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Are unsecured loans becoming your enemy?

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Yes, we are seriously concerned. Has it not happened earlier that you lost a friend over a silly fight? Unsecured loans can be treated as such.

Do you remember how easy it was to get one when you were in trouble? You wanted to buy a new phone or wanted to go on a vacation.

Radhika has been stressed for the last few months. She swiped her credit cards carelessly and took out personal loans to visit Singapore for a friend's wedding. She indulged in shopping and pampered herself. Vishal, Radhika’s friend, too, had been facing some issues lately. He gave his credit card to his younger brother. He was unaware of the dos and don'ts of credit card usage and abused it. Both Vishal and Radhika said that having unsecured loans was the worst decision they ever made. Sunita took out a personal loan for her son’s higher education. Martand took out a personal loan for his father’s illness. Both Sunita and Martand were able to repay their loans on time and consider unsecured loans as a blessing in disguise. Even though they paid a higher rate of interest, the instant availability of unsecured loans saved their future.

When things go out of control, we form opinions about them, and our perception changes. We want to make it clear that

1. Unsecured loans are necessary at times

Yes, secured loans are difficult to obtain. Secured loans are time-consuming and require security that cannot be afforded by all. So, what is the option available to those who have emergencies and cannot have security but have some source of income or limited savings? They have unsecured loans.

2. Unsecured loans can actually be helpful

You won't believe it, but many people who used personal loans were able to address immediate concerns and do their best in the limited time they had. When no one was willing to help, unsecured loans came as a savior.

3. Unsecured loans come at different rates of interest

Different creditors have different rates, so you actually have options for what you will be able to pay. Unsecured loans need not be unaffordable all the time.

4. The economy cannot function without unsecured loans.

As hinted at earlier, the socio-economic structure of society is such that it needs both secured and unsecured loans.

We just want to say that unsecured loans are not your enemy; a certain situation was. If you need debt relief, you can always connect with FREED.

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