gold360:
Please I've not collected loan before, I am asking for your advice.

A loan firm offers me a loan of N708,508

Monthly repayment:
N26,330.70
Will be Deducted from monthly salary. For 3 years

So I will be paying back N947,880
While The loan is N708,508

A difference or interest I am paying back is N239,372.

Please do you people consider this fair?

Long post alert
Pardon me, my finance is rusty but let me try.

If you borrow #708,508 from a "loan firm" for three years and you're expected to pay #239,372 in interest for those years, your stated interest rate is almost 34%. Here's the calculation:

E.R on a S.I Loan = Interest/Principal = #239,372/#708,508 = 33.7%

A monthly payment of #26,330.70 means your loan's annual interest rate is close to 20%


In 3 years? 33.7% interest is on the high side, because of the 3 year tenor - this is quite understandable from the loan firm's perspective. The true position is that this loan's collateral is largely dependent on you earning your keep for the next 3 years even though this is not explicitly stated in the signed terms!

Read more or walk into a proper bank and ask the account officer to explain the marginal cost of lending rate. You see, when it comes to giving out loans, banks quickly revert to the 'buy low, sell high strategy' - The CBN's MPR is at 13.5 per cent and the Apex bank's minimum LDR for commercial banks has been increased to 65%, all this is aimed at compelling banks to increase their credit capacity, mainly to SMEs and individuals with proper credit scores. Banks are in a race against time to find agricultural entrepreneurs and farmers, talk to them there may be a better Annual Percentage Rate or package (effective rate of interest) somewhere and since it's your salary account, talk to other banks if you can easily migrate the account to another bank (I understand this is a risky maneuver for public servants) assuming you are one.

Personally, I'm currently weighing offers from Stanbic and Zenith.

Eddee:




..... Read more or walk into a proper bank and ask the account officer to explain the marginal cost of lending rate. You see, when it comes to giving out loans, banks quickly revert to the 'buy low, sell high strategy' - The CBN's MPR is at 13.5 per cent and the Apex bank's minimum LDR for commercial banks has been increased to 65%, all this is aimed at compelling banks to increase their credit capacity, mainly to SMEs and individuals with proper credit scores. Banks are in a race against time to find agricultural entrepreneurs and farmers, talk to them there may be a better Annual Percentage Rate...

UBA & Access bank has been on my case to collect loan. Text messages & emails every now & then..

emmasoft:


That is how the system is designed. If you wish to know the amount added, just note the current accrued interest and by the next day you can get the difference and with that you know the amount added daily.

Example: The amount added is the 7.5% of your current principal prorated to a day. ie if you have 1m as principal that gives 75,000 a year interest which translate to 75000/366 which is 204.92 a day interest. So the 204.92 will be added daily till you have a different principal and principal changes only when you top up, reinvest your accrued interest or when you redeem part of your funds.

N.B: the 366 is used because the current year is leap year otherwise it's 365.

Just PM'd you, lets talk more on investment one

thebigkendo:


UBA & Access bank has been on my case to collect loan. Text messages & emails every now & then..

Chief, they need you to take those loans. Zenith and Stanbic have been offering some good deals lately but I'm willing to hold on for 27% for a 3 year repayment plan with just a 1 month moratorium. If not, I go continue to look those Federal Government CBN schemes - proper value for money imho.

MacMaster01:


Just PM'd you, lets talk more on investment one

Okay.

My phone number is on my signature.

How can one benefits from it

Good Day Everyone.

To prospective client Who have been finding it difficult to subscribe to The Vantage Guaranteed Income Fund online, I wish to inform you that the technical issues have been resolved you can now subscribe using the new link generated ( check my signature).

For alternative investment with a better ROI choose The Vantage Guaranteed Income Fund from.

VGIF ROI - 7.5% Benchmarked Against SDF.

To open an account with Investment One kindly use the link on my Signature.

Pls, What is the interest rate on MMF now?

Hephzibahdrycle:
Pls, What is the interest rate on MMF now?

MMFs rates on the average is 5.5% currently, actual value depends on the firm and it's valued daily. It's not static. TBills rate is a major determining factor

Systrom:
Please someone experienced with Stanbic MMF should reply me. Thanks

21m is not too much to invest in money market.
Peoole have more than that in it.

stanbic IBTC MMF is 99% safe, nothing to be scared of. I think they are the leaders by fund size, next is FBN quest

Hephzibahdrycle:
Pls, What is the interest rate on MMF now?

United Capital Asset Management 5.5%

FSDH Asset Management 5.41%

emmasoft:


You are welcome. Yes mutual fund is a trusted investment and we have different types of mutual fund and various fund managers.
I will recommend Vantage Gurranteed income fund VGIF managed by investment one (former GTBank asset management) for you. It gives Gurranteed 7.5% per annum current with some extras depending on fund's profit.
To open account, click on my signature for the link and my contact

@emmasoft, thank you for the enlightenment. Please concerning the Vantage Gurranteed income fund VGIF,

1. Is the capital preserved? I mean is it 100% certain that no matter what happens, one is sure to get his capital back?

2. Is there any holding period during which one cannot withdraw his funds at all (or withdraw it without charges)? If there are charges if one withdraws early, are such aharges on the capital or on the accrued interest?

