Pensioners are taken advantage of by usurers

[Alexandoy]

In the news is the warning to pensioners not to use their pension in taking a loan. The usurer would lend them 1,000 to be paid in 6 monthly installments of 200 for a total of 1,200 which means the total payment is 1,200. The lender would take hold of the pensioner's ATM card so that the lender can withdraw the monthly installment by himself. Many pensioners are falling for that trap of borrowing with their pension as payment for the installment. The interest that was paid is like stealing the money of the pensioner.

 

[Kayzzy3]

In the news is the warning to pensioners not to use their pension in taking a loan. The usurer would lend them 1,000 to be paid in 6 monthly installments of 200 for a total of 1,200 which means the total payment is 1,200. The lender would take hold of the pensioner's ATM card so that the lender can withdraw the monthly installment by himself. Many pensioners are falling for that trap of borrowing with their pension as payment for the installment. The interest that was paid is like stealing the money of the pensioner.

That is an undue and unfair advantage by the usurers, they have noticed a loophole and are exploring it. Since the pensioners are in need and cant get money instantly, they turn to the available source and pay outrageous interest.

The government also are to blame, if the had do well by paying pensioners, they won't go to the usurer.

 

[Ralphjoe]

This is a bad act by the usurer as they are milking these pensioners dry of their pensions. They are taking undue advantages of these pensioners due to the fact that they have not been paid their pension by the government and this is so bad for these pensioners.

 

[zenith]

I just hate this nonsense.i really don't know how these set of people are operating and the authorities are monitoring them.everybody just come into the financial space and carryout there criminal activities freely and getaway with it.is that they are settling some people in the authorities or what.i just don't get it.

 

[Veetos12]

In the news is the warning to pensioners not to use their pension in taking a loan. The usurer would lend them 1,000 to be paid in 6 monthly installments of 200 for a total of 1,200 which means the total payment is 1,200. The lender would take hold of the pensioner's ATM card so that the lender can withdraw the monthly installment by himself. Many pensioners are falling for that trap of borrowing with their pension as payment for the installment. The interest that was paid is like stealing the money of the pensioner.

I don't know how much pensioners get from their pension that usurers would still have to take advantage of them by robbing them of their money all in the name of lending them money. The interest on such loans are not even with it most times but these old people have nothing to do but to succumb to their requests.

 

[Sariana23]

It is true, there are many loan sharks using different tactics to steal from pensioners. They take advantage of the fact that they are elderly and abuse their lack of knowledge and need! The same businesses often overprice products to sell and steal from the elderly. At some point they will pay for the abuse and exploitation of these people.

 

[Hasan Raza]

This is a terrible demonstration by the usurer as they are draining these retired people dry of their benefits. They are taking unnecessary favorable circumstances of these beneficiaries because of the way that they have not been paid their annuity by the public authority and this is so terrible for these retired people.

 

[Sanusi]

Its not making any sense if usurer are taking advantage of pensioners due to the fact that annuity is not being given to them by the public authority which will inturn have a significant effect on pensioner.

 

[Richard92]

This all depends on the pensioner
whether he or she want to use his pension to collect loan, however I know it's not advisable for pensioner to use their pension to collect loan but it is the choice of the pensioner to use his pension to guarantee loan then so be it.

 

[Mawome]

Government is one big illusion, you will never understand I tell you, some times people Wonder why government are not living up to expectation, and they themselves do not know the reason behind it, the mastermind behind every single action they take, people don't know who he is.

 

[Henrywrites]

In the news is the warning to pensioners not to use their pension in taking a loan. The usurer would lend them 1,000 to be paid in 6 monthly installments of 200 for a total of 1,200 which means the total payment is 1,200. The lender would take hold of the pensioner's ATM card so that the lender can withdraw the monthly installment by himself. Many pensioners are falling for that trap of borrowing with their pension as payment for the installment. The interest that was paid is like stealing the money of the pensioner.

The interest is quite high and almost a big challenge to any pensioner that fails to pay up. I don't think I should be desperate to borrow that kind of money, if I am to be in their shoes. However, there must be something that must have prompted them to take such a move though.

 

[Eodine]

There has always been ways government and private individuals lol for ways to help pensioners even though it might hurt them. The interest on the pensioners loan is reducing the spendable amount of pension for the pensioner so it is good to borrow money on if you will use the money to get more money

 

[Akinwale701]

In the news is the warning to pensioners not to use their pension in taking a loan. The usurer would lend them 1,000 to be paid in 6 monthly installments of 200 for a total of 1,200 which means the total payment is 1,200. The lender would take hold of the pensioner's ATM card so that the lender can withdraw the monthly installment by himself. Many pensioners are falling for that trap of borrowing with their pension as payment for the installment. The interest that was paid is like stealing the money of the pensioner.

Here in my country, pensioners are not really enjoying to be honest, they are even going through a lot of suffering which means that there's nothing to be happy about being a pensioner.

 

[Victor001]

I wouldn't blame any of the parties, an agreement is an agreement, its either you accept or you bargain, you know what you stand to loose and what to gain, so its still fair from my end.

 

[Muhammadawais]

The true spirit of usury is taking advantage of their fellow beings in an unfair and irrational manner.From the late seventeenth century, the degree to which similar concepts applied to loan transactions that fall beyond the ambit of usury rules, under the guise of unconscionability and related doctrines, was a hot topic.

 

[Setho]

Its just the sad reality of today's world that people want to take advantage of the most un fortune. To be on the safe side, you should plan for your retirement when you are still making enough money so you can relax when you are retired already and no need to take a loan.

 

[Senator]

If you were on a country that has proper law in place to take care of this kind of menace and disgrace, then the pensioners would have nothing to worry about.

 

[Shigobad2020]

Borrowing money by pensioners is not an adviseable thing to do, but the issue I that the government are not putting the pensioner into consideration by delaying their gratuity and pensions on time thereby allowing them to go for loan.

 

[Chibson]

Of course, the usurers are running a business and they're are looking for gains. I usually don't advise people to take loans because you will be at loss at the end of it.

Post automatically merged: Apr 19, 2021

Of course, the usurers are running a business and they're are looking for gains. I usually don't advise people to take loans because you will be at loss at the end of it.

 

[Sprite1950]

I'm a pensioner but I am at the point in my life where my debts are paid off and the last thing I would want is a loan. If anything I find that being older gives me more perks like a free bus pass and reduced rates in certain stores.