3 People You Should Never Loan Money To If You Want To Be Financially Independent
Being a benevolent individual is not a bad thing at all. It’s actually one thing that attracts more fortune and wealth to you as a person.
As it is usually said, you should always endeavor to do into others what you want to be done to you.
In respect to this saying a lot of people have been extremely benevolent to people they actually should be stringent on.
It is quite agreeable numerous people have the ability to lend out money to the poor and impoverished in the society based on personal reasons.
It should be noted that people who constantly offer personal loans to the poor know they are at an extremely comfortable position of lending out money without going bankrupt.
If you are not that type of person then avoid lending money to this particular kind of people if you don’t want to go bankrupt.
Lending money to your relatives is one of the easiest ways to fall into abject poverty. This is because it’s most likely you can’t hold them liable in case the relative in question fails to honor his financial obligations.
People In Abject Poverty
This category of individuals are in extreme poverty to the extent they can’t pay even the smallest loan they are granted.
Granting them a loan when you know you have no collateral or alternative through which the debt can be recovered is an extremely miscalculated risk.
People Who Have No Credit History Or Immovable Property
Imagine this category of people disappear into thin air upon the day of repayment. How do you plan on getting your money in his or her absence?
To be on a safer side, it’s better stay clear off this particular category of people when it comes to money lending.