Thank you as I await you valued response.

odontoid1:



@emmasoft, thank you for the enlightenment. Please concerning the Vantage Gurranteed income fund VGIF,

1. Is the capital preserved? I mean is it 100% certain that no matter what happens, one is sure to get his capital back?

2. Is there any holding period during which one cannot withdraw his funds at all (or withdraw it without charges)? If there are charges if one withdraws early, are such aharges on the capital or on the accrued interest?

Thank you as I await you valued response.

1. Yes! Capital is preserved base on the underlying asset it's not a balance or equity fund. Sure you get your capital back there are other parties involved in mutual funds- trustees, custodian in case anything happens.

2. For VGIF, holding period is six (6) months. However, if a unit holder/investor decides to redeem all or part of the funds you lose 10% of the accrued interest only. Nothing is charged on the capital otherwise no penalty whatsoever.
Example: If you invest 1m and in 3 months which is less than the holding period you decide to redeem 200k, you will lose 10% of the accrued interest on 200k only.

You can call/chat. contact is on my signature for more if need be. Thank you.

Hello investors,

I'm considering going for VGIF but pls is this investment as safe as Tbills? and is the interest paid upfront like T-bills?

Thanks

emmanuelewumi:



United Capital Asset Management 5.5%

FSDH Asset Management 5.41%

Thanks.

Any ideas about ARM?

FemiSolar:
Hello investors,

I'm considering going for VGIF but pls is this investment as safe as Tbills? and is the interest paid upfront like T-bills?

Thanks

Investment is safe but interest is earned daily and paid twice a year - January and July with option to reinvest interest (compounding).
You can open and operate account online. To open account click the link on my signature.
Requirements: passport, ID card, utility bill and your signature all will be uploaded at the last page of the online form. Account is opened within 48 hrs.

emmasoft:


Investment is safe but interest is earned daily and paid twice a year - January and July with option to reinvest interest (compounding).
You can open and operate account online. To open account click the link on my signature.
Requirements: passport, ID card, utility bill and your signature all will be uploaded at the last page of the online form. Account is opened within 48 hrs.

how do go about the issue of using distribution companies bill as utility bill s
(eg JEDco) since power purchase are usually online .

CircleOfWilis:
how do go about the issue of using distribution companies bill as utility bill s
(eg JEDco) since power purchase are usually online .

If the receipt of your purchase don't have your address, any of the following can be use in place of utility bill:
1. NIN Slip
2. Recent bank statement
3. tenancy payment receipt
4. LAWMA receipt for Lagosians

In each case, the address on any of the document used must be same as the one you provided on the form.

Don't forget to use the link on my signature for account opening to help my ministry. Targets must be met.

Ikazuagbe:
Kindly shed more light between STANBIC IBTC MUTUAL FUNDS and ARM MUTUAL FUNDS in terms of their: similarities and differences, better dividend payment, better for long term investment and others.

Here https://beyondtoday.fbnquest.com

.

God of mercy.
ETI is at 8%.
Meanwhile UCAP I bought on the high side , even bought more dividends.

For those who already invested in VGIF and prospective investors, find attached the facts of the fund sheet for 2nd quarter 2020

Hello house,

I want to invest in MMF through FBN Quest, but the lady says everything is online. She sent me a form to fill and account number to pay into. Pls is this safe? I would have preferred if they debited me without me having to transfer it. Can anyone help verify FBN QUEST account?

THANKS.

Hello good people, can any help with these?

https://www.nairaland.com/5980645/sharia-compliant-investments#91543288

Thanks.

shyfulanigirl:
Hello good people, can any help with these?

https://www.nairaland.com/5980645/sharia-compliant-investments#91543288

Thanks.

Trade derivatives gold or oil.
Buy Trade shares of nestle, dangcem, buacem, jberger etc.

FemiSolar:
Hello house,

I want to invest in MMF through FBN Quest, but the lady says everything is online. She sent me a form to fill and account number to pay into. Pls is this safe? I would have preferred if they debited me without me having to transfer it. Can anyone help verify FBN QUEST account?

THANKS.

How can an organisation debit your account without you initiating the transfer? Confirm the account number given and make sure it is not individual account. Send email to the official address to confirm the account.

When the economy was still fair. Hope all return to normal soon

Anyone experiencing same?

FemiSolar:
Hello house,

I want to invest in MMF through FBN Quest, but the lady says everything is online. She sent me a form to fill and account number to pay into. Pls is this safe? I would have preferred if they debited me without me having to transfer it. Can anyone help verify FBN QUEST account?

THANKS.

Download the FBN quest app on Google play and fill the form there, upload your ID, passport, utility bill etc and when the confirm your registration you can make payment via the app

Brainbox0806:
Does anyone notice that a one day interest always miss each time fbnquest pay out a quarterly interest? Ie. After the payout this month, today being 9th of July, I can only account for 8 days interest instead of 9 days, this is the second time I'm taking note of this. Anyone experiencing same?

Interest for first of July was paid before being reinvested along side, did you notice that? If you counted from 2nd to date, does the accrued interest tally?

Brainbox0806:
Does anyone notice that a one day interest always miss each time fbnquest pay out a quarterly interest? Ie. After the payout this month, today being 9th of July, I can only account for 8 days interest instead of 9 days, this is the second time I'm taking note of this. Anyone experiencing same?

Interest for first of July was paid before being reinvested along side, did you notice that? If you calculated from 2nd to date, does the accrued interest tally?

Boyhood:

Download the FBN quest app on Google play and fill the form there, upload your ID, passport, utility bill etc and when the confirm your registration you can make payment via the app

Better make direct transfer