Last night as I browsed with my phone, I got lot of ads from different Nigerian Online Money Lenders and I was pissed and angry at the same time.
I opened Quote.in app, Facebook app, Criminal case, etc as long as my data was on there was a flood of Money lending ads.
I was tired.
It’s not new that people borrow from financial houses. About twenty years ago, lending was restricted to banks. If you need a large sum, you either go to the bank for a loan or you join aajo (that is monthly contribution). With the demands of the bank collateral, lots of people avoided bank loans like plague.
Fast forward to ten years after this, (2010) Microfinance banks came and they began to lend money to people. My Mama collect LAPO and I know how crazy it was to collect the loans and pay back the loan with interest every designated day of the week.
It was hell. The money they offered was barely enough for business and they usually remove some money as down payment before you collect the loan.
Let’s say, you applied for 30k, when it gets approved you’re going home with 27k. Inspite of the hardship involved many women trooped to these financial houses to collect meagre loans. Let’s not go into the way these women were bullied and treated badly if they don’t make payment in a particular week.
I don’t know the exact date Online Money Lender entered into our country but I remember one day in 2017 when my Dad mentioned that MTN were now borrowing people money under the name Kwikcash. Out of curiosity, we checked the initial offer, it was N1,500. We shook our head in amazement. What exactly can one do with N1,500?
Then Dad said “let’s pray that iya N1,500 ko ni je wa.” (Let’s pray we won’t lack so bad that we have to borrow N1,500 with interest).
The interest are back breaking and if you don’t pay on the said date, some of them add another large percent to the debt you already have. In the end, you’re paying back 15k for the 7k you initial borrowed.
Dear friends, I know most of you can’t own up to how much these guys have eaten you but you can do something about it.
- Stop thinking of an Online Money Lender each time you have a financial need. Make them your last resort.
- If you are already into three or four, try to pay back one by one and refuse to go back to lend from them.
- Do not borrow from Online Money Lenders because a burial or party is coming up and you want to save your face. It is better to be run down with mouth that you couldn’t attend that party than for you to sink deeper into debts.
If you have extra suggestions, please make them in the comments section below.
For every hardworking Nigerian currently under the weight of debt, I ask the Lord to help pull you out and give you the ability to ignore the pleas to borrow in Jesus name. Amen
Until next time,