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  • I was looking to speak to people who got into millions of naira in debt about how they managed to pay it off when I found Tosin*.

    In this story, the 34-year-old shares how he spent his life savings, plus a ₦2.7m loan, on a car that was supposed to make his life easier. Instead, it plunged him into debt after an unexpected job loss. It took him 15 months, but he managed to pay off his debt.

    Here’s how he did it.

    As told to Boluwatife

    I got married in December 2021. As soon as my wife and I moved into our new apartment, I started thinking about getting a car. It was all I could think about.

    To be honest, we didn’t really need the car. My wife took the staff bus to work, and my commute was pretty straightforward: two danfo rides and an okada. 

    Granted, public transportation was stressful and often annoying, especially when it rained and bus drivers dramatically raised the fare. But I’d been doing that for years, and it wasn’t exactly unbearable.

    Given that I couldn’t afford a car on my ₦120k salary, I really shouldn’t have been preoccupied with getting one. 

    But I was.

    It felt like the right next step after marriage. I kept thinking, “What happens when my wife gets pregnant? Would she be jumping buses?” or “When we have to attend an event together, do we jump okada?”

    I also convinced myself that a car was an asset that would make our lives easier. Also, the cost of getting one will only increase with time, so why not get one as soon as possible? So, I started small and began saving ₦20k monthly towards the car. 

    At the same time, I was praying for one of those “XYZ celebrity did a giveaway and dashed me ₦2m” lucky moments, because how long was I supposed to save to meet the amount I needed? The smallest Toyota Corolla cost ₦2m.

    The giveaway dream didn’t come true, but I landed a new job in August 2022, which bumped my salary to ₦300k/month. My wife’s job also increased her salary to ₦250k, bringing our cumulative income to ₦550k. It wasn’t enough to buy a car, but I came across interesting information.

    How I got into debt

    One afternoon in January 2023, I got an email from my bank advertising their loan service. It looked pretty straightforward. I didn’t have to walk into the bank to apply; I could just open the bank app, request the needed amount, and get an immediate credit alert. 

    I thought there wasn’t any harm in trying, so I checked and was eligible for a ₦2.7m loan. I was applying from my salary account, which helped with the amount I had access to. The annual interest rate was about 35%, meaning I’d pay back ₦3.2m+ over one year at around ₦270k/month. 

    It was the best way to finance a car for two reasons: I couldn’t save that amount in 5 years, and even if I could, the car’s price would have increased..

    So, I spoke to my wife and we agreed we’d use her salary to repay the loan every month while we lived on my salary. With that settled, I secured the loan and bought a Toyota Corolla 2008 in February 2023 for ₦3.05m. I also used the ₦500k in my savings to settle other car necessities like documentation and registration. 

    I had no more savings and was in debt, but I felt fulfilled. I thought I’d achieved a dream using the most financially sound option possible, but I didn’t prepare for what happened next. 

    In March 2023, exactly one month after I bought my car, I lost my job. 

    My employer was arrested for fraud/money laundering, and everything fell apart. 

    Unemployment was scary. I had zero source of income with looming debt over my head. 

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    How I paid off my debt

    It was immediately clear that the plan to use my wife’s salary to repay the loan wouldn’t work. We now needed the income to survive. 

    I started job-hunting. I must have sent my CV to every single job opening in Nigeria, even the ones outside where we lived in Lagos. Nothing came in the first two months. I only managed to meet the loan repayments in those months because my old workplace gave me ₦600k as severance pay. 

    By the third month, I had no money to repay the loan. The bank informed me they’d add an extra 2% interest per month as a penalty for any payment I missed or delayed. They also threatened legal action, and that’s when I became scared. 

    As the fourth month approached, I decided job-hunting wasn’t working, so I began exploring other options. I literally Googled “How to make money in Nigeria”, and one of the options I found was to become a cab driver with a ride-hailing platform.

    At first, I resisted the idea. Going from wearing suits and ties to driving cabs felt like a downgrade, and I worried about the potential embarrassment of meeting people I knew while driving.

    However, after about two weeks of mentally struggling with the idea, I had to accept that the embarrassment of getting arrested or harassed for leaving a loan delinquent was more significant than whatever embarrassment I’d feel driving cabs.

    Plus, my lack of income had started to become a problem at home. I had a wife, child, and mother-in-law living with me, and my wife’s salary wasn’t enough to cover all our bills. Our house rent was also about to be due, and I had zero savings. 

    I had no choice. I signed up to become a driver on a ride-hailing platform and officially became a driver in August 2023. 

    Unfortunately for me, I started driving cabs at a time when everything had turned upside down. The fuel subsidy had been removed, and the cost of living skyrocketed. While I made around ₦15k-₦25k profits weekly, I learnt from other drivers that it was nothing compared to how much they made before 2023.

    But I didn’t let that discourage me. I worked almost 24/7, leaving home as early as 5 a.m. and returning at 1 a.m. the next day. I often worked Monday through Sunday. At some point, I squatted with a friend on the Island so that I’d get more expensive rides frequently. 

    During the weekends, I accepted long Mainland to Island trips because they also paid really well. After two months on the app, my income moved to ₦60k – ₦80k weekly. This figure sometimes fluctuated, especially when I needed to fix things in the car or fuel scarcity reared its head, but my income was steady.

    Every single kobo I made went into repaying the loan. I sometimes borrowed money from my wife when the repayment date was close and I didn’t have the amount needed. 

    I eventually repaid the full amount in May 2024, three months after the due date, with extra interest due to several delays and a few threatening emails from the bank. 

    They’ll probably never give me a loan again, but I’m glad I’m finally debt-free. 

    What I took away from my experience

    I don’t think the loan itself was the problem. The problem was that I didn’t have a great backup plan. 

    I didn’t imagine for one second that I could lose my job, so I didn’t prepare for what would happen if I did. I’m just glad I used the loan to get something that eventually became an income source. That was a lifesaver. Imagine if I’d taken the loan to fund a wedding or party.

    My experience hasn’t turned me off loans. I just need to be more calculative with every step I take now. 

    These days, my rule is: If I can’t afford something outright, I probably don’t need it. But if I absolutely need it and HAVE to take a loan for it, it must be something I can also make money from. 

    For instance, I can take a loan for a laptop only if I intend to use it for business. Otherwise, it’s just a status symbol, and it’s too easy for things to go wrong. 

    Also, if you have to borrow money, it’s better to try to get informal loans from family and friends first. I had to turn to a family member to borrow my ₦380k rent in 2023 as I was smack deep in the middle of the bank debt, and the repayment schedule was far more flexible. 

    The lender allowed me to repay only when I was settled with the bank debt. I’m grateful for that because it would’ve been too easy for me to sink into a debt cycle at that point. If I hadn’t found a family member willing to help, I’d have turned to loan apps and kept borrowing from X company to repay Y company.

    That’s why I can never judge people who are disgraced by loan apps for defaulting on payments. You never know what they’re going through or how their situation deteriorated to that level. 

    *Name has been changed for anonymity.

    NEXT READ: “I Over-Relied on My Pension” — Nigerians Over 50 on Their Biggest Money Regrets

    Join 1,000+ Nigerians, finance experts and industry leaders at The Naira Life Conference by Zikoko for a day of real, raw conversations about money and financial freedom. Click here to buy a ticket and secure your spot at the money event of the year, where you’ll get the practical tools to 10x your income, network with the biggest players in your industry, and level up in your career and business.

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  • Every week, Zikoko seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish, others will be bougie. All the time, it’ll be revealing.

    Nairalife #305 bio

    When did you first realise the importance of money?

    It was when I was 15 years old and just earned my first salary at the provisions store where I worked as a salesgirl. My pay was only ₦10k, but I was extremely happy to have my own money. I could finally get what I wanted without hearing my parents say, “We don’t have money” or “I can’t give you.” 

    Earning my own money gave me freedom, and I loved it. 

