MackyNaija:

No cosigner, No collateral.

Read this current page from above.

1. How do they get their money back? Since there is no PR or citizen cosigner that will be held responsible when you elope to ur own country.
2. What value does your home country address bring to the table? Address doesn't indicate ownership of the property does it?
The loan sounds too good to be true as it is a loan and it's expected to be paid back...

Adhheir:

1. How do they get their money back? Since there is no PR or citizen cosigner that will be held responsible when you elope to ur own country.

Lol, @emboldened, shey you know the meaning of the word u use sha? No dey use any words anyhow o.

I guess he is expected to pay the loan on monthly installments, should be around $150 a month with that amount. He will have to start paying it from the next month after borrowing, therefore, they wouldn't wait until the time to "elope" comes; he is still an active student. If you are interested in what happens if he chooses to leave the United States without paying back, since he already has a social security number, the debt will go onto his credit report, and he will no longer be able to enter the United States in the future (he will become inadmissible). This may affect his family members who want to enter the United States in the future, too, due to the embassy's consideration of family history. Other than these, no implications.

Adhheir:

1. How do they get their money back? Since there is no PR or citizen cosigner that will be held responsible when you elope to ur own country.

You know I do not have an answer to this question. Ask questions that concerns putting in an application or getting an approval.
The USA is not Nigeria; please apply, get the loan and dont service it or worse still go back WITHOUT servicing it, then come back here and educate others on the outcome.

Adhheir:
2. What value does your home country address bring to the table? Address doesn't indicate ownership of the property does it? The loan sounds too good to be true as it is a loan and it's expected to be paid back...

First, I am not a member of the team that processes the loans and Truly, an address does not mean ownership.
As I have continuously said, it is tooooo easy to get a credit facility in the US - remember, the first $1,500 has been disbursed.

Read up on how banks get money to finance loan applications in the US and Most of your questions will be answered.

yemiosinbajo:


Lol, @emboldened, shey you know the meaning of the word u use sha? No dey use any words anyhow o.

I guess he is expected to pay the loan on monthly installments, should be around $150 a month with that amount. He will have to start paying it from the next month after borrowing, therefore, they wouldn't wait until the time to "elope" comes; he is still an active student. If you are interested in what happens if he chooses to leave the United States without paying back, since he already has a social security number, the debt will go onto his credit report, and he will no longer be able to enter the United States in the future (he will become inadmissible). This may affect his family members who want to enter the United States in the future, too, due to the embassy's consideration of family history. Other than these, no implications.

Your head is valid!

Abeg, why our people too like to channel their creativity to cunny-cunny things?

I have heard of a situation where someone blew money on a credit card in the US, ran away and years later tried to enter the UK.
Adhheir, abeg do the jipiti pattern and come back here to educate us on the outcome.

For reiteration purposes, I didn't use a social security number or a cosigner (Permanent resident or citizen) or collateral (even bicycle tyre, I no drop).
The US looks for how to better the lives of people by solving their problems. People owe $150k in student loan debt, na my small $12k deh bother Addheir??

$12k na money wey Americans deh borrow for large curved screen smart UHD TV + 1 Sony Aibo + 1 Galaxy Note 9.
Money wey no fit buy quarter Tesla or quarter F250 truck.

MackyNaija:

Your head is valid!

Abeg, why our people too like to channel their creativity to cunny-cunny things?

I have heard of a situation where someone blew money on a credit card in the US, ran away and years later tried to enter the UK.
Adhheir, abeg do the jipiti pattern and come back here to educate us on the outcome.

For reiteration purposes, I didn't use a social security number or a cosigner (Permanent resident or citizen) or collateral (even bicycle tyre, I no drop).
The US looks for how to better the lives of people by solving their problems. People owe $150k in student loan debt, na my small $12k deh bother Addheir??

$12k na money wey Americans deh borrow for large curved screen smart UHD TV + 1 Sony Aibo + 1 Galaxy Note 9.
Money wey no fit buy quarter Tesla or quarter F250 truck.

I met an American friend online, dude couldn't boast of $10...I was amazed cus America was like a country filled with Cheese and Honey (the way my Aunt portrayed it)

sir, can someone apply for the loan after getting a waiver and how long does it take for someone who does not reside in Amelika?


thanks.

yemiosinbajo:


Lol, @emboldened, shey you know the meaning of the word u use sha? No dey use any words anyhow o.

