Post
Topic
Board Nigeria (Naija)
Merits 4 from 3 users
Re: Avoid going for a loan as a trader
by
Rockson1
on 01/06/2025, 14:17:11 UTC
⭐ Merited by Just Say (2) ,Mr Reporter (1) ,MainIbem (1)
Borrowing money is not a wrong idea but what you're borrowing such money for could be the problem but if it's in a good investment asset which you have done your background check on it, then you're good to go (it's called good debt). But the one narrated in the OP which is about borrowing to trade or gamble, that's bad debt and it can ruin you. It's inevitable you wouldn't be under pressure gambling or trading from a loan money because you'll eager to meet up deadline.

With the little idea I have on this, I think borrowing isn't totally bad, it all depends on what you actually want to make use of the loan for that matters, loaning should be done with a strategic plan, it is not advisable for anyone to wake up to access a lone for unnecessary reason, it should be for good investment just as your post have outlined to be, one thing people should always have in mind to borrow is the fact that the money they are accessing ain't free, it comes with a certain amount of repayable interest that may be consequential if one defaults, so with this reason alone, anyone seeking for loan would've known that preparation should be on ground for reaoyemant and I believe that the only way this repayment can be made is by investment is something that profit oriented to avoid defaulting on the terms that was signed in the agreement.