Loan Danger
November 16, 2007 – 9:21 amMany people think that if they are financially tight, they could just apply for a loan from a financial institution. I don’t think they understand that loans come with great responsibility.
Many years ago, a cousin of mine wanted to venture into business. We all know that business needs capital which he does not have. What he did was apply for one of those secured loans that require a collateral. He pledged his family home.
Well, I would not say that he did not service the loan repayment but he was unable to do so because his business was not doing as well as he had envisioned.
To save his home, all of us helped him out with interest-free personal loans so that the bank would not auction off his house to cover the “loss”.
It was a very trying time for his family to say the least. If you are planning to get a loan, do think a hundred times first.
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