Have you ever took a loan and what for? I took just once and it was one year ago. I took it for my treadmill. I paid it back fot 6 months. I wanted so much to pay it so each time I had the money I paid as much as I coluld! I hate taking loans!
The only loans I have had was for a vehicle. I also had credit cards, but they are a bit different. My vehicle loans were quite expensive in the end after interest so I prefer to not take any loans out on anything now. I only buy things that I can pay cash for now. It is cheaper this way!
Actually with my background in banking I can say that taking out a small loan and paying it back monthly is one of the best ways to build up your credit (as long as you're sure you can make the payment on time every month). I used to tell people to put some money in a savings account, take out a loan secured my the savings account, and pay on time every time. Doing it with a savings account securing the money not only gives you a great interest rate, but chances are this way they won't even have to pull a credit report for it.
We took a loan out for both of our homes. We also took a loan out for a car about 29 years ago. Other than that, we haven't taken any other loans out. We don't like to pay the extra interest that loans have. We would rather pay everything off right away and save on the interest and the extra rates that come along with loans.
We've taken loans out in the past when we were in a bind. I hated having that extra payment every month. We've decided that if we can't pay for something in cash, we will save up for it rather than get a loan.
I hate taking loans! I know that they are a necessary evil at times. However, when I do take them, I try to get them paid back as quickly as possible.
That's a very wise decision. I have been tempted many times to buy something on credit which is basically taking a loan to pay for it. Then I ask myself if I could do without it. Most of the time, the answer is yes. So I don't buy it until I can pay for it. In cash.
Yes, I have taken out a loan in the past. It was in order to fund an airline ticket for an overseas job that I secured. I was able to pay it back as soon as I started working, so it was a good choice. I do avoid them if and when possible but it can be very helpful if used wisely.
I've never taken a loan, but just because there hasn't been anything I wanted to buy right away for which I didn't have the money.
I hate loans of any kind - they are evil. I got my first credit card at 18 and being young and naive it was like free money - I ended up in debt and having to make repayments that took me six years to finish! I now have no credit cards and will always wait till I can afford to pay for something in cash than take out a loan. I learned my lesson early on and it was an expensive one but I don't think I am at a disadvantage for not having credit.
I took a loan before to invest in JustBeenPaid and I was able to pay it after three months and now from that money I am earning huge! As in HUGE guys that's why I am really thankful that JustBeenPaid didn't turn to scam because if they did, I don't know where to find money to pay that loan!
I took some loans for school but I paid them off as quickly as I could once I graduated. I don't like having debt on my conscience. I don't see myself taking another loan until it's time to buy a house.
I have student loans unfortunately. I wasn't supposed to, but I do, and I absolutely hate it. I refuse to take out any more loans until those are completely taken care of, which will be several years from now still. That means I won't even consider buying a car unless paying cash, or a house period.
I've taken out loans for school and for our first house. And I don't suggest taking out loans if you can help it. It took me almost 6 years just to pay off the student loans. And our house is only about half paid off.
taking on a short term loan is a great way to build up your credit score and build a good credit profile. It's important that you are mindful of your payments, keep your balance low to keep your interest charges down, and not overextend yourself so that you have trouble paying the monthly payments on time every month.
I got a loan a few years ago to pay a traffic ticket that was urgent. You should only use them in emergency situations though. The interest can be a killer and put you deeper in debt than you were originally. Always look at the terms of the loan agreement before signing. Shop around for the best terms and conditions. Lending companies prey on your need for money and know that they are the last resort for a lot of people. If at all possible find another way to obtain the needed funds possibly through a relative or friend.
I once was about to get on a few months ago. I had just so many bills to pay and felt like I was drowning, but then I saw how high the rates were and wasn't sure if I would have been able to pay all of that back. Thanks for sharing your experience thorax11! I will try to borrow from my family first. I feel bad asking them, but they'll understand.
Several times I have thought about taking out a loan, but I always changed my mind when I found out that I would be paying twice to three times as much back. It is alot better to just save up the money for something than to take out a loan.
Over the years, we've taken out bank loans to pay for cars, and the last one we took was to clear some credit card balances, as the bank rate was much lower than the credit card interest rate. It's paid off next month, and I still have some balances to clear, but rather than taking out another loan, I'm going to just pay off as much extra money as I can each month, rather than taking out another loan. I reckon it will be a bigger incentive to clear the debt.