Bad impact when You carry out Online or Offline Loans on an ongoing basis

[Solosanz]

They are in debt for something that is productive or productive and profitable, but with careful calculations too, not haphazardly. so if you intend to go into debt for business or business, you have to really calculate the details. Well.. even if you have a good plan, you can miscalculate or fail, especially without calculations?

So what you're going to say? you're contradict yourself as you said debt is good as long as you can calculate it, but then you said there's a chance of miscalculate or fail lol.

Shop or business don't need to have a debt because you can grow your business in slowly, no need to take a debt and force to expand your business. Debt is necessary when the business don't have money to pay the monthly or yearly expense e.g. employee's payroll, unpaid tex etc.

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[FrozenBit]

Yep, there are actually a lot of different risks of us overusing it, like security issues when making online transactions, your personal and financial information can be stolen or hack. It is important to only share information with trusted websites and services and to ensure that you use a secure connection. As well as some online loans have higher interest rates than traditional forms of loans. This can increase your financial burden and can lead to debt problems if you can't pay it back on time.

When conducting online transactions, you must share your personal and financial information. However, uncovering this information could make you a target for scams or identity crimes. And borrowing money online easily leads to the use of bonds and financial power. If you don't manage your finances carefully, you could fall into debt and have trouble paying back the loan.

I think maybe they're not just created to cause problems for us, it's just how we use them, it's clear that even in a tough economy we will also have problems but opportunities to help overcoming difficulties should be considered, not made the situation worse.

[Wildwest]

Regarding the problem of online and offline loans, of course, it has become everyone's habit to meet their daily needs and some people have indeed been forced to do this, and they become difficult to cover installments every month and many things happen that we do not want, so this problem is indeed difficult for us to overcome, but for those of us who are not pressed to meet daily needs, it would be nice to keep borrowing online and offline because Without a stable income, we will find it difficult to pay the loan installments.

[Stepstowealth]

I live in a city where the rate of people making loans is quite high until yesterday I heard of a neighbor who was fighting with a debt collector because he was unable to pay but the debt collector belittled the borrower who was unable to pay

The number of people who take loans these days is becoming higher because of how difficult the economy has become and made some people salary useless and not enough for what they need. Loans are now been seen as a way out of tough financial situation, when it is not really but just a temporary solution that buys you more time. So when I see people that take loans and get relaxed, I always wonder how they can feel so relaxed while in debt. Also the number of companies that loan money to people are increasing, so more people even young ones have the access to take loans even for irrelevant things. Know how you will pay back any loan before you try to collect it.

[Lorence.xD]

I think if you're using online loans which could be problematic in the future since if you can't really pay them at time they will increase some interest right? But if you don't really pay them at all you would be red tagged and couldn't even use any transactions for their company. It might be a bad background that maybe the reason you can't loan anymore at all. When it comes to physical it's just about the embarassment if you can't pay the person at all if that's your friend at case. But if it's some registered company they would literally go to your house everyday keeps reminding you or else they would come back with polices.

[Jawhead999]

Most people who taking out loans aren't because they have urgent needs, but they're need to fulfill their lifestyle.

These young generations want to impress everyone if they're successful, rich, happy etc which is like a dream life. I could forgive them if they did that for personal branding where they're gambling in order to attract a big company to ask them become brand ambassadors. But there are people who don't have any purpose expect just want to make people jealous and become arrogant.

[demonica]

Actually, taking a loan isn't a bad thing unless you know how to manage your debt and finances, and where you use your loans. If you have a great credit history, you can take advantage of that. Look at those business men and rich people, they are also full of loans yet they still manage to be rich and pay their credits on time.

But a lot of people don't know how to properly take care of their credit and would just use their loan on things that won't bring them profit. Here in my country, there's a lot of online platforms that allows you to take a loan on a very simple way. It gives people more desire to take a loan even if they don't need it because it's fast and they don't require a lot of requirements. However, when you don't pay them on time, they will start to call your family's number and will threaten you if you don't pay them.

Credit is powerful. It will either benefit you or will make you struggle in life. You have a choice, and it depends on how you'll going to use your loans.

