How do you manage your personal loans?

Starmix

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I experienced first time loaning in a private firm with an interest that seemed eternal. I applied for a loan just a very small amount being carried away by the fun with my colleagues. I was a new employee that time. I only applied $200 with no purpose but dined anywhere with my friends. When the money was exhausted and almost paying time, I was terrified when I reached the firm to pay. The interest was 25 %. I only wasted my money. The next month I paid all. The manager refused but I said take it or leave it. After that experience, I never applied for a loan again.

 

eldavis

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I have this fear of not being able to pay back, so i do not always want to take one so i can have peace of mind.

 

Starmix

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eldavis said:

I have this fear of not being able to pay back, so i do not always want to take one so i can have peace of mind.

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It's not advisable to take a loan, let alone the interest over the moon. The loaners are only making the loan firm richer.

 

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Sawe

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I always apply for my personal loans in platforms that have low interest rates. I have three of such right now and they are the best. I avoid online apps and shylocks which have really high interest rates.

 

You

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• Jul 15, 2024

• #5

Fortunately, I've never had to take out a personal loan, so I don't have to worry about managing them.

 

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Unyime

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I allow the bank to take their loan repayment from my account anytime they pay my salary into the account.

 

Starmix

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• #7

If there is no reason for a loan,never proceed. it's a waste of money because of the interest.

 

cherry123

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• Jul 17, 2024

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I don't like loans and have this fear of not being able to pay back, so i do not always want to take one so i can have peace of mind.

 

Sanjeev

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I never took loan . I was thinking to take home loan and later on denied the idea of the same.

 

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timewo

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• #10

I do not apply for personal loans, since most lenders will not give a loan to a person who does not have a job.

 

Starmix

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It is indeed not advisable to apply for a loan without a real purpose. If it is about business capital, then you have to make sure you can pay the loan.

 

Hate2Wait

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• Jul 18, 2024

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Thankfully till now I haven't took any loan from anyone, bank for any purpose, the only loan or borrowing I have is my credit card

 

Starmix

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• #13

I only experienced loan one time in a private loan company but after that no more. It's scary.

 

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Springtime

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I have never taken out a loan except the mortgage loan when I bought my apartment. Other than that, I try not to borrow money.

 

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Rubz

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I have honestly never applied for a loan. I always have my savings to fall back to if i'm in need of money.

 

Starmix

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• #16

Applying for a loan is unavoidable if the need of it is very urgent or start a new business.

 

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Stardom22

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• Jul 19, 2024

• #17

The management of the personal loans is indeed very difficult as for me l would try minimising taking them in vain.

 

Starmix

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• #18

If it's not necessary to apply for a loan then do it. Don't give yourself a dumb problem.

 

nomad

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• Jul 30, 2024

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Even when I am borrowing for personal needs, I always make sure to use some portion of personal loan for profitable projects,

 

freelancermaria

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I took out a loan while I was in college to pay for my thesis. I borrowed some money from my sister with a small interest, and I paid her back after my college graduation.