5 Things You Should Never Take A Loan For

Loans are great and we can all agree that they make our lives easier. Taking a loan, however, should be done wisely and the promise to repay the loan within the agreed time span, should be honored.

It’s okay to get a loan for a big project like a house or a car, but some projects are not worth  getting a loan for…

Here are some 6 things you should not get a loan to do:

1. Dowry Payments & Weddings

Having a great wedding is everyone’s dream and it’s okay to want to impress people by having a luxurious one. But be careful when it comes to getting a loan for your big day.

Getting financial support from friends and the committee members of your wedding is okay, but don’t get a huge loan from the bank because of one day.

You and your loved one should have an affordable wedding that represents who you are in real life. After all, it’s only a one day celebration. Live within your means and have a simple wedding.

Also, don’t take a loan to pay dowry. Work hard and save enough money for your wife to be. A loan might cause serious financial problems and debt in the future and hurt your marriage as you both strive to pay off the loan.

2. Paying Rent

Again, it all bottles down to living within your means.  Don’t get a loan so that you can live in Kileleshwa. Loans are supposed to help you add value to your life.

Get a loan to expand your business so that you can make more and have enough to repay your loan,but don’t get into debt because of rent otherwise, live in a house you can afford.

3. Gifts and Christmas presents

We are in the festive season and you might feel compelled to gift a friend or family member. Buy a simple gift that you are comfortable paying for. Don’t be extravagant and over spend. Keep your gits simple.

4. Betting

Betting games in Kenya have become very common as they always promise huge amount of money as returns for betting. Since the sport requires you to top up some money, please don’t get a loan to bet.

Remember that, the reason you are betting is because you need money. Therefore, don’t get a loan that you will struggle to pay for. And also, remember that betting does not gurantee winning money. Be wise about it.

5. Buying things to show off

You might want to be admired by your friends for how successful you are but you don’t have to go the extra mile of getting a loan to show off to your friends.

Buying tems such as expensive clothing, shoes, watches and luxurious things just to be the talk of town should not lead you to the loans path.

Be content with your lifestyle and who you are.

What else should you not get a loan for? Share below.

Source: Kuza Biashara