Hire purchase is using a product or item ahead of making a full payment. You just be paying intermittently for the item. But the snag is that if you don't finish paying before or on the due date. The seller will take back the item . What do think about this?
Disadvantage of hire purchase
- Thread starter cherry123
- Start date
Hire purchase agreements is lopsided and very unfair especially in Nigeria where most of the people that enter into the agreement are illiterate and unemployed. It is unbecoming that even some state governments have involved in exploring the less privileged by participating in hire purchase business.
- Thread starter
- #6
Yeah this is why it is not wise to do this especially if you are not sure of getting the money to pay back when due to get the bought item
It is an important to plan before you get yourself involved in hire-purchase because it could lead to losing your funds at the end of the day.
One of the disadvantages of hire purchase is that you will lose everything if you fail to meet up with payments.