    What was the financial situation at home like?

    Not great. My siblings and I barely survived on my parents’ earnings as petty traders. There was food, and we went to school, but I knew we didn’t have much. My clothes were hand-me-downs from my aunt. My parents demanded convincing explanations before they gave me money.

    As soon as I finished secondary school in 2015, I looked for work. With my sales girl salary, I took care of personal needs and occasionally dropped money at home for food and my siblings. 

    After a few months, I worked at another store for ₦15k. I honestly just moved from place to place, looking for money. I had several stints as a teacher, catering assistant, and even selling thrift clothes. The clothes were more lucrative than my other stints, but selling them was really stressful.

    How so?

    I had to drag heavy bags of clothes across hostels to sell. Plus, people are funny. One babe can try out like ten pieces of clothing only to say she wasn’t ready to buy.

    So, I only survived a few months of the thrift business, too. Then, in 2017, some friends told me about a mini-importation opportunity from China. I’d bring in bags from China for cheap and sell them off at a profit in Nigeria. It sounded good, so I took a ₦400k loan at a 10%/month interest from a money lender to add to my savings and started the business.

    Was the profit what you imagined?

    Oh, the profit was good. I made up to ₦50k in a good week. But selling the bags took longer than I planned. I assumed I’d sell off all the bags in two weeks so I’d repay the loan and get another batch. Two months later, I hadn’t sold the stock. 

    To make matters worse, I sold by the roadside in a very busy market. I was there under the sun and in the rain, and it was very embarrassing at times. When people who knew me saw me, they’d go, “Ehya, sorry. The Lord is your strength.” 

    Even me, I know I looked wretched and tattered. I was making money, but it didn’t show on my face. I stuck with the business for over a year, then I stopped when it became too stressful. If I didn’t stand on the road all day, I wouldn’t make anything. 

    I wanted something that would bring money without all that stress. 

    I can imagine. What did you do next?

    Out of nowhere, I had the idea to become a money lender. The person who loaned me ₦400k for my business didn’t have another job. She just sat at home while I struggled under the sun to repay her. It seemed like a good business idea to me.

    Plus, I’d mostly saved what I made from my businesses. I barely spent on anything that wasn’t food, and I had minimal responsibilities. In 2019, I started with about ₦500k and my heart in my mouth. Human beings can be funny; what if they took my money and ran away? So, I started with small loans: ₦50k here, ₦20k there.

    My first customers were market people who I told I offered loans. Others came to me through referrals from my friends. I’m still a money lender till today, and people know to come to me if they need urgent money. 

    What are the terms for the loans? How do you make a profit?

    I charge a 15% – 20% monthly interest. There’s no specific time frame for people to repay the loans, but the interest increases for as long as it takes to clear the loan.

    For instance, someone comes to borrow ₦100k. When I add interest, they’re paying back ₦120k. I prefer weekly repayments, so I divide the ₦120k into four installments and tell them they’re repaying ₦30k every week. If they miss any week and the payment plan exceeds a month, I add another 20% interest to the initial principal. 

    Do people complain about the compounding interest?

    They do. In the beginning, I felt bad and considered reducing the interest. But my loans are much faster than banks and cooperatives, and people prefer that. Rather than wait days, I give them the money immediately. 

    Also, I made repayment options flexible. I accommodate daily, weekly and monthly payments. Daily repayments have a lower interest rate because I reasoned that I could collect the cash, add some to it and loan to someone else. So, it’s a win-win situation.

    Plus, I sometimes give people grace when payment defaults, especially market women. That category prefers daily repayments because they sell every day. But there are no sales on some days, so I understand. If the daily repayment was supposed to finish in a month and they miss any of the days, I don’t recalculate interest as long as they clear the loan within the month. 

    I can also decide to give a month’s interest-free grace for them to balance up. It just depends on the person and their repayment history on previous loans.

    The loan business is mostly trust-based. Sometimes, I ask for guarantors and collateral. Collateral depends on the loan value. People have dropped land documents as collateral. Some also drop gold and washing machines. It still doesn’t mean they won’t default sha. 

    But if I trust the person, I don’t even collect collateral or guarantor before giving them loans. That usually comes back to bite me, though.

    I was just about to ask how you handle difficult debtors

    They’re almost all difficult. When people need money, they can roll on the floor crying and give you one million stories. Once it’s time to pay back, they change. That’s when they remember their husband or child is ill, and they need to take them to the hospital.

    So, it’s stressful. I have to call, shout, and threaten before people repay their debt. I have gold jewellery, washing machines and other properties in my house that people left as collateral. The agreement is, once they’ve defaulted payment for six months, I remind them about the collateral again, and if they still don’t pay, I’ll sell their belongings. I’ve once sold someone’s speaker system.

    What is the most stressful experience you’ve had with debt recovery?

    A few years ago, I loaned ₦800k to a butcher who also served as a pastor in a church. A friend brought him to me, so I didn’t ask for any collateral because I assumed he was religious and would honour our agreement.

    The man moved out of his house two weeks after he got the money. No one knew where he went, and his phone number was switched off for months. When I was able to reach him with another number, he ended the call after hearing my voice. Sometimes, he’d just pick up the call and wait for me to talk. I’d just be swearing and shouting, and he’d be absolutely silent.

    I involved the police, but they just collected my money. They asked me to pay ₦10k for mobilisation, and then I kept dropping money for one thing or the other. At one point, the police told me I didn’t have a case since I was illegally operating a loan service without certification.

    After a few more months, I traced him to his church and attended a Sunday service. When it was time for testimonies, I went to the front and said I had a testimony to give. Immediately the pastor saw me, he started sweating.

    I’m screaming

    I told the church to help me thank God I finally caught one of my customers who ran with my money. Everyone shouted, “Praise the Lord,” not knowing it was their pastor. I left the testimony at that. 

    After service ended, the man begged me to calm down and told several stories, trying to explain the payment delay. I calculated the accumulated interest, and we settled on a timeline for him to pay my money. He paid every single dime because he knew I could embarrass him.

    At least that story ended on a good note. There are several others that didn’t end so well. One took my money and ran to Germany. I can’t do much because I don’t have written agreements, and the business is “illegal”. The most I do is pay soldiers to harass my debtors. Even the soldiers try to be careful because it’s outside their primary job, and no one wants to get into trouble. 

    But still, I really like what I do. It pays me. Instead of spending money or keeping it, I can give it out and know it’s working for me. I see the loss as a normal part of any business, so I just overlook it. Also, I make more profit than losses.

    What does this profit look like in a good month?

    Up to ₦1.5m most months. I currently have over 60 active loans that bring me interest monthly. So, I earn well, but the stress is a lot too. I’m sure my neighbours wonder why I’m constantly screaming at my phone. I’m also considering investing some of my money in livestock farming. Then, I can maybe loan money to people I trust or have very good collateral. 

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    How much do you imagine you need to start a farm?

    With about ₦5m – ₦7m, I can get land, buy goats, pigs and cows and start small. I might start with about 100 livestock and see how it goes. I don’t know much about livestock but I’ll learn just like I learned with my loan business. If the livestock isn’t lucrative or doesn’t work out, at least I’ll still have the land to resell and cover any loss.

    I’m also not sure I’ll start this year as I’m still in school, but I intend to finance the farm with my loan business. So, I don’t plan to stop loaning out money yet. I’ll just have two income sources.

    You’re in school? I feel like that came out of the blue

    See, funny story. I’ve been in uni for about 10 years due to several unfortunate situations. Like most Nigerian children, everyone told me I had to study medicine to become rich.

    I wrote JAMB and got into uni in 2015, but I didn’t meet the cut-off score for medicine, so the school offered me optometry. You need to know physics and mathematics to do well in optometry, but those subjects weren’t my strong suit. I wasn’t happy with optometry, and I didn’t enjoy it, but I stayed because my mum had already told everyone her daughter was a doctor of optometry. 

