There is this saying that whosoever collects money from LAPO Microfinance won't pay it. I have heard stories about how much hardship people face paying loans borrowed from this society. Not one or two stories that I have heard.

I wonder if it is not a secret society! Is the loans bound with hardship spiritually or is it the debtors who are not prudent in the proper utilization of the funds collected. I need your candid and honest opinions.

Now to the floor.

LAPO loan is for small scale entrepreneur but people stupidly collect the loan to pay debt, pay school fees of children and wards or pay house rent.

I heard of a guy at Bariga who collected it, bought a second-hand mini bus and uses it to commute commuters from Bariga to Onipanu. He had finished servicing the debt.

If your business yields on daily basis, like transport business; I will advise you take the loan but if you have to wait unend for customers to come, I will advise you stay clear because failure to pay at the end of the week will attract fine/interest at a higher rate.

Paulpaulpaul

I guess loan and principal payment is weekly unlike conventional loans which is monthly and that makes difficult to pay for non-liquid business in which the money is so invested!

That is GBOMU LE LANTERN.
I can advice you to take the loan if: your business is a sure banker, i mean if your business is yeilding very well.
As paulpaulpaul said, "using the money to pay debt, school fees. E.t.c is a big prob.

If: you can pay weekly, unlike the monthly loans.

Be careful bro.

is this loan for A specific state only or for the general states?

following

Hkenny:
is this loan for A specific state only or for the general states?

General issue.

My advice; if you have an existing biz with high income, don't bother to take this loan, or else your business will go down!
If your business is booming well, you don't need any loan. Don't invite trouble for yourself!

OCTAVO:
My advise; if you have an existing biz with high income, don't bother to take this loan, or else your business will go down!
If your business is booming well, you don't need any loan. Don't invite trouble for yourself!

OK wat of a beginner or start up capital? wats Ur advice

queenprecy:
OK wat of a beginner or start up capital? wats Ur advice

General speaking, it is not advisable to start any biz with loan. I'll advise you have 80% of the capital and 20% of loan (if necessary). If the loan is not from a commercial bank, it's a big NO for me. Most importantly, use the loan for what it is meant for; BUSINESS.

Please be careful how you open thread with an organisation's name. You wanted to clarify or make an enquiry but you opened a thread insinuating something else......

I smell something just now- you are affliated to LAPO.

ademutiu:
Please be careful how you open thread with an organisation's name. You wanted to clarify or make an enquiry but you opened a thread insinuating something else......

Galaxyroyp:
I smell something just now- you are affliated to LAPO.

Funny you...well, no grudges...just tried calling his attention to the erroneous topic

Noted boss

ademutiu:


Funny you...well, no grudges...just tried calling his attention to the erroneous topic