I guess he is expected to pay the loan on monthly installments, should be around $150 a month with that amount. He will have to start paying it from the next month after borrowing, therefore, they wouldn't wait until the time to "elope" comes; he is still an active student. If you are interested in what happens if he chooses to leave the United States without paying back, since he already has a social security number, the debt will go onto his credit report, and he will no longer be able to enter the United States in the future (he will become inadmissible). This may affect his family members who want to enter the United States in the future, too, due to the embassy's consideration of family history. Other than these, no implications.

Lol, I am not a doubting Thomas and I don't have fraudulent intentions, but the loan isn't only applicable to Nigerians, maybe elope was too powerful a word but the masters program is for two years, $150*24(months)=$3600 that's an $8400 deficit, I'm looking at it from a business angle, its not like Mpower is a charity organization and they won't extend ur visa status because they borrowed you money will they? So I come back to my home country with $8400 debt, who's to make me payback? Or what? Many people only payback loans because they're forced to do so, that's why there are cosigners and collaterals. I am here to learn and I hope mackynaija gets his hands on the $12K...

MackyNaija:

Your head is valid!

Abeg, why our people too like to channel their creativity to cunny-cunny things?

I have heard of a situation where someone blew money on a credit card in the US, ran away and years later tried to enter the UK.
Adhheir, abeg do the jipiti pattern and come back here to educate us on the outcome.

For reiteration purposes, I didn't use a social security number or a cosigner (Permanent resident or citizen) or collateral (even bicycle tyre, I no drop).
The US looks for how to better the lives of people by solving their problems. People owe $150k in student loan debt, na my small $12k deh bother Addheir??

$12k na money wey Americans deh borrow for large curved screen smart UHD TV + 1 Sony Aibo + 1 Galaxy Note 9.
Money wey no fit buy quarter Tesla or quarter F250 truck.

Lol, its called 'jibiti' and NO bro...I don't do fraud, could have started from home with yahoo...lol,
Yeah they borrow big and there's something they also call repossession you know right? You default on your huge loans, they come and repossess your large curved screen smart UHD TV + 1 Sony Albo + 1 Galaxy Note 9. Even if you got a loan to buy Tesla, they can repossess. I hope I listed everything the way u listed them to drive home our points...lol. Pls educate me biko.

Joohan:

I met an American friend online, dude couldn't boast of $10...I was amazed cus America was like a country filled with Cheese and Honey (the way my Aunt portrayed it)

sir, can someone apply for the loan after getting a waiver and how long does it take for someone who does not reside in Amelika?

thanks.

The loan is meant for students currently schooling in select schools in the United States.
I do not understand the waiver part.

The reason why some cannot boast of $10 is that they lack information which equals power which equals dollars ... e.g I used the information I put together to empower myself to get dollars in student loans.

Tell your friend that there are several straight forwards ways to make $10 - chief of which is Living within his or her means and getting a job.
He/she will never be able to boast of $10 while being heavily indebted and living way beyond what they can afford assuming "all other factors remain ideal" e.g the individuals health and location.

[s]Courtesy - Your loyal boy. I never reach to answer Sir.[/s]

Adhheir:

Lol, its called 'jibiti' and NO bro...I don't do fraud, could have started from home with yahoo...lol,
Yeah they borrow big and there's something they also call repossession you know right? You default on your huge loans, they come and repossess your large curved screen smart UHD TV + 1 Sony Albo + 1 Galaxy Note 9. Even if you got a loan to buy Tesla, they can repossess. I hope I listed everything the way u listed them to drive home our points...lol. Pls educate me biko.

hahaha! This Adhheir you too stubborn!

Are you in the US? I go contribute buy you ticket on your return flight after graduation.

Please do some research online, me sef never read reach to educate people with respect to the magic of the American credit system.

The personal understanding I got from the process is that they look at your entire application package, create a profile and see if you are credit worthy - it's as simple as that.
It didn't take them upto 5 working days to make the decision. A friend of mine put in an application last Thursday midnight/Friday early morning for $7,200 and he has been given a conditional approval - 3 or 4 days decision time similar to mine.
The repayment terms are easy on you and the amount isn't so big - STOP Converting it to Naira!

