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Is loaning Good or Bad?
#11
(01-09-2018, 12:59 AM)thepixelboy Wrote: I'm already aware of small time loaning, I've gained my mini grocery store from it, and my mini Grocery store is still somewhat a hit here in my place, but i still want to hear the suggestions of others  Smile

It seems like loaning has turned out well in your case. Smile  You are an example of a smart borrower who has his actions pretty well thought out. I admire people who have the courage to take a loan, start a business with it and gain profits from this loan. This is what a healthy economy is about. 

The best loan is the one that you can use to become wealthier even if you have to pay interest. Congratulations on your business initiative and good luck! The next step for you would be gaining a supermarket.  Cool
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#12
It depends how you manage your profit or your loans or your money, manage your money properly that's all I can say.
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#13
It depends upon the situation because if you urgently need a big amount of money, loans are beneficial. Loaners should just be smart on when to apply for loans and where it would be used.
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#14
Not all loans are bad debts. There are a few types of debts/loans that can be good for you if you use them responsibly. If someone takes a loan and invests the money in such a business that profits his in many ways, then the loan taken is good because there were no drawbacks. For eg., Mortgage loan is often referred to as good debt because it allows you to buy a house, giving a great boost to the net income. On the other hand, Student loans are referred to as bad loans. Students get untangled in debts unable to pay which leands them to loan even more which goes in increasing the debts. Not all loans are created equal. Debt is not always bad. Use them responsibly when it can benefit your financial situation. You might find yourself in a much better position than if you simply called all loans bad debt like many others do.
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#15
The way you use a loan is the thing you need to consider. It is Good to use loan if you do it on purpose. You only uses your loan money to spend now and you have the assurance that you will pay for it on time. Otherwise it is bad if you over use it. You spend your loan and loan again when its empty. So your habits will decide if to loan is good or bad Smile
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#16
I think a loan is good if someone makes good use of it. If the money that is borrowed is used to grow a business or a company then, that is making proper use of the loan. Loans are also good when used to go through hard times when somebody is broke and out of cash then a loan helps in getting the essentials to survive and pull through such times. In the end, as long as the loan has helped somebody earn some more money or improved life then the loan is worth it. For others as long as the loan is used well so that money earned is used to pay off the loan and even give profits then that is the kind of the loan that people will apply for as fast as possible. I think loaning is good it helps one to manage finances in time.
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#17
Loaning is actually good if we are in hurry needs and if we strive hard to pay for it seriously. It will become bad if after the loan, you will decide not to pay it religiously, that is, when you decide to depart from your residence without permission from the company you are loaning with.
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#18
I think a loan is bad if you decide to take it to purchase things you don't need like shoes, clothes, the latest bags. I disagree in principle with people that go shopping with their credit cards. A credit card in my opinion is for emergencies. Good loans in my opinion are used to invest in assets that will generate income for you like rental apartments, shares and bonds, a business e.t.c. Unfortunately taking loans is something we can rarely avoid if we want to grow our finances. A good example is Donald Trump who borrowed from banks to build his real estate empire. This is an example of where loans can be good.
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#19
Yes, that's it. It actually depends on the loaner on how he/she sets a goal about his/her loan.
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#20
(01-09-2018, 07:42 AM)Sase3119 Wrote: They are very useful for a lot of things, especially large purchases like your car or house, but they are also essentially a rip off. You're paying to borrow money from someone else and pay it back slowly. If you can buy something upfront that is always the better route, but obviously that isn't always possible. I wish it was!

I do, too! Really it just comes down to self-discipline - creating a budget, and sticking to it. Many people have a tendency to buy things they don’t really need and can’t afford. This can be a hard habit to break, unfortunately.
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