06-15-2023, 07:06 AM
I don't have a personal loan and in my opinion, you need to avoid personal loan. I have my reasons.
If you get a business loan, you will get return on your investment, and you can use your business profits to pay back your loan. There is no guarantee that your business will make profits, but the idea behind business loan is to acquire funds to invest in something that will earn you profits.
If you get a house loan and buy a house with a loan. you will save money on rents, you can use the money that you were previously paying as rent to payback your loan; you can even rent out your property and earn rental income. You can use your rental income to payback your loan.
However, if you buy a smart TV through your personal loan, how are you going to payback your loan because your Smart TV is not generating income. Instead of getting a loan to buy smart TV why not save money for few months so that you can buy smart TV.
There is something you need to understand about loan. When you are paying loan, you not only have to pay principle but also interest
If you get a business loan, you will get return on your investment, and you can use your business profits to pay back your loan. There is no guarantee that your business will make profits, but the idea behind business loan is to acquire funds to invest in something that will earn you profits.
If you get a house loan and buy a house with a loan. you will save money on rents, you can use the money that you were previously paying as rent to payback your loan; you can even rent out your property and earn rental income. You can use your rental income to payback your loan.
However, if you buy a smart TV through your personal loan, how are you going to payback your loan because your Smart TV is not generating income. Instead of getting a loan to buy smart TV why not save money for few months so that you can buy smart TV.
There is something you need to understand about loan. When you are paying loan, you not only have to pay principle but also interest