Getting all kinds of loans like payday loans or quick cash loans might be a good way to get your hands on that item you have been dying for. However, getting loans is something that I do not wholeheartedly recommend. Why? Check out the reasons for getting loans is such a bad idea in the first place:
There is the interest rate
What people do not know about money lenders is the fact that money lenders are running a business. Like every other sane person in the world who is running a business, people who own money lending businesses want to get profits. Do you know the only way a money lender can get profits? By issuing interests in every loan. The premise is simple, really. You borrow a money, the lender issues one percent interest, and when it is the time to pay the loan back, you pay the sum you borrowed plus the added interest.
“But that is just one percent. What harm can a percent befalls?”
Money lost is still money lost, duh. If you pay the one percent interest, you will lose that one percent in you in your life. Who knows what that one percent of the whole loan can do for your life in the future? You would not get anything back from loans unless you take business loans or something else that can net you a profit.
While there are money lenders who will give you a high amount of interest, you are still legally bound to pay that small amount of interest. Beware of those kinds of traps, people.
Some come with installments and some do not go that way
This is one of the reasons why getting yourself a loan is not a good idea. Before I read anything about loans, I always thought that you could pay your loans in installments. This means that while there is an interest rate to be had, the moneylender can create an illusion that you will only have to pay a small amount of dime (hence trapping you with that illusion).
However, not all of the loans types cone with installments. Some loans do not come with installments, meaning that when it is the time for you to pay your due, you need to pay the due in bulk. No more dimming it because you will pay the loans with your hard-earned cash. Do you know who profits from these kinds of things? The moneylenders, not you.
It creates a bad habit
I once knew someone who goes into a habit of borrowing money. That someone is now living modestly and is in good health, but he now lives in a static life where his only life is about taking loans and repaying them. Hi life revolves around the circle of loans, where he will use his income to pay loans and not else. He cannot get his hands on a personal vehicle, he cannot get richer than he already is, and he is a slave of cash loans and payday loans.