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Is loaning Good or Bad?
#21
Actually the reason why we often try to have a loan is need of having money to finance our needs but before getting money from it atleast we should have collateral for it. For business purposes, loan can be very risky. As long as you know how to use your money/the value of money there is no good and bad about loaning.
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#22
Loaning has also benefits. It provides us space for us to purchase an item that we are really desperate of having it. How ever loaning huge amount of money is somehow risky. You need to pay your loans in a period of time. If not, maybe you need to surrender your card and pay some interest, and it can also further degrade your credit points. Remember, having a good credit score is a huge advantage because they will know that you are a good cardholder. Loaning can help us, but better be sure to pay it ahead of time or your card will be definitely at risk.
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#23
There are particular reasons that a person might be interested in a loan. Like for starting a new business or when buying something expensive, like a car. They may even use a loan to pay for their college education and what not. So, a loan can be helpful in many circumstances. But it should be noted that if payments are not paid in due time to cover up the loan, the person can be in huge debt. And debt is something that you don't want!
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#24
Loans are very useful. All of us experiencing the day we spend too much of our money. Maybe one of our member of the family got sick and the bills in hospitals are too expensive or maybe a tragedy comes so we spend money to recover ourselves. That's the time where loans are very useful. It will lessen the pressure in our spending money whatever happen.
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#25
(01-12-2018, 06:05 AM)TheInsaneSakif Wrote: There are particular reasons that a person might be interested in a loan. Like for starting a new business or when buying something expensive, like a car. They may even use a loan to pay for their college education and what not.  So, a loan can be helpful in many circumstances. But it should be noted that if payments are not paid in due time to cover up the loan, the person can be in huge debt. And debt is something that you don't want!

Yeah but we're talking about relatively small amounts of money here. You can't really start a business with just the money you would get from a payday loan, can't buy a car and most definitely can't pay for college education which I've heard is very expensive in the US.
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#26
Loan is not bad when you use it good ways, like my father does when his money is not enough for my tuition fees, he borrow money to my relatives so he can pay my tuition fees. Loan becomes bad when you do not return the money that you borrowed.
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#27
(01-12-2018, 09:14 AM)alexd Wrote:
(01-12-2018, 06:05 AM)TheInsaneSakif Wrote: There are particular reasons that a person might be interested in a loan. Like for starting a new business or when buying something expensive, like a car. They may even use a loan to pay for their college education and what not.  So, a loan can be helpful in many circumstances. But it should be noted that if payments are not paid in due time to cover up the loan, the person can be in huge debt. And debt is something that you don't want!

Yeah but we're talking about relatively small amounts of money here. You can't really start a business with just the money you would get from a payday loan, can't buy a car and most definitely can't pay for college education which I've heard is very expensive in the US.

Actually, this is not the payday loan section, it's the installment loans section and you can get larger amounts of money by using them. The original poster of the thread has, in fact, started a business with the help of such loan. He gained his grocery store with an installment loan. 

Mortgages are a type of installment loan too and they can equal tens of thousands of dollars.
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#28
(01-12-2018, 07:36 AM)mharzenas Wrote: Loans are very useful. All of us experiencing the day we spend too much of our money. Maybe one of our member of the family got sick and the bills in hospitals are too expensive or maybe a tragedy comes so we spend money to recover ourselves. That's the time where loans are very useful. It will lessen the pressure in our spending money whatever happen.

I agree with you here. Loans are indeed very useful in times of sickness in the family and I have experienced it as well. My father had a stroke three years ago and we had difficulty managing the payments for the hospital and as well as the medicines he needed. He was unable to work anymore so I got a salary loan just to settle all that we have to pay. If I was not able to have a loan, I really don't know where I could get that huge money instantly.
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#29
The thought for credits never showed signs of change. At the point when a credit is utilized to purchase liabilities then it isn't a decent advance. In any case, when it is utilized to put resources into money streaming resources then that is viewed as a decent advance. On the off chance that you can get cash to be utilized to a little speculation like the one you say, a supermarket in your are, that will deliver your regularly scheduled installment including the advance premium and will give you a chance to acquire as an afterthought, at that point for what reason not credit? Yet, in the event that you will credit just to purchase another auto that you don't generally require, at that point that is not a decent method to utilize an advance. A credit is terrible or great relying upon your utilization of it. As I would like to think.
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#30
It depends on why you are getting the loan. If it's on account of an emergency, then a loan could not be categorised as good or bad, though obviously it's a burden.
My family has got quite a lot of experience when it comes to installment loans. Our first loan was a housing loan, and then a car loan, and honestly it was burden, as mentioned by someone above that if you invest the loan amount on a liability it becomes a bad thing. After paying off those two loans, my parents took another loan to start a rubber plantation, and yet again it proved to be a burden the the family; it requires at least 10 years before a rubber plantation could fetch you some profit.

So my suggestion to anyone thinking of getting a loan is that, you should invest on a business venture that could fetch you profit in a short period of time, even if it is small, and then expand your business from the profit in a linear progression with patience. This would free your mind from the monthly dues of Installment and could use your energy on your progress. And a word of advice, never spend a loan money on luxury, save money and have patience.
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