Different Perceptions On Loans
November 12, 2007 – 10:46 pmI know a couple of friends who have no qualms taking out loans to ease every little financial burden that have. I know that loans from financial institutions are sometimes easier to borrow than from borrowing from friends and relatives but then it’s not a long term solution. Failure to service the loan may even result in further financial woes.
Of course, sometimes, it can’t be helped that occasions call for secured loans, which I am never comfortable with because we risk our property should something untoward happen that we are unable to meet the repayment schedule. It does not help that financial institutes do not check the backgrounds of the borrower too.
In some cases, I think it would be better to get personal loans but when I discussed this with a friend of mine, she said that if she was the one in that situation, she would rather take out a loan against one of her many credit cards. I was aghast but she said that credit cards won’t take behind her back!
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