The Holy Book says that we should owe no man anything. One first good character to exhibit as you plan to take a loan is to ensure you already have a mapped out plan to pay back.
Then, ensure not to take loan for what will not yield. Loans must be directed to towards an investment and not to settle liabilities. The only time that a person may not be able to settle his or loan us when he or she takes the loan for the purpose of frivolities like partying, luxury and what not.
Remember that the borrower is a save to the lender.
In ancient times, when you have an intention to get a loan, you must provide a collateral. The loan may not be money, it may be land and other valuables. The borrower looses his collateral when he or she fails to pay the loaned item.
In 2016, a friend of mine linked me with a non-governmental organisation where I got a contract to drill twenty boreholes ten (10) villages of a south-west state in Nigeria. It was a capital intensive project. After we had signed the deal, I got a certificate of contract with terms in which payment wi be made.
Since the borehole will be powered by solar system, I needed a huge amount to carry ont the project. So, I approached a new generation bank at the time with my certificate of contract. I got a quick access to the needed funds and carried out the projects (some of which are still functional as we speak). It was my first major financial breakthrough.
When the project had neem completed and test run for few weeks, I was paid by the non-governmental organization from where I settled the loan. I meet up with the deadline for which the loan should be repaid and became credit worthy with the bank.
Loans Must Be Understood
Many times, people rush to get a loan without first considering the conditions attached to it. When former president Buhari regime started, banks were made to increase the interest per loan. It was increases to a whooping 14% then to 23%. This singular act paralysed a lot of businesses.
One must first consider the interest rate before taking a loan. The organisation I worked for in the year 2015 was going to take a loan to build their permanent site but having considered the weighty interest they pulled back from the decision. Similar organization that took the loan as at that time have packed up.
Wisdom is necessary when taking loan.
Remember, people who have conscience will not be able to sleep when they owe people. For you to have sound sleep, ensure not to take more than you can chew.
Do You Know?
Most online Apps like Opay, Monipoint, Momo, and others give out loans without even seeing you. But the interest charged on these loans are killing yet people still take up such loans.
After I lost my job in February this year, I was at home for one week and needed some cash, I quickly made a request that was attended to in less than twenty minutes.
The loan App will request to have access to all your contact. Your phone contact is their collateral for getting back the borrowed money plus interest from the borrow.
I paid mine before the expected days of repayment and I was given more credit to get another loan.
These Apps can give you large amount provided that you keep to time and have your account active.
For those who do not have a means to repay, I will advise that you do not take up a loan.
