What Should Personal Loans Be Used For?

[Bisolami]

I know that we are different people and we all have different things that we use the money for at the same time we have different ways of making money on our table but I think we should talk about what we use personal loans for or what we should use them for.

A lot of people use personal loans to pay school fees, do parties or events and all of that but I think that is not right because if you take a loan you should always use it or spend it on something that will help you to pay back the money that you have borrowed from either a company or loan application.

In my knowledge personal loans should be taken simply because you want to have a business but if you take personal loans for something else I guess you may not be able to pay back because you did not invest it in something that will bring more money to you.

We can invest personal loans in other investment platforms so that we'll be able to make money out of it but we should always try to stay away from using personal loans to do parties or other things because it is likely for us not to be able to pay back.

 

[Nightmare]

With the term "personal" you shoulf be aware that personal loans are loans that are mainly used to handle our personal finances. In other words, you can also regard it as loans that are been used to take care of a person personal life.
Example of what personal loan is mainly used for is clearing off debts, purchase of finished items in your household, maintainance of personal finances etc.
Often, it is also used to start up a business or boost up a business. Though this is merely done but it's been practiced in some cases or occasions . .

 

[Augusta]

Same here, I'm not an advocate of getting a loan that one will use for anything apart from investment. Then, again, the investment should be on one that one knows about that it will not be waste of money. So it is always good to used one's savings but if not borrow but let it be for investment not on spending on one's lifestyle.

Personal loan comes with with a repayment plans which might be with high interest and duration that isn't favorable. So to avoid all kind of harassment or embarrasment it is good to avoid taking a loan that will bring stress.

 

[saoussen5765]

Same here, I'm not an advocate of getting a loan that one will use for anything apart from investment. Then, again, the investment should be on one that one knows about that it will not be waste of money. So it is always good to used one's savings but if not borrow but let it be for investment not on spending on one's lifestyle.

Personal loan comes with with a repayment plans which might be with high interest and duration that isn't favorable. So to avoid all kind of harassment or embarrasment it is good to avoid taking a loan that will bring stress.

Some people get new loans to pay old one and this is the most hard part in the loan scheme or even if investment doesn't bring enough funds to pay salaries of employees or something like that.