If there is one thing I have an unknown fear for, it has to be debt, why? Hmm, not personal experiences surprisingly but what I've seen others go through due to some loans they couldn't meet up paying and somehow I've promised myself to avoid collecting any loan no matter what. Well, was I able to keep to that? Of course no! Lol.
I guess I just had this wrong thoughts that borrowing money was a bad thing due to the fact that I have countless of people around me that have suffered due to their inability to pay back a borrowed loan. Of course, I was wrong because I've also heard of some people and even industries that borrow a really huge sum of money and were able to pay it up at the appointed time and sometimes even before the appointed time and they never had to suffer in any way.
It was hard to ever think of borrowing but then when I got into a particular situation, I knew it would be wiser to take a loan than wait until I could save up something to do what I had to do. I thought to myself, Hope, are you really not going ask for help now because you are scared of not being able to pay back? I knew that with a proper planning, paying back my loan won't be a challenge at all but still I was scared.
It took me quite a lot of time until I finally just made up my mind to take a loan and so far I'm working so hard to make sure I pay up the loan at the time I had agreed with the person. As a lucky girl that I am, I was privilege to see someone who could borrow me something really huge without adding any interest to it as long as I'm able to meet up with the deadline. I remember how happy I was with that offer and I knew that was just my opportunity to shine so I took it!
So personally, I've been really so far away from bad debt because I'm someone that prefers learning from others mistakes and not mine. I love exploring things, places, people, food and more but obviously not mistakes. As long as I've seen someone do something that I'd love to try and they had some challenges, I always make sure to get to know what and why that particular thing didn't go well for them and make sure when I give that a try I'd avoid those mistakes.
Most times, people end up with a bad loan because they were in a haste and of course most times when you are in a haste, that is desperate, you mostly end up making a lot of mistakes. You make mistake choosing the wrong person or firm to borrow from because you didn't really get time to plan, you make mistake not reading or listening to the terms and conditions that applies to a loan because at that point all that matters to you was how to just get that particular problem solved.
The challenges of life can be really so at us that we just forget to think critically and we focus more on how difficult the problem is than what we can do to get out of that problem and at that point, we try literally every suggestion or idea people make without carefully weighing any options. It is only when one fails that they then get to think critically of what they've done. So one major reasons why people end up having a bad loan is because they just fail to think instead they just act carelessly.
And from the little I've noticed, it's almost impossible to free one's self from bad loans because you can hardly think straight after then. The only thing that can help most times is a miracle and that would take a lot of faith. But then it is still possible. I've heard of people that just get lucky to have their debt cleared by a total stranger and that was the only way they could get freed from that debt but then that doesn't happen everyday.
Infact, some individuals have lost their lives due to the fact that they couldn't pay up a particular loan they've acquired. Some just couldn't take it anymore and they even had to commit suicide but most times their families end up carrying that burden and it wasn't really easy for them. So personally, all of these things and more have thought me to always try to compare options first before taking a loan and never just accepting any loans without paying close attention to the terms and conditions that applies.
That's all for my response to the Hivelearners topic on "THE BAD LOAN".
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very well said we need to think many times before we take some loans otherwise we put ourself in trouble. if we can avoid its more easy living life without stress and problem to think about. anyway thank you for this great words i hope many of here inspired and get lesson from
it.. have a good day and happy weekend
You're right ma'am, if only there was a way to avoid those loans then life would be easier for those taking loans and lending them.
Thank you more for stopping by and leaving your thoughtful comment 🤗
Before taking a loan we have to think first, and we shouldn't be in a haste to take a loan, because if we take a loan in haste we will later regret the outcome of it.
Definitely! We will regret taking a loan out of desperation.
Thank you so much for your comment dear 🥰
I think the best case that taking loans makes the most sense is in initiatives or businesses that would yield a lot of income in due time.
Borrowing money isn't such a bad idea, though. It's borrowing out of your capacity, making uncalculated decisions, and forming a habit out of it that can turn out to be a problem.
Exactly! How do you expect to pay back a money that you’ve never held once? It’s only a miracle.
And yes, that’s just the truth like I also mentioned, borrowing is never bad it’s just the haste we make to borrow without proper thinking it through.
Thank you so much for your thoughtful contribution Jay 🥰
I hope you're having a nice day, Hope.
Well it isn’t bad 🫠.
What about you?
Nah. The heat was just too much.
Yea, sorry ehn 🫠
Hello, my Hopeeeyy. You know, I actually do not think taking loans is a bad thing. Some people do not have any other choice but to do it. I just Hope we never get into such situation.
A friend of mine couldn’t pay up his fees, exams were fast approaching. He had to borrow money from Palmpay. It was really really hard for him to pay up his debt.
Thanks for stopping by.
Yeah I do know that sometimes the situation is just unavoidable and we just need to borrow but then there are some people that just enjoy borrowing.
I’m glad your friend was able to pay up his debt or is he still in debt?
Thank you so much for stopping by Favvy 🥰
I don't believe it is bad to take a loan but it is one of those you just have to avoid completely if you have options
That's right. Loan is not bad but it needs a clear head to not make a bad loan.
Thank you so much for stopping by 🥰
Oya, church gal, hehe
Well, borrowing is really scaring but some situations just put us in a tight corner and leave us with the option of a must.
Sha, I have been involved with only small small borrowing that was not too difficult to pay
Yeah you borrowed within your means so it was easy to pay up.
Thank you so much for stopping 🥰
If you do not have a good plans, project or business through which you will refund the loan, stay away from it. It will save you from a lot of problems. But just like you said, desperation makes people to take loans which at the end of the day, will be unable to pay back.
#dreemerforlife
You are absolutely right ma’am, thank you so much for stopping by 🥰
Loans aren't bad in themselves, but personally I would prefer to avoid it if I had other options. I have also seen people who suffered so much because they couldn't meet up with the repayment deadline. I really wouldn't want to have such an experience.
#dreemerforlife
That’s a good take 🥰.
Thank you so much for your contribution 🤗
Awful that debt can bring people into such desperately sad situations, Hope :-( It's good to have a healthy respect for debt like you do.
The irony with lenders of debt is that they usually only want to lend you money when you don't need it! But when you do need it, they don't want to take the risk. I'm glad you found someone who cared enough to help you out !LUV
I dropped in from Dreemport this evening.
#dreemerforlife
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I can relate to that part of lenders only trying to lend you when you don’t really need it or they just wait until when you no longer have any other option.
Yeah I’m glad there was someone who would be so kind to freely give me a loan 🥹.
Thank you so much for stopping by and sharing your thoughts Sam ❤️🌹