Top Up Loan DEBTS TRAP ๐ชค
One of the biggest financial illusions people still believe is that top up is when they are simply adding money to an existing loan.
When you top up, you are taking a completely new loan. Your old loan is settled, and you start again from day https://t.co/6s2MCuqmzY only receive okashendja after the settlement of the existing loan which is another ROTTEN Fish in the bowl ๐.
For example you borrowed N$100 000 plus interests, administration fees, and insurance then the total cost becomes around N$180 000. After some payments for years, you paid off N$110 000, and your outstanding balance is N$70 000.
Now when you need N$50 000, You don't add N$50 000 to the existing loan, Instead you apply for a new loan of N$130 000, from that amount, N$70 000 clears your old loan, and you receive your N$ 50 000 then you start repaying N$130 000 from the beginning, plus new interest, administration fees, and insurance thats around N$230 000.
My advice wait for your loan term to end!!!
I have never really heard my parents say to me that they are proud of me. And Iโve really worked hard in my life.
Who has never heard their parents say to them: "I'm proud of you"? They've worked hard, turned out to do really good, but they never got to hear an, "I'm proud of you". And one thing they would love to hear their parent say, is just that.
Share a bit on the comment section, how not getting those words made you feel