I was reading statistics on the status of digital borrowing in the country and I must say how surprised I was to fall under the category of people who borrowed just to see what it was like.
Digital lending platforms are so many that it is so hard to miss an ad online at least once every day. My situation is quite funny, so after receiving several texts from my bank informing me of my loan limit, I succumbed to the pressure and decided to borrow just because I could use the money and not necessarily that i needed it.I had no plan of how exactly i would pay it back but i never took it that seriously. The good news is that I paid it back in way ahead of time because I guess that how my wiring is but some people do not take it seriously the first time.
A guy friend of mine told me a story of how he had borrowed 1000 shillings and ended up paying about 4000 simply because he ignored it and completely forgot that he had a loan. What he did not know is that it meant the wife could not take a loan to start a business until the guy cleared with the digital lending platform and also got his name cleared from central bank.
I would advice anyone who is about to take a small loan to do it with a clear picture in mind of how they are going to pay it back and never ignore the possible repercussions.
Feel free to share your own experiences.
Image courtesy of Tala digital lending platform.
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