Good morning all, I came across a thread at the front page where the OP was trying to get information on loans, my response would be too late so I thought I should open another thread for the sake of those who wouldn't get my contributions.

What is a Loan
A loan is an arrangement in which a lender gives money to a borrower, and the borrower agrees to repay the money, usually along with interest, at some future point in time.

Why do we need loans?
Not everyone is fortunate enough to be able to pay for everything upfront or in cash. Sometimes, we need a little bit of help. When used wisely, loans can help you pay for a house, a new car, or even your education.
Sometimes you may need to borrow money from a micro-finance bank or registered moneylender to pay for an emergency or business project. Perhaps your car has broken down or you have an unexpected funeral to pay for. Before you take a loan to cover these costs, make sure you understand the conditions of your loan and how much it will cost you in total.

The downsides of loans
Lending money to anyone always comes with risk. That is why your lender will charge you interest for providing you with credit, and may require you to offer up some sort of security in case you fail to make your repayments. There is such a thing as too much credit and that’s when you borrow more than you can afford to pay back. Borrowers must first consider what the loan will be used for and whether you can afford the loan before entering into a loan agreement.
It’s easy to get caught up in the rush when you buy something, so it’s important to be realistic and honest about your financial situation.

Questions to ask before taking out a loan:
• Can I afford to make the monthly payments?
• What is the cost of the loan?
• How soon will I be able to pay it off?
• What is my reason to take the loan?
• What products are out there for various needs?
• How does it work?
• What interest am I going to pay?
• What are the consequences if I fail to make repayments?

Interest rates
Lenders make money on loans by charging customers interest and fees. Interest is calculated as a percentage of the amount borrowed. The cheapest loans are often reserved for those with high credit scores and you need to ensure you can keep up the repayments before applying.

Locating a loan provider
In Nigeria, the regulation of money lending has been delegated to the various States of Nigeria since 1990. The CBN does not directly monitor the activities of these moneylenders, but it regulates the banks, micro-finance, mortgage and other lenders.

You can also locate loan providers on https://startcredits.com, their lender review lists helps borrowers to identify the provider most suited to their needs. Whilst their free loan search engine carries the details of hundreds of different loans, big and small, short term and long term, so you can be sure to find the best interest rate deal for you.

For lagos state moneylenders its https://lagosstate.gov.ng