A lot of people that take loans do not pay back on the allotted time, hence elongating the loan which will accrue interest and make it even harder to pay back.
Why Most People Don't Pay Back Loans?
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I think why alot of people don't refund what the loan sometimes it's due to unexpected financial hardships like job loss or medical expenses. Other times, poor financial planning or overspending can lead to difficulties in repayment. It can also because of high interest rates or predatory lending prRead more
I think why alot of people don’t refund what the loan sometimes it’s due to unexpected financial hardships like job loss or medical expenses. Other times, poor financial planning or overspending can lead to difficulties in repayment. It can also because of high interest rates or predatory lending practices can make it harder for people to keep up with payments.
See lessThere are two reasons why people do not pay loan, one, they think of loan money as free month and waste this amount on none sense things. And two, they do not get back return from their investment (the loan money they used for), and so they cannot pay back. There is also a third reason. They use loaRead more
There are two reasons why people do not pay loan, one, they think of loan money as free month and waste this amount on none sense things. And two, they do not get back return from their investment (the loan money they used for), and so they cannot pay back. There is also a third reason. They use loan for personal needs and they do not have resources to pay back
See lessActually loan was make to pay back with interest rate and this is the psychological factors which makes people not to be able to payback their loan procrastination or avoidance behavior can lead individuals to neglect their loan obligations. Some may feel overwhelmed by debt and avoid addressing it,Read more
Actually loan was make to pay back with interest rate and this is the psychological factors which makes people not to be able to payback their loan procrastination or avoidance behavior can lead individuals to neglect their loan obligations. Some may feel overwhelmed by debt and avoid addressing it, which can exacerbate the problem over time. Additionally, cultural attitudes towards debt and borrowing can influence repayment behavior, as well as the perceived consequences of defaulting on loans.
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