    I managed to pass the first two years but repeated the third year. Around this time, I was hustling and selling thrift and bags since I was — still am — financially responsible for my education. Maybe that even affected my studies. The department kicked me out when I didn’t pass my courses on the second try. 

    Then, there was the delay with ASUU strikes and COVID. In 2021, I transferred to 200-level physiology, and I’m just trying my best to finish this one. I’m currently in my final year. If I knew better, I’d have just studied business administration or something. But I’m close to the finish line, so that’s good.

    I’m rooting for you. Back to your current income, what quality of life does it afford you?

    I live way below my means, but my quality of life is better than ever. One good thing about money is the confidence it brings. When I was struggling, I sometimes had to endure dates with guys I had no interest in because I wanted to eat fried rice, salad and chicken. I love fried rice but couldn’t afford it, so when the opportunity came, I accepted just for food and ice cream. 

    Now? I can eat all the fried rice I want. Even today, I bought fried rice and turkey. Something that used to be a treat is now my life every day. If someone asks to meet up, I can look at what they can offer beyond food. I don’t need to hang out with someone I don’t like or endure a misogynist because of peanut money. 

    Word

    Having money has also expanded my dreams. There are things I never thought about when I was a salesgirl. I’m planning to buy a car soon. I also want to travel for vacations. I didn’t have these kinds of thoughts a few years ago because they were beyond me. 

    I just need to learn how to balance my desire to make money with actually spending money. I don’t know how to spend money at all. Rather than spend it on myself, I think, “It’ll be better to loan out this money to bring interest for me rather than finish it.” 

    Seeing how I live, no one would believe I earn this much. I live in a one-room apartment, and my rent is slightly below ₦100k. I can make that money in two days. The only thing I spend on is food. I’m just trying to learn how to spend money. I only recently got a bedframe and a bigger mattress — I was using a small student-sized mattress. 

    Also, I was a natural hair babe until recently because I didn’t want to spend money buying hair. But my hair always looked rough because I didn’t know how to maintain it. It goes to show how deeply rooted my reluctance to spend money is. But moderation is key, and I’m gradually adjusting. Maybe diversifying my income source into farming will help me relax.

    What are your recurring monthly expenses like?

    I typically don’t keep track of my expenses because I’m more likely to talk myself out of even making the expense. But the ones I remember usually go like this:

    Nairalife #305 expenses

    I call most of my debtors on WhatsApp, so I hardly spend money on airtime. I don’t have savings; all my money goes back into my business.

    Is there anything you want right now but can’t afford?

    I’d like to just travel to different places and meet new people. You know, be in France today and Switzerland tomorrow. I can’t afford that now, but I hope to do that one day.

    How would you rate your financial happiness on a scale of 1 – 10?

    100! Sometimes, it still feels like a dream that I’m where I am today. I like the confidence that money gives me, and I’m so happy.

    Love it for you. Out of curiosity, are there any financial obligations on you from your family?

    No, and it’s deliberate. I like making money, and I believe if you’re asking me for money, you don’t want my growth. I have a friend who’s doing well financially, but she’s always broke because of family responsibilities. I can’t do that. 

    Imagine trying to come out of poverty and trying to drag your family along when you aren’t yet balanced. If one isn’t careful, the family will still drag that person back into poverty. When I first started earning money, I was dropping money left and right. But I gave myself sense and reduced it. Thankfully, my mum has a business and hardly asks for money. So, I don’t do more than myself.

    If you’re interested in talking about your Naira Life story, this is a good place to start.

    Yes, I want to do a Naira Life!

    Find all the past Naira Life stories here.

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  • Kike* (27) is no stranger to the loan system. She’s been at it since she took her first ₦50k loan in 2019. It’s 2024, and she just unlocked a whole new risk level — taking out almost ₦80m in student loans to pursue an MBA. How’s that going?

    As told to Boluwatife

    I took my first loan in 2019. I was fresh out of university, earning ₦67k at my graduate trainee job, and shouldn’t have had money problems, especially since I had minimal financial responsibilities. Still, I somehow found myself on the loan path. Loan debt and I have been together ever since.

    A little backstory: I didn’t exactly grow up with money. My dad wasn’t in the picture often, and my mum supported the family with her petty trading business. My mum’s a private person. Even though things weren’t great, my mum hardly talked about our financial limitations or sought help from people. She just did what she could, which was mostly enough to get us by.

    I got by in university, even though I only received a ₦15k monthly allowance. I also got by during NYSC. In addition to the government’s ₦19,800 stipend, I received an extra ₦20k salary from the school I taught at for my PPA. Things were going pretty well until I landed that graduate trainee job at a Fast-Moving Consumer Goods (FMCG) company in 2019.

    I’m not sure why my employer even tagged it “graduate trainee” because we were more like distributor managers. In addition to selling products to distributors and meeting sales targets, I also had to manage distributors and field executives, coordinate the van drivers, and ensure they had all the tools to work.

    Most of the time, I spent out of pocket to repair one van here and one keke napep there. I even sometimes gave these drivers transport money just so there wouldn’t be distribution delays which would affect my targets. My salary wasn’t enough to cover those extra expenses, and that’s when I turned to loans. The first one was a ₦50k loan to float me until my salary came at the end of the month.

    Looking back, I could’ve asked my family for help, but I was ashamed. I was a first-class graduate hustling in the market to sell FMCG products, and felt like a let-down. Also, my siblings most likely wouldn’t have given me a loan. My mum taught us not to ask for money and to stay contented with what we had. So, it would’ve been a whole thing trying to explain why I needed money.

    The “Don’t ask” mentality extended to my friendships and relationships; I just had to sort out my needs myself, even if it meant taking loans.

    In 2020, I left the FMCG for a bank job, and my salary bumped up to ₦75k for the three-month training school period. After training school, my salary increased to ₦300k. It was the first time I ever earned enough to save money. 

    The pandemic also hit during that period, and I worked from home for a couple of months. Since I didn’t have to spend on transportation, I could afford to keep money aside and even dabbled in stocks here and there.

    But then the lockdown lifted, and after navigating Lagos Island traffic for several months, I realised I needed to get an apartment closer to my workplace. So, I took another ₦300k loan to meet the ₦950k rent I needed for a bed space in an apartment in Lekki.

    To be honest, I shouldn’t have needed that loan. It’s just that my lifestyle sort of changed with the higher salary. I went from managing to prioritising my comfort, taking cab rides, and just generally having a good time. I still had to spend money on feeding, utility bills, and basic living expenses. So, though I was getting a decent chunk of money, I often returned to broke levels.

    In 2021, I decided to learn software development. I thought it would be a good opportunity to earn extra money while working remotely. I needed a laptop for that, so I took another loan and got a Mackbook for ₦730k. I learned HTML and CSS for a bit, but I never got to finish my classes as I was almost always busy with work.

    A few months after getting the laptop, I took another loan for eye surgery. That one cost ₦2m. By then, loans had become really accessible to me. I worked in a bank, so it was very easy to get them. I tried to only take loans for major projects, though. It was just a way to get quick financing. 

    Of course, the downside was that I couldn’t really stop taking the loans. With the monthly repayments and the interest rates, I rarely got my entire salary at the end of the month. 

    I started dreaming about japa in 2023. Actually, the dream came about a year before that. I wanted to explore my career potential and increase my earning power, so I decided to get an MBA in the UK. I didn’t have the money, but somehow, I knew the money would come. I just needed to get admission, secure a visa and leave Nigeria, and the rest would fall into place.

    I got admission in 2023 and needed to pay a £2500 deposit. At the time, a pound was about ₦795, but everyone kept predicting the exchange rate would go down, so I delayed payment by about six months. When I eventually paid, the exchange rate had increased to ₦1k+. I ultimately paid almost ₦3m, which was like the entirety of my savings. 

