Learning From The Benefits And Demerits Of Long Term Loans:

Money is a necessity of life. Whether you want to study, get married, built a house, buy a car or invest in your business; there comes a time in life when you are short on money and consider for other options. Sometimes, you have unwanted debts transferred to you from a family member who is now unable to pay the debt and is depending upon you. This is pretty common in Asian countries, where you might become a son striving to pay his father’s debt and you might think to apply for a long term loan which offers the following advantages and disadvantages and that is where tribal payday loans come into the scene which offer more flexible options;

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Benefits:

  1. A loan gets you out of the trouble during a moment of urgency, e.g. many students in UK, get their professional degrees by getting loan from their government.
  2. You can decide the number of months or years to return your loan according to your choice
  3. A loan is a way to get your things done, which were impossible otherwise e.g. getting a heart surgery for your loved one can be highly expensive.
  4. Striving to clear your loan often helps you in finding work quickly and makes you responsible.

Drawbacks:

  1. Interest rates associated with loans ultimately make you pay more than you borrowed. As the time passes, the interest rates increase with the currency value.
  2. Depending upon the urgency of your situation, you are not always aware of the charges a bank or loan giving organization is making you pay. They may look it very easy by their clever marketing strategy and issue you documents containing their terms of conditions, which you may not read and end up repenting upon your decision of taking the loan.
  3. You end up living a stressful life in the pursuit of getting a loan off your head especially if it is a long term loan e.g. often the UK students who took loans from their government to study their graduate degrees are not able to pay back their loans in their life time.
  4. If unfortunately, you are unable to pay your loan, there are very few organizations which actually forfeit your loan based on your financial situation. Most of the time, you can receive police arrests or bank threats on a regular basis.