You can reach your long-term goals by borrowing money and paying it back later.
You may have borrowed money from a friend for an after-school snack or from your parents to go to a music festival, but in the future you might need to borrow a more significant amount. The cost of higher education or a car can be more than the average person has saved in their bank account. Luckily, investing in your future or planning to purchase an item which costs more than the money you have on hand is still possible with a loan. When you borrow money from a bank, it’s not free money — you have to pay it back, plus interest. This means you have to pay back all the money you borrowed plus extra for the service.