    Next were visas and flight fees. I took a ₦2.5m loan from my bank in July and got about ₦2m in financial support from my family and friends — I haven’t repaid the bank loan. In total, I spent almost ₦7m on japa and related expenses and moved to the UK in September 2024.

    [ad]

    At this point, you’re probably wondering how I’m funding school fees. Well, I took a student loan. I found a private company that offered the loan while watching YouTube videos about japa. This was just around the time I secured admission. I only needed to provide proof of admission, and I got the £36k loan (almost ₦80m).

    This is how it works: The company pays the balance of my school fees, which is about £24k+. Then, they’ll give me a £10k living allowance for my one-year study — the company will pay this throughout my study in stipends. They’ll also keep £1,400 for administrative charges.

    My MBA program will end in September 2025, and I’m supposed to have gotten a job by January 2026 so I can start repaying at least £400/month. The repayment should span 11 years. I’ll be repaying about £70k (with interest) and should be free by 2037. The amount and repayment time will increase if I miss any payment. 

    Honestly, I know it’s a big gamble, but I’m willing to bet on myself. I’m not worried about the loan because I’m not in the UK to play. Aside from the stipends from the loan company, I don’t have any income right now, but I intend to find part-time jobs and internships as soon as I can. It would be even better if I could get these opportunities at top companies because they offer students as much as £20k/year. 

    I’m trying to avoid the temptation to apply for care jobs or other menial jobs here in the UK. They’ll pay well, but I need jobs in my field of study to increase my career prospects after I get my degree or even meet people who could form a vital part of my network.

    After all this, the goal is to become a consultant for financial institutions. I hear they earn up to £100k/year. I’m keeping my options open, though. Who knows if I’ll find better career opportunities?

    I’m trying to remain as positive as possible, considering the circumstances. I’m neck-deep in debt right now and it’s easy to worry, but I won’t do that. I just need to focus on achieving my goals. Maybe then I’ll finally be comfortable enough not to even think about taking a loan.

    *Name has been changed for the sake of anonymity.

    NEXT READ: My Family Resents Me for Becoming the Breadwinner After My Parents Retired

  • Every week, Zikoko seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish, others will be bougie. All the time, it’ll be revealing.

    Nairalife #293 bio

    What’s your earliest memory of money?

    It was in 2008. I remember it because it was also the first time I saw my dad cry. I was 11 and had returned home from school to find my parents crying in the parlour. Apparently, my dad had lost millions to a scammer who was supposed to facilitate the purchase of some acres of land. 

    To make things worse, the money was the settlement my dad got from his bank job when the bank folded up earlier that year. So, there was no job and no money. I remember how scared I was that day. The way my parents lamented, I thought it was the end of the world, and hunger would kill us the next day.

    You’re here, so it’s safe to say that didn’t happen

    But things changed. We moved to a smaller apartment, and my sisters and I transferred to a government school. My dad started a small drycleaning business, and my mum opened a provisions shop to add to what she made at her teaching job.

    As the firstborn, I had a bit more “sense”. So, even though I was young, I quickly realised that those random “Daddy, take us to Mr Biggs” requests wouldn’t work again. My younger sisters weren’t as understanding. I remember my sister once crying for two hours because she was tired of eating eba every day. When threats didn’t work, my mum had to beg her to stop crying and just eat.

    The whole situation sort of gave me a money-focused mindset. It was simply: Having money equals good, and not having money equals bad. It’s the reason I chose to study medicine at the university. I was a smart student, and all my teachers suggested I should study medicine because of that. But I was pursuing money.

    What made you think doctors had money?

    The only person who had a car on our street was a doctor. I mean, it made sense to think someone who could afford a car was rich. Plus, my teachers and everyone I told about my medicine aspirations kept talking about how easily doctors found jobs. 

    So, when I graduated from secondary school in 2012, I decided it was either medicine or nothing. I even forfeited a year because the first uni I applied to gave me microbiology, and I didn’t want that. I decided to use that year to work small while still pursuing admission for medicine.

    What kind of work did you do?

    Teaching. My mum helped me get a job teaching primary school students at her school. I taught mathematics and got paid ₦15k/month. That was the first time I’d earn anything, and ₦15k felt like ₦1.5m. 

    I didn’t have to worry about transportation because I followed my mum to work, so I mostly spent my salary on my siblings, as per big brother. My dad made me drop ₦5k at home every month, though. He said it was to teach me responsibility. I didn’t mind. 

    But damn, I worked hard during that period. I’d teach in the mornings and study all night for JAMB and post-UTME. My efforts eventually paid off — I got admitted for medicine the second time I wrote JAMB and moved on to uni in 2013.

    Did you do anything for money while in uni?

    Between trying to survive medical school and squatting in different hostels to save on accommodation, I didn’t have the time. My parents gave me a ₦10k monthly allowance, and I billed my aunt and uncle whenever I was broke. That usually brought an additional ₦2k – ₦5k.

    Let me tell you something funny. I had the opportunity to write for money in 400 level. A former classmate who’d dropped out to study abroad asked me for help writing a term paper he needed for class. When I sent it to him, he said a few other students would pay if I did the same for them. I refused the offer.

    Why?

    I thought it’d distract me. I was in the middle of professional exams and was scared of failing. It was better for me to manage what I got from home, focus on school, and graduate to start making medicine money.

    By now, though, I already knew “medicine money” wasn’t what I thought it would be. Doctors in private hospitals struggled to survive, and working with the government or very big hospitals was the only way to earn decently. So, my focus shifted to becoming a doctor and working in a government hospital. 

    Did things go as planned?

    At all. After I finished medical school in 2020, the next step was housemanship — the one-year compulsory internship young doctors must undergo before practising. Everyone usually wants to do their housemanship in a government institution or teaching hospital because they pay better and you get more experience. 

    But placement is very competitive. Someone I know was asked to bring ₦200k so they’d help “work” his placement. I didn’t have that kind of money. Ultimately, I settled for a private hospital that paid ₦80k/month. 

    Was that good money?

    I’m not sure I had time to consider whether it was good or bad. But I worked constantly. The hospital offered me accommodation — a bed in the doctors’ room — and I jumped at it, thinking I was saving money. I soon found out that living at the hospital meant work always came to me, whether I was on duty or not.

    Housemanship was the longest year of my life. Once, I was on a 48-hour call and dozed off while clerking a patient. It was wild. The only good thing about that period was how much I saved. I had no time to spend, so I kept my money in my account. Sometimes, I lent my dad money to handle one thing or the other, but I mostly saved. By the time I finished my house job in 2021, I had saved ₦600k.

    Nice

    I used the money to buy a phone and laptop. I actually didn’t need a laptop; I just thought it was cool to have one. Looking back, I should’ve used the money to rent an apartment. Instead, I returned home to live with my parents.

    You say that like it was a bad decision

    I don’t know. Maybe things might have happened differently if I’d stopped living at home then. My dad passed away in 2021, and it affected my mum so much that she started having blood pressure issues. The home’s responsibilities automatically fell on me. 

    Thankfully, my two sisters had graduated from university, so I didn’t have to worry about school fees. But they also lived at home, and I had to step up as the man of the house. 

    How did you do that without a job?

    I began job-hunting like my life depended on it. Forget the scam about doctors not needing to look for jobs because there are always jobs waiting for them. That’s not true. Also, I hadn’t gone for NYSC, and some hospitals wanted the certificate. I honestly saw NYSC as a waste of time. I didn’t understand why I had to spend a whole year earning ₦33k when I could earn more working at a hospital.

    At the end of the day, NYSC won. After months of job-hunting and relying on loan apps to feed and support the home, I reluctantly processed my NYSC call-up in 2022. I borrowed ₦35k from a loan app to settle someone at NYSC so I wouldn’t get posted outside my state. 

