‘Get a loan today!’, ’No interest paid’,’ No payslip needed’. Ever received an sms, e-mail or post like that? Then you better tear it or delete it because none of that is true. Why have loan sharks, money lenders and banks gone on a money lending spree? They claim they can give large amounts of money to anyone without any papers at an interest rate of zero. This money lending craze is fuel the already debt ridden country that we live in.
So many people are in debt, black listed and owe huge amounts of money to financial institutions. Why is this still a problem? Because the very same people who are in debt, are the very people who keep applying for more and more loans. These people are bombarded by loan sharks who are quick to give you a loan without explaining to you the terms and conditions of payment, some of these are not even legally registered and can give loans to people who are blacklisted. Now anyone who isn’t even a financial advisor will tell you that the last thing that a blacklisted person needs is another loan.
Don’t feel overwhelmed and bombarded by these money lending schemes, obtaining a loan shouldn’t be treated lightly and don’t be stupid enough to believe that you won’t pay interest. Because you will be subject to pay the standard interest rates.
To avoid financial debt, when you need a loan go to the financial institution and ask for a consultant. Ask many questions and don’t be impulsive in your loan. The question do you really need a loan? People are so addicted to money lending schemes that they obtain loans as low as a thousand rand. If you need something that costs a thousand Rands, wouldn’t it be better to save up until you can purchase that thing?
Instead of borrowing maybe we should try saving up for the things that we desire. Having something that is obtained through a loan does not fully belong to you until you have paid at up and should you miss any payments the financer reserves the right to take it back should you slack on payments.