Monday, 16 October 2017
How To Avoid the ONI-GBESE of lending out money without repayment...
Most importantly I'm sitting here thinking of how to avoid a recurrence of this type of oni-gbese money lending, and I think I've come up with some few useful tips.
Refuse to be sentimental and emotional to every story of financial woes brought before you. Learn to be objective
Verify the story being told of financial woes form another source before making up your mind to help
verify the credit worthiness of the borrower. Make sure he or she will use the money prudently and be able to pay on the agreed due date.
Get a tangible collateral signed in while setting up the loan agreement. It is for your own protection in case of incasity.
Request the borrower to get a trust worthy surety for him or her. This person or group of persons (depending on the amount being borrowed) will ensure no dubiousness comes into play while the loan facility lasts and may help in repaying the debt in case the borrower defaults or is unable to pay.
Never joke about your hard earned money even if it is with your own relatives.
Me I think I observed some of these tips but my neglecting some has landed me in the wahala of a run-away debtor.