    My PPA was a mission hospital that only paid ₦15k/month. Add that to the government’s ₦33k, and I had ₦48k/month. Since the money didn’t go anywhere, I had to turn to loan apps. I borrowed no less than ₦20k every month, sometimes more. All my salary went to repaying loans. I honestly hated it, but I had no choice. I had to transport myself to work, drop money at home for food, buy medication for my mum and still have enough left to pay our ₦250k/year rent.

    Sounds tough

    I’m still at it, and it’s tough. Sometimes, I struggle with resentment. My sisters now work but don’t drop money at home because they know egbon will handle it. I can’t complain outwardly because it’s my responsibility to be there for them. It just gets difficult, you know?

    I finished my service year in 2023 and now work in a hospital that pays ₦200k/month, but I don’t feel like I earn that much. I’m always taking loans because my salary finishes in two weeks, and the crazy interest rates on these loans have kept me in a loan cycle. Just last month, I took a ₦35k loan to fix the generator at home. By the time I’m supposed to pay it back in six months, interest will have pushed the total amount I should repay to ₦47k.

    Mad. Can you break down what takes your money in a typical month?

    Nairalife #293 expenses

    Shey you see I spend more than my salary? This breakdown doesn’t even include the random times I decide to spoil myself by eating out or buying a new pair of trousers. Damn, my finances are really in the mud. Can I tell you something?

    Sure

    Most of the time, I feel like a threat to my patients because I’m always thinking about money. I’m on autopilot, and my mind isn’t on the work again. I’m constantly brainstorming what extra things I can do to make money, but I always end up at the same conclusion: I can’t do anything else for money as long as I’m practising. 

    For context, I’m almost always on call at my job. I’m the junior doctor, but the medical director is the only other doctor in the hospital, and he’s always at his government job. So, I work almost 24/7, and it’s extremely dangerous. 

    The other day, I mistakenly prescribed a dextrose saline infusion to a patient with high blood sugar. Thankfully, the nurse caught that in time. I still don’t know whether to put that mistake on exhaustion or disinterest.

    Hmm. Have you considered what you’d do if you weren’t practising?

    That’s one reason I regret not taking that writing job seriously in uni. Now, I hear how people earn dollars simply by sitting down in their houses to write. I still remember the lady in this Naira Life who earns close to ₦1m with social media right there in her house. 

    I’m considering those types of jobs now. I’m currently taking some free online writing and content marketing courses. After that, I’ll look into social media marketing. If I can find a way to get more free time outside the hospital, I also want to explore software development. Right now, I’m open to everything.

    It’s not that I want to abandon medicine completely; I spent too many years on it just to abandon the field like that. I only want to make money so I can japa and practise medicine in a sane country that rewards effort. I don’t have actual timelines now, but I know 2028 must not meet me in this country.

    What’s an ideal amount you think you should be earning?

    In medicine, with my current experience level, maybe ₦400k. But once I get skills in tech and content marketing, maybe ₦600k – ₦800k. 

    With that, I wouldn’t be as dependent on loans. And I’d have enough to get my own place and put my family on a monthly allowance, so it’s not like I’m just spending and spending as needs arise.

    Fair. How would you describe your relationship with money?

    Nonexistent. It’s quite clear that I don’t really know what I’m doing. I’m just winging my finances and hoping I get a lucky break soon.

    What’s your biggest financial regret?

    Taking my first loan from a loan app. I can’t even remember what I took it for, but I wish I never did. Those apps are like bed bugs. It’s tough to get rid of them once you try them once or twice.

    What about the last thing you spent money on that made you happy?

    I got my mum a dress for her birthday. At ₦50k, it was quite expensive, but the look of gratitude on her face made it worth it. 

    On a scale of 1-10, how would you rate your financial happiness?

    5. I need a lucky break soon before I lose my mind.

    If you’re interested in talking about your Naira Life story, this is a good place to start.

    Yes, I want to do a Naira Life!

    Find all the past Naira Life stories here.

    Subscribe to the newsletter here.

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  • Every week, Zikoko seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish, others will be bougie. All the time, it’ll be revealing.

    Nairalife #252 Bio

    What’s your earliest memory of money?

    I always had home-cooked food for lunch throughout primary and secondary school, while my friends would get money to buy snacks or whatever they wanted. I grew up in a middle-class family, but I didn’t have direct access to money. It was like something only the adults in my family could have.

    How “middle-class” was your family?

    My dad worked in a bank, and my mum worked in an airline company, so the money was good. My mum had access to discounted tickets, so we flew for international holidays at least once yearly. We had three cars and lived in a ₦1m/month rented apartment. Our neighbourhood in Lagos Mainland was quite mixed; there were really comfortable people and people struggling to make ends meet. I think this mixed upbringing is why I don’t want obscene wealth today. I just want to be comfortable.

    My dad operated on the same values. He was an auditor, so he constantly drilled the “never steal money” lesson in me and my siblings’ heads. Even at work, he was a very “play by the rules” kind of person, which earned him some enemies. He lost his job to rightsizing in 2011 when I was in SS 2. My mum had quit her job a year earlier to focus on becoming an entrepreneur, so my dad losing his job changed some things at home.

    What were some of these changes?

    My dad’s work at the bank gave my mum access to loans for her business. She imported clothes from Turkey to sell at a mark-up. The loans allowed her to go on the trips and stock her three shops. Without his job, there were no more loans, so she had to downscale the business. 

    Our international holiday trips stopped, and there were no more random Chinese restaurant trips. We also never renewed our Ikoyi Club membership. Thankfully, my dad used the settlement he got from the bank to purchase a house in 2012, so we didn’t have to bother about rent. At some point, my dad did some consulting, but nothing steady.

    Do you remember the first thing you did to earn money?

    I got into the university to study pharmacy in 2013, and in my five years there, the only time I ever worked for money was during industrial training in my third year. The company paid me ₦15k after working for six weeks. I also got a ₦50k endowment allowance — given to first-class students — from school in my third and fourth years.

    I just wasn’t someone to carry work on my head. It helped that I schooled in Lagos, so I could always go home when I exhausted the ₦4k – ₦5k weekly allowance my parents gave me. It was around this time I realised that money can control you. I couldn’t break away from my parents because they were my primary source of money.

    After my project defence in December 2018, I started seeking to earn my own money. A school strike delayed my graduation and induction, but I eventually got a locum pharmacist job in March 2019 for ₦50k/month — ₦47k after deductions. 

    What were your expenses like?

    Transportation and food took all the money. I also occasionally contributed to expenses at home.

    I was still at the job when the induction ceremony for graduating pharmacy students finally happened in May 2019. The compulsory one-year internship for pharmacists came after. At first, I didn’t want to intern at a community pharmacy because they don’t pay well, so I targeted a hospital or government agency. 

    However, my search was unsuccessful, so I settled for a ₦90k/month internship at a community pharmacy in December 2019. After a month, a teaching hospital finally reached out to me, and I jumped at the ₦126k/month offer.

    A significant increase

    COVID made it even more significant. I don’t want the pandemic to return o, but I wouldn’t mind if we had something lockdown-ish again. It came with an increased hazard allowance for health workers, so I got an extra ₦30k for two months, and ₦50k in the third month.

    Although I didn’t get paid in the first month due to the normal government bureaucracy, I was paid two months’ salary in March. 

    So you were balling?

    I was, but I also spent most of what I earned paying back loans. 

    What loans?

    I first discovered mobile loan apps on social media while doing the ₦50k locum job. It started with just needing small change to sort something out before my salary dropped, but the interest rates are crazy, and you find that you’re paying back up to ₦12k on a ₦7k loan. When salary drops, you realise you need to top up because the repayment has eaten into your budget. It’s a vicious cycle that followed me into the internship. 

    When the double alert came, I paid off outstanding loans and took another one with a phone retailer that allows you to buy in installments. I got a Samsung phone that cost ₦160k and paid ₦80k outright. The balance summed up to ₦120k, including interest, which I paid off over a couple of months. At that point, I was using a third of my salary to service the loans.

