I approached a microfinance bank few months ago to get a loan for my business and I before I opened the account, I vividly told the loan officer this is the level of my business and my asset.
The loan officer assured me I will get the loan amount and I should run the business with certain amount wish I did, after everything. I was only offered 25% of the loan I requested wish actually cost a lot of damages to my business and everything perish because I have already set a business plan that will make me repay the loan I requested for conveniently since I will start repaying the loan Back almost immediately. But unfortunately I couldn't sustain my plan with meagre amount of money and everything perished.
What legal action can I take since I don't even have any Means to repay Back the loan and I'm even in a serious mess because all my business capital is gone


Abeg advice me
Lalasticlala

So sorry

You have the money to sue but don’t have to pay back your loan.

Why did you accept the loan knowing that it will be insufficient?
If you are unable to repay 25% how will you be able to pay 100%?

What caused your business to go under?

Oga, eat the humble pie and seek for more time to pay.

They handed you 25%, you didnt reject it but accepted it, used it, crumbled your business and came out here to spew thrash. Like say jail is hungrying you ba?

gasparpisciotta:
You have the money to sue but don’t have to pay back your loan.

Why did you accept the loan knowing that it will be insufficient?

Oga, eat the humble pie and seek for more time to pay.

Why reject it when everything is at stake? Even the amount I used in running the account is almost thesame thing with what they offered me, so after wasting my precious time and with everything at stake already, I should reject it? Pls learn to read and assimilate

HarunaWest:
They handed you 25%, you didnt reject it but accepted it, used it, crumbled your business and came out here to spew thrash. Like say jail is hungrying you ba?

Why reject it when everything is at stake? Even the amount I used in running the account is almost thesame thing with what they offered me, so after wasting my precious time and with everything at stake already, I should reject it?
If u don't have manners of approach pls keep quiet!!!!!!

Did they offer the 25% to you on gun point?

You can't pay 25%, how then were you going to pay 100% loan?

You seems like a trouble maker, I pray you find that trouble wey you dey look.

liab:

Why reject it when everything is at stake? Even the amount I used in running the account is almost thesame thing with what they offered me, so after wasting my precious time and with everything at stake already, I should reject it?

The mistake you made was to accept the 25% offer from the microfinance bank, rejecting the offer would have been better & you wouldn't be in this mess.
Right now, you don't have the capacity to repay the loan & you are thinking to sue the bank, better look for a way to be making your repayment which will increase your chances of getting a bigger amount next time.
The business environment this days is not friendly at all.

liab:

Why reject it when everything is at stake? Even the amount I used in running the account is almost thesame thing with what they offered me, so after wasting my precious time and with everything at stake already, I should reject it?
If u don't have manners of approach pls keep quiet!!!!!!

You are asking for the opinions of people who may not even have completed their ssce not to talk of getting jobs or setting up a business. Had it been they have ever been in your situation before, they'd have understood what you are talking about.
It gets to a point that even if it is 200k out of 5 million you are offered, you'll have no choice but to take it since you have waste so much time and resources in the process of pursuing the loan. And you can't take another loan to complete it because then you'll have multiple loans running concurrently, which is almost suicide.
It's the same situation I found myself 2yrs ago, and essentially had to start all over. The problem is you can't sue them even if you had the funds to do so.
All you can really do is to restrategise and keep going. If you have well to do friends, you can ask them for non interest loans to help to clear the loan. You can also speak to some of your wealthy clients or business associates

Zonefree:
Did they offer the 25% to you on gun point?

You can't pay 25%, how then were you going to pay 100% loan?

You seems like a trouble maker, I pray you find that trouble wey you dey look.

is like u people don't get, I'm into livestock's and farming, already av enough livestock's on ground I need Certain amount to maintain it, If I didn't accept the offer everything will perished and if I'm using the money I used in running the account to do business, the profit and everything would av been almost dsame thing with the money they offered me.
I should just. Leave everything like that after wasting my time and effort?
I
And morover what trouble? I'm I going to jailed for owning debt? I don't understand

HarunaWest:
They handed you 25%, you didnt reject it but accepted it, used it, crumbled your business and came out here to spew thrash. Like say jail is hungrying you ba?

I'm going to be jailed for owning debt?

liab:

Why reject it when everything is at stake? Even the amount I used in running the account is almost thesame thing with what they offered me, so after wasting my precious time and with everything at stake already, I should reject it?
If u don't have manners of approach pls keep quiet!!!!!!

You are talking about manner of approach yet you are looking to defraud a financial institution. I hope you have heard of GSI. Go read about it fraudster.

I was in the same situation bro, i exactly know how you feel. Try ask for help from your relatives, friends don't keep quiet while you are been drowned, try your best by every available means to wipe it ( loan), i know it looks very embarrassing asking some people to help you but do it at last you will be happy you did.
Don't worry about how people are responding to your plight that's Nigeria for you many people with little or without any understanding of what life can bring to you.

liab:
I'm going to be jailed for owning debt?

I honestly share your pain, just ignore those who are saying why did you collect the loan because they don't understand until they find themselves in similar situation..

I am into livestock too and it is better to get a free interest loan but unfortunately it's hard getting hence one need to settle for loan with interest..

You can't sue them now what you should have done is to reject the offer immediately they are not offering you the amount you applied for and request for your processing fee rather than taking it and believing you can still figure things out ...

We really need a system that is working and schemes to help young entrepreneurs who are sincere in making things work to access loan so they can grow and not this politically motivated trader moni and co..

Nigeria will rise someday by God's grace (AMEN)

It's simple you cannot sue that bank sorry

liab:

Why reject it when everything is at stake? Even the amount I used in running the account is almost thesame thing with what they offered me, so after wasting my precious time and with everything at stake already, I should reject it? Pls learn to read and assimilate

I hear you.