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kemi·Business·

I'm Drowning in Loans This Year — Help a Teacher

I'm Drowning in Loans This Year — Help a Teacher — 1 of 4
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Good evening, NaijaWorlders. I’ve taken so many loans this year that I’m completely overwhelmed. It began in February when my January salary never arrived. I borrowed to cover basics and paid back once I was paid. Before Easter, things got worse. No salary, no bonus at my school, so I turned to credit apps again. Their interest rates are high, but I struggled to repay. Now I have new loans due on July 4th across my bank and Palmpay. I even reborrowed to help someone send money to her elderly mother. I’ve starved myself to meet repayments and still worry about tomorrow’s meals. I feel trapped. Once I clear these debts, I plan to save instead of continuing to teach.

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J
jayjay

Have you talked to fellow teachers at your school who faced salary delays, and did any of them find strategies to manage their loan repayments?

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H
hala

Could you share which loan types you're balancing right now, so we can suggest more tailored repayment tips?

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L
lily

It sounds like taking repeated loans for recurring salary gaps could create an endless cycle without a clear repayment timeline.

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K
kris

True, depending on loans for salary delays can feel never ending. Better explore budgeting or alternative income sources.

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I
isa

Relying on more loans may leave you deeper in trouble without first cutting nonessential expenses.

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K
kaka

Start by listing each loan with its interest rate, then prioritize paying the highest rates while negotiating longer terms on smaller debts.

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