    Some of my money also went to my dad. He occasionally took ₦20k or ₦50k loans from me but never paid back. I also saved a bit, and by the end of 2020, I had close to ₦200k in savings.

    What happened after the internship ended?

    NYSC. Most medical professionals can relate to it being a period of uncertainty because you go from earning a good salary to a mere ₦33k/month stipend. I decided to use my savings to get a laptop, learn some tech skills to increase my earning potential and possibly get a side gig.

    I went to Ikeja to purchase said laptop, but then, I got robbed of my phone on the way. Thankfully, the thieves couldn’t access the account that had my savings. But the experience scattered my plans. I had to spend two weeks navigating the NIN process to retrieve my sim, abandoning the side gig plans.

    NYSC posted me to a state in southern Nigeria in 2021, where I moved in with a fellow corps member. My half of the rent and other bills was about ₦110k for the year. My PPA was a general hospital that didn’t pay anything extra, so I hardly showed up. I relied on NYSC’s stipend and the occasional allowance from home. 

    I also continued taking loans — I must’ve taken up to ₦100k in loans during my service year.

    Did you try to do anything else for money?

    I got another locum pharmacist job two months into my service year in June 2021. Someone I met at CDS introduced me to this community pharmacy that paid ₦57k/month. It’s still one of my favourite locum experiences so far. My boss had no issues and even increased my salary in November to ₦76k/month. He also gave me an extra ₦70k Christmas bonus. 

    I’m not sure how I managed it, but even with the added income, I wasn’t free from the loan cycle. I hardly went out and didn’t spend so much on transportation or clothes. I randomly shopped online and had some black tax expenses, but it shouldn’t have been enough to keep me in my constant borrowing cycle. 

    But I was still in the vicious cycle set in motion from my very first loan.

    I finished NYSC in February 2022 and considered staying back in the state I served. The original plan was to request to be converted into a full-time staff at the pharmacy, but then, I landed a temporary position at a public health organisation in the state. Temporary because they worked with donor funds and could only guarantee me a job while they still had funds.

    How much did the job pay?

    ₦209k/month. It was also a break from working long hours almost every day at the community pharmacy. My major expense was black tax from my younger sister. I got into a relationship too, but I only spent on my girlfriend when we went out on dates at least once a month or when I more frequently stopped by her workplace with food. 

    In March, I moved out of my NYSC apartment into a two-bedroom with a roommate. My half of the rent was ₦275k, which I didn’t have at the time, so I took a ₦100k loan from a loan app and another ₦101k loan from my roommate.

    The donor funds at my job expired in July. I was unemployed until September when I got a one-week gig at an NGO that paid ₦209k — the standard pay for my role in the NGO industry. In November 2022, the public health organisation that ran on donor funds (my former job) called me back, and I resumed my ₦209k/month role. During the months of unemployment, I took on academic writing gigs for UK master’s students who were doing work-study programs. I had a friend who hooked me up, and I’d get ₦15k or ₦20k gigs once in a while. 

    I also took occasional loans from my roommate and girlfriend. She didn’t know about my loan apps problem, though.

    Were you ashamed of it?

    I definitely wasn’t proud of it. 

    Before I got my job back in November, a loan company called my dad after I defaulted on a payment. I’m still grateful he didn’t tell anyone else, or it’d have been a whole family meeting. He called me to ask what was happening, and I lied that I took the loan when I lost my phone, and that I’d settle it. That call was the drive I needed to sit up and stop the loan cycle once and for all. I couldn’t be in debt forever. I wasn’t saving, investing or doing anything worthwhile, and that wasn’t the life I wanted.

    I decided to focus on taking my job even more seriously. I knew unemployment could take me back down the loan route, so I wanted to be indispensable at work, donor funds or not. I also continued taking the freelancing gigs, and in a good month, it brought an additional ₦50k.

    In March 2023, I finally landed my first permanent public health pharmacist role at an NGO. It paid ₦500k/month during the six-month confirmation period. They now pay me ₦450k/month.

    The pay reduced?

    Confirmation meant they had to start removing tax and other compulsory stuff. I’m terrible at keeping track of deductions. I just know the company pays for my pension and health insurance charges. 

    The job was also in a different state, so I had to move and get a new laptop. I took a final ₦400k loan from an app to do this, and I just finished repaying it in November. I was comfortable taking this loan because I knew my salary could cover it.

    My salary is also not the only way to make money at my job.

    Tell me more

    Work trips are where the money is at. They assign you to a secondary location for a couple of days and pay a per diem — an allowance for the trip. This blew my mind. You mean, you’ll foot transportation costs, lodge me in a hotel with complimentary breakfast AND still pay me daily because of the stress of the trip? Wonderful. The trips never go beyond a week, but it adds an extra ₦20k – ₦180k to my income at the end of the month.

    What do you spend this money on?

    I live in a dead town, which says a lot coming from an introverted person. So, I like to pop into Lagos once in a while, like an IJGB, to have a good time. I’ve been to Lagos thrice this year, and I spent around ₦30k – ₦70k on each trip. I also send around ₦60k monthly to my parents to help out with my dad’s medication and support the income. Then there’s the random money I send to my siblings.

    What do these expenses look like in a good month?

    Nairalife #252 Monthly Expenses

    I mentioned I just finished repaying a ₦400k loan. That took ₦120k out of my income every month, but that’s done now. I don’t put an amount to feeding because I just feed myself based on what I have left. My rent is ₦250k yearly, which is half my monthly income, so I figure I don’t have to actively save monthly for it.

    Sometimes, I save more when I get more money from work trips. I currently have $750 saved in a fintech app, and I hope to cross the $1k threshold by January 2024. I’m worried my parents could have a hospital emergency at any time, and I want to be ready. I also want to japa one day, but I don’t have a particular route yet, so I want to have the money down first.

    What’s your relationship with money like now?

    I used to be quite impulsive with spending because my mentality was, “Another one will come eventually”. But that’s how the loan addiction started. Now, I make sure to save something immediately my salary comes in. Since I was repaying a loan up until November 2023, I’ve only saved ₦50k constantly monthly since I got my job in March. I hope to increase that now that I’m debt-free. 

    Do you ever feel tempted to take another loan?

    I literally just opened a microfinance bank app today, and they offered me a ₦1.4m loan. I considered taking it and investing in a business until my brain told me to calm the hell down. The fact that I can take the loan doesn’t mean I should do it.

    I think I understand I have the tendency to make stupid money decisions, but I choose to protect my mental health now. Why do something and get depressed about it when I can actually choose NOT to do it?

    That’s fair. Do you have an ideal monthly salary?

    I just want to earn at least ₦1m/month. I don’t have any entrepreneurial blood in me, and I think that’s a decent amount to suffice for me waking up every day to do a 9-5. I’m trying to psych myself up to get public health, logistics and supply chain certifications in 2024 to help my future japa plans and increase my earning potential. 

    I don’t want to be obscenely rich, though. People with crazy amounts of money have to do unethical things to get there, and I can’t do that. I’d rather take a smaller payday. 

    Have you considered what these certifications would cost?

    I have, and they’re quite expensive. One costs as much as $2k. I’m hoping to get grants from my job, but before then, I’ll probably take advantage of as many free and less expensive courses as I can to gather knowledge. I just need guidance and strength to push through with these plans and not get discouraged along the way. 

    How would you rate your financial happiness on a scale of 1 – 10?

    This is one of my favourite Naira Life questions. I’ll rate it a 7.5. I could be better, but I’m happy, and I can deal with what I have now.

    If you’re interested in talking about your Naira Life story, this is a good place to start.

    Yes, I want to do a Naira Life

    Find all the past Naira Life stories here.

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  • If you also want to collect your money back, we’re available.

  • Vol 14 | 23-01-2023

    Brought to you by

    Good morning! 🌞

    It’s finally salary week, and I’m so excited I could cry. Some of us just want to know what it feels like for money to enter our accounts again.

