NIGERIANS WARNED AGAINST RISKY ONLINE LOANS AMID ECONOMIC HARDSHIP
Against the backdrop of worsening economic hardship in Nigeria, concerns are growing over the increasing number of people turning to online loan platforms for survival— a desperate move experts say is leaving many trapped in debt, emotional distress and worsening health conditions. Elizabeth Oluwaseyi Jimoh reports this from a financial orientation session held in Ondo City.
ONDO BANKER WARNS NIGERIANS AGAINST DEBT TRAPS AMID ECONOMIC CRISIS
As rising living costs continue to stretch millions of Nigerians beyond their limits, concerns are growing over the increasing number of people turning to online loan platforms for survival— a desperate move experts say is leaving many trapped in debt, emotional distress and worsening health conditions.
Speaking during a financial orientation session in Ondo City, Mr Adelakun advised Nigerians to avoid taking loans without a clear repayment plan, noting that many borrowers are currently battling severe financial and emotional distress due to unchecked online borrowing.
According to him, the rising cost of living and worsening economic realities have pushed many Nigerians towards mobile loan applications in search of quick financial relief.
He, however, cautioned that such loans often come with harsh recovery tactics, online harassment and public defamation, which have negatively affected the mental and physical health of many victims.
“Don’t take loan without any easy way out, else your life and your blood pressure becomes your collateral,” he said. “Be content with what you have and never take a loan without a clear and easy way out, he further emphasized.
The financial expert explained that financial challenges are not new, but poor financial planning and unhealthy lifestyles have worsened the situation for many households.
He identified major causes of financial distress to include living above one’s means, lack of proper planning, loss of jobs, death of breadwinners and other unexpected life events.
Mr Adelakun also encouraged Nigerians, especially young people, to embrace legitimate menial jobs rather than remain idle or depend on risky loans for survival.
“Do not look down on any honest job,” he said, while recalling how he once sold soya milk before attaining professional success in the banking sector.
He further stressed the importance of professionalism and dedication in every career path, urging participants to strive to become the best in whatever legitimate work they choose to do.
Referencing former United States President Abraham Lincoln, he noted that Lincoln gained political knowledge by listening to conversations among political leaders who visited his father’s shop, despite attempts by opponents to mock his humble background.
Mr Adelakun added that hard work, persistence and continuous learning can lead to greatness regardless of one’s starting point.
