Thu. May 28th, 2020


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5 Dumb Reasons to Take Out a Loan

4 min read

People have countless needs and wants. While most people pay more attention to basic needs, others would cut down on food just to make way for a dream designer bag. And since most people are stuck in a vicious cycle of living rather surviving the paycheck to paycheck crisis every month, nothing’s always left to purchase a 75-inch TV. That’s one of the many reasons why taking a loan either from a bank, a peer-to-peer lending, or any other financial services could be tempting for some.

Well, taking out a loan isn’t a dumb thing. But taking out a loan for some dumb reasons make it a bad one. People are fond of borrowing money but they become careless when it comes to repayment period. Because of this borrowing habit, lending firms strictly make sure that borrowers have the capacity to make a payment before getting qualified for loans.

Although credit cards are created to save people from too much borrowing, these cards won’t save the people from themselves if they keep on spending the crazy way. Here are 7 of the dumbest reasons to take out a loan for:


1. Shopping

It’s common to run out of money especially when you have to settle all the bills and other personal expenditures. And you’re starting to get sick of waiting for paydays over and over again just to find out that your salary isn’t adequate anymore. So you’d plan to take a loan to go for a last-minute Christmas shopping and buy everything you prayed for the whole year. If you think buying all these sleek and pricey stuff will make you happy, think again.

Everything gets old and broken regardless of the price. Hence, purchasing an item that is twice or thrice the amount of your salary is never a good reason for taking a loan. If you don’t have enough money, try to spend a little and save more. When you’re done saving for the item and you think it’s still worth the money, go buy it. But if you don’t like it anymore, then maybe it’s not really something that will make you happy nor something that is worth for a loan.


2. Hosting a special event

Most people are in love with the idea of making a dream wedding come true. But the fact that there are so many things to pay attention to – from the bridal couture to the venue, food, documentation, honeymoon, and all, pursuing marriage can get out of hand sometimes. If you and your other half can afford it, why not? But what if you can’t?

I’m sure you already imagined how the wedding would look like in the picture and how your parents and friends would be impressed with your lavish wedding. So, instead of choosing a practical celebration, you’d still go for making the dream wedding happen by taking out a loan for it. But a wedding is just the start of more and more expenses that will come on your way as a couple. And your previous debt may affect your budget for the next phases of your new life together unless it’s paid off quickly.


3. Gambling

Taking a loan to fund your gambling habit is the dumbest thing to do. People can get terribly addicted to gambling that they would max out their credit cards to play or take a loan from their family, friends, and other financial services. Even filling up a casino credit application becomes an option for you. But be careful with casino credits for they automatically take out the money owed from your checking account, especially if you don’t make a payment on the due date.


4. Plastic Surgery

Thinking of getting a nose job when you know you have insufficient money is just a waste of time. You know it’s a lot of money you’re going to spend on surgery, right? This is not to argue about the fact that you only want to look better because we know that physical enhancement can boost anyone’s confidence. But if this is something that won’t profit you in the long run, then you’ll likely regret taking out such a big amount of loan for this, unless it leads to a great money-making opportunity like earning an income from a modeling career.


5. Helping a Friend

We didn’t mean that helping a friend is wrong but taking a loan on behalf of other people might eventually cause a burden to you. Well, you can lend a friend from your own money but never ever from a third party provider. At the end of the day, it’s you who will pay for it unless they return you a favor but what if they don’t?


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