    For others, salary week means freedom from the many loans taken to survive January’s 774 days.

    I’m not sure what kind of salary would save today’s #NairaLife subject. He’s currently ₦2m in debt. He didn’t exactly set out to be in so much debt, though.

    Just like how this #LoveCurrency subject didn’t set out to be the poor partner with a trying-to-survive career in the relationship. Love happened, and even though his 15-year-older partner can afford to spend his entire salary in one night, he tries to balance the dynamic through the power of thoughtful gifting.

    Wouldn’t life be so much easier if we could all manifest as much money as we need?

    In this letter:

    • #NairaLife: He’s 23 and on His Sixth Business in Three Years
    • #LoveCurrency: Cohabiting in Lekki on a ₦90k Customer Rep Salary
    • Money Meanings: “Capital Gains”
    • Game: #HowMuchLast
    • Where The Money At?!

    #NairaLife: He’s 23 and on His Sixth Business in Three Years

    The 23-year-old student on this week’s Naira Life started his first business in 2020. Since then, he’s tried and failed at five businesses. He doesn’t know what it is, but something keeps pushing him to try again, even though he’s now in ₦2m debt.

    It’s the persistence for me.

    Read his story here

    Some other great money articles you should read:

    What Do You Want to Do Today?

    I want reliable information to make business and lifestyle decisions to live a Sparkling Life. I want to bank with Sparkle, because it’s digitally simple ✨

    This is partner content.

    Download the Sparkle App Today!

    Cohabiting in Lekki on a ₦90k Customer Rep Salary

    Alexei* is a 26-year-old man with a partner who’s 15 years older and earns enough to spend Alexei’s salary in one night. In this article, he shares the misconceptions about their relationship, the power dynamic and how he gets away with being poor through the power of gifting.

    An excerpt: The worst happened two weeks ago. I’d sent their official driver to help me pick up a delivery, and when they came back to the house, the security guard knocked and said, “They’re looking for your daddy.”

    What’s dating a tentative sugar daddy like?

    Money Meanings

    Game: #HowMuchLast

    #HowMuchLast is a game where we show you an item and you tell us (and the world) the highest amount you’d pay for it.

    Some weeks will be Okin biscuit, some others will be SUVs.

    This week, we’re testing your taste in music. #HowMuchLast for a ticket to Wizkid and Davido’s joint tour?

    What’s the most you’d pay? Tweet at us here.

    Where The Money At?!

    We can’t say we’re about the money and not actually help you find the money.

    So we’ve compiled a list of job opportunities for you. Make sure you share this with anyone who might need it because in this community, we look out for each other.

    Again, don’t mention. We gatchu.

    Share this newsletter

    All good things must come to an end. But not this good thing. We’ll be back next week.

    In the
    meantime, keep reading Zikoko’s articles and be sure to share the love.

    Till next week…

    Yours cashly,

    Tife,

    Your Money Girl

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    Nigeria

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  • There’s a chance that you’ve once received a random message or call — with the caller sounding like they’re at death’s door — informing you that a family member or friend you haven’t even spoken to in years, owes an amount of money and will be disgraced soon. 

    On the off chance that you haven’t experienced this, you must have come across some “instant loan” offers.

    What’s it like to take loans from some of them? Here’s what these Nigerians had to say:

    “I still don’t know how they got all my contacts”

    — Omolayo*, 27

    I had been getting their promo text messages for a while and since I urgently needed money, I thought to try them out. I borrowed about ₦6k and I think I had to pay a total of ₦8k after 15 days. It was a relatively straightforward process — I had to provide my details, BVN and the details of two guarantors. 

    The problem started when I didn’t pay immediately after the 15 days were up. They started calling everybody on my contact list, not even my guarantors. They even threatened to get me arrested.

    Thinking about it now, maybe they got the information through my BVN. This whole calling my contacts thing wasn’t communicated to me beforehand. I never paid back, and they didn’t do anything after the calls. I’m still waiting for the promised arrest.

    RELATED: Eight Clear Signs That You Were Dropped On Your Head As A Child

    “It should be illegal.”

    — Amaka*, 31

    To be fair, I knew the risks when I took out a loan from this app, but I desperately needed the money. I figured that even if I didn’t have it by then, I could borrow the required amount from another lending platform to settle it. 

    Things didn’t go as planned, and I started receiving calls from them on the day I was to pay them back. Within a few hours, they began sending messages to my contacts with my name, age and BVN, threatening to post my pictures everywhere the next day and brand me a thief. 

    It was so embarrassing to receive calls from my bosses and church members. I eventually paid back and was so happy when I learned that the government had shut them down.

    RELATED: Ten Ways to Handle Loan Apps Trying to Disgrace You

    “Honestly, I blame myself.”

    — Femi*, 24

    I first heard about this loan app from my roommate at the university. The thing is, I got a text message informing me that this roommate had collected money and was yet to pay it back. It went further to say, “The whole family of [my friend’s name] is not to be trusted. Inform him to pay up his loan because devastating things could be done to his family’s reputation.” 

    I didn’t pay attention to it then and forgot to bring it up. Later on, I needed money myself and decided to try them — I figured they only made the threats if people defaulted. I took a loan and paid it back within the time frame. I soon became a regular customer, but the first time I delayed payment for a day, my family members received calls and messages.

    The funny thing is that they never apologise for tainting your reputation after paying back. I guess that’s the way it is.

    “They still sent texts to take another loan after disgracing me.”

    — Linda*, 33

    I’m a single mum and the sole provider of my daughter’s needs. I bowed to pressure to take a one-time loan when I urgently needed to sort out my daughter’s school fees. The interest was quite high — I think about 20% — and I was to pay it back after three weeks. 

    When the date approached, I realised I needed more time, and I tried to see if I could extend it, but it just wasn’t happening. When I missed repayment by one day, they texted me that they would publish my obituary. I thought it was a joke. 

    They started threatening my contacts and disturbing them with persistent calls. It was a nightmare. People that hadn’t bothered to check on me and my child for years now knew we were in trouble. 

    When I eventually paid, I swore never to have anything to do with them again. A few days later, they sent me another text asking to get “instant collateral-free loans.” They should hold it.

    “It’s still a business.”

    — Joe*, 26

    I regularly take loans from these online guys because I run a monthly joint savings thing with some friends. My salary doesn’t come in regularly, and I sometimes have to rely on these loan apps to meet the monthly savings deadline. 

    I always keep to repayment time, so I haven’t had any ugly experiences. I think they go to these lengths just to secure their money back. I’ve gotten messages informing me about friends or colleagues that defaulted, and though I agree that most are too extreme, I figure they just do what they gotta do.

    *All names have been changed for the sake of anonymity.

    READ THIS NEXT: These Five Nigerians Were Wrongly Broke-Shamed. How Did They Feel?

  • These loan apps are on a mission to disgrace you with those bulk messages they’re sending to your contacts. Fear not brethren, because as always, we’re here with a solution. Any of these ten ideas will help you avoid embarrassment and hold onto the money you borrowed without paying back.

    1. Deny it

    Look, there’s a possibility that this thing may not work for you, and if that’s the case, it’s clearly your village people. The next step for you should be to deny everything those messages said. All you need is a broadcast message that highlights your integrity accuse those apps of blasphemy. Post the message everywhere and look away. 

    10 Ways to Handle Loan Apps Trying to Disgrace You

    2. Hack them

    This is another reason to be a tech bro and we’ve already shown you how. So copy-paste some code and see your name disappear from their system. You’re welcome.

    10 Ways to Handle Loan Apps Trying to Disgrace You

    3. Use a fake ID

    Trust me, Werey dey disguise can work here. Just use your enemy’s driver’s license and passport. Frustrate your enemies and cash out in their name; that’s how to kill two birds with one stone.