I am still waiting to see where this matter will end but since I could get $1,500 from the other party, I am thinking if I was approved for the student loan with them, I would have also been credited with the $6,000 like they did with the personal loan.

Abeg, you play-play apply and verify what I am saying. You mustn't accept the loan offer.

Adhheir:

Lol, I am not a doubting Thomas and I don't have fraudulent intentions, but the loan isn't only applicable to Nigerians, maybe elope was too powerful a word but the masters program is for two years, $150*24(months)=$3600 that's an $8400 deficit, I'm looking at it from a business angle, its not like Mpower is a charity organization and they won't extend ur visa status because they borrowed you money will they? So I come back to my home country with $8400 debt, who's to make me payback? Or what? Many people only payback loans because they're forced to do so, that's why there are cosigners and collaterals. I am here to learn and I hope mackynaija gets his hands on the $12K...

A few points worthy of note -

They have data on loan default rates available on their site and people have asked this question of yours in FAQ section. I remember Pr0digy has that info - it is verrrry low.

This is a mature economy, no one is afraid to lend you money. In Nigeria, people collect N1billion, give the bank manager N150m and misappropriate the rest then the 'bad loan' is bought by AMCON for N400m. Google 'who buys bad loans in Nigeria' and 'non-performing loans in Nigeria'.
Here, you don't play that game - you'll be charged with fraud or you declare bankruptcy if the money was truly 'lost' but for now, student loan debt is not discharged in bankruptcy, you must pay the money.

As I have said severally, go and read on American Credit System and where banks get the money to lend people.

What is the difference between me and someone who has a poor or bad credit score?
My situation is better than theirs - they see a future in me - no shady history.

I am done.

MackyNaija:

A few points of note -

They have data on loan default rates available on their site and people have asked this question of yours in FAQ section. I remember Pr0digy has that info - it is verrrry low.

This is a mature economy, no one is afraid to lend you money. In Nigeria, people collect N1billion, give the bank manager N150m and misappropriate the rest then the 'bad loan' is bought by AMCON for N400m. Google 'who buys bad loans in Nigeria' and 'non performing loans in Nigeria'.
Here, you don't play that game - you'll be charged with fraud or you declare bankruptcy if the money was truly 'lost' but for now student loan debt is not discharged in bankruptcy, you must pay the money.

As I have said severally, go and read on American Credit System and where banks get the money to borrow people.

What is the difference between me and someone who has a poor or bad credit score?
My situation is better than theirs - they see a future in me - no shady history.

I am done.

You've not told me why I'll come back to Nigeria after my degree and pay $8400 when noone is coming for me, prodigy and Mpower have different policies don't they? I thot I read u post prodigy uses consignee... Please get these loan and let we the spectators cheer

MackyNaija:

hahaha! This Adhheir you too stubborn!

Are you in the US? I go contribute buy you ticket on your return flight after graduation.

Please do some research online, me sef never read reach to educate people with respect to the magic of the American credit system.

The personal understanding I got from the process is that they look at your entire application package, create a profile and see if you are credit worthy - it's as simple as that.
It didn't take them upto 5 working days to make the decision. A friend of mine put in an application last Thursday midnight/Friday early morning for $7,200 and he has been given a conditional approval - 3 or 4 days decision time similar to mine.
The repayment terms are easy on you and the amount isn't so big - STOP Converting it to Naira!

I am still waiting to see where this matter will end but since I could get $1,500 from the other party, I am thinking if I was approved for the student loan with them, I would have also been credited with the $6,000 like they did with the personal loan.

Abeg, you play-play apply and verify what I am saying. You mustn't accept the loan offer.

I agree, I'll research on it. Its flexibility and payback period is quite puzzling to me...lol

MackyNaija:

The loan is meant for students currently schooling in select schools in the United States.
I do not understand the waiver part.

The reason why some cannot boast of $10 is that they lack information which equals power which equals dollars ... e.g I used the information I put together to empower myself to get dollars in student loans.

