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Nairaland Forum / Nairaland / General / Business / Will Payday Loans Work In Nigeria? (2471 Views)
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Will Payday Loans Work In Nigeria? by Ajasnoop: 3:22pm On Jul 08, 2013 |
Payday loans are usually short term borrowings for about 2weeks to a month or until payday. The provider charges a fee for the loan which will usually be a flat rate. e.g N250 for every N1,000 borrowed. Typically people who use these kind of loans do not have access to bank credit and may not or cannot approach family and friends. will this work in Nigeria? if not, why not? |
Re: Will Payday Loans Work In Nigeria? by Ajasnoop: 9:33am On Jul 18, 2013 |
Bump |
Re: Will Payday Loans Work In Nigeria? by Denn(m): 5:15pm On Jul 18, 2013 |
the rate you quoted above is way too high. the business is currently in full swing in NIgeria and it can work. some factors to consider are: the segment market the repayment period the security offered what to do in case of default. many thanks |
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