It is a common business transaction to borrow money when there are
sufficient assets to justify it. But in such cases there is a regular
rate of interest fixed by law as payment for the use of the money
borrowed. You can not risk any other than the legal rate of interest, if
you do you are taking unwarranted risks, and subjecting yourself to the
yoke of a loan shark, out of whose clutches you can never emerge without
tremendous sacrifices, often ruin.
Money borrowed to speculate with is a heavy and dangerous burden on the
borrower. When he loses, he not only has nothing to show for his folly,
but is goaded into borrowing more in the hope of making good his loss.
Once in the toils, he will not stop until ruined financially—perhaps
morally. If he wins he will still pursue the phantom fortune on borrowed
money and lose finally. Speculation is a gamble with the odds against
you.
In speculations, “Neither a borrower nor a lender be.”
If you have to borrow money to complete or perfect some transaction or
business deal, or to carry you through, or tide yourself over some
delay, you can always get it at the regular rate of interest, provided
you have reputation, and security. But do not mortgage your clothes,
furniture, etc., for anything but an absolutely necessary loan.
Remember always, that money borrowed and spent is a hardship to return
unless you have the wherewith in the way of business to make good.
If you worked half as hard to get money for your own pocket as you do to
repay a loan, you never would need to borrow.