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5 Things You Should Never Borrow Money To Do

Many people are used to making very ludicrous financial decisions – like borrowing money to finance a wedding. In 2009, Mazi Elekwachi (not his real name) borrowed nearly N5 million from a now-defunct bank to “throw a befitting burial” for his dead father-in-law. This is something he later regretted because, not only did he find it difficult to repay the loan, he ended up forfeiting his collateral.

Fintechs are encouraging reckless borrowing?
A loan can be a very tricky funding option. This is why I personally believe no meaningful economic progress cab be based on loans; especially when said loans are not properly planned and utilised. Interestingly, it has become very easy to borrow money in Nigeria today, many thanks to the availability of many Fintechs offering quick loan services. This development is encouraging reckless financial behaviour, particularly so among Nigeria’s young working population…click next below to continue…

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