Tell your friend that there are several straight forwards ways to make $10 - chief of which is Living within his or her means and getting a job.
He/she will never be able to boast of $10 while being heavily indebted and living way beyond what they can afford assuming "all other factors remain ideal" e.g the individuals health and location.

[s]Courtesy - Your loyal boy. I never reach to answer Sir.[/s]

Alright sir ...You are a motivation to people like me, just keep the good work up. Bless you. I know that your busy schedule doesn't allow you take photos anymore, but please dey sama us sometime, na the hope say we go reach there be that

Joohan:

...please dey sama us sometime, na the hope say we go reach there be that

Manage this fresh one from 30mins ago..
Everybody deh class. Street empty.

.

MackyNaija:

Manage this fresh one from 30mins ago..
Everybody deh class. Street empty.

Wow...abeg shey na students get that Dodge challenger, Camry and the white Avalon on the other side?

Predstan:



Thank you Macky. I have actually done an extensive research, I found out that the loan is worthy of the investment only if I secure a job in my field in the US after study. To find a scholarship no easy for Spring applicant and the Florida system of education does not allow out-of-state tuition waiver. I got my admission already and the school is covered by these lending agencies because the school is ranked top 100 in Engineering.

The tuition fee is 15k for an academic year. Prodigy finance offers 16k and Mpower offers 25k. I just would like to know how easy it will be, securing a job in the US after this degree as this loan cannot be paid from Nigeria.

Did you try to search for a GA position in your school? Tell me your experience if you did.

Undergraduate or masters study please??

KingLinglee:
Undergraduate or masters study please??

Masters Electrical Engineering...

Joohan:



Wow...abeg shey na students get that Dodge challenger, Camry and the white Avalon on the other side?

You can have 2019 car if you want sef. Just make sure you pay your bills every month.

Predstan:



Thank you Macky. I have actually done an extensive research, I found out that the loan is worthy of the investment only if I secure a job in my field in the US after study. To find a scholarship no easy for Spring applicant and the Florida system of education does not allow out-of-state tuition waiver. I got my admission already and the school is covered by these lending agencies because the school is ranked top 100 in Engineering.

If you can find where you'll be offered some instate tuition for obvious reasons, please do.
I am an advocate of achieving the most with as little spending as possible so money no go dry out faster than you can count 1 to 100.

The tuition fee is 15k for an academic year. Prodigy finance offers 16k and Mpower offers 25k. I just would like to know how easy it will be, securing a job in the US after this degree as this loan cannot be paid from Nigeria.

Nothing is sure in this life and no one can guarantee you anything But if you don't make the move, you'd never know what the outcome would have been. You stay back in Nigeria - that is a certainty that there is no future for you in the US.

Did you try to search for a GA position in your school? Tell me your experience if you did.

I didn't bother after seeing the situation on ground - my department has no undergraduate program.
I just deh manage myself while playing candy crush on the side; that game pays!.

Joohan:

Wow...abeg shey na students get that Dodge challenger, Camry and the white Avalon on the other side?

If you have a good credit score and proof of monthly income, you can drive something similar or even better. Monthly payment no pass $300 - $10 an hour job * 40hrs a week = car payment.

I am yet to understand how a monthly payment of below $300 enables them pay off a car loan in like 6 years.... *Thinking***

Bishopp007:


You can have 2019 car if you want sef. Just make sure you pay your bills every month.

It's as simple as this!

MackyNaija:

If you have a good credit score and proof of monthly income, you can drive something similar or even better. Monthly payment no pass $300 - $10 an hour job * 40hrs a week = car payment.

I am yet to understand how a monthly payment of below $300 enables them pay off a car loan in like 6 years.... *Thinking***


It's as simple as this!

Six years paying off loans that isn't for business purposes, then you accrue another as you go on, it becomes a rat race of credit score and more loans...one would retire with nothing...get loans only when necessary, for school and important stuffs...you want to buy Camry 2019 as an international student with limited funds just because you have access to loans, isn't that grave digging.. No matter how flexible, loans are loans.

Predstan:



Thank you Macky. I have actually done an extensive research, I found out that the loan is worthy of the investment only if I secure a job in my field in the US after study. To find a scholarship no easy for Spring applicant and the Florida system of education does not allow out-of-state tuition waiver. I got my admission already and the school is covered by these lending agencies because the school is ranked top 100 in Engineering.

