Getting a loan to pay a loan

[Nomad]

I have done this a couple of time and I know a lot of people do this. Well, this is not something I like to do or people love doing but if your loan is over due and if you have no resources to pay back getting a new loan to pay your old loan can come as a relief. While you still have a loan but you will be able to pay off your old loan, which gives you enough time to pay your new loan. Have you done this?

 

[eLdavis]

I have not done this myself, but I have seen a lot of persons do this. When they are overdue to pay a loan, they would take another loan to pay off.

 

[Springtime]

I have never done this. I think this is kind of risky because it may end up you can never clear your debts.

 

[King Belieal]

That's just the simplest way to put yourself in a cycle of debts. You most likely won't come out of it.

 

[magnus2022]

I think is one of the most stupid thing anybody can think of. It is far better, you stood your ground and find ways to pay off your debts. I don't advise anybody to even get fund throigh all these loan apps. It may backfire.

 

[freelancermaria]

I have never done this before. However, I know some people who do, especially if they have a loan that is due or overdue and lack the means to pay it. This can lead to a never-ending cycle of taking out loans, but they feel they have no other choice.

 

[Augusta]

it is not a bad idea you just have to know when to let go and pay off through another means which could be your savings

 

[Starmix]

That's scary but if there is no choice the loaner will be forced to do so. I have not experienced it my life. It is better to avoid it to have peace of mind. It seems a struggle. It's best to work harder, save and do small business to pay off debts.