[Vaskiy]

In recent years the online and offline loan provider services have increased alot. In my country government have been spreading awareness not to be the victims of such loan services. These loan providers even give life threats to the borrowers when they weren't able to repay it. So, it is good not to consider these kind of loans even when you're in emergency need of money.

As in the opening post, going with similar loans will make us get used to it. So, our mind gets prepared to take loan for each and everything.

[SyndicateLabs]

Easily getting a loan can sometimes be a very bad thing for the economy, I understand the story that many people overuse and don't really use it effectively it leads to debt and not being able to pay it back amount of money. So the problem that I realized when I accepted a loan, it was also necessary to develop a plan to earn that money back, to be more responsible for every single thing you do. There are a lot of mistakes in life and traps set out for us to fall into, be more vigilant and always try to focus on the positive in life so as not to get caught up in troublesome situations.

[isaac_clarke22]

Try as much as possible to avoid loans most especially personal loans unless the interest is at 0%, which is impossible to get to this day.

So at that to become financially stable, try as much as possible to avoid taking loans, loans also have their implications and for that, anyone getting involved in loans is also getting into indebtedness.

I tend to avoid loans whenever I can. People say that you should still do loans whenever you can since it would improve your credit score if you're a good payer, kinda reputation to whoever you loan from.

I did loan back in the days, and meh it was just another like a liability for me. I would just prefer having nothing to worry about whenever I earn. In crypto, I never go loans whenever I buy Bitcoin. Went broke back around 2018 and just didn't bother to loan just to hodl Bitcoin. It's just not worth the headache for me although I know I would earn something  from it.

Easily getting a loan can sometimes be a very bad thing for the economy, I understand the story that many people overuse and don't really use it effectively it leads to debt and not being able to pay it back amount of money. So the problem that I realized when I accepted a loan, it was also necessary to develop a plan to earn that money back, to be more responsible for every single thing you do. There are a lot of mistakes in life and traps set out for us to fall into, be more vigilant and always try to focus on the positive in life so as not to get caught up in troublesome situations.

Depends on how you would handle your debt. Unexpected stuffs may happen during the lifespan of your loan, but surely communication would be your best tool at that time.

[Beparanf]

maybe many people are taking loans online or offline for various urgent reasons, but keep in mind that the habit of making loans will only get you entangled with what is called eternal debt and the possibility of getting addicted to making loans online or offline

I knew a lot on my neighborhood that gets loan a lot for their living while while their salary is already not sufficient to repay all their existing loan. They sometimes get extra loan just to pay their existing loan that already have too much interest. This makes this people entangled to eternal debt not because they are addicted but because there's no way out of this mssive loan debts.

Some loan shark abuse this weakness of people and feed on the poor salary with their high ineterest rate loan. I think there's really no solution to this aside from government stepping up and ban all this kind of loans that charge unreasonable interest to people that is financially struggling.

[imamusma]

Loans can have negative and positive impacts on borrowers. I agree with this idea for one thing, loans can disrupt your financial plans in the long term. There are many cases where borrowers find it difficult to repay their loans, even if they initially had a stable income before applying for the loan.

Your financial condition can change at any time, and we never know when the wheels will turn. If at that time you experience it, then of course you will find it difficult to pay off the loan. I remember very well how the pandemic caused many borrowers to have problems, loans default, and after that borrowers had to pay a lot of interest due to arrears.

[Yamane_Keto]

I do not understand why a person makes his financial situation so bad that he sinks into a spiral of debt that he will not get out of soon, and the worst thing about that is getting used to your life being dependent on paying those debts. Whenever you pay debts, your debts increase. I could write thousands of lines about the seriousness of debt, but you will find that the default rate is still very high. It is a combination of a social, educational problem and personal behavior, so the more your financial knowledge is good and you stay away from solving your problems in the easy way (debt), the better.

