As online money loan apps/agencies continue to rise, it goes without saying that the strategies by some of these loan agencies in getting back their monies from defaulters is anything but appropriate.
To that end, Nigerians have been warned as to the reasons for taking loans, especially in the wake of global financial downturn.
Austine Abolusoro, Founder and CEO of P2Vest, has warned against taking loans to start a business. He gave this caution while speaking on Techie Talk on Whaats Up Lagos with the Tekes.
According to him, "It is better you have some fund of yours to try out a business, and when you see the business is doing well, it is easier to take a loan to help in scaling the business."
"How do you just take a loan to start a business when there are so many risks around it?" He questioned.
Watch video to hear him explain the best time to take a loan, what loan companies look out for before giving out loans and what necessitates the ugly trend of harassment of clients and guarantors by loan companies.