This is a rhetoric question and needs to be answered without any inclination and with ambiguity. We as human have the never-ending desire. Apart from all the things we have we still desire more. It is right to expect comfort in this world but it is not right to expect a luxurious life on a mere livelihood income. From livelihood, I mean a not so good income where just the necessities of life are completed. So to answer this question I am making some profound display of events below.
Let’s take an example of a family where the total income of the family is not more than say 500$. With a family of 6+ members and just a single working human, it is very difficult to manage the expenses the way they are. We need to be very optimistic about everything we spend money on. We have to ensure that we are not lavishly spending money and have our priorities noted well beforehand. Suppose the same family has 3 children and each of them is pursuing an educational qualification and do not have enough money to pay for fees. Here, in this case, the financing firms can easily help them by providing them finance for education where the collateral is very less as compared to another type of loans. But not all firms work that way, you have to choose very carefully about whom you trust and who is worthy of trust. Because in a case where money is the prime object people usually turn their backs on us. SkyCap financial has developed its name and reputation through these years and I think they can be trusted. But it is completely your own decision as you are the one to pay your loan back.
In general when we say about the educational loan financing,( skycap loans ) then it is right to take a loan as the interest of the loan starts after the education of the child is complete which gives ample time to prepare for the same.
But let’s take some other example where you already have a home to live, big enough that all your family members are spaciously living in it and you desire to take another home bigger than your current one. Then, in this case, it is simply not good to opt for a loan. You may need the money for another purpose too. You don’t know if there is an emergency. You have to be ready for everything. Suppose if you take a loan anyhow and your installments are starting right next month. Then it will add up to your monthly expenses and cause hindrance in your savings. Apart from that, you will end up paying way more money than you actually took loan off. All these problems just because you decided that want to take a new home. It is not at all a good idea.
So in this case when the subject of a loan is different and it is now the desire for which the loan is taken then it is a sole waste of money.