Etini Willie
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Individual loans in this context refer to the loans you get from real-time people you know. They range from friends, relatives, etc. Commercial loans on the other hand refer to the loans you get from financial institutions. Supposing you took loans from individuals and financial institutions, which one should you prioritize to pay back quickly? Should you focus on the financial institution loans or the individual loans gotten from people around you?
The reason you might need to try and pay back individual loans is because the people that gave you those funds probably had plans for that money. They may have sacrificed to give you the money. Your continuous holding of the money might be delaying those plans and probably harming their finances. You may have to consider clearing individual loans as much as possible.
Looking at commercial loans, they come at a cost which is the interest. And the point is that the more you keep the loan without payment, the more interest keeps accumulating. So you might want to consider paying up the commercial loans first. It is easier to talk to family and friend for them to understand your plight.
Stuck in this situation, what would you do?
The reason you might need to try and pay back individual loans is because the people that gave you those funds probably had plans for that money. They may have sacrificed to give you the money. Your continuous holding of the money might be delaying those plans and probably harming their finances. You may have to consider clearing individual loans as much as possible.
Looking at commercial loans, they come at a cost which is the interest. And the point is that the more you keep the loan without payment, the more interest keeps accumulating. So you might want to consider paying up the commercial loans first. It is easier to talk to family and friend for them to understand your plight.
Stuck in this situation, what would you do?