BORROWING & FINANCIAL LITERACY TIPS:
Why you should NOT guarantee someone for a loan:
You should think twice before you guarantee anyone for a bank or financial institutional loan. Below are issues to consider:
1. If you can not repay the loan yourself. If they default, you become responsible. A guarantor of a loan takes on the roles of a principal borrower and is hence liable.
2. If the borrower has unstable income, irregular cash flows, irregular jobs, business uncertainty, or poor money / cash management.
3. If you feel pressured, emotional pressure from family or friends is a bad reason to accept responsibility to guarantee a loan.
4. If the loan is risky or unnecessary. Some people borrow for luxury spending, gambling, or unclear business ventures. Ensure that you get to know the purpose of the loan that is being obtained. This will help you to follow up on the usage of the loan proceeds.
5. If it can damage your relationship with the bank or financial institution, as well as with the person you intend to guarantee. Money disputes often lead to conflict amongst colleagues and families.
6. If it affects your financial future .It may reduce your ability to get your own loan,access credit, and maintain savings.
NB: I will, on a daily basis, answer and respond to any feedback and give you the right financial literacy to issues that may be bothering you in this field.
@regesa@Buzeki_Sharifah@RugyendoQuotes@ugbankers@WorldBankGroup@MustaphaMugisa@hmuzira@kiizaeron@AhmedTaliyekka@is_mu7@uweb_solutions
The Leader of Opposition (LoP) Joel Ssenyonyi has indicated that the decision by the former Forum for Democratic Change (FDC) whip in Parliament Yusuf Nsibambi to cross to the National Resistance Movement (NRM) does not weaken the opposition.
Ssenyonyi remarks come weeks after the Mawokota South legislator Nsibambi together with a section of opposition politicians held a closed-door meeting with President Museveni at State House. Whereas the details of the meeting have not been made public by the State House press office, Nsibambi has repeatedly alleged that the closed-door discussions focused on addressing the plight of opposition leaders jailed across various detention centres.
The opposition has severally denied and distanced itself from Nsibambi’s allegations, with Ssenyonyi now indicating that Nsibambi’s crossover to NRM relieves the opposition of the pretentious character of the said legislator.
📸@Parliament_Ug