THE HEAVY LOAD OF LOAN.
What happens to people when they get loan? This is a very big question. Sometimes I see people taking loan happily but when we come to the end it usually end with bad news. And something too it is not possible for we to live on earth without getting a loan in one way or the other. Even though I try as much as possible to avoid collection loan for any reason, yet I see myself somehow getting loan to save some situation.
To start with I want to talk about what loan is. So, what is loan? Loan is an act or instance of granting money or something for temporary use. Part of this definition is getting from oxford dictionary. It means that taken loan from someone is getting money or something for temporary use. Loan needs to be paid back and that is what we don't consider when getting loan from someone or something organization.
MY EXPERIENCE WITH LOAN.
Years back we use to live with my husband's younger brother who loves getting loan alot. He just keeps getting loan and don't care about how he will pay back. So, must times it bounce back on us because he lives with us at that moment. This type of loan don't need any collateral because you are expected to pay little by little everyday as a business man or woman.
This faithful day he collect loan from one of these woman who goes round town to collect money from people and in turn give it out as loan to others who will pay back before the owners need the money. To make matters worse my husband and myself don't know anything about the loan. When his time was due to pay back and he could not give the money he was arrested and taking to police station. Someone called my husband that his younger brother has been arrested by the police. It was strange because we don't know him with making troubles. My husband who traveled out of town called me to go to the nearest police station to us and see why his brother was arrested.
On getting to that place I noticed that he has collected loan and did not pay back. When I enquired what it will take for me to bail him out I was asked to pay the money or give them my phone number and promised to pay the money in one week time. When I called my husband to narrate the whole story he told me to give them my phone number and promise to bring the money in a week time. I felt bad because I will be implicated somehow. When we got home the thank you that my brother in-law gave me for bringing him out of police station was that he did not ask me to come and bail him out, and that he did not also asked me to make any promise of paying back in a week. At that point I knew that I was on my own. In a week time I quickly gathered the money and take it to the place that I was asked to take it. I also asked them to take off my phone number from the list of people that they have with them. They did it in my presence and I left. This has taken up to ten years now and he never asked me how much I paid and how will he repay me. He never said just a simple thank you. But that was okay for me because I did what I was sopposed to do as the wife to his elder brother.
BIG LESSONS FOR ME.
As a business woman, I can hardly take loan because I don't have the time for their trouble.
I have decided not to put my signature for anyone collecting loan because it may still bounce back to me later.
I try as much as possible to discourage loan taking of any kind to people close to me because most of them don't end well.
Taking of loan is like eating your tomorrow.
In summary, loan taking should only be when we have tried every other thing and it didn't work. Or maybe when it has to do with life and death situation.
Being a guarantor or surety is terrible. Your brother-in-law was an ingrate. Why did he reach out to your brother if he didn't want hmthe intervention. Anyways, good lesson learned
Using people's contact as guarantor of what they know nothing about is bad and should be penalized. Family members needs to be cautioned so as not to put someone in trouble. Thanks for sharing this with us.
That was how my mother helped a lady and stood for her as the guarantor, the lady ran away and my mother began to pay her debt, I concur with you that you can never stand or use your signature for anyone, I learned from my mother too
Standing for someone sometimes usually end terribly especially with people who are not considerate. Your brother-in-law didn't act good and he could have appreciated your help to bail him out and even helped solved his loan issue. We just have to be careful with people like that too.
Oh my gosh, that's awful what happened with your brother-in-law. He was totally reckless, endangered you, and was even ungrateful
What an ingrate, a thank you would have gone a long way unless he doesn't feel he should thank you because it was his elder bro that will pay it..still it pays to appreciate people who stand up for us in time of trouble...his lack of gratefulness would never want you to be involved in his matter again