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Paylater by OneFinance came with a solution to something that wasn't really an apparent problem. A quick small loan for you and I. But they may end up creating more problems for you if you don't stop using the service now!

I used it for some time, but I dumped them recently and since then I think I feel better. I can sleep with 2 eyes closed. What do I mean?

Experts in financial mastery and intelligence will never encourage you to take credits. In fact, one of the most surefire ways of mastering your financial responsibility is to stay off debts as much as possible. But obviously, anything can become an addiction.

Therefore, below are two major reasons I recommend that you pay off your paylater loan today and stop taking their loans.

1. Expensive interest rates
You may think that the rates look low, but the truth is they are too high. Bank rates are per annum. So if a bank offers you 18%, they are actually offering you about 1.5% per month.

But Paylater like many other micro credit company's slam you with as much as 10% per month. Many people have run into debt after taking loans from these micro credit companies just because they fail to do real cost-benefits analysis.

You end up working for the lenders. They eat deep into your profit and gradually your principal.

2. Addiction Debt
From my personal experience, I bet you, once you start taking Paylater loans, especially if you are not really financially buoyant, you may end up being trapped in. A debt forever. You become now like an addict. You can't quit easily. Unless God help you.

In conclusion, stay off all forms of debts and credits and you will be free. Debts can become an addiction problem. Pay them all off and spend wisely. Never spend any money you have not made.

This is wisdom. Run away from debts. Today!

You will be glad you listened to me in the future.
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You can find Nigerian Banks loan rates in the folowing link

http://www.nigeriasaving.com/compare-loans/

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If you are not careful, may you not be addicted to debt or loan. To be forewarned is to be forearmed.

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