Have you borrowed money or took bank loan?

[Anachiwo]

My mindset have been of that the financial institutions are there to frustrate you whenever you borrow or take loan from them. Maybe it's because my uncle was never able to pay off his loan and his collateral was confiscated by the bank which he never recovered from. This is why I will not borrow money from any financial institution, if it's not coming from my family members, I'm not interested.

 

[Henrywrites]

I have taken loan from the bank few years ago when I was having issues with paying my school fees. I did everything I could to repay the loan back then too simply because the interest rate will keep pilling up, if I don't repay the loan.

 

[Phabbyfundz]

I haven't borrowed money before (if the once you get from family or wouldn't mind if you don't return them back is not counted) and I have gotten any loan from the bank either.

 

[Tron]

I have borrowed small loan from online banks or loans financial institutions. I used Branch to borrow money once and I have paid back the loan with small interest.

 

[Preshy]

No i haven't

 

[Hydrogen]

In my life, until now I have never borrowed money from anyone and have no plans to borrow money or take a loan from any bank or financial institution, and it's not healthy to take a loan as banks charge high rates of interest on loans and at times it becomes tough to repay and consequently, the collateral will be confiscated by the bank so better consider everything before going for a loan.

 

[Lynaia]

I haven't done any of the two. I wanted to get a loan from the bank when I'm starting my business but my Dad raise me son funds to help start the business. That just stop me from getting the loan

 

[Anachiwo]

I have taken loan from the bank few years ago when I was having issues with paying my school fees. I did everything I could to repay the loan back then too simply because the interest rate will keep pilling up, if I don't repay the loan.

What happened that your parents didn't pay your school fees? Did you have any problems with them or were you separated from them?

 

[Ofonime56]

I have borrowed money but I never take bank loan the first time I want to take loan from a bank they demand that I bring someone who can sign it for me but that is not an issue i did not want to be in debt that was why I stay off the loan so I rather borrowed from my freinds

 

[ClicketyKat]

We have had a mortgage, car loans and student loans and all are paid off now. The mortgage was the most difficult one and also the most important one to not default on! Having a loan actually helps your credit rating because if you pay on time it boosts your score.

 

[tyrim88]

The issue of borrowing money from financial institutions is not actually the best idea,because if you do not have the means to repay back the loan,your collatoral might be seized,it is always good to have a good means of repayment on ground.

 

[Heatman]

I have never taken bank loan. I would never do that because the interest is always so high that you will find it very difficult to pay back.

 

[Anova]

I see borrowing from banks as risky move. I don't even understand the reason people will want to borrow from banks when they can build small.

 

[Shortie]

Yes I have one set loan that I get from the same company every year that helps me out for Christmas and I gradually pay that off throughout the year ready for the next year so I can renew it. It's affordable for me and helps me get what I need for Christmas. I have never had a loan from a bank though, they tend to offer only a certain amount and the payments to pay back tend to be more than I know I can afford so I tend to avoid those.

 

[Mjc]

I don't have any business with taking bank loans or loans from any other financial institutions for any reason. My family ranch generate more than enough money that's capable of running the farm year to year without any challenges.

 

[Arantor]

Never had a loan but I have had a mortgage for a house.

 

[Henrywrites]

I don't have any business with taking bank loans or loans from any other financial institutions for any reason. My family ranch generate more than enough money that's capable of running the farm year to year without any challenges.

That is good. Getting a bank loan is never easy to repay even when you took it with the good intentions.

 

[Heatman]

I see borrowing from banks as risky move. I don't even understand the reason people will want to borrow from banks when they can build small.

Some people don't just want to put in the work and start from the scratch. They want it all big but unfortunately, most of them can't manage big funds well.

 

[Arantor]

Start from scratch? Let me put it this way - I'm currently in the process of buying a house with a mortgage. It's not a big house - in fact it's a two-bed apartment, it's near to transport links since we don't drive (we live in the UK), and it's going to cost me £450,000. For the record, that's somewhere in the region of triple what we make in a year before taxes. You might say 'if it's only that much, why not just save up?'

Well... given that we currently pay nearly half our after-tax income in rent, and our costs per month will actually go down on getting this mortgage, I'd say that it's a good deal for us. I should add, we're around 40, we both have good stable jobs that are pretty senior (I'm literally the number 2 in my company, my partner is a manager of a department of 60 people) and there is literally no way we'd be able to buy a property here without a loan.

People who talk about 'not putting in the work' always strike me as though they don't realise how much work it actually can be because they themselves got advantages others didn't have. E.g. Bezos makes it sound like he built Amazon from scratch but conveniently forgets the $300,000 starting capital he was given by family. Or Trump and the $1 million loan from his father to get started. No-one's going to loan me 6 figures just to get started - I'm literally the highest earning person in my entire family. My mother still doesn't believe the amount of money I earn.

 

[Strawberry]

in fact it's a two-bed apartment, it's near to transport links since we don't drive (we live in the UK), and it's going to cost me £450,000. For the record

My goodness, you need to get yourself up to Scotland! I have a 3 bedroom terraced house and it was a fraction of that price. Some of the house prices in parts of the UK are absolutely crazy. 😱

I currently have a mortgage which we took out over 24 years. We could have easily ramped up to the monthly payments to get it down to about 15 years, but we are very much live here and now, spend the extra on nice things (holidays!). The house will always be here, we will not.

I have an unsecured loan too but there's not a lot left on that, it should be paid by December (although I am thinking about settling early). That was just for a balloon payment of my car, I didn't want to give it up after the PCP ended and I couldn't stomach parting with that amount of money at one time.

Apart from that, I have a couple of credit cards but I only use them with 0% interest on purchases and I usually have them paid off or close to paid off every month.