I have actually taken loans before, both from a loan company and from an individual. The individual I’m talking about is my Dad. Taking a loan from a company is not actually funny. The reason behind me collecting those loans is due to late salary payments from my employer, so I don't have a choice but to take the loan to help with transportation and feeding until salaries are paid. Sometimes I also take it due to emergencies, like when I need to travel a long distance for work or when I have no cash at hand. I’ll just go for it to take care of my needs at that moment and pay later.
Taking loans is good when you’re sure you can pay back before the due date or when you know you’ll profit from it. But to be sincere, I prefer taking loans from individuals rather than companies because company policies can rip more money off the debtor before they could pay. In general, I don’t like loans because, in the blink of an eye, one can lose everything because of taking loan. I have seen businesses fall because of loans, and I have seen wealthy people go from living in a mansion to living in a three-bedroom apartment. To me, taking loans doesn’t sit well, but life can push one to the edge of the cliff where you won’t have a choice but to seek help.
