Earlier this month, I was having a conversation with a neighbor and she mentioned that she can never partake in loans, she made loans look like a bad thing and I won't blame her because offline loans are bad, especially the ones from loan sharks.
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This is not just based on what I heard because there is a particular one that happened to my family, my dad bought a Mazda 18 seater bus for commercial purposes but due to bad maintenance and usage from the driver he handed it over to, the bus started developing fault after six month and that is how they started using the money they earned to fix the bus, at some point they borrowed money from a loan shark to fix this car and that was the end of it because the loan shark ends up inheriting the bus, they keep paying the loan but they never sort it out till the end.
I have heard similar cases happen to other people which further made me believe that one should not be involved with those people if he doesn't want to lose his property.
Banks also charge interest above 15 percent on loans which I believe is too much, a friend borrowed 20,000 Naira from Fcmb and she was to pay back 27 000 Naira in 1 month which is an interest rate of 35%! these banks are not helping cos why is the interest rate so high and if you don't pay on time, it will increase more!
So it is quite understandable when that person didn't speak well of loans and I agree with her but everyone with his/her own experience, my experience with loans was not a bad one and in fact, loans pushed me to the peak of my success and the only bank I ever took a loan from was neoxian bank that charges less interest unlike the offline banks and it really helped me a great deal.
A reasonable reason for taking loans is when you have a solid project that requires huge capital which is not in your capacity to get at once but can get it in few months from your savings, it is not wise to take a loan to start a new business because what if the business didn't survive, it is more advisable to take a loan to invest in an old business that you already know your way around so the loan is to grow it.
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I am always in a better position after successfully paying a loan because most time, the reason I took a loan is to invest, my first ever loan was to grow my hive account and I was able to pay it off before the due date, I am always like that, whenever I am in debt, my mind is not always at ease until I pay off every single dime and this has helped me a great deal.
It is difficult the first time because you will be scared of unforeseen circumstances, what if you can't pay back and other thought will run on your head but I think those are just things to hinder you from seeing the big picture, I have already grown past that and if i see a big opportunity that requires huge fund, I won't hesitate to go for a loan.
Some people take loans for silly reasons like food, clothes, party and even to furnish their apartment, I think this is so wrong especially without a solid source of income to pay back, one lady boldly brag about how she is owing 5 banks and she used all the money to eat, it is true that a poor person has nothing to lose but status change and also there may be a time those things could be a barrier to a brighter future.
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