How to know you actually need a loan

You may find yourself in a situation whereby you will be wondering if you really need a loan or just try getting over it. Many people are afraid of loans and can’t stand the mention of it but there is nothing bad receiving a bank loan. Reasons you may need a loan are but not limited to the following:

# 1 medical needs
There is a maxim “health is wealth” you may be seriously sick and stranded at the same time, having no strength to do any work to earn you some bucks. Then you will be needing a loan to defray your medical bills.

# 2 Accumulated debts
Sometime you may be surprised how you have piled up debts in a little time and the people you owe will be busy disturbing you then years you may need a loan to payoff the debt. There is nothing bad paying a debt with a loan.

# 3 Funding business
You can fund your business with a loan and pay back when you make some profits. There are many firms which gives out loan to small scale entrepreneurs to fund or start up a business with little percentage as to interest of the principal sum. Many big companies you see today started in small means and funded their business with loans.

# 4 It seems to be the only option
For employees working under companies as well as civil servants, some reasons best known to the employers and owe wages/salaries for several months when you squarely depend on the income therefrom for survival. Then they will be no point starving or wearing rags because they isn’t cash to maintain yourself, you can simply apply for a loan which will be granted.
N/B
* Borrow from licensed money lending firms only

* Always go for interest free loans

* Never take borrowing as a way of life

* Borrow only what you can pay back

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