To be honest, i think the mistake the OP made giving him loan while he's yet to repay the previous one and business doesn't work like that or else the business may crumble or situation like this will always occur. It will be nice if the loan service provider could use the rules of not giving another loan if the previous is not pay no matter the status of the user account.
The fact that theyoungmillionaire is a reputable, trusted and a helpful user here in the forum made the OP give him a loan even though his previous loans wasn't paid yet but anyways, it happened already and we can't do anything about it unless he will come back here and pay which is I think........ I don't think his plan was to scam when he started, but if he was trying to pay back one loan by taking another, my guess is he has more debts elsewhere too. That could put his total debt far above an (average) annual salary where he lives, and my guess is his debt on Bitcointalk is a lot easier to walk away from than debts he took in real life.
Since we are anonymous here or should I say we didn't share any of our personal information here, yes it is easier to walk away with his loans here than in real life.My theory is that he had full of debts in real life since he is a businessman/failed trader (I hate to say failed but I think he is though) and he used and abused his reputation here and get many loans from the OP.
I just can't take this because I also lent him my personal money 
that is my allowance and it's a lot for me as a student.
You're a student and yet you got a huge money already but you didn't handle it properly and got baited by this user that is my allowance and it's a lot for me as a student.
. Feel bad for you though.