What is the purpose for taking your loans?

[Stardom22]

Loans are very important source of capital. Most business people have really grown their business through the credit funding. However different people take loans for different purposes. l mostly take loans for business funding. The highest amount l took was in 2022 whereby l l loaned $500.

 

[eLdavis]

There are a lot of reasons people usually take loans. Some they take loans to sort out one thing or the other in their business, there are does who take loans just for personal use.

 

[freelancermaria]

People have to take out loans for many different reasons. Some take out loans because of unforeseen circumstances, for instance, hospitalization, job loss, etc.

 

[deucher]

The biggest loan I had to take was $1,000 to pay for my sister's education, because all my funds were invested and my parents couldn't afford it, so I decided to take a loan, but I paid it off quickly

 

[King Belieal]

The only time I had taken a loan was for my business. I had challenges financially in the business and I had to take a loan to bail myself and the business out. Paid back within three months.

 

[Augusta]

I'm yet to take any loan but I intend to do that in the future. When once I am able to start my business and k would do that for expansion.

 

[Augusta]

Sometimes loans are taken when you have to pay hospital bills, purchase property at a location where you do not have any bank account, and some banks are not allowing you to access your funds.

Yes, loans can be taken for different reasons. You just have to take the one you can easily pay back when due.

 

[Springtime]

I have just taken out loan two times. One was to apply for government interest free loan to support my tuition fee in the university. Another was the mortgage loan when I bought my small apartment.

 

[AruneBend]

There can be a lot of reasons health,apartment or business I'm scared to take them because I don't know if I would be able to pay them back lol

 

[Nomad]

I took my last loan for personal finance. I used the loan to pay my bills, sometimes I take personal loan to pay bills especially when I am unable to earn well.