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.

 

[Tobi]

Yes, you can get a loan to pay off other loans. It is a move that most financial experts advise. You can get a personal loan for debt consolidation and pay off the outstanding amounts in your other loans. However, you should know that if you have multiple active loans, another unsecured loan might attract a higher rate of interest. If this is true, it would be best to mortgage your property to take a loan of a large amount to pay off your smaller loans.

 

[Min George]

If I am taking a loan to pay back a loan, it must be that the new loan I am taking has no interests. That makes some sense at least.