Some Nigerians are widely used to making really ludicrous economic decisions вЂ“ like borrowing money to invest in a marriage. Mazi Elekwachi ( perhaps perhaps not their real title) borrowed almost N5 million from a bank that is now-defunct вЂњthrow a befitting burialвЂќ for their dead father-in-law. This really is one thing he later regretted because, not merely did he think it is tough to repay the mortgage, he ended up forfeiting their collateral.
Fintechs are motivating borrowing that is reckless?
That loan could be a extremely funding option that is tricky. This is the reason i think no significant financial progress cab be predicated on loans; specially when stated loans aren't correctly prepared and utilised. Interestingly, it offers become super easy to borrow cash in Nigeria today, thanks to your option of many Fintechs providing quick loan solutions. This development is motivating careless economic behavior, especially therefore among NigeriaвЂ™s young population that is working.
Loans must certanly be used wisely
For the record, this informative article is not designed to act as a campaign against loans. Let me tell you, loans have many advantages which have stood the test of the time.