Growing up, I had this mindset that taking loans was a bad thing and it is badically for those who are poor and in desperate need of money.
Infact, I swore to never take loans or find myself in a situation whereby I would have to sell something or put down any of my belongings just to acquire loan.
But then overtime, I have come to realise that taking loans is at times good way to achieve certain goals but then it becomes a problem,when a person is not able to pay back the money he borrowed.
For instance, I had a friend who too loan from an online banking platform because he was broke and he needed money for feeding. Afterwards, he dropped all the necessary informations and after some time,they borrowed him the money. He was excited,used the money to take care of himself but then when it was time for him to back the money, he couldn't because he didn't have much cash on him.
Due to this,the bank started adding interest and they even went as far as calling him severally asking him to pay them back their money on time. Anyways, he didn't pay them for months and by the time he had the money to pay, the interest was already too much. He had to pay them almost double the amount because he had no choice and there was agreement between both parties before they decided to give the money out to him.
In my own case,I haven’t been in that situation where I had to take loans from the bank or even from any firm at all. But then,I am a testament to the impact loans can have on someone's life.
What happened was, i just finished my Jupeb exams that would take me straight to 200level. The outcome of the exam was good and fortunately for me ,I passed the exam. But then for some reasons, I couldn't go to the school I sat down for the exam,even though I was given admission.
I started searching for different universities that could take me in ,with the result I had in the exam but then I was told because I didn't do very well in one the three subjects I sat down for, the only university that could take me in were only private universities. I started searching for private universities in Nigeria that studies agriculture because that was my field of study and then I came across "Bowen University".
I applied with my results and I was given admission but then the school fees was too high , my mum couldn't afford it and she wanted me to get into school that very year by all means possible, so she decided to take loan from one of our neighbours.
The woman agreed to borrow us the money which was over 700 thousand naira. But then my mum had to use her house as way of paying back.
My mum has paid the loan back in full ,but then I don't know what she did or the steps she took to pay back the money. Thanks to that loan,I am currently in my fourth year in the same university studying agriculture.
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