What is a personal loan?

[Ebro01]

Personal loan is a loan borrowed from bank or individual for personal reasons. Some reasons can be identify as Agriculture loan from cooperative society, or business. Personal reasons like marriages, naming ceremonies, and burials are not appreciated from customer's to the banks except with important reasons that will attract profits.

 

[Syldan]

Personal loan may means taking loan from your other investment or savings in other to finance your business which is to be replaced after profit has be gotten. or money borrowed from your business yo maintain the other.

 

[Good-Person]

Personal loan may means taking loan from your other investment or savings in other to finance your business which is to be replaced after profit has be gotten. or money borrowed from your business yo maintain the other.

I think that now many people usually try to expand the definition of personal loans. Now they believe that personal loan also refers to any kind of loan borrowed for personal use. However, how could you define "personal use"?

 

[eenya001]

Loan of any type is always not advisable.

It is important for people to try as much as possible to make sure they raise money for what they're into.

Taking loans comes with a lot of implications.

Most big corporation do take out loan as it helps a company to grow very fast but you need to be very sure of what you intend on doing with the loan you are taking so as not to fall short.

 

[Good-Person]

Most big corporation do take out loan as it helps a company to grow very fast but you need to be very sure of what you intend on doing with the loan you are taking so as not to fall short.

Yes, however, I have noticed that many small corporations do not take loan as well. There are many businesses that tend to avoid seeking loans. This also includes small businesses.

 

[eenya001]

This is a great submission, let me not lie to you. There is a general reluctance to offer grants and loans, especially in these trying economic times, so all in all, it is not entirely surprisin

The government offers such kind of loans to some farmers only. Moreover, the concept of business grants is not that much popular in here at all. Otherwise, business grants could also have improved the economy of the country as well.

The government are the ones that are supposed to be offering this sort of loan services to their citizens especially at this trying times when things are very hard and I believe this can only be obtainable in top tier countries.

This is a great submission, let me not lie to you. There is a general reluctance to offer grants and loans, especially in these trying economic times, so all in all, it is not entirely

 

[Good-Person]

Most big corporation do take out loan as it helps a company to grow very fast but you need to be very sure of what you intend on doing with the loan you are taking so as not to fall short.

Yes, many big corporations might borrow money and i think that this is also one of the main reasons why so many big companies got bankrupt during the pandemic.

 

[eenya001]

Yes, many big corporations might borrow money and i think that this is also one of the main reasons why so many big companies got bankrupt during the pandemic.

if you look how they operate you would realize that it is loans and cash injection that is sustaining most of this big corporations we know about as some of them are on the verge of bankruptcy.

 

[Good-Person]

if you look how they operate you would realize that it is loans and cash injection that is sustaining most of this big corporations we know about as some of them are on the verge of bankruptcy.

Well, the fact of the matter is that there are many such kind of loaning apps that operate in my country. They tend to offer loans and they charge huge interest money.

 

[Shigobad20201]

In my own opinion, a personal loan is a loan given to people , most especially friends and family without interest and without having a guarantor , with the intend of returning it back when they have it .

 

[Smiles20]

A personal loan around here is referred to the kind of money that you collect for your own personal kind of spending and not to start a business. This kind of lens is usually given out to people who are working.

 

[Chibson]

I have also never taking a personal loan before. I almost did that sometime ago but someone actually discouraged me. That is why I try to work hard in order to foot all my bills.

 

[Good-Person]

I have also never taking a personal loan before. I almost did that sometime ago but someone actually discouraged me. That is why I try to work hard in order to foot all my bills.

Taking loans is something that should be avoided because you have to pay high interest. Nowadays, many financial institutes have also increased the interest rates due to inflation.

 

[Smiles20]

Am enlightened!
Loans are not a bad resort. Inasmuch as you are in the process of gaining financial freedom

There are some times that you just need to take them in order to settle some things that are urgent or some things that are going to help you to grow and as you have said it should be setting you on a path to financial freedom.

 

[Emmy]

Personal loan is deducted from one's personal capital to satisfy his needs in a certain a period, and this does not always include interest so you can also return it whenever you wish. However this is a good loan but must be faithful in other to keep business growing.

 

[Chibson]

Taking loans is something that should be avoided because you have to pay high interest. Nowadays, many financial institutes have also increased the interest rates due to inflation.

if you can secure a bank loan I don't think there is anything too bad with it because some of them do not give high interest. But some financial lending institutions can charge you a lot of interest whenever you take a loan from them.

 

[Shahid987]

A personal loan is a type of loan that is typically unsecured and can be used for a variety of purposes, such as consolidating debt, paying for a vacation, or making a large purchase. The borrower is usually required to pay back the loan, plus interest, over a fixed period of time. Personal loans can be obtained from banks, credit unions, and online lenders.

 

[Genie011]

There are some times that you just need to take them in order to settle some things that are urgent or some things that are going to help you to grow and as you have said it should be setting you on a path to financial freedom.

That is why I am not negative about taking loans because it could help you out in very challenging circumstances.
But it is not good to be consistently relying on loans for such actions.

 

[Good-Person]

if you can secure a bank loan I don't think there is anything too bad with it because some of them do not give high interest. But some financial lending institutions can charge you a lot of interest whenever you take a loan from them.

Almost all the banks are increasing interest rates due to the fact that inflation is growing and financial institutes are not finding any other way to cope with it.

 

[Agbalagbaa]

That is why I am not negative about taking loans because it could help you out in very challenging circumstances.
But it is not good to be consistently relying on loans for such actions.

This is true, in as much as you are not solely Relying on loans to free you from some financial burdens, it is good to collect loans. You could do that to establish businesses that would eventually get profits.