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

[xSkylarx]

Those online loan sharks are pretty dangerous and people really need to stay away from them. In my country, these online loan services provide loans to people who are in need of money by advertising their services all around pretending they are doing a great thing and they don't ask for a lot of money, but the reality is different, they have very high-interest rates that keep increasing with a significant pace if you get late for the repayment.

Basically, one should avoid any kind of loan unless they are 100% sure that they can repay it on time, because if you can't repay the loan, you will be compelled to take another loan to pay the first one, and that series continues and you might end up getting in great trouble that you might not be able to come out from.

Having offline and online loans for long term will certainly bring no good in your life. Yes, you maybe benefiting at first and used the money according to your means, but when it’s time to repay it and suddenly your income has been going bad, then that’s the start of your problem. You will never pay your first loan without compelling yourself to apply for another loan. That cycle will keep on repeating until you find yourself not having anymore to earn or save. One thing that we should avoid doing while we can still manage our finances.

If we could just not take a loan, it would be better, but again, there are times that it is needed because we need that money and we don't have a choice, but first we should see if our salary is still enough to pay it, and if not, then let's try not to take that loan because it will just make branches like what you've said, taking another loan just to pay it. If we are just taking out a loan to buy expensive phones or stuff, then I think this is not a good choice. With a loan, you just save and buy it in cash.

[benalexis12]

It's not really good to borrow from online apps these days, it's been trending here in our country in the news because there are other loan apps online that don't charge their borrowers correctly.
Think about it, one of the methods used by online apps is that they sent a car with a coffin in the name of the person who owed them money, then there was a threat made, it was really foul and below the belt, it was a lot of harassment . So the borrower is more stressed. So what our government has done here is that the online apps that are purely harassing are charging, the company has been shut down due to the violation.

[Swordsoffreedom]

Those online loan sharks are pretty dangerous and people really need to stay away from them. In my country, these online loan services provide loans to people who are in need of money by advertising their services all around pretending they are doing a great thing and they don't ask for a lot of money, but the reality is different, they have very high-interest rates that keep increasing with a significant pace if you get late for the repayment.

Basically, one should avoid any kind of loan unless they are 100% sure that they can repay it on time, because if you can't repay the loan, you will be compelled to take another loan to pay the first one, and that series continues and you might end up getting in great trouble that you might not be able to come out from.

Having offline and online loans for long term will certainly bring no good in your life. Yes, you maybe benefiting at first and used the money according to your means, but when it’s time to repay it and suddenly your income has been going bad, then that’s the start of your problem. You will never pay your first loan without compelling yourself to apply for another loan. That cycle will keep on repeating until you find yourself not having anymore to earn or save. One thing that we should avoid doing while we can still manage our finances.

If we could just not take a loan, it would be better, but again, there are times that it is needed because we need that money and we don't have a choice, but first we should see if our salary is still enough to pay it, and if not, then let's try not to take that loan because it will just make branches like what you've said, taking another loan just to pay it. If we are just taking out a loan to buy expensive phones or stuff, then I think this is not a good choice. With a loan, you just save and buy it in cash.

I believe that only people born into wealthy families do not need to borrow money, and for people from ordinary families, borrowing is an inevitable part of life. Everyone goes through it once or a few times in their life.

Exactly, we should stay away from loans, whether online or offline. But life is always full of surprises and difficulties, and if there is no better solution, we can consider borrowing. And as you said, as long as the loan amount is not too large and not beyond our ability to pay, borrowing is normal. Do not put too much emphasis on the problem of borrowing as evil and should be absolutely avoided, depending on the situation we encounter, we have a specific plan.

[Renampun]

It is important to remember that good debt management involves disciplined management and making wise financial decisions. Strive to minimize debt risk and always prioritize your long-term financial health.

this is a few paragraphs from the article that I saw, the point is that debt is something that will not be easily separated from many people at this time, so what should we do to avoid the burden of debt? we ourselves must have good debt management and do not owe more than our ability to pay.

besides that it is important to remember, some people who are very desperate or impatient choose to owe with online or offline loan sharks, they plunge themselves into a debt hole and the chance to get out of the moneylender's circle is very small, so it is highly recommended to avoid borrowing money to loan sharks because you are only complicating your finances.

