Loans are bad (Other Personal Loans)

Member Name: SallyF

Product:	Other Personal Loans
Date:	21/03/08 (191 review reads)
Rating:

Advantages: You will have some money to spend on what you like!

Disadvantages: You have to pay it all back plus some more that you didn't even borrow.

If you are thinking of getting a loan think twice it can truly mess up your life.

I took out a £10 000 loan for pure indulgance I thought it would be a good Idea to pay off my credit cards buy a yearly train ticket to get to work go on holiday decorate my flat buy some new furniture and have some new clothes and just generally live it up.

The money only lasted for about three months. I takes three years to pay off the loan. When you a loan out you think yes I can afford £310 a month but when you don't have many outgoings of corse you can afford it but as soon as you want to buy your own place or save up for a wedding you can't afford to and it sucks.

So don't take a loan out unless you really need to save up you will be better off in the long run.

Summary: Save up! it's not worth it in the long run.