What Are Loans And How Do They Work?
Contrary to popular belief; loans aren’t bad. It’s people who have a bad attitude and understanding of loans.?Debt?has bad street cred but it’s still one of the best ways to build wealth.
Have you lent a good friend money and they just ghosted you, didn’t pick up your calls for months or even dared to shame you for asking for your money? There are different conversations on Twitter with screenshots of conversations between friends about repaying a loan they borrowed.
Or have you come across someone trying to settle a loan by taking another loan from an unsuspecting third party? And when it’s time to repay the third party, they find another person to sell their story and just like that, the loan cycle continues.
Or have you ever tried to help someone with a loan because they genuinely need help and they say “I don’t like loans. I don’t want people to think I’m poor. Or think I can’t take care of myself.”. This one is even quite common here in Nigeria, a society that exaggerates self-preservation, being self-made and the grass-to-grace story. We are being groomed to be self-sufficient from childhood and when we become adults, we think of debt as one of the worst things you could ever get into.
All of these scenarios are the reasons I believe that Nigerians need a lot of education when it comes to loans. To be able to have the right attitude towards loans, you have to know:
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And so much more.
In this article, we’ll be helping you learn all these. In fact, we’re the best people to teach you about loans.
Continue reading here.