Taking a loan isn't as bad as it sounds, and it makes me laugh when people make a big deal out of it. Honestly, it's a good thing if you haven't had reasons to take any loans before, and if you have, it's not the end of the world, and you don't need to be shy about it.
A conversation like this started at my place of work some years ago, and nobody could confidently say that they do or have taken a loan before. I did it once in a while, especially on months when salaries were delayed, to just ensure that I didn't miss the repayment date, which could attract different forms of embarrassment.
Everyone claimed to be clean regarding taking loans until we started receiving calls to remind them that their loan had expired and they hadn't made repayment.
I used to be very scared of taking a loan even before I got my first loan because I knew how much pressure it would put on people who didn't have a concrete repayment plan.
My mom used to support her business with loans back then, and it got to the point where she was appointed as the group coordinator since she never violated the cooperative rules. Being a leader, she had several experiences with people not repaying their loans, and it's really embarrassing when they have to lock people's shops just because they couldn't make their installment repayment on the due date.
I have never condemned people for failing to make a loan repayment whenever mom spoke to me about her experience, but it always baffles me why they can't repay the loan if they actually used it for something profitable because I expect loans to be used for really important things, but it's the other way around. I got to know that people actually use loans for parties, to buy clothes, and to do many other things that aren't necessary.
During the days when I was job hunting, someone advised me to utilize my cooking skills, and I felt like it was a really good idea. Getting the capital was quite difficult, so I went to get some stuff from mom's place and took out an app loan to sort out the rest.
I sold snacks, and since it was a lucrative business in the community where I lived, I didn't see myself having issues repaying my loan, but things sometimes don't go as planned.
Using excited to describe my feelings the day I started the business is an understatement because I had lots of plans to expand the business as soon as possible.
It wasn't my first time doing such business, but it was under my mom's watch. I was younger then and used her shop, so things were really easy because I didn't start hustling for customers; her customers patronized me, and it was enough.
I started frying the snacks at my new place, and few people patronized me, so I just assumed it's my first day.
I expected more customers the next day, but nothing changed, and it went on like that for almost a month. The fear of not repaying my loan made me restless, and it was really bad.
The repayment day came, and I couldn't do the needful. My phone wouldn't stop ringing, and I didn't know how to go about repaying it. Borrowing another loan to pay a loan wasn't an option, so I just made up my mind that I would wait until the money was complete.
The next morning, I started getting calls from my family and friends asking questions about the loan. I felt really ashamed of myself because I didn't want anyone to know about my little hustle initially.
My uncle sent me the money and told me to make the repayment immediately. He told me to always call him if I needed help, but that's not the kind of person I am. I find it difficult to ask for help when I can still hustle for myself. The next repayment wasn't easy as well, but the third one came with ease since business was gradually booming.
The experience left me with an important message: never take a loan to start a business because, no matter how certain you are about the success of the business, life can happen suddenly. If I must take a loan, it would be something to support my existing business, and staying away from it is best when there are other better options.
And even before taking a loan to support an existing business, you must have a concrete repayment plan; otherwise, things could tangle and become messy along the way. In a nutshell, taking out a out a loan isn't a completely bad idea, but it should be an option only when there are no other options left.
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