Word on the street: Loans are bad! Maybe not

The Nigerian’s perception of loans can be likened to the human’s fear of wild animals; scary! Okay, maybe that analogy is layered a little too thick, but you must agree that Nigerians hate loans which is ironic because when they eventually get them, they never payback.

To the crux of the matter, why do loans have such a bad rep in Nigeria? Why do people liken loans to entrapment? Let’s dive in and find out why.

#1 Lack of financial enlightenment

#2 It’s a form of slavery

To make it worse, religious leaders preaching prosperity have made it clear that the hand that gives would always be on top, and the borrower would always be the slave of the lender. Oh, by the way, that’s even what the bible says in Proverbs 22:7!

#3 Fear of high-interest rates

And if the devil makes you delay your payment, the penal charges layered on the outstanding balance can balloon so fast that it becomes more than the original loan amount itself.

#4 Fear of what people will say:

So, who should you ask? Chances are that if you are reading this article, you are already doing your own research, which is the major step to financial inclusion -personal research.

But loans can be good, can’t they?

They ease your spending gap.

Improve your standard of living

Provide needed funding for your small business

Business loans have much more flexible payment structures, and they can be tax-deductible. When you have capital, you have enough leeway to experiment, and innovate, which in turn, would bring immense proceeds to your business.

The best part is, business loans give you full autonomy over your business unlike if you had to take equity.

Why we believe in loans at Lendsqr

Loans may have a bad name, many times, decidedly so. But access to loans does so much good that it’s almost impossible for anyone to reach their potentials without help from some sort of loan.

No need to agonize about the evil of loans; make some good with it.

And while you are at it, you may want to read up about paying back the loans once you take them.

Lendsqr is a platform that takes the pain out of lending. Our initial focus is on small and individual lenders.