A friend contacted me yesterday for some loans, which I declined (with some excuses) because I knew he really had no means of fast repayment. After some time, he called again and requested that I buy his refrigerator or his washing machine instead. Although I don't have a washing machine, but I had no interest in buying anything at that moment, so I contacted another of my friend who bought the refrigerator and the washing machine from that guy.
I have a rule when it comes to giving out loans, I do not give loans to people who do not have the means to pay me back. I simply say “NO” when these persons ask me for a loan. That saves the both of us the back and forth drama of collecting back the loan.
would you go for a loan or would you sell one of your properties to solve the problem? And which of them is a better option, to sell property or to take a loan?
This is a subjective question, and I think it depends on where you’re taking the loan from and the interest rates. I would rather take a loan using one of my properties as collateral, it’s a more appealing to me than selling properties to satisfy a need.
