Topic: Bad impact when You carry out Online or Offline Loans on an ongoing basis - page 7. (Read 1116 times)

I understand that it is a personal matter, but it is necessary to remind me to be responsible for each of my actions.
Like we say a child is not aware of the use of cutlery yet, and they need to understand what it is for and the dangers of misusing them which can injure themselves.
There are many tools in life, like in this environment we talk about easy loans, that also have different perspectives, and the main problem comes from whether we understand it or not, or just use instinctively.

You are talking about loans provided by apps which are not regulated by central banks so they collect high interest rate, processing fee, closure fee, misc fee, late payment charges, etc which is why if someone took a loan of $1000 has to pay atleast double the amount if they miss the tenure. Acquiring loan is bad habit but if you really need then acquire it from banks or non banking financial institutions which are completely under the regulations of central banks.

That kind of thing is sweet at first even though it's someone else's money, but it's true as you said that good care or arrangement is needed in this case so that someone can pay it in a timely manner. However, a small number of people forget this so that they will eventually experience difficulties in their lives, even though the initial plan to take a loan was to make their life better by having capital to do business.

But after having capital through loans, a small number of them forget to manage it properly so they can get rid of the difficulties in their life. This is why not all people who borrow can be trusted because they themselves cannot maintain the trust that has been given through loans, even though it is a form of compassion for others so that they can become independent individuals without having to borrow every time.

I guess this is right.. I'm actually a typical example of bad effect when it comes to loan. For the past months I have been trying to foot my bills and pay off some outstanding loans which I owe and I acquired this loan with plan of paying back when I got paid in my ongoing job back then, but unfortunate for me the job did not end as expected and as such I could no be able to gather up the total sum which I could have used to pay of those loans. It's barely a month since I repaid that loan fully, I know the kind of effect it was on me, it was as if I was not earning anything from my side hustle because every single earning I from any job I handle all I could think of is how to repay that laon and keep a little for my upkeep which was really not enough.
Right now if what I need money for is not that important, I will not try taking a loan again because owing some debt looks like am now in slaved by the person because I can't be free with the person anytime I come across him/her knowing that I still owe them debt.

There's nothing bad in getting a loan either on or offline and 95% of most of the millionaires with billionaires we see today request loans for most of their investments in other to invade tasks but they always invest the loan into assets or earning opportunities.
Meanwhile, most ordinal people don't understand the part of that. What is important is the purpose of the loan because we have some people who get loans just to buy something that won't fetch them money or that won't generate an earning opportunity for them.

I also live in a city where taking of loans by youths have become prevalent and still many new loan apps keep coming to offer the same service. Many of the victims of such loans are mostly termed with grievous criminal offenses when they can’t get their loans from them back. The loan apps message their loved ones and those they use as guarantor online to accuse them of such criminal acts. It is very disheartening to see a friend or family members picture flaunting online and in the street that they’ve committed an offense which they didn’t all because of the loan they took. This is a shameful act to be honest.


Personal loans still exist but only Islamic financial institutions give out such loans. According to Islamic religion, collecting of profit after lending out money is highly prohibited and termed unlawful and punishable offense by Allah. I don’t know how easy to get loans from such institutions, but I don’t think it’ll be that easy to get without putting many regulations on it.

Taking a loan is not a bad idea, but it all depends on the reason you are willing to take the loan and the repayment patten. Some persons will want to execute a very huge project and there is no present resources to execute such a project. They will simply walk into the bank and get a loan to execute such project knowing so well that same project will bring some dividends to repay the loan.

While some people will just borrow for fashion purpose. Some will borrow to satisfy their gluttony. If one continues to borrow for every purpose which worth it and doesn't worth it, in the end, thy will be addicted to borrowing.

Carrying out loans, whether online or offline, on an ongoing basis can have a negative impact on your financial well being. Taking out loans repeatedly can lead to a cycle of debt, makit it difficult to get out of the financial hole. This can lead to a decrease in credit scores, which can make it harder to obtain loans in the future. Taking out loans on an ongoing basis can lead to high interest rates, which can accumulate over time and increase the amount of money owed. This can lead to a situation where the borrower owes more than they can afford to pay back, leading to late payments and further damage to credit scores. Carrying out loans on ongoing basis can put a strain on personal relationships as individuals who borrow money from family and friends may find themselves in a position where they cannot pay back loan.

Yes it is impossible. Government will not even give you zero percent loan. They can extend the time for repayment which impact of repayment will not be a burden to the borrower. They may give grants like agricultural research grant and others, grants don't come with interest or collateral because it is government approved program to help the people in their different business but they can monitor the progress of the grant given.


The challenge with loan is that as soon as the deal is signed, the days starts counting but loan collectors don't begin to plan on how to repay as it started counting until the date for repayment approach. I don't think there is much that is wrong with collecting loan especially when it is used for capital projects like buying of fixed properties like land and building of house. If you pick a loan to build a home, hostel or other structure that will be put out for lease then at the expiration of the loan date you can lease the place and starts to repay and finally the place will automatically return to you as your asset. Many rich people collect loan from banks to execute projects and they reach agreement with the bank on how long lease they will collect from the project.

So It all depends on the purpose that the loan was collected.

Making loans online or offline is not the right solution if you still can't use the money according to the needs you want to use. Many people borrow money for business or urgent needs but don't think about how they will repay the loan and instead cause problems for them.