    10 Ways to Handle Loan Apps Trying to Disgrace You

    4. Get a lawyer

    That your cousin in 300 Level studying law is your best option. Get them involved and drag those beeshes to court for defaming your character and tarnishing your image. 

    10 Ways to Handle Loan Apps Trying to Disgrace You

    5. Buy the dip

    When you hear crypto guys saying, “Buy the dip, buy the dip,” it’s actually not a joke. Use that loan to buy the dip and cash out. You may end up being rich enough to japa and block everyone on your contact list. It’s called starting afresh.

    10 Ways to Handle Loan Apps Trying to Disgrace You

    6. Don’t care

    Take a page from Uncle Bubu’s lesson notes. Nigeria is in debt, so who are you to pay up? Have you ever seen Uncle Bubu come and explain the situation to us? No. So forget about the messages and enjoy your life. 

    10 Ways to Handle Loan Apps Trying to Disgrace You

    7. Carry two odds

    If you didn’t understand this term, skip to the next option. This one is for the big boys on the streets. You can get ahead of this thing and pay back with one small bet. Make sure it’s not Arsenal and you’ll probably be alright. If you lose, that’s your business. We’ve tried.

    10 Ways to Handle Loan Apps Trying to Disgrace You

    8. Diversify your loans

    You’re everywhere, but you’re nowhere at the same time. How many people can believe you borrowed money from five different apps? A boss like you? That’s an insult you won’t stand for.

    9. Enter politics

    Nigerian politicians have hacked the whole system of broad daylight robbery. Join them. All you need to do is announce your intention to run for President. Your tag line should be Representing the youths.  When you win, the rest is history. 

    10. Start a GoFundMe

    Nigerians can be stingy, but a good story will get you the money you need. We can’t guarantee that someone won’t catch you, but at least you would have collected the money to pay back the loan in time.

  • Personal loans are good for a variety of purposes—from consolidating debt to solving a myriad of pressing issues. They are personal, which means your reasons are yours.

    Do you remember the first time you needed more money than you had? Borrowing money then was not as easy as it is now. You probably would have run to family members or friends which usually meant nothing was certain, or apply for a bank loan, which was a very tedious process, hard to get – especially if you do not have an enviable collateral in choice locations, or know someone in top management position in the banks to stand as a guarantor.

    The situation is completely different now. There are financial services providers like Page Financials who have changed the game entirely, they have not only disrupted the borrowing and lending ecosystem but have also shaped how even the banks respond to providing these services today.

    With the intervention of Page Financials, a leading financial services provider, anybody with a verifiable and consistent income, that meets a few other criteria – like having a good credit history – can now easily get a personal loan from the comfort of their home.

    If you are still thinking about whether or not to consider a personal loan, we have highlighted 5 reasons why customers usually resort to getting a personal loan.

    1. Cash emergencies

    If you need money right away to cover bills, an emergency cost or something else that needs immediate attention, you can take out a personal loan. Page Financials provide online applications that allow you to complete application conveniently in minutes. You could receive funding immediately as well, depending on your past credit history and the information you have provided.

    You can use a personal loan to cover emergencies like:

    • Paying past-due home payments and utilities
    • Medical bills
    • Funeral expenses
    • An unexpected car repair or purchase

    What you can do with a personal loan is limitless, and as established earlier, it is personal to you.

    2. Debt consolidation

    One of the popular reasons to get a personal loan from Page is for debt consolidation. If you have existing facilities with different lenders, you’d agree that managing multiple loans from several lenders can prove to be challenging. Missing on payments can result in negatively impacting your credit score. Availing a personal loan in such a situation can save you from financial distress. All you require to do is approach Page and state that you have some other loans elsewhere and would like to consolidate different payments into one debt with the help of a loan. This method offers several benefits that include enjoying an overall lower rate of interest which can help in reducing the timeframe required to pay-off your loan.

    3. Rent, home improvement and repairs

    Whether you want to renew your rent or looking to move to a more befitting neighborhood, or simply looking to upgrade your apartment and fix some repairs, a personal loan is a great way to cover the costs conveniently. The urgencies that come with meeting these needs are usually unprecedented which is why a personal loan may be your surest way to meet up with the deadline. Failure to meet up with rent on time for example will lead to series of embarrassments from your landlord, and…you don’t what that. In the same vein, if you see a new apartment that you love and fail to make payment on time, the house goes to someone else that has cash at hand. This is why speed and convenience are of essence when it comes to personal loans and part of the USPs at Page Financials, you can access a loan and get support anytime whether it’s 2 am or 2 pm so you don’t have to miss any opportunity again.

    4. Vehicle financing

    Auto loans are available if you’re looking to buy or lease a car, but personal loans are also available to finance any need you may have – including a vehicle financing. Another great reason why you should consider a personal loan rather than going for an Auto loans are secured loans and use your vehicle as collateral. If you’re worried about missing payments and your car getting repossessed, a personal loan might be a better option for you.

    5. Starting/expanding your business

    Side hustles are very popular these days, and are a great way to test the entrepreneurial waters. If you have one, or you are thinking of starting one, you are going to need some funds to run or expand it. Channeling extra funds into your side hustle can help you take it to the next level. But if you don’t have the money you need now, taking out a personal loan for your side business may help. Getting an outright business loan would normally require some sort of security or collateral – which most startups don’t have, which is why taking a personal loan as a salary earner – to fund your side business, would be a smart thing to do. Personal loans may be well-suited for side hustles because they are often smaller than typical business loans and don’t require a high level of collateral or profitability. All you need is a proven source of income — and that can come from your current day job.

    What to consider when considering a personal loan

    Applying for a Page Loan is super easy, everything happens online and you don’t need to visit their office.

    To begin the application, click here to visit the website as a private sector employee or click here to visit the application page for public sector employee.

    The application process is in stages, at each stage, you’ll supply relevant information that helps make a decision to approve your loan. (See requirements for each category below).

    You can upload all the documents online while filling the form so you do not have to worry about carrying files from one office(er) to another.

    The first stage you will encounter while filling the application form is the BVN and IPPIS verification phase. You will be required to provide these details to help us to verify your identity and financial standing.

    Loan requirements for private sector employees

    To be considered eligible for a loan as a private sector employee, it is required that:

    1. You earn a monthly salary (minimum 150k monthly)
    2. You have up to 6-months’ salary account statement
    3. You live/work in Lagos or Ibadan (bankers nationwide can apply)
    4. You have a valid work ID from where you work or an evidence of employment or promotion
    5. You have a BVN that is actively connected to your working mobile number

    Some of the items above will be retrieved automatically when you begin the application, it usually takes customers less than 3 minutes to complete the application if they have the requirements ready. To apply as a private sector employee click here.

    Loan requirements for public sector employees:

    To be considered eligible for a loan as a Federal Government Civil Servant, it is required that:

    1. You have your work ID
    2. You have a valid Government issued ID
    3. You have at least 3 months’ payslips
    4. You will present a signed letter of authority to debit (the letter is available for download on our website).

    To apply as a public sector employee, click here.

    Reasons to avoid a personal loan

    While personal loans can be a saving grace in times of great need, there are some instances you should avoid borrowing money. Consider avoiding a personal loan if:

    • You can’t afford it: Borrowing money in the short term is one thing, but remember you’ll still need to pay it back. If you can’t afford monthly payments for your new personal loan, consider skipping it.
    • You don’t need it: If you’re taking out a personal loan to cover the cost of something you don’t need in the immediate future, think about putting it off until you have more cash on hand.

    The Page customer service is available 24/7 to answer any questions you may have. You can contact Page via a number of channels viz; Live Chat on the Page Mobile App, Live Chat on the website (Pagefinancials.com), social media accounts (@pagefinancials), Google chat (on Search Result Page).

    Visit https://pagefinancials.com/ to apply or call 017007243 to get more info, you can also send an email to customer@pagefinancials.com to get started.