help to generate an income source starting capital but if not, taking loans can be added to your burden and without enough resources you will continue to add more and it will just repeat itself, better to think about it before making any decision in terms of doing this kind of setup, loan for a good purpose is understandable but if being used to other things that not help or only for physical luxury then it will turn to a liability.

Even though it is your own brother? The story is always different we must be more careful to make loans to others, this is difficult to pay back if it is due.

Stay away from loans life will be calmer. More pressure if you do not pay on time it will be a problem in your life, but when lending money to others should choose a good friend who can pay back appropriately.
Whatever you want, it's better to save first.

Yes not only and see it around her I also see how someone becomes bad because of loans, they can not pay people do not believe anymore so it is difficult if it will be helped again.
Simply work, whatever the results it should be in gratitude to enjoy life more simply.

Well, as we know, in general, loans will really help someone when experiencing things that cannot be predicted, meaning like an emergency fund. Someone and most everyone will take that path in conditions where they really need fast funds. But sometimes I see that there are also those who take advantage of this opportunity, borrow for various reasons as if they were in a very urgent condition, then they use the money for things that shouldn't be done, or are uncertain, such as for a gamble. Cases like this have happened a lot and many of them have also felt the negative effects, such as stress due to being in debt and there are even some of them who have to enter rehabilitation. For myself, I will only be an honest person by using loan money as needed and will not create various reasons just to get a loan.

Borrowing money is never considered a good thing to encourage, but sometimes it is useful for many situations and not everyone who borrows money will be addicted to borrowing or unable to repay a loan. I also went bankrupt and didn't get anyone's help, if I hadn't borrowed the money, I would probably have ceased to exist and would not have been able to start from scratch to get where I am today. Borrowing money is not quite as bad as what you are describing. But borrowing money requires a reasonable repayment plan, and those loans should be used for useful things, not for useless things.

The example you gave can be a lesson for us in the future to be more careful in debt. Borrowing is not prohibited, but owe enough to be able to pay it off. Because the habit of having debt is dangerous, if you don't have it, don't force yourself, don't force yourself to owe it, because one thing that is dangerous about being in debt is that it will become a habit and without realizing it, we will easily get into debt for things that are not important and over time it will be the way out of all the problems it faces.

See how many debt traps there are today with pay later, 0% DPO, low interest, low installments, credit cards, and so on. Everything is tempting, but remember that the pleasure you get from debt will not last long, it will be replaced by anxiety and the burden of paying.

A loan is required when you require funds but do not have enough surplus. You should only take a loan if you intend to use it for productive purposes or to purchase an essential affordable asset that you can repay in instalments over a reasonable amount of time. You should never take a loan for speculation or taking risks.If you are in need of any urgent unavoidable Real costs, you can rely on us to help you get through the problem. If you have a good idea or a fresh concept that you are confident of marketing, borrowing money to make it will be a wise move.