Bad impact when You carry out Online or Offline Loans on an ongoing basis - page 3.

xSkylarx

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Quote from: Davian144 on July 28, 2023, 03:34:04 AM

Quote from: odunybiz on July 24, 2023, 06:11:55 PM

Loan can be so useful. This depends on what you want to use it for. Most of this successful business man and woman leave on loans. Loan can be taken for business purpose if you have a good means of paying back.

Loans can indeed be very useful if used for business capital with good goals along with long-term development goals for the business. Because someone will not be wrong to make a loan if the goal is for business, but until now there are still a small number of people who also make loans for things that are not a business, so this step is a very wrong step because in the end they will experience more difficulties in their life. Whether it's financial difficulties as before, or difficulties for those who have to pay off loans they've made before.

Though other people have no choice but to take out a loan because they can't buy the things they need, Though I don't say that a loan is good, let's say if you don't take out a loan to buy a laptop or PC, you won't have it unless you are very disciplined to save that amount and buy it in cash (which sometimes I have a hard time with), and others take out a loan to build a house, and they are saying if they don't take a loan, they will die saving their money before they can build a house. Though it is still not that advisable, if, with purpose, you can pay it on a monthly basis, then there is nothing wrong with it.

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Constantly taking out loans is not a good idea. It leads to a never ending cycle of debt as each loan usually comes with interest & fees that need to be paid back. You’ll end up in financial stress with an inability to meet future financial obligations. Relying on loans can ruin long term financial goals such as saving for retirement or purchasing a home. It is important to carefully consider the implications of taking out loans & look for other options before making such decisions.

Davian144

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Quote from: odunybiz on July 24, 2023, 06:11:55 PM

Loan can be so useful. This depends on what you want to use it for. Most of this successful business man and woman leave on loans. Loan can be taken for business purpose if you have a good means of paying back.

Loans can indeed be very useful if used for business capital with good goals along with long-term development goals for the business. Because someone will not be wrong to make a loan if the goal is for business, but until now there are still a small number of people who also make loans for things that are not a business, so this step is a very wrong step because in the end they will experience more difficulties in their life. Whether it's financial difficulties as before, or difficulties for those who have to pay off loans they've made before.

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Quote from: Juse14 on July 27, 2023, 01:20:39 PM

it all comes back to you personally how do you manage the loan money, if you use all the loan money just to meet your daily needs, then you should never be in debt if you don't want to be miserable later let alone make loans to conventional banks or online loans with interest relatively high. Because it is clear here that your income is proven to be unable to meet your needs, if you are in debt, where do you want to pay the interest and installments while your income is not sufficient, what you need to do is expand your business, not your loan.
Unless you borrow money to increase or expand your business, that's fine because the loan you borrow rolls back so you won't be confused about paying the loan and interest. And it is precisely with this loan that it can be an impetus for the business development agreement that you are doing.

So is it a negative loan or not. it comes back to you personally how you manage the loan, whether it's a short term loan or a long term one.

I agree with your points. Personally, I only take loans when I have to buy something that my family and I needs urgently. I also take loans if an emergency happens and my savings wouldn't be enough to cover it. Lastly, I took a loan for business before and now it is fully paid off. I think it is very vital to ensure that even if we take loans we still have the means to pay it.

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Quote from: odunybiz on July 24, 2023, 06:11:55 PM

Loan can be so useful. This depends on what you want to use it for. Most of this successful business man and woman leave on loans. Loan can be taken for business purpose if you have a good means of paying back.

But it's not for everyone, some conditions must be considered in getting into debt for business. if indeed we feel that we have our knowledge and our soul as entrepreneurs already feel very good and even much better than most people, it's okay for us to be in debt. And vice versa, if we don't have knowledge or ability with business, it's better not to have the slightest debt. because it is feared that in the end, we will not be able to pay it so in the end we have to pay off debts by borrowing again.

