Top 10 Reasons To Take Out a Loan

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6. Education

It’s against the law to have school-aged children not attending school, so if you are going to be short on your school fees, you’d better borrow some money so that your kids get the education. University fees are not very cheap, so to avoid having your education put on hold, you’re best to borrow now and work it off later.

There are a number of options, you can consider, but most schools in US cost over $15,000. If you want to go to an Ivy League school, expect to pay more out of the pocket.


7. Emergency Expenses

Those who don’t have medical insurance or find it difficult to pay off all their bills at the end of the month, tend to apply for loans. However, make sure that you pay the required amount within the prescribed period of time to avoid a serious crisis.


8. Buying a House

This includes paying the initial cost for the house, then the furniture and fittings and lastly, the contractor for his services. If you don’t have enough to pay for the whitewashing- you can take a loan for that too!


9. Home Improvement

If you plan to sell your house, it is common knowledge that if it is in sparkling condition, you will get more offers. Therefore, fix the broken roof, tinker with the plumbing and paint the walls. If you don’t know how to pay for it, take a loan- it will be worth it. The value of your property will increase and you will make enough money to pay it all back comfortably.


10. Starting a Business

Some businesses are capital intensive while the rest are labor intensive. If your business falls into the former category, you will need to apply for a loan.

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