Real Loan Traps Affecting Ugandan Borrowers Today
Real Loan Traps Affecting Ugandan Borrowers Today About 90% of Ugandans normally borrow startup loans or borrow to boost their business capital. This sounds great, but occasionally most people receive very difficult setbacks that push them against the wall, destroying hope for financial returns and smooth loan repayment. First, everybody willing to start a business in Uganda often rushes into acquiring loans immediately without having strong knowledge of how loan interest rates and repayment schedules work. I remember when my uncle needed a loan, he immediately asked for whoever offered money first and fast, without considering interest rates, payment details, or hidden terms. Later, it was discovered that the loan carried very high interest rates. Most lenders take advantage of uninformed people due to high illiteracy levels, especially in up-country areas. 📌 Table of Contents 1. Creditors’ Tendency of Cheating Borrowers 2. Digital Illiteracy 3. Arrogance of Bo...