[jostorres]

Loans are always a knife. If you do not have a steady source of income, it is very dangerous because it is difficult to control being caught up in a loan that you do not have the money to repay. Although it is possible that many people rely on a loan to be able to start a job as well as create a new journey, But that is because they create a plan in advance and have calculated risks, whereas many people, I find, borrow money for no reason at all. Simply satisfy your desires, so don't try to borrow money without a really good reason, because otherwise that knife will ruin your life.

Even millionaires are taking loans it depends on the person who takes those loans if you are taking a loan because you want to buy something which is a liability you cannot make it pay easily instead, you are suffering to your debt, but if you are a person who have a good intention with the funds for example for the creation of assets you can now easily manage to take back those loans as cashflows this serves you easily to pay with the use of the assets you made those are the one who pays with your loans. Use this mindset to prevent yourself being greedy with the tons of wants you want to have.

Taking loans is not a bad thing and especially if it's taken for a reason you know is going to make you enough or even more to repay the loan back and still have some money left, but taking continuous loans mostly to retake loans only to pay the pending loans will put you in a very bad situation that you will find very difficult to get yourself out from, and a lot of people tend to get themselves stuck into that loop of loans and repayments and they can't get out at all.

Millionaires taking loans basically understand the consequences and they have everything planned out that is the reason why they go for loans because they know they will use the loan in a way that will generate more income than the amount they need to repay the loan after a certain period.

[SOKO-DEKE]

Nobody wants to be labeled as a debtor, but I can tell that many individuals are pushed in that direction by their circumstances, and they can't just avoid taking out loans because of an emergency. However, I can only advise against borrowing money to engage in risky activities like gambling or unnecessary spending. However, if a loan is taken to fund a business and you are confident that it will be profitable, I believe there is nothing improper about that person taking the loan.

A loan is intended to assist those who are in need of money for an emergency or to address a particular issue, and it should only be granted for amounts that the borrower will be able to return. But these days, individuals misuse it and take out loans for illogical reasons, and because they never use them effectively, they always struggle to pay them back. I shall therefore encourage everyone to refrain from taking out loans without a legitimate need.

[dothebeats]

I take loans in the hopes of building a good credit score and account standing on some banks. In this way, if I ever decide to start another business, I won't have to break an arm and leg in order to take out some loans to finance my business. It's also very helpful to have a good credit score since you will gain access to some perks that your bank offers and not everyone gets. Bottomline is, take some loans that you need, pay regularly and never miss a payment. Being responsible is just the key to not get problems related to loans.

[romero121]

I take loans in the hopes of building a good credit score and account standing on some banks. In this way, if I ever decide to start another business, I won't have to break an arm and leg in order to take out some loans to finance my business. It's also very helpful to have a good credit score since you will gain access to some perks that your bank offers and not everyone gets. Bottomline is, take some loans that you need, pay regularly and never miss a payment. Being responsible is just the key to not get problems related to loans.

Taking loans and being responsible is good. These days more firms that operates online and gives loan just with enquiries. The banks and the financial service providers always wants their customers to be in debts. I bought a car three years back, and get calls from the banks often. What for is the call? Do you need your loan to be topped up, which means they'll avail more amount as I have paid it without fail. If there is a need I'll contact them, here they keep us into temptation which is completely an unfair function from the banks.

[Dr.Bitcoin_Strange]

Snip

Normally, some of those loan apps clearly state their terms and policies for loan defaults, but with some people being so ignorant and too lazy to read up on those TOs, they decide for themselves what action the loan provider decides to take. For example, some of those loan providers will clearly state on their TOs that "if your loan repayment is overdue for more than two weeks, you will be arrested and made to provide the repayment in full." Some people don't even bother to read up on every important agreement before accepting the offer. They will just go ahead to agree.  There was a news story I read (I can't find the link anymore) where a girl took a loan from one of those loan apps, but after the loan was one month overdue, the loan providers began to call every one of her phone contacts (her mom, dad, uncles, Aunt, brother, sister, etc). She never knew how they got her contact information, and it was unknown to her that she had given access to the loan app to read her contact information.

