Contest: "How do you view the matter of borrowing money?"

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Borrowing means receiving or obtaining money or other items from someone or an institution such as a bank with for temporary use and with the intent of giving it or something equivalent to it back after the agreed period of time.

The act of borrowing money has proven to be beneficial to many nations, countries, institutions and individuals in effectively running their day to day activities.

At this present time and age, they are ways of borrowing and also different sources from which money can be borrowed. A good knowledge of these way and source of borrowing money helps you in making a good choice while at it.

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Borrowing, I wouldn't completely say is the best idea as this keeps you in debt and in an uncertain position where anything could go wrong since we can't predict or foresee future mishap but just like most concepts with merits and demerits, borrowing has both sides where the negative sides could be minimize with the right calculations and approach.

As stated above, borrowing has many merits which include;

• Borrowing gives your business, especially a start-up business the opportunity to grow faster.

• It helps you to support different areas of your business which could produce great profit.

• Though you might have to give interest on the money borrowed, you don't have to give the lender any percentage on the profit made from what the money was used for.

• Unless a loan condition is breached, the loan is not repayable on demand.

• Borrowing of money frees you from a tight spot.

• An official loan comes with different amount and durations which you're free to choose from.

Some disadvantages of borrowing are;

• The penalties or fees attached to borrowing could be high.

• There's risk of foreclosure or seizing of properties in the event on not being able to pay back.

• Borrowing increases debt loan.

• Loans are not always flexible as you could end up paying interest on funds you're not using.

Borrowing may seems as a bad idea but it's definitely one idea that has come to stay.

Thank you @boylikegirl for this topic. I will like to invite @uduak3287 , @bossj23 and @spanky-dollar to come share their interesting labor day plans.

   Thanks for reading my post.