Taking a loan should need a big evaluation for the decision. If you think you need money so you will get a bank loan think twice before you do. If you can survive without the loan then most likely you are borrowing money only for the luxuries in life, so to speak. I have experienced that issue and I only realized when I was deep in debt. What were the loans for? Yeah, only for the luxuries and I would have no debts if I lived a simple life.