The culture of money lending and borrowing among peers has become quite irritating. Folks don’t pay debts with the same energy they used in borrowing. It is no surprise that official money lending institution don't really on good faith hence the requirement for a collateral. Relying on good faith is not a smart move, because we have proven to be unreliable, often not making good on our words especially when money is involved. Money is sensitive, this minute you have a plan and the next one you are calling for a hail mary. Money controls us as it is our major tool for navigating life and if there is one thing life doesn't care about is our plan. Payment of loan is one of those things that don't often go as planned.
People's attitude towards loan repayment is often irritable. I just remembered what happened last night as I was returning from wherever the hell I went; it was a lot of places actually. I was stressed. It is not completely related but I'll tell you anyway. I boarded a Keke(tricycle) to my estate gate gate. This co passenger who was getting to his stop, attempted to pay the driver but not the complete fair.
The driver lost it and insisted he pat the complete fare else he won't make a stop for him. It turned into an argument because this man had the worst attitude towards the driver. He claimed to have mistaken his hundred naira note for two hundred, It was a lame lie and the driver wasn't having it.
The third rider cut in and offered to complete his fair. This man ignored this helper and continued arguing with the driver, not even a 'thank you.' It was so rude, he alighted and started hauling cusses at the driver; I couldn't under why anyone would be that way. He was arrogant, rude and ungrateful The driver explained that he encounters his like often, boarding a ride knowing you don't have the complete money; after all, what would the driver do?
Debtors often have the worst attitudes when they have to pay what they owe. I have heard instances of the debtors threatening their creditors and daring them to do their worst. Borrowing money and refusing to pay is all levels of low. It breaks trusts and ruins relationships. Helping a friend in a time of need sounds great until they are dragging you through series of toxic and unnecessary communications and encounters just to get your money back.
People don't lend money anymore, unless there is something valuable at stake. Folks are only interested in parting with money they can afford to do without at the time. You hit up a friend asking to borrow Twenty Thousand Naira, and they can't, but can give you 5k, no need to pay back. And that is mostly among friends who are interested in helping but don't want to enter into a complicated creditor/debtor relationship with their friend which will most likely end with them not getting their money or the complete payment.
When I was little, my dad used to lend money to people. This usually involves a written agreement containing dates, monthly or weekly interests and penalties signed by all parties including one or two sureties. I remember vividly the long brown cardboard thick cover note he used. I also remember my dad taking extreme measures to get his money back like seizure of properties, land deeds, cars, motorcycles etc. There was always a car or bike that wasn't ours lying around.
They would get their shit back when their debts are paid in full. Sometimes they would enter a follow up agreement vesting on him the rights to sell off the seized properties. One time this difficult debtor showed up one early morning to pay off his debt in full; he had a swollen eye. Three nights ago, I saw my mom massaging my dad’s knuckles with aboniki palm. For that man, it took a beating for him to come around to paying his debt.
My mom advised him to consider closing up this business in the future to prevent our family suffering a huge lose to debtors.
Well, he didn’t listen until he had to. A lot of people refused to pay, they cut ties with my dad and made it difficult for him to recover what he’s owed. My mom did what she could to recover some after my dad passed but there was still a lot of loss.
It is easy to borrow money and difficult to pay and a big part of the reason why it is so is due to a lack of discipline. Sometimes all it takes is just discipline to remove some of our income towards repayment of debt. Lending has become a worldwide inconvenience because repayment always involves some kind of fight.
There are people who intentionally take advantage of a relationship to borrow money they know they’ll never pay back. A lot of people actually don’t find it easy to ask for their money back from their friends. It is crazy but true. Well, if you ever lend someone money please ask for your money back when the time is due. Folks don’t care, they’ll be living their best lives while refusing to pay their debts.
In the times that I’ve borrowed money from an friend, I was never comfortable until I’ve back my debt. My peace of mind at the time would be heavily dependent on the repayment of my debt. Personally, I avoid borrowing with my life.
However, taking a credit to start or grow a business is a different thing, because then you’d be investing in something that would ensure you concurrent remittance of the payment. It all boils down to have the decency and discipline to pay.
Unfortunately, we tend to perform better when there is an incentive or consequence attached to an act. Having something to lose helps but people are just stubborn so good luck to you money lender.
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