The only time I took up a personal loan was when I needed money for my further studies 10 years ago. I was thankful that the loan came via friend and I didn't have to approach banks or any loan providers.
I have always been skeptical about payday loans, simply because it can lead to a debt trap for those who have no discipline with money. Some tend to use the quick cash to tie themselves through for a period and when pay day comes, the money is not used to pay the loan. Thus, it leads to bigger debts and more financial trouble.
I do agree that a personal loan can be useful and helpful if used wisely and for a proper cause, not for gratifying personal desires to buy expensive things and later on, realized that you are faced with the issue of overspending.
Thus, be wise with your finances. If you need money for emergency, consult a financial advisor and discuss your options before making a hasty decision.
18 April, 2007
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