There has been a lot of talk in recent years about the downsides of taking quick loans when you need money. The negative aspects of these types of loans is usually that they come with a very high interest rate, and have a relatively short loan period before you have to pay back your debt. In this article I wanted to share some of my thoughts about this subject. Is it really that bad to take a loan every now and then?
As a young adult, I haven’t really been able to stabilize my economy yet. I’ve had different jobs, most of them not paying great, and as I’m still young I want to experience a whole lot of different things, and these things cost money. So with that said, I can easily say that there have been a few times where I have been in economical problems. Not huge on the one hand, but still enough to make me worry.
So, we read all these stories about people who have gotten trapped in debt, and for some reason everyone seems to love to blame the loan companies. This, however, is something that I really disagree with. Sure, the interest rate on a quick loan might be very high, but on the other hand, the loan companies are not trying to hide this when you take your loan, so all the terms and conditions of the loan are already known by the loan taker when he applies for the loan. Personally, I would blame the loan taker for getting himself in to trouble, I mean it is his own responsibility after all to pay back the loan within the specified time frame.
As long as you loan money in a responsible way, I can’t see any reason why it’s a bad thing. Sure, I will lose money by taking a loan, but on the other hand it might very well be worth it as it might mean I will be able to pay my rent in time. But I would never ever take a loan if I wasn’t absolutely sure that I would be able to pay it back on time, and I would never take a loan if I didn’t have a job so that I knew for sure that I would get paid so that I could cover the expenses I have to pay for my loan.
I think it’s just sad when you read about people who have been taking loans to pay for flat screen TV’s or computers, when these people are already struggling to pay the rent. I don’t understand how these people think. If you can’t pay your rent, you can’t pay for a computer either! So why would you take loan for that kind a stuff. It’s almost as if they were treating the loan as “free money”. I think a good way to start off if you’re thinking about taking a loan is to visit EuroConsumer, where you can find loads of information about different types of loans, as well as good offers from different loan companies.