[tjtonmoy]

Why do you think they collect so much data on you before giving out the loan? Is it really necessary from your point of view? Or there is some hidden agenda of those giving out loans? Of course, they benefit from this. It's a scheme that they plan with your personal data. They plan such debt and interest in which you will always suffer to pay back the loan. If you are paying back easily, they will come up with some new offers that you will think that is quite reasonable. The moment you take that offer, you are now in their game. Which you have no control over. This is how they make you addicted to taking more loans.
It is always best to stay away from loans if not it's an extreme situation. Also making a budget for loan repayment will also help. But the best option is to always try to avoid loans.

[ZAINmalik75]

I really liked the post and i stand with your point of taking less debt even if i had taken the loan too but i have some reasons otherwise I rarely take a loan with interest no way. But if the emergencies and situations are not in your favor then you have to cross the line sometime. I didn't think this issue would become this much severe that people could do suicide.

Now I fear the companies providing loans in my country which in my sight are just looting people by giving them offers which seems good offer for a newbie but in reality, they are not. they are just scamming people with their good-looking offer

Try as much as possible to avoid loans most especially personal loans unless the interest is at 0%, which is impossible to get to this day.

The only way to take an interest-free loan is to get it from relatives and friends but when they do not assist you, then you have to look for ways which do not like like taking a loan with interest. The debit card and credit card systems had made people so dependable on the loan system that they always take loans and never hesitate to pay interest because in their thoughts the interest is low but in the end, they end up with too many loans that they become unable to pay later.

[Dr.Bitcoin_Strange]

Firstly, taking a loan is not a bad thing, depending on the purpose of the loan and your plans on how to pay it back. For example, take a loan of $2000 to solve some issues while you are Just earning $80 monthly, I don't think it's very wise to take a huge loan that you cannot pay within one or two months, because if you take a huge loan to solve a particular problem, it doesn't mean that more problems or more needs will not arise, and sometimes even before you pay your already owed loan, you might likely take another loan. People can get loans, but they should be in line with the salary they are receiving and the amount they know they can repay easily.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

[dothebeats]

I don't understand why a lot of people are okay with borrowing on online apps that imposes an exorbitant interest rate on their loans. I'm pretty sure people will be given a chance to read the terms and conditions of a loan before signing on anything to finalize the deal. Plus, their availability and ease of access are what usually people state why they need to get a loan somehow for their own budget. it only takes a few minutes to read terms and decide whether or not the interest rates are worth the amount that we'll have to pay back for the loan

[yhiaali3]

I am surprised that there are services that offer interest-based loans in an Islamic country such as Indonesia. In any case, personally, I do not like a loan with or without interest. I find the disadvantages of a loan much more than its benefits.

Loans that have compound interest can cause the borrower to sell his valuables or even commit suicide in some cases, such as the case of the young man you mentioned when unable to pay.

Therefore, I support the government pursuing these services and imposing more strict restrictions on them and closing unlicensed offices, whether online or offline, because they cause a lot of harm to people.

[macson]

i have experience that has helped me a lot about an online loan, a few years ago i was really helped with an online loan ^{(helping the small business that I started until now)}, at that time i had no other place to get fresh money quickly, luckily someone my friend recommended an online loan platform even though the interest was quite high at that time, i made an application for the loan and slowly i paid in installments every month.

from the story that i told above, i am "neutral" towards all forms of loans, sometimes there is one time when you really need it and have no other way but to do the loan, but it is important to remember that to be wiser in managing your finances, don't When we experience financial difficulties, we just regret that we never studied financial management.

[robelneo]

Here in our country, there are a lot of unregulated online loan applications that are being advertised on social media but big syndicates are all behind this, they charge very high interest as high as 20% and they will threaten you with bodily harm and they will send messages to your contact and ruin your reputation, so many victims are now reporting these online companies to authorities because they caused a lot of depression and anxiety to people.

It's good that the authorities are now cracking the illegal operation of these online lending companies. When you are a minimum wage earner here in our country, it's hard to cope with inflation so people are turning to online loans, whenever they have an urgent need of money.

Life is very hard if you have a big family to feed and your salary cannot keep up supporting but taking a loan is very risky, if you have no way to pay it and will just hope that you can find other ways to pay the loan, taking a loan to keep up with a budget is very risky it will lead to depression and anxiety you just have to fit your salary to your budget or get an extra job and avoid unnecessary expenses.