[mvdheuvel1983]

The easy access to these loans by anyone irrespective of their employment status who has an electronic device with an internet connection is what drives people to collect loans. I have researched on this subject matter extensively and found out that even the Buy Now Pay Later craze is part of the loan problem.

In countries where they have these loan sharks organizations, the government must step in to protect here citizens. I do not like loans and despite that I have been forced as my last resort to take out loans onces and it one other worse periods of my life.

[moneystery]

The easy access to these loans by anyone irrespective of their employment status who has an electronic device with an internet connection is what drives people to collect loans. I have researched on this subject matter extensively and found out that even the Buy Now Pay Later craze is part of the loan problem.

In countries where they have these loan sharks organizations, the government must step in to protect here citizens. I do not like loans and despite that I have been forced as my last resort to take out loans onces and it one other worse periods of my life.

usually online lending platforms are managed by individuals who have enough capital, so they simplify the requirements for borrowers because for them the money they run is money they can lose, but sometimes the borrower does not have mental resilience when being billed for debt, so there have been several cases of suicide that have occurred due to collection by debt collectors, this awareness should be taught from an early age by the government

[Baofeng]

The easy access to these loans by anyone irrespective of their employment status who has an electronic device with an internet connection is what drives people to collect loans. I have researched on this subject matter extensively and found out that even the Buy Now Pay Later craze is part of the loan problem.

In countries where they have these loan sharks organizations, the government must step in to protect here citizens. I do not like loans and despite that I have been forced as my last resort to take out loans onces and it one other worse periods of my life.

Yeah, everything is online know so the attraction is there even for those people who are not in dire need of money. Maybe they will bite on the promotion and borrow some money and then later on regrets doing that.

I've known several people locally here who have been entrapped by this loan sharks and they are harassing them. And the only way is to really pay them. But the problem is that if you don't have the money. So hopefully there will be laws to help this people who fall for this loan sharks and online or offline loans. We don't like to hear news that people taking their lives because they are stressed from all the the daily harassments.

[Captain Corporate]

I can testify that having constant debt is a very tough thing, and if you do not earn enough to live every month, then you are going to end up with a debt every month. Unfortunately I had that type of situation for a long time but lately I have been starting to get rid of some of the debt and doing fine. Debt is fine as long as you can manage it, there is no reason to limit your life because you can't pay stuff full in cash, you do not have to think of it that way, you can get debt and specially in very high inflation nations like mine, you can make it easier. Just try to not over do it, I did and it caused a little bit of trouble for me, and some unexpected expenses resulted with me being broke for a few months. But starting next month the debt is going down and down constantly, making it a lot better eventually.

[Fredomago]

The easy access to these loans by anyone irrespective of their employment status who has an electronic device with an internet connection is what drives people to collect loans. I have researched on this subject matter extensively and found out that even the Buy Now Pay Later craze is part of the loan problem.

In countries where they have these loan sharks organizations, the government must step in to protect here citizens. I do not like loans and despite that I have been forced as my last resort to take out loans onces and it one other worse periods of my life.

usually online lending platforms are managed by individuals who have enough capital, so they simplify the requirements for borrowers because for them the money they run is money they can lose, but sometimes the borrower does not have mental resilience when being billed for debt, so there have been several cases of suicide that have occurred due to collection by debt collectors, this awareness should be taught from an early age by the government

Simplifying the requirements and allowing people to have easy access to the platforms attracts/allure those who wanted to have a quick way to get the money, the problem it takes is the obligation behind, without proper understanding you'll be diving with a huge obligation since the amount of interest will really burn us to the point that you'll leave no choice, and that's the time where someone who can't handle how the loan collectors approach will resort to suicide, not a good decision but without anything to pay and aiming to find peace of mind they will pick that kind of decision making.

It's true that government should intervene to protect those citizens, by providing early precautions like campaigns for awareness about what the obligation behind when you participate or when you take the kind of loans is an eye-opener too many.

