The Central Bank of Nigeria working together with Nirsal Microfinance Bank started the disbursement of credit facilities to applicants from the first quarter of 2020 as directed by the Federal Government of Nigeria to help mitigate the impact of the coronavirus pandemic on households and MSMEs.
Many people are beneficiaries of this loan scheme, and a lot of people have been joyously smiling to the bank since 2020.
However, Nigerians should not forget that there are some probable dangers associated with the loan.
1. It is a loan and not a grant. It is a debt on you, and not a free gift.
2. If the loan is not invested wisely. You may lose the entire money.
3. Your BVN carries all your details; thus, you cannot run away from the government when it is payback time.
You may have other dangers associated with the collection of the loan. Kindly comment below.
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