Quote from: Raceonsucced on July 24, 2023, 10:44:25 PM

Under these conditions it is natural that many people borrow. But if borrowing continuously is not good. Many debts will only be hit by worries because they have to pay. So in my opinion what must be applied is to be good at managing money. When borrowing, you have to think about the risks first, and when you have your own money, you have to pay it off little by little so as not to accumulate debt, and then don't borrow money again to pay off debts.

In my opinion, loans for primary needs are called debt, but loans for developing a business are called capital. The point is that debt should not be used for consumptive things such as debt due to lack of money or debt because you want to buy luxury goods, unnecessary shopping or credit, and so on. But if the debt for business is never wrong, but of course there are lots of considerations. Lots of entrepreneurs take advantage of debt to do business, even the state takes advantage of debt.

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it all comes back to you personally how do you manage the loan money, if you use all the loan money just to meet your daily needs, then you should never be in debt if you don't want to be miserable later let alone make loans to conventional banks or online loans with interest relatively high. Because it is clear here that your income is proven to be unable to meet your needs, if you are in debt, where do you want to pay the interest and installments while your income is not sufficient, what you need to do is expand your business, not your loan.
Unless you borrow money to increase or expand your business, that's fine because the loan you borrow rolls back so you won't be confused about paying the loan and interest. And it is precisely with this loan that it can be an impetus for the business development agreement that you are doing.

So is it a negative loan or not. it comes back to you personally how you manage the loan, whether it's a short term loan or a long term one.

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Quote from: xSkylarx on July 13, 2023, 08:30:24 PM

If we could just not take a loan, it would be better, but again, there are times that it is needed because we need that money and we don't have a choice, but first we should see if our salary is still enough to pay it, and if not, then let's try not to take that loan because it will just make branches like what you've said, taking another loan just to pay it. If we are just taking out a loan to buy expensive phones or stuff, then I think this is not a good choice. With a loan, you just save and buy it in cash.

When there is no other course of action and you have to expand your capital then taking loan is not a unpleasant aim but if you once loss that amount then taking loan repeatedly in such a need to return back and to make more money then this will become your habit which is surely a bad habit.

If you have 100 percent indemnification regarding any business that you will make more money by investing in business then take loan otherwise avoid loan as you can.
You are right that taking loan for buying such materials which is not a type of investment like you are buying expensive mobile for yourself for time pass is not good idea but if you are using mobile for online business then you can do it because through online business you will earn lots of money in very short period of time but it will depends on type of business and your efforts.

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Quote from: rachael9385 on July 25, 2023, 10:39:16 AM

Quote from: Fredomago on July 25, 2023, 09:00:04 AM

On that first statement about online loaning, it's not true that no one will haunt you after you get that loan, there's no free money and for sure it will hurt your credit once that loan reflects to your account, or something that treat loan the with credit score, and regarding to your second statement about offline loaning, yeah better to think before taking that loan, make sure that you have enough expected salary to cover the loan and the interest.

Else, those companies will haunt you and will do everything to make sure that they will get it whatever the cause of their actions.

Yes you have a point here but you know one thing, those people who do collect online loans are having a different mindset from yours, there thinking faulty is very different from yours because they haven't seen any victim's. Some of this loans platforms are been controlled by the government especially in my country, here in Nigeria it's somehow different some loan platforms are not like the other, if your loan is not cleared they will call you to pay.

That's actually common way of making you pay thru online loans, if you haven't pay the loan in time of course there would be consequences such as the interest will increase or your credit score would be reduce things like that. If you still haven't pay yet they would call you already asking you to pay. When they feel like you're not going to pay those loan of course they could contact the management you're working for asking you to pay where they could reduct the loan from your salary. Since when you're going to take a loan they would ask for your income and where do you go to work, they could also interview you if you're salary could meet the standard for taking a loan. They couldn't just go to your apartment and ask you to pay but they have alternative ways for you to pay back the money you borrow.

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Quote from: STT on July 23, 2023, 02:19:14 PM

Quote from: adaseb on June 30, 2023, 11:14:42 PM

Everything is built and supported by debt these days. And these interest rates are really going to hurt a lot of people when it unravels.

