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Is it possible for one not to borrow money? It's a yes and no answer, but it's our choice whether we want to borrow money.
Though have never had the experience of taking a loan in the bank or phone app, because I don't have any work, I will say if I borrow the money I will return it back and secondly I have people who always give me money when need it, but have lived with people who have borrow money from the bank and people who lend money to their friends.
I would like to share my roommate's life experience of how she lent someone her money. One faithful afternoon last year r November there was this guy who called my roommate to lend her #30,000 he wanted to use it for urgent things, so since it was the person's first time asking her and also the time needed to borrow money she always called that guy who he should please lend her money and the guy will lend her and within a week she will make sure to return back the money, so when the guy asked her to lend her money she was surprised but said she doesn't have money and truly she doesn't have the money only her school fees money that is in her hand but when she told the guy he thought she doesn't want to lend her so she explained that I only have my school fees money the guy said she should please help him with any amount that is in her hand so when the guy was pestering her she had to lend him her school fees money since the guy said he would return it one week later.
Two weeks later, she called him, though the guy said that one week she purposely gave the guy one week extra, making it two weeks. So when she called the guy, the guy did not pick up her calls, and she had to pay her school fees. One month later, the guy refused to pick up her calls, so she had to look for another alternative to borrow money so that she could pay her school fees. Two months later, the guy still refused to pick up her calls, so one day she called her mom, asking her if maybe she had helped her see the guy. Her mom told her that every day she used to see the guy, so she asked her mom to please tell the guy to call her that day. Later, when she called her mom, maybe she told him. Her mom said she told him, and he said he would call her. So when her mom asked her what happened and she explained everything to her mom, her mom was angry and ready to meet the guy, but she told her not to worry.
So the next day she used my phone to call the guy's number, thankfully the guy picked it up and my roommates started shouting at him that is what the guy was doing good that she told him the money she lent him was for her school fees and yet the guy refused to return back her money, the next thing the guy would do is cut the phone on her since then my roommates said she won't call him again, after four-month the guy called and asked her to send her account number she sent it and the guy paid her #20,000 out of #30,000, she was like why are you paying #20,000 instead of the amount you lent from me the guy said he would repay her back the balance till now the guy doesn't call nor did he return the money.
Also, we have some people who would go to the bank to borrow money but if it's time for them to return the money it would become a problem for them to return the money but it's easy for them to go to the bank to borrow money but become difficult for them to return back the money. You know we have advantages and disadvantages to borrowing money from the bank.
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Advantages of borrowing money from a bank.
Access to funds: The bank loan will provide us with a loan with immediate access to funds and allow us to make purchases or investments.
Flexibility: The bank loan provides us with different types of terms and allows us to choose the amount that's suitable for our needs so that it will be easy to pay back.
Investment opportunities: A loan can be used to invest in what we want to invest in, especially if we are using the loan to start a business. With the profit we see in the business, we can pay the loan back.
Disadvantages of borrowing money from a bank.
Avoid loans Interest: Taking a loan means we are obligated to repay the money with interest, and because of that, it becomes a burden if we are not careful.
Having more than one source to pay back the loan: If we want to borrow money from others, we must make sure that we have more than one job to repay the loan, or else it would choke us because how can you expect to return the money with only one job?
Never obtain a loan from liability: We have some people who will take out loans for shopping, partying, or naming ceremonies. To me, we have family and friends who are there to help us. Why are we stressing ourselves when we can ask them for help or if they should support us?
Financial strain: Monthly loan payments can strain our budgets, leaving us less money for other expenses or savings.
You know we have some banks that would be praying that we should not pay back on time so that they can seize the person's collateral, and also we have some people who, after borrowing the money from the bank, see that the bank loan and interest have choked them. They will go and kill themselves, leaving their family to bear their burden, a family that doesn't know you went to borrow the money.
Even the funniest part is when someone goes to the bank for money and asks for the person's next of kin and they write their next of kin, and something bad happens to the person; it would be the next of kin that doesn't know when the person borrowed the money. The bank will be disturbed to pay back their loan.
To me, if we know we are not capable of borrowing money from a bank or phone app, we shouldn't do it because if we are not careful, it can get us into trouble.
Thanks for reading ❤❤❤❤❤.