The risk involve in lending money to people
While going through the prompt post of community members about a bad loan, Some of the entries were so funny that it made me want to check out more and that was how I found myself reading all sorts of bad loan experiences. I will admit some were touching as the lender did not deserve how they were treated in the end but that is just human nature, they play the pity card when they need help but when it is time to keep their promise, they start misbehaving and ghosting you. this is why many people don't want to help others when it comes to loans.
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I have a story to share as well but first of all I have never been on a messy loan because I made sure to stay away from high-interest loans and that is the kind of loans they give in some loan apps, you will borrow 20 000 and within 2 months, it would become 60 000, how is that fair in the name of interest?
Some entries I read write about how the loaners started calling their families and friends to report them that they defaulted in paying the money they borrowed is sort of embarrassing but I think that is just their own effective method of getting back their money since they know most won't love their reputation to be tarnished in front of family and friends.
Some people believe a loan is a bad thing which I disagree with because loans have helped me a lot of times in life and in fact, I was able to achieve a lot of things through loans but some factors need to be considered when taking a loan.
Have more than one source to pay back the loan
Never obtain a loan to buy liabilities
Avoif loan Shark
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You see the first one is very important, a person with one source of income is like a person going into the exam hall with a biro that the ink has almost finished, what will happen if he lost that source of income? it becomes hard to pay back the loan, so always have at least 2 to 3 plans and sources in which you can pay back before you obtain the loan to avoid embarrassment and other charges when you can't pay back.
Some people obtain loans for silly reasons, go to parties, buy clothes and food, all these things won't double the loan so why will you take a loan to buy them, and what is your plan in paying back the loan? It is better to beg than obtain a loan for food, you did not fall from heaven, and you have family and friends that can help you in terms of that.*
Lastly avoid loan sharks that put high interest on loans, they don't pray those who borrowed from them should be able to pay back so they can seize their collateral.
I have never had a bad experience when I take loans but I have had some bad experiences for giving out loans to others.
If you do not lend them the money, you will be the bad person but if you pity and borrow them they won't pay back and that is when you will see their bad side.
It happened early in the morning, I saw a WhatsApp message and the person was a man I know, he needed 30,000 Naira urgently and pleaded I should lend him the money, being the first time he would make such a request, I did not want to disappoint him so I lend him the money and he promised to pay back 2 weeks after.
I expected the man to pay me back on the date he promised but I didn't get the money nor any message from him, I did not text him either because I hate disturbing people for things like that, I saw this man 1 month after, we greeted each other but he never said anything about the money neither did I ask him.
I was sure he didn't plan to pay it back, so I just let it go, I never asked, in his mind he had successfully gotten 30k from me but then he blocked his family from getting help from me in the future.
I don't stress myself on dishonest people, I just cancel them and their families from my help list.
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Lending money to a friend? Great! But tread carefully. They might not repay, it could cause stress, and even hurt your friendship. It's better to lend what you're okay with losing, and get a clear agreement in writing if it's a big amount and also what you know if they didn't return, it won't affect your finances. They say it's money that spoil the friendship bond between two or more people.
indeed! this is one of the thing that ruin friendship easily.
Yeah, and that's why one should not do what we are not capable of returning when we borrow also
I hate it when I lend money to someone and the person refuses to pay it back, it angers me. They used to say "It's money that spoils the friendship bond". It's better to ask someone to dash you money than lend the money and refuse to return the money back.
exactly, at least if they can't afford the whole money, then they would give you what they can afford
Loan sharks are just there to make unreasonable amounts of money from the borrower in a very short amount of time. Their high interest rates can put one in a downward spiral of debt. Taking out loans to buy assets is usually the ideal for many smart people!
yup but some people just take loans for borrowing sake or to live a fake life.
I used to be the Queen of lending money before, whenever my friends were in a fix they’d run to me and I’d give them. My philosophy back then was “I can’t have this spare money in the bank and my friend suffers”, that all changed when a friend of mine showed me shege.
Right now you can come to me with all the problems of this world, I’d just gift you a certain amount of money to help your situation but you’d never see me lend you any money. It’s not me wicked people will carry and play.
Thanks for sharing this.
lol, this is it. many are willing to lend others money but because of past experience, they don't anymore..
you did the right thing, I am also learning not to do it anymore exceptfor few and if those few fumbled too, i will just stop ittotally.
Loan isn't bad but it becomes risky when you don't have ways or methods with which to pay back again. Being in the loom of these loan sharks can be disgraceful but you have to be prepared to pay on time if at all you would go through it.
Some people have made us turn blind eyes to those in need because of our experiences with them. They paint us bad when they come for loan and refused to give them, not knowing they are the wicked ones who feel they can take advantage on us and never return the money.
this is it, if you do not give them, you are the bad person but if you give them, they turn up to be the bad one, it seems it is time to drink the juice of wickedness lol
Hahaha. Don't drink it oo. Just be you and be careful with such kinds of people.
You have really highlight vital things to note before visiting loan apps. I was a victim of all you said. First I didn't even consider comparing other loan apps or asking questions, all I did was go for the one I felt is the best.
Being an app I have been getting loan from and repaying, they trusted I could pay back and I had the intention to even do so before the due date only for things to turn opposite.
When it comes to lending money to people, that one is obviously a topic on it own. If you can't lend and forget about it get ready to bear the headaches that comes with being a helper and good person.
hope you were able to pay the money before the matter escalATed.
My dear, I was but my whole self felt the heat because I worked myself out trying to seek for source of income just to get myself out of trouble.
wow sounds like what i wrote lol
it's ok that man will get his karma o.o
This loan apps are very greedy. There was a time when a loan app was demanding 30% interest duration. It’s really crazy. And that’s why people don’t pay them back too. At the same time, don’t borrow people an amount of money that you can’t dash them especially when it is someone you are not sure of
yea, this is why i often advised people to stay away from them...
I know about the don't give money you can't dash them rule, but sometimes rules can be broken especially if they used to be nice, it is on them if they change after the rule
I can wait a little longer than the due date, but I would eventually ask the person for my money they borrowed. I wouldn't be agressive and neither would be nice. A simple inquiry. Anyway, it's the reason we are often advised to lend out what we can afford to lose. Surely, that man will never get that kind of help from you any more, and he failed to imagine that.
he has been canceled and not just him, but with his whole family...
The last time I loaned someone money, landed me depressed because it was my waec fee. I thought I was helping since exam was still far and the person promised to pay on time. To cut the long story short after my parent find out, they refuse to pay an extra fee so I had to wait till the next year before writing.
damn, that is a big lesson...some people are ingrate
Indeed they are. Worst is that till date am yet to get back my money. 😭