Thats the big qualifier, the debt long term secured can be a positive when balanced. So most obvious justified debt is getting away from rental costs and buying a house using debt long term.. This can still go wrong as base rates in my life time have been 15% even in major economies this is always a possibility lurking on the horizon. The ideal is a fixed long term rate. Not many credit cards have this so its dangerous to borrow, across an entire economy it can lead to collapse.

This true for many cases and it is already happening mate. Statistically speaking every banking system is on delicate balance where they could literally fall from one angle into irreversible debts itself.
There are various products of banks such as credit cards, loans with different types of ways to avail them, debit cards, FD and RD. It might be limited by my knowledge but there are definitely more than this.

Speaking of which if you see the stats of Credit Card debts itself then it is on the verge of reaching $1 trillion. It's huge debts man, even on the banking scale.

Quote

Even though there was no growth in the first quarter of 2023, credit card balances have risen by $130 billion since the fourth quarter of 2021. Americans’ credit card debt is $59 billion higher than the record set in the fourth quarter of 2019, when balances stood at $927 billion. Thanks to rising interest rates, stubborn inflation and myriad other economic factors, it’s likely just a matter of time before credit card balances surpass $1 trillion for the first time since the New York Fed began tracking.

This is what amazes me, how things are running just on tipped balance.

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Quote from: rachael9385 on July 25, 2023, 10:39:16 AM

Quote from: Fredomago on July 25, 2023, 09:00:04 AM

On that first statement about online loaning, it's not true that no one will haunt you after you get that loan, there's no free money and for sure it will hurt your credit once that loan reflects to your account, or something that treat loan the with credit score, and regarding to your second statement about offline loaning, yeah better to think before taking that loan, make sure that you have enough expected salary to cover the loan and the interest.

Else, those companies will haunt you and will do everything to make sure that they will get it whatever the cause of their actions.

Yes you have a point here but you know one thing, those people who do collect online loans are having a different mindset from yours, there thinking faulty is very different from yours because they haven't seen any victim's. Some of this loans platforms are been controlled by the government especially in my country, here in Nigeria it's somehow different some loan platforms are not like the other, if your loan is not cleared they will call you to pay.

That's logically right, you have the loan and you need to pay it that's the whole idea of allowing you to process that and for you to agree with the terms and interest behind that loan, you are liable and that advantage from the loaning company to have access with the government, that's their edge and the very reason why they are not afraid of letting you to barrow the money, they know that they are well-protected, not sure if what's the ground but for sure they always have that upper edge in that particular setup.

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Quote from: Wimex on July 23, 2023, 01:26:38 PM

Quote from: icalical on June 30, 2023, 07:54:16 PM

~

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Just like money in general Debt is not always a bad thing, it only become bad if you are not using it properly

You may be right, although as far as i am concerned it is much better to get into an investment than into a debt, one will get you out of trouble over time and the other will only bring you more worries than you possibly already have, so studying the panorama from all perspectives, that is, both legal and illegal, the conclusion i opt for, like many people who have commented, is to avoid it at all costs and be aware so as not to have to fall for lenders of any kind. However, i would like to emphasize mainly those that are handled without the authority to execute these movements, since i characterize it as the worst of both cases, since requesting a loan from these entities, whether physical or online, is one of the biggest mistakes that a person can make, the number of scams and the problems that they can get into can go beyond the circumstances that made them make that decision, since normally individuals who work as lenders illegally are usually ruthless and tend to involve their victims by raising exaggerated interest so that they can never finish canceling said debt, turning it into an infinite commitment that transcends generations... a fact that i consider unfortunate for those who had nothing to do with it.

I actually I have funny story about this, and you may wouldn't believe believe me but it's happening in my country. Many people are purposefully taking loans from those kind of illegal online lender, and they purposefully defaulting that loan, since those lender are illegal they can't sue those people who are defaulting the loan, all they can do is calling the loaner phone number and their relatives' number, it's still pretty scary and embarrassing I guess but still better than going to jail.

rachael9385

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Quote from: Fredomago on July 25, 2023, 09:00:04 AM

On that first statement about online loaning, it's not true that no one will haunt you after you get that loan, there's no free money and for sure it will hurt your credit once that loan reflects to your account, or something that treat loan the with credit score, and regarding to your second statement about offline loaning, yeah better to think before taking that loan, make sure that you have enough expected salary to cover the loan and the interest.

