Why to seek a loan facility if you can manage without it? What would you do?

i had worked for more than 4 years. i have complete payments for SSS, pag-ibig, etch and some other loan establishments. but i say, i never ever applied for a loan even for once in my life. thing is, i don't need to apply for one. i mean, i always try to live within my means. by doing so, i know how to handle my money well. and the fact that i have big savings left in my bank account just means that there is no need for me to really apply for a loan. plus the fact that i will pay for interests afterwards, i really hate the idea of it. don't get me wrong. but i know friends from my previous jobs who apply for loans for silly reasons.. like they want to buy a new mobile phone or a new television set even in such cases, they already have those. they just wanna make use of their loan since they believe it is their right to have one. yup. it's your right... but i guess, it is better to apply for it for emergency purposes and not just for fun and leisure. that's why most filipinos are on debt. even if they have huge salaries, they feel like their salaries can't keep them alive... it's because they are burried with debts and loands. happy myLotting!

Hey i would prefer going to take credit a loan just to wrap up all my needs. And I know that it shall be going very costly to me. In case I have sufficient amount and good bank balance then I would have not think about it and the percentage for not opting for it would be 10% even then. Now, if I didn't had then certainly I had run and grabbed it. You know at time no body think about the repaying things once. Only once you have paid more than 6 installments you would have realized the fact. Then the hell starts - your day is ended up in a frustration - you are called again and again by the bankers for their money. So, if you think that you can repay it then you must borrow it. And if not then you sould never ever got for it. I would haven't done that at all.. in such case.. Got it?? Bye...

I don't understand why people who don't need a loan would want one. Saying that, it appears that the only people who can get loans are those who don't need them! If I had plenty of cash, I would not want a loan. I want one now because it will be easier than paying off the credit cards I've got, which I only got for emergencies such as when I need to pay a bill and have no cash. Unfortunately for us, this is a fairly regular occurence! If I had the money there already, I wouldn't even consider getting a loan or anything. I've always said I never wanted to be in debt and, as much as possible, I haven't been. Why would someone choose to be in debt when they already have money?

No I would not why if the Money is there I wish I could buy things cash and I also wish that I could get a loan at the moment in the Situation that I am in but then again I am better of fighting my Way through it like I always have But no I do not understand why People who have savings and money get a loan if they have enough to pay cash

Yes well if you have enough money then why hire but sometimes we do not have enough money so we have no option to borrow from a bank or lending facility. No I would not go for a loan from anywhere when I have money in my bank account as you have to remember the interests that you will also be paying out.

I think the world is driving further towards credit rather than cash. And honestly the only way it seems to get a loan is to have a large amount of equity. so I suppose people who are well off and can manage without a loan still choose to do so because they can build excellent credit. Which if you think about it in business terms. You can get something like a house on credit sell it for a higher price pey off hte loan and keep the rest for yourself. Loans are the easiest way to get something for nothing.

I believe that you should only take a loan on large purchase items like homes or cars or education unless you have the cash to pay for them. Most people don't. I believe in staying away from loans for smaller items.

Hi I work in the Financial field. In order to establish credit you have to have revolving debt and be able to maintain a clean payment history. Even if you have money you have to have leverage. Look at Donald Trump for example. If you educate yourself on credit, loans then you can manage. But not alot of people take time to learn about it. That's why there are so many people in debt today. Lack of education and knowledge. If you want to buy a house, a car or anything that has to do with credit u must be established credit wise for 24 months. Meaning that banks want to see a 2 year history. I hope that helps...

In the US, most people don't have enough cash to buy a house without taking out a mortgage. MOrtgage interest also has tax benefits, so even really rich people still mortgage their home for the tax benefits. However, a lot of people are not smart about CREDIT and over spend on credit cards, getting themselves into greater debt. But Mortgages, and car loans or leases are very common in the US. You wouldn't be able to own a home or a new car without the assistance of a lender, for the most part.

What I suggest is that you are right if one has much amount by his own resources then going to credit for a higher mark up rate is not advisible at all. Surely, if you have a good idea of investment and take it as business need, then after a reasonable calculation, one can go for loan. Anyway, the loan is to be returned and adjusted! SO choice is yours :p I mean ours hehehe

We have a mortgage on our home and a loan was taken out for our barn construction....short of that we do not borrow money...we do not utilize "credit cards".....we live within our means...in today's society that is fairly rare.. We do not buy something just to buy it...we plan together the purchases that will be made at our house.....now I am not talking about the everyday things...like groceries...but we save our money to purchase the big ticket items like our boat, horse trailer, and camper. We are older....in our late 40's and 50's.....we are not employed full time any more...I do work part-time as a real estate agent...but I only do that when I want to....I do not agree with continual borrowing although I realize that many many people can not afford the lifestyle that they live without the luxury of borrowing....

No, if i have the money and there is really no need for me to loan then i will just spend my money. Borrowing is not a good way to have things. Because, there is this interest that you have going to pay and it is not good that you have obligations in returning back the money. It would be better to get away from loans...