3 REASONS TO AVOID LOANS

Loans can look like a lifeline when money runs short. Quick cash, easy approval, and the promise of solving problems today. But behind the contract and interest rates, loans often create heavier burdens tomorrow. To see why, let’s step into the shoes of people who thought loans were the solution, but learned otherwise.

1. Debt Can Snowball Out of Control

Take Femi a 29-year- airconditioner repairman in Murg plaza, Area 10, Abuja. He took out a N300,000 personal loan to buy an iPhone 12. The monthly payments seemed manageable—until he missed work for weeks and fell behind due to sickness. The interest piled up. Penalties doubled what he owed.

Before he knew it, Femi was N750,000 in debt, and collectors were calling nonstop. The stress hit his mental health, and his drive to hustle dropped so low he couldn’t go to work most days.

The lesson? A small loan can quickly turn into a mountain of debt when life throws curveballs. What feels like a solution now can lock you into years of financial struggle.

2. Loans Limit Your Freedom

Efe, a single mom in Lokogoma, Abuja wanted to buy a car for ease of commuting and dropping off her kids in school, she borrowed N2,000,000 . She thought that with her monthly salary and her side hustle , she’d pay them off easily.

Reality didn’t match the plan. Between raising her kids, juggling part-time work, and rising living costs, her loan payments ate up a huge amount of her monthly salary. Instead of moving forward, she felt chained down. She couldn’t move to a cheaper city or take a lower-paying job with better hours because the loan demanded her money first.

The lesson? Loans don’t just cost money—they cost freedom. Every monthly payment narrows your choices and ties your future to the lender.

3. They Can Strain Relationships

Emeka and Uchenna, a couple in Gwarimpa, Abuja borrowed N5,000,000 together to open a small African food restaurant. The business didn’t take off as planned, and soon they were defaulting on payments. The stress turned into arguments—who was responsible for what, why they borrowed in the first place, and how to dig themselves out.

Eventually, the strain broke more than their finances; it damaged their relationship. Uchenna moved out, and Emeka was left with most of the debt.

The lesson? Loans don’t just impact numbers on paper—they put real pressure on relationships, sometimes causing cracks that can’t be fixed.

Final Thoughts

Loans can look like quick solutions, but Femi, Efe, and Emeka & Uchenna show the hidden costs: spiraling debt, loss of freedom, and strained relationships. Every Naira borrowed comes with strings attached—interest, deadlines, and pressure.

Instead of loans, building an emergency fund, budgeting smarter, or finding community support can be safer paths. Borrowing money might solve a problem today, but avoiding loans protects your tomorrow.