Paying Back Loans - 3 Methods That Work For Me.

Before we begin, you can listen to my podcast on loans here, or any podcast I've recorded in the past. Now back to the topic at hand.
We all know what loans are but for the sake of having a lengthy article, I will get the definition of loans from… (drum roll) Investopedia. They say A loan is a form of debt incurred by an individual or other entity. The lender - usually a corporation, financial institution, or government.
In Nigeria, before 2017 when you talk about loans to the average person what comes to their minds is, heaving to the bank with a bunch of identification documents and references and collateral. But that changed when loan apps like Pay later (Carbon) and Branch came into the game, and in a few years everyone was simplifying loans and calling them "soft loans". From my experience, these 2 seem to be one of the decent ones among the hundreds that spring up every now and then.

Bad Eggs
When these loans companies walked into our lives, it felt like a child tasting ice cream for the first time, the only difference being this flavour comes with interest and harassing calls. On Twitter and Facebook, I have come across tons of debtors, now victims of these loan sharks. Yes, I said victims and this is why: these soft loan platforms offer you loans at reasonable interest rates (some aren't) and in return, you give them access to your contacts and messages on your phone as a means of protecting themselves so when you default on your loans they can get their cash back.

What Do They Do With The Data?
Very simple they call your contacts and tell them you are a fraudster and you are on the run. They go ahead to tell this innocent contact of yours that they are liable to persecution if they don't fish you out and pay back the loans they weren't even aware of. So if you have a hypertensive parent you might not want to take loans from these lunatics or you will be spending a lifetime regretting. Back to their system getting back which you owe them, they also send out tons and tons of messages to your contacts, saying you defrauded them with a huge some and you are on the run. Mad right? I am hoping a serious clampdown can be done on these loan sharks but till then, here's what I do to avoid such madness from happening.

Don't take loans and If you must, Don't break the bank
It's hard to see free money and say no, but if you can control your urges I'll say don't go for these loans at all, run from them and don't look back. But as a coconut head like myself, if you are going to take out a loan, please use it for extreme emergencies and make sure it's a loan your next paycheque can pay back.

Stop postponing payment

Keep reading here https://thelastblog.com.ng/2021/10/22/paying-back-loans-3-methods-that-work-for-me/
My podcast will love more listeners, check them out here www.anchor.fm/justseyi