Else, those companies will haunt you and will do everything to make sure that they will get it whatever the cause of their actions.

Yes you have a point here but you know one thing, those people who do collect online loans are having a different mindset from yours, there thinking faulty is very different from yours because they haven't seen any victim's. Some of this loans platforms are been controlled by the government especially in my country, here in Nigeria it's somehow different some loan platforms are not like the other, if your loan is not cleared they will call you to pay.

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Currently online loans are the most crowded because of their convenience and in just a matter of minutes the money is immediately disbursed, but this also has risks if you are unable to pay it.
making an online loan must also be accompanied by good planning and preventive steps that have been prepared. Because there will be a risk that you might get if you later fail to pay, because you will be terrorized with constant calls, some even using offensive language. In addition, because they have a database of your contacts, they will not hesitate to embarrass you by calling all the numbers listed in your contacts and this is very embarrassing for borrowers. In addition, accounts or identities will be tarnished for any loan platform.
And offline loans have a high interest risk and you have to think about it carefully before doing it, especially thinking about your income with installments that must be paid.
and my advice is to try not to make online or offline loans and if it's really important it's better to sell something to get it done, and after that you have to have extra income or a side job so you don't get into debt and can also solve your financial problems.

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Quote from: rachael9385 on July 25, 2023, 01:32:17 AM

The rate at which people get loans is turning something else, I have seen several cases were some sets of people collects loans online, but the funniest part is they don't pay back when time due, they don't pay back because they don't have the money but because they thinks its a free money and no one will come looking for them or whatever.
Offline loans causes trouble, and I will not advice some body to give out a loans to a person who's not well capable of paying back, there's a case I overheard Frome some set of persons sayong, some body collected a loans of about 3 million naira which is equivalent to $3,787 and the person ran away because he can't afford the loan and the interest, I will advise anyone to take a loan that he's/she can pay back.

On that first statement about online loaning, it's not true that no one will haunt you after you get that loan, there's no free money and for sure it will hurt your credit once that loan reflects to your account, or something that treat loan the with credit score, and regarding to your second statement about offline loaning, yeah better to think before taking that loan, make sure that you have enough expected salary to cover the loan and the interest.

Else, those companies will haunt you and will do everything to make sure that they will get it whatever the cause of their actions.

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Quote from: Strongkored on July 25, 2023, 12:52:43 AM

Quote from: moneystery on June 30, 2023, 06:51:56 PM

you can try to do that from now on before it's too late

You have a valid point, the reason why it will be difficult to get rid of online debts is that they do not require collateral and can be obtained in just a matter of hours, they do not require any verification other than personal identity, and after that you will be free to take loans even at unreasonable values because they exceed the ability of the borrower to pay the installments and also the large interest will make it more difficult for the borrower to pay the installments later.
Actually, what is also quite dangerous is that it can be used to buy goods on the marketplace so the more you open the marketplace application, the more you use the pay later feature.
Unfortunately, the advertisements that continue to be spread by these online loan applications with taglines that contain false information so that more and more people are involved in loans like that, they should make loans taking into account the ability to pay installments and interest that must be paid otherwise we will only work to pay off these stupid debts

I hear your anguish and despair; scammy online lending services are a serious issue. The low barrier to entry for accruing such loans comes with a price. The price tag often reads financial disaster, despite the fact that it appears to guarantee financial freedom

These debts are difficult to get rid of for a number of reasons, not the least of which is the simplicity with which they are accrued. In my perspective, the true problem here is a lack of financial literacy. The entire ramifications of these loans need to be understood before they are taken on. While the lack of verification and collateral requirement makes these loans attractive, borrowers should be wary of the compounding interest and penalty fees that can quickly become a burden