Stories about customers fighting with debt collectors are common and they are a bit of a risk that customers have to face. What must be considered is the interest that must be returned to the lender and the money borrowed and the interest can be very large if the customer cannot pay the debt.

Before you decide to borrow, you should first calculate how much you need and how much you have to pay, then you have to check how much you can pay each month. This is to avoid paying difficulties in the next month and avoid paying arrears.

Yes, when we are in trouble, and there is no solution, it is very helpful to get a loan but make sure always to have a plan to repay the loan on time. But do not let borrowing money become a habit, in the long run, it will not be good for our lives.

In my opinion, stay away from borrowing money if possible because borrowing money will sometimes make us fall into a deadlock from which we can't get out. Always work hard and always have savings for emergencies if you want to live a comfortable life.

Although online loan has higher fee, but there's a loophole if someone is dare and don't mind become a bad person. You can use photoshopped id card and photoshopped selfie holding id card, this two requirements is already enough. Then fill the form with fake information and submit unverified digital wallet to receive the money.

It's true you're broke the site's terms, but if the site is unregulated and not licensed, you have nothing to lose since they're operated illegally.

We need to wonder why there are so many businesses which are offering loans to anyone for any reason? And the reason for this is that a dollar invested in consumer loans returns greater profits than a dollar invested in a business or a factory which produces things.

So it is important to avoid the temptation to get a loan and pay for what we need with cash or at worst with a debit card, as the issue you are bringing here is very common all over the world and if anything it is bound to get even more common.

What I really noticed with online loans is that those collectors are really forcing or scaring the borrower. I have heard on the news that one borrower said that the collector sent a death flower so that the borrower would be scared and pay the loan. Online loans are very strict and keep bugging you when you can't pay within a day, but still, both loans are the same if you can't pay, which really leads to others committing suicide.

I do take this as a last resort if there's no other way for me to provide money specially on emergency needs because i dont really like on having on paying those interest which is really
that higher than with those traditional banks been giving which is only 0.8-2.5% per month unlike with these loan firms or companies which do charge even more.
Just like on what others been saying that it doesnt really matter if you are taking a loan as long you do able to repay those loans back in time but come or bare in mind that if you do
tend to look and calculate the money you've been spending on those interest then you would really that able to realize that you are really that making those loan owners or lendors to be
that extremely rich.Well, this is how business works and they could set out interest as much as they like and its up to someone whether they would really be diving with that or not.

I think there needs to be some sort of law regarding recovery agents. I am not saying that people should be able to take out a loan and then bank just says "oh you are not paying back? that's ok", of course its not ok to not pay the loan back, of course you should, not just should, you MUST, and I understand that. But recovery agents calling every day 13 times is not going to make you want to pay it back, its not like people are not paying it back because they don't want to, they just can't and that's the main reason. So calling them 13 times a day will not magically make them have money suddenly, if they can't, you can call once every minute and they still can't, its not changing. So there needs to be something else, like maybe even sue them and take them to court but not call them 13 times a day. Its not the "roughness" I am complaining about, be even more rough and jail them if you must, that's not the point, of course not jail them but what I mean is calling doesn't solve anything for either side, find one that actually solves something.

This all depends on what you want to use the loan you acquire for. There are people who take loans for good reasons, and the loan is one of the only means they could possibly use to settle their present needs. When I come across such people, I don't see anything wrong with what they do.
Not all loans should be regarded as bad things.
 
There are times when we have pressing issues that, if not immediately resolved, could lead to something else. What would you advise anyone in such a position to do when they have the means of acquiring a loan and the means of repayment are also available? If someone takes out a loan for a good reason and has a good habit of paying it back, I don't see anything wrong with that. The only place I see loans as a bad thing is when we take them without even having a payback plan and spend them on our wants instead of needs, which could be considered unnecessary spending. People who engage themselves in such a kind of loan would likely be indebted forever, for they will keep on looking for means to acquire more loans in order to sponsor their unplanned lives.

loans are helpful when you have urgent needs. but as much as possible look for other options before using this option. maybe you have old things that you can sell and it might be useful for others, look for part-time jobs that can augment your income, be frugal with your lifestyle. think twice also why you are taking a loan, is it really necessary or just because you wanted to buy something?

The fact of the matter is, loans exist and people take loans because of their apparent incapability to find the spending power they need for what they need to acquire, no person that’s sane in the head’s gonna take out loans willy-nilly just because he wants to. It all books down to the need, and the lack of power to fill that need which leads to people taking out loans.

Add to this the fact that most of these loan apps and services are downright exploitative, in the Philippines alone, a senior citizen who took out a loan and was unable to pay due to circumstances was threatened by the loan app she took the debt with by sending her a coffin, as if to say that they’ll kill her if she doesn’t pay. From that notion alone you’re going to realize that be it debt pr what, the fault lies not to the person who took the loan but to the circumstances that lead him to that moment.

Doesnt matter if you are involved with online or offline debt on which it would really be still completely a debt because you would really be needing on paying up an interest which we know that these

companies or loan sharks do get that high monthly interest rates.Just like for example on some lending or loan app here in our country on which they do give out that good credit limit but they've been really that charging 14-16% interest per month which is absurdly high but due to some people who are really that in need then they would really be taking up those steps for them to get those loans
despite of high interest. This is why as much as possible it would be better not to take up those loans with high interest no matter how much you do need up some emergency funds.

You would definitely be finding yourself into a big trouble if you do keep on re-rolling these loans to pay up one another on which you would be finding yourself get drowned with those
high interest. This is where you would realized on how important savings is.