When looking for ways you can borrow money, loans are often among the first choices people turn their attention to. It’s easy to see why – loans are readily available, they don’t have to be backed by anything, and the whole procedure can be done fairly quickly. So if you find cost of borrowing as a loan acceptable, then there are no reasons why you shouldn’t take one out if you need it.
The problem is, however, that taking out a loan is a serious decision. You are, after all, putting yourself in debt when you take out a loan. You’ll have to repay that debt, and your regular income will be sapped until the debt is repaid.
So, no matter how useful a loan ...