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How many of you feel, taking loan is a pain?
You have to keep on paying interest for an even bigger sum, sometimes.
You have to keep on paying interest for an even bigger sum, sometimes.
Loans and EMIs
- Thread starter Claraviolet
- Start date
I'm in the process of clearing my student loan debt off now. I refuse to take another loan on until this one is gone. With any luck I should be able to pay off my loan completely this year. (I'm hoping by July, but realistically it'll probably be September.)
As for others... Stay away from those "payday loans". They are predatory in nature and can result in absolutely bonkers levels of debt. I mean interest racks up so fast that you can end up having to get a second loan to pay off the first one. And at that point you're basically screwed. These loans have a much higher interest rate (in one case it was as high as 390%) as compared to a normal bank loan (which might be like 5%).
As for others... Stay away from those "payday loans". They are predatory in nature and can result in absolutely bonkers levels of debt. I mean interest racks up so fast that you can end up having to get a second loan to pay off the first one. And at that point you're basically screwed. These loans have a much higher interest rate (in one case it was as high as 390%) as compared to a normal bank loan (which might be like 5%).
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- 52,446
wishing you the best of luck, I'm looking at 4-5 years for my school loan.
If I went by the payment schedule it'd be another 5 years (at $338 a month). But I'm going to pay considerably more to burn it down. My goal is to take $1,000 off each pay check to put towards it. Might be a little less this month just because I was off sick for almost a whole week so I didn't earn much that week. But my next pay check will be pretty good so I'll make up for it then.
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- 23,569
Loans can be risky since there is always a chance you can't pay back the loan and paying more interest you are comfortable paying. But, sometimes, people may need a loan to buy important purchases like food, medicine, hospital bills, college, a car which is needed in some places without reliable public transportation like a bus, so they can drive to work which is many miles away from home, and use a car for work like delivering food to people.
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I really hope I get as good paying job as you so I can start doing the same, as I'm looking at 5 years even if I throw 1k a month.
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Yeah and I know it's highly impossible to buy a good house for yourself without a loan and without having financial help from the parents.
Adult life is hard ><
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- 23,569
At least, some towns have more affordable rent and affordable houses.
I feel some medicine, and medical related expenses can also be very expensive, and getting a loan for medical related expenses can be difficult for poor people who can't easily pay back the loan. People who need medicine and medical help from a doctor or dentist may also not have a lot of time left to save money or get a loan to pay for medical help before their health gets worse.
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Yeah I do agree with that.
It's just sad and sometimes the interest paid is way more than the basic amount.