hello nairalanders, pls i need 100k as loan from the good people of nairaland.

after searching endlessly for loan sources without success, since most of the sources i came across requested for collateral and i don't have any, i finally decided to sell all my electronics and i was able to raise 140k but i still need 100k to do what i want to do.

there's is this finance company on marina, lagos that buys commercial buses for people who approach them for such although, they have different schemes but i want to go into transportation business.

how they do it is that you go to any motor dealer of your choice and get the price of the bus you wanted then approach them with the price, they would ask you to pay 20% of the price of the bus and they help you pay the balance. You are to pay just 24%/annum of the amount they help you pay for the bus. The payback process is simple and repayment time depends on your negotiation with them but the minimum for any amount is 1year so if you are able to negotiate properly, it can be extended.

so i have gone to price a 18 seater bus which is 1million and 20% of that is 200k but i have 140k cash at hand which means i still need 60k to make it 20% of 1million and 40k to do the paper work.

pls if God put it on your mind, do not hesitate to help, i'll pay back the 100k in 2months with interest as agreed.

thanks for your help and God bless.

may god help not even a single person has commented on ur thread, dis shows dat people dont joke with their money, y not go to ur friends, family or ur bank?

check out ma signature

how can you manage two repayment plan with interest? think about it

@ gideonosa,

thanks for your observation but it won't pose any problem at all because the bus loan repayment period is about 2years and they are not adding any other charges or interest apart from the 20% you paid at the start, your balance is the exact amount the bus goes for besides my research on how much an 18 seater can make in a day is about 16k/day, if you multiply that by say 20 days(that is if you can't work everyday of the month), we have 320k, the repayment plan is about 96k/month, so that won't be a problem at all, to pay the other 100k is not going to pose any problem going by the analysis i just did above.

@juman,

people are not expected to joke with their money but this is far from a joke.

I have tried all the other options you mentioned without success, I'd appreciate your help.

netsurf:

thanks for your observation but it won't pose any problem at all because the bus loan repayment period is about 2years and they are not adding any other charges or interest apart from the 20% you paid at the start, your balance is the exact amount the bus goes for besides my research on how much an 18 seater can make in a day is about 16k/day, if you multiply that by say 20 days(that is if you can't work everyday of the month), we have 320k, the repayment plan is about 96k/month, so that won't be a problem at all, to pay the other 100k is not going to pose any problem going by the analysis i just did above.

I calculated your monthly payment to be 42,300/m (800k @24% for 24months), added the 100K you intend to repay in two months (52k/m), with another 20k/m for yourself and other expenses. I was thinking if you are aware that you must have a net-profit of at least 114.3k/m for the first two months to meet your commitments. This should not be a problem with your 320k/m gross-income

How did the bank calculate your payment to be 96k/m?
Which 18-seater bus are you hoping to buy?
Is it a Tokunbo, when was the bus manufactured, and what is the current mileage?
What are the factors that favored the 18-seater bus? Have you considered any other bus/van i.e. Ford E250/E350?

Email me at kafinkata@yahoo dot com

@ kafin,

thanks for the detailed analysis and observation, I'll e-mail you right away.

kafin, pls note that the 24% is not on monthly basis but annually, the monthly interest is 2%.

@ all,  pls help!