Sometimes, even with our saved emergency funds, life challenges still have a way of throwing us off balance. Left disorganized, we are often left with no option but to go for a loan.
I know some people who dislike obtaining a loan. Loans can have a good or bad reputation, especially with the news of loan apps calling and abusing debtors due to the stories of unpaid loans. But for some, taking a loan can be one of the best decisions we make.
I remember a time when I took a loan, not because I wanted to but because I had no choice. Looking back, it turned out to be my lifesaver.
While some see it as everlasting indebtedness, taking a loan shouldn’t at all be seen that way if adequate preparation is made on how to pay it back.
I remember countless times when taking out loans was my last option and lifesaver. In my last year in university, I was choked with expenses, and support wasn’t coming from any angle. I heard about some loan apps and decided to start with one. That decision wasn’t a bad one at all because it helped me during that period.
I needed money to pay my final-year semester exam fees, cover my project costs, and settle lots of other piled-up bills. The loan I obtained paid all these bills, and I regained my mental health. I had a plan for repaying the loan before the due date.
I had funds I was expecting, and luckily, the money came through. I took part of it and cleared the loan. Since the money came as I expected, I didn’t want to use it for any other expenses and stay trapped in debt like many people do.
The loan served me well and helped me regain my mental health and graduate with my Course mates. Imagine if I had no option at that time—I would have had to take an extra year because I would have been left with no choice but to suspend my studies.
If that had happened, I might still have used the money I was expecting once it arrived since I had already been suspended. But the loan served as a good loan. Taking a loan is not bad; it all depends on why we take it and how we plan to repay it.
If I had not taken it, maybe I would have dropped out or stayed longer than I would have liked in school. Taking a loan requires the right motive, adequate planning, and self-discipline. Imagine if I had not been disciplined when the money I was expecting arrived, I might have used it carelessly. Discipline is key to anything in life.
Taking a loan isn’t as bad or a disease as many see it. It’s all about knowing and setting plans on how to pay it back. When we take loans for the right purpose and plan wisely on repayment, there is nothing to fear. I have tried it before, and it worked for me.