I agree that it's tempting to fall into the trap of using the "pay later" option on marketplace apps. But it's on us, the customers, to practice restraint and pick products that will serve us well. It is long past due for regulatory agencies to step in and enforce stronger restrictions regarding the deceptive advertising. Putting the onus of responsibility exclusively on the buyer is not acceptable

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Quote from: dothebeats on July 25, 2023, 01:31:28 AM

Quote from: Raceonsucced on July 24, 2023, 10:44:25 PM

Under these conditions it is natural that many people borrow. But if borrowing continuously is not good. Many debts will only be hit by worries because they have to pay. So in my opinion what must be applied is to be good at managing money. When borrowing, you have to think about the risks first, and when you have your own money, you have to pay it off little by little so as not to accumulate debt, and then don't borrow money again to pay off debts.

Your last point is exactly why a lot of people that are borrowing money finds themselves neck deep in loans. They thought, maybe out of options and pressure to get rid of their loans, that borrowing money from a different lender to pay off their already existing debt will be a good decision. Instead, they only find themselves in a cycle of what seems like a non-stop payment.

which most of them don't have a choice, I noticed mostly that those people who take out a loan again to others have less interest, or the person from whom they borrowed money is asking to repay it. This is mostly what I noticed before, which is why they are taking out a loan and others are just getting a loan because they are caught short. Ive also seen a taxi driver who is really getting loans from time to time because most of his income is only to pay his loans, and he has nothing left, so he has no choice but to take out another loan unless they are starving.

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The rate at which people get loans is turning something else, I have seen several cases were some sets of people collects loans online, but the funniest part is they don't pay back when time due, they don't pay back because they don't have the money but because they thinks its a free money and no one will come looking for them or whatever.
Offline loans causes trouble, and I will not advice some body to give out a loans to a person who's not well capable of paying back, there's a case I overheard Frome some set of persons sayong, some body collected a loans of about 3 million naira which is equivalent to $3,787 and the person ran away because he can't afford the loan and the interest, I will advise anyone to take a loan that he's/she can pay back.

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Quote from: Raceonsucced on July 24, 2023, 10:44:25 PM

Under these conditions it is natural that many people borrow. But if borrowing continuously is not good. Many debts will only be hit by worries because they have to pay. So in my opinion what must be applied is to be good at managing money. When borrowing, you have to think about the risks first, and when you have your own money, you have to pay it off little by little so as not to accumulate debt, and then don't borrow money again to pay off debts.

Your last point is exactly why a lot of people that are borrowing money finds themselves neck deep in loans. They thought, maybe out of options and pressure to get rid of their loans, that borrowing money from a different lender to pay off their already existing debt will be a good decision. Instead, they only find themselves in a cycle of what seems like a non-stop payment.

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Quote from: moneystery on June 30, 2023, 06:51:56 PM

you can try to do that from now on before it's too late

You have a valid point, the reason why it will be difficult to get rid of online debts is that they do not require collateral and can be obtained in just a matter of hours, they do not require any verification other than personal identity, and after that you will be free to take loans even at unreasonable values because they exceed the ability of the borrower to pay the installments and also the large interest will make it more difficult for the borrower to pay the installments later.
Actually, what is also quite dangerous is that it can be used to buy goods on the marketplace so the more you open the marketplace application, the more you use the pay later feature.
Unfortunately, the advertisements that continue to be spread by these online loan applications with taglines that contain false information so that more and more people are involved in loans like that, they should make loans taking into account the ability to pay installments and interest that must be paid otherwise we will only work to pay off these stupid debts

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Under these conditions it is natural that many people borrow. But if borrowing continuously is not good. Many debts will only be hit by worries because they have to pay. So in my opinion what must be applied is to be good at managing money. When borrowing, you have to think about the risks first, and when you have your own money, you have to pay it off little by little so as not to accumulate debt, and then don't borrow money again to pay off debts.

Topic: Bad impact when You carry out Online or Offline Loans on an ongoing basis - page 3. (Read 1116 times)