Each day affords us the opportunity of getting better and learning new things as life is about experiences whether personal experience or that learnt elsewhere. I came from a culture and background where borrowing is alien and not encouraged because it's believed it is shameful or can lead to such. I once had a bad experience with loan especially that gotten from an online loan app.
There was this time that it was really a demanding moment for me as i was into some projects which is financially demanding. Most people thought i had money on me then because of my outlook and the kind of job im doing but they forgot that there are some down moments too. I needed a particular amount of money urgently and i wasn't financially boxed up as at that particular moment, so i opted for an online loan based on my projections and calculations that i will have settle it before the repayment day.
I haven't done this before though i have heared how serious and embarrassing it can be if defaulted for whatsoever reason it may be. The amount wasn't that big so i believe i will repay even earlier before the day. Few days to the expiration of the loan (short loan duration of 2 weeks i think), i started receiving calls and text messages from the loan company including threats. I felt really embarrassed and became fearful.
Luckily for me, i was able to pay the money on the due day and cleared the loan. Instantly after repayment i deleted the app and vow never to thread that part again. My amazement was that it wasn't the due day yet but the texts and calls were like it's long overdue which i latter learnt was a tactics usually adopted by such companies to scare their clients to repay based on their past antecedents with people.
The fact is that i planned paying them as i can't stand the embarasment that may arise as mentioned in the loan agreement but the threat was too far for me. I was glad i was able to scale through it and since then i have learnt from my mistake and hence, engaged a more financial discipline to avoid such. I believe that once i had a good financial budget and planning, the possibility of taking loans will be greatly reduced or ruled out completely.
This experience forced me to learn more about goo financial practices to engage and also the need to have a scale of preference so as not to be pressurized to take any loan or borrow. By this experience, i restrategised abit and it helped alot. I have heared of people suffering greatly from been a loan defaulter with so much embarrassments.
In all, i have learnt to "cut my cloth according to my size" and to adjust whenever one needs to. I believe in many other financial options and decisions rather than going for loan which includes; small savings, small investments, joining cooperatives, financial budgeting etc. Thanks for reading and have a great weekend ahead. Comments, contributions are welcomed.
This is my entry to @Hivelearners weekly featured contents, week 111 Edition 03
