Growing up, I have always been money conscious because I learnt the value of money very early. I know the importance of money and so I don’t just go about spending on things I don’t need.
I have never seen or heard of my parents going for a loan because as Muslims, going out for a loan or even giving out a loan with interest is considered not right. The only way you can give out a loan as a Muslim is to give it out without interest.
These days, thanks to telecommunication mobile money services which also provide loans for their users, most youth of today are in debt. With these mobile money services, you get to take a loan and you’re given a timeframe to pay back with an interest. Once the time is due and your payment hasn’t been received you’d receive a message from them , which is obvious.😂 Once they realize you’re not making any efforts to pay back, they take matters into their own hands. Any money that lands into your mobile money wallet , would be automatically used to pay your debt.
During my time in university, one of my friends happen to fall victim to this mobile money loan system. I always advised him to quit sports betting but he won’t. He would even go to the extent of taking a loan from his mobile service provider in his hopes to win big and pay back.
With time, I guess he run out of luck and the bets were not going through. So, this young man decided to take a huge loan to stake big so he can win big. I was totally against it but who am I? Long story short, the bet didn’t go through and he lost all his money. Time went by and it was time to pay off his loan but he didn’t have money to do that.
Unfortunately for him, his dad sent his school fees to him via mobile money and he didn’t know about it. If he knew, he would have requested that his dad send it to my contact or another person. As soon as the money dropped in his account, the mobile money guys took their money from his school fees and left the remaining for him.
It was even funny to think of but trust me when I tell you my friend got depressed so much because how was he going to pay his fees? He obviously can’t go back to his dad narrating what happened. At the end of the day, he would be required to defer to academic year without any fee payment being made. As good friends, we decided to contribute some money for our friend to settle his fees so he would pay us back during a specified time.
Today, our dear brother is no more into sports betting because he learnt his lesson the hard way. Loan companies don’t care about your situation , it’s business. Once they give you a loan, you need to pay up when necessary unless you don’t want things to get out of hand.
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Lol, I feel for him, I always tell people, don't take loan unless there is no way out. You need to see how young men here are scared of people wearing purple T-shirt, most of them collected loan from palmpay and haven't paid back. Palm pay took things serious and started tracing them LoL.
I believe your friend has learned his lesson, as a student why would he even be gambling? Schools fees is not something that anyone should temper with. Those apps guys really got him
With the way the economy is these days, the youth is left with no choice than to engage in some of these stuff .
Yeah, I understand. It is well
Is it your country's currency why it includes American stuff or is it dollar.
It’s just a conversion.
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😂 you and your friends are good. Helping out a friend pay his fees after he used it to bet. What if he used the new fees to bet again? What would you have done?
Like he would see what we would have done to him.😂😂
😂😂 wicked people
Thanks for the compliment.😅
I was so hungry one day I tried to borrow from MTN. They told me I’m not eligible for the service. I was so surprised cause what’s the reason? But I’m glad I’m not cause I probably would have gotten used to it and I’m debt now.
You have to be using their network for some years before you’re eligible. It’s a trap, don’t borrow from them.😂