01/09/2021
The Hurdle of
It is hard to attain mega life objectives: owning a house, buying a car, starting a business and/or travelling for quality vacation with the family while working at a bottom or middle-level position in Cameroon. Loans have always been the way through which we humans satisfy our current desires for future sequential repayments. It is one additional mechanism used in finance to oil the with .
Obtaining and repaying a isn't part of the DNA of plenty Africans, technically caused by and superstitious beliefs about . This has made banks or institutions to be very sceptical in giving out in this part of the globe contrarily to a synchronized loan like in the UK or fully , where there is ample information and an aggregate marketplace that ease loan .
It is not like banks don't issue loans but they set up multiple hurdles to zerotize the risk of nonpayment and secure investor's funds. One main thing needed to have a loan is a regular source of , which in this case, I have, but my bank denied me a loan on the grounds that my revenue which is from a foreign account (because I work with an international company with no registered office in my country) is labelled as invoice instead of salary. As a result, I can't benefit from any additional services like an overdraft.
Other requirements to obtain a loan include:
Attestation of irrevocable transfer
Justification of loan purpose (if the loan term is over 24 months)
Certificate of effective service and three most recent payslips
Certificate of indebtedness and debt history for the past months for loan buyback
Any other document the bank may require to properly analyse a financing request
This is just one of the reasons why mainly civil servants and state agents easily have access to loans than individuals in the private sector.
What has been your experience obtaining a loan?
What is your for me?
