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There is this popular saying that says a borrower is always a slave to a lender, this as well is similar to loans. Most time people see taking of loan as an escape route from being free from financial distress which later becomes a big issue when they can't refund the money back. I have witnessed a series of incidents where people are being molested because they can't refund back the money they borrowed. I detest taking loans because I hate being under pressure.
Irrespective of the negative side of taking a loan, we have good loans. Good loans are loans used for investment, setting up establishments, and more. I believe a good loan should have add value and more advantage to one's life. But the fact is that many misplaced their priorities. Imagine collecting a loan just to feed or attend a social gathering, it is a bad one. I could remember a few years ago, how my neighbor went ahead to take a loan just to attend a friend's wedding ceremony. When it was time to pay back the loan, he could not pay back. He was really humiliated and later lost some of his properties when he could not pay back. He couldn't pay back because what he used the money for was not valuable or tangible.
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There are times I have taken a loan that almost choked the life out of me due to numerous needs at that point in time. I remember vowing never to return to such state again in my life. Amidst this phase, I had an urgent need to pay my tuition fee. Although I have been saving for months but I could not cover up due to the short period of time. I reached out to friends and family. But no one could help, they kept complaining about the situation of the economy and how it has affected their individual business.
Since all the options I had could not produce a positive result, I decided to take a loan. At first, I was skeptical about it due to my previous experience. But since I had no other option, I proceeded and took the loan. The timing was really right because I have less than 24hours to pay up or else I will lose a session. I was really excited because that same year I finished my MSc which later opened other pleasant opportunities in my field of career. I'm glad I took that bold step because the loan assisted me in achieving my dream. Due to the value it added to me, I must say it was indeed a good loan. It was easy for me to pay back because I was working in a private secondary school at that time. I had to deny myself from unnecessary pleasure so as to refund back the money despite this it was a gain for me. The benefits i achieved from taking the loan outweigh the discomfort in refunding back the money at that point in time.