[dothebeats]

I take loans in the hopes of building a good credit score and account standing on some banks. In this way, if I ever decide to start another business, I won't have to break an arm and leg in order to take out some loans to finance my business. It's also very helpful to have a good credit score since you will gain access to some perks that your bank offers and not everyone gets. Bottomline is, take some loans that you need, pay regularly and never miss a payment. Being responsible is just the key to not get problems related to loans.

I think that's the positive side of taking loans, it's developing a good loan credit in case we need to make big transactions to a bank. Moreover, there really isn't that big of a negative consequence in loaning unless you decide to be irresponsible and not do your payments. It's a transaction and therefore both parties are accountable to each of their parts in order to ensure that a good relationship (between the lender and borrower) stays.

[YUriy1991]

This is a social problem in society and will continue to occur and have a huge impact on us applying for Online or Offline Loans. regardless of this condition. I think this all has a reason. the first, let's not associate it with habits and habits that are also born due to many other things. But, The First, we refer to who has the responsibility here, if we are the people. Yes, right. Government (the Authorized Parties). The government must be aware of this inequality and read where it will go in the future and its impact.

[EluguHcman]

Aside the interest to make profits in an investment I see no reasons to loan.

Some persons typically loans to boost a commonly ceremony and pleasures leaving you a fate of a hard way of paying back.

And the most regretting time to loan is being a hurry. Because you could be disorganized by the attractiveness of an unworthy circumstances nature of your ventures.
Improperly organized reasons of your ventures why you are borrowing because there would be no rebirth of your money spent so it would be termed of being lavished.

[zaim7413]

There are still generous people around us who are ready to help our family, relatives and neighbors when we are in a difficult situation. What I quote is based on what happened around where I live. The people in the area where I live still have a conscience ready to lend to people who are in economic trouble. There are no fights or tensions or until harassment occurs because lenders and borrowers have a strong emotional bond.

Online loans with an interest rate of up to 10% will have a negative impact on borrowers, because there is no other solution they are forced to take online loans even though there are various kinds of risks that might occur when the loan cannot be paid when it is due. The news that you quoted in the Op is that in a small number of cases there is an effect of not being able to pay off loans on time, Online debt collectors are known to have no tolerance for the borrower's financial condition, they will not go home empty-handed even though the borrower has no money.

[radjie]

The difficulty of finding a job is a factor that causes someone to get ensnared in making online loans. This has often happened. Several other reasons, such as an urgent need and not wanting to bother other people, are of course the main things for people who are trapped by online loans. Besides that, making online loans is somewhat easier than borrowing money from other people.
The negative effect is if someone continues to be involved in making online loans, it is likely that their economy will never be stable and will have a worse impact.

[Wimex]

Just like money in general Debt is not always a bad thing, it only become bad if you are not using it properly. You are taking news from Indonesia and the people mentioned in those news were taking loan from Illegal finance service company. People preferred illegal loan because it lacks background check, but behind those easy loan the interest is brutal.

In my opinion the correct to take a loan, is to deposit money regularly every months into back account, then applied for credit card, there are a lot of credit card that offer 0% interest, just small service fee and processing fee. If someone doesn't even have money to be deposited in the bank, then I don't think they should buy anything the can't afford.

Just like money in general Debt is not always a bad thing, it only become bad if you are not using it properly

You may be right, although as far as i am concerned it is much better to get into an investment than into a debt, one will get you out of trouble over time and the other will only bring you more worries than you possibly already have, so studying the panorama from all perspectives, that is, both legal and illegal, the conclusion i opt for, like many people who have commented, is to avoid it at all costs and be aware so as not to have to fall for lenders of any kind. However, i would like to emphasize mainly those that are handled without the authority to execute these movements, since i characterize it as the worst of both cases, since requesting a loan from these entities, whether physical or online, is one of the biggest mistakes that a person can make, the number of scams and the problems that they can get into can go beyond the circumstances that made them make that decision, since normally individuals who work as lenders illegally are usually ruthless and tend to involve their victims by raising exaggerated interest so that they can never finish canceling said debt, turning it into an infinite commitment that transcends generations... a fact that i consider unfortunate for those who had nothing to do with it.