The tuition fee is 15k for an academic year. Prodigy finance offers 16k and Mpower offers 25k. I just would like to know how easy it will be, securing a job in the US after this degree as this loan cannot be paid from Nigeria.

Did you try to search for a GA position in your school? Tell me your experience if you did.

Now this is more like what i am talking about, american financial system isn't Santa clause, they wanna make money too even if it's a long haul and they'll need assurance that you'll pay back. Securing an H1b visa isn't a piece of cake...more technicalities becomes involved.

Adhheir:

Six years paying off loans that isn't for business purposes, then you accrue another as you go on, it becomes a rat race of credit score and more loans...one would retire with nothing...get loans only when necessary, for school and important stuffs...you want to buy Camry 2019 as an international student with limited funds just because you have access to loans, isn't that grave digging.. No matter how flexible, loans are loans.

Calm down... No one is buying a 2020 model mob.

It is their culture, being in debt here is nothing. Na normal for them.

There IS a worse scenerio than you portrayed -
Adh.heir buys a new car in 2016 for $35k, makes a payment of about $8k for 2 years. Still owes $27k in year 2018.
Goes to trade it in for a new model in 2018 but Adh.heir's 2016 model is now worth only $17k. Deficit of $10k from the amount currently owed.
Adh.heir says no wahala and collects 2018 model for $35k.
At this point, Adh.heir is $45k in debt to the car dealer.

Abeg, no be death be this??
But yankee people no send or is it that they don't understand??

MackyNaija:

Calm down... No one is buying a 2020 model mob.

It is their culture, being in debt here is nothing. Na normal for them.

There IS a worse scenerio than you portrayed -
Adh.heir buys a new car in 2016 for $35k, makes a payment of about $8k for 2 years. Still owes $27k in year 2018.
Goes to trade it in for a new model in 2018 but Adh.heir's 2016 model is now worth only $17k. Deficit of $10k from the amount currently owed.
Adh.heir says no wahala and collects 2018 model for $35k.
At this point, Adh.heir is $45k in debt to the car dealer.

Abeg, no be death be this??
But yankee people no send or is it that they don't understand??

That is death for sure but credit when used well will generate more income. Follow the right mentors and you will see how in the same USA, people are making tens of thousands of dollars from credit when others are wallowing in debt.

Infact, the major difference between developing and developed world is access to credit facilities and that is the only thing that may sway us to relocate outside Nigeria. Living in Nigeria compared to the western world is cheap but access to cash is also very difficult.

Amazing thread.
I've enjoyed this thread just like I enjoyed Franknetter's thread. Fantastic thread-an eye opener for people looking to school in Texas

Op you are not entertaining but most importantly informing. It is selfless what you are doing. God bless

MackyNaija:

If you have a good credit score and proof of monthly income, you can drive something similar or even better. Monthly payment no pass $300 - $10 an hour job * 40hrs a week = car payment.

I am yet to understand how a monthly payment of below $300 enables them pay off a car loan in like 6 years.... *Thinking***


It's as simple as this!

Most times, the car is leased. They do not intend to keep it after the lease period.

sonnie10:


Most times, the car is leased. They do not intend to keep it after the lease period.

This is new..
Mind to give a little more explanation?

I have wondered how $250 per month helps an American buy a car after 5years... The math doesnt add up.

EMMAACHILE:

That is death for sure but credit when used well will generate more income. Follow the right mentors and you will see how in the same USA, people are making tens of thousands of dollars from credit when others are wallowing in debt.

That's true and I agree.
I do not intend to be in the basket of those that are wallowing in debt.

MackyNaija:

This is new..
Mind to give a little more explanation?

I have wondered how $250 per month helps an American buy a car after 5years... The math doesnt add up.

It's the most expensive form of hire purchase.
After the term, the "renter" has an option of buying the car or getting another one on a different contract. e.g pay $250 monthly for a $25k car and after 5 years buy it off at say 16k or get another one at an agreed rate. Essentially you have no equity in the car and you are just "renting" it at that rate.

dustydee:

It's the most expensive form of hire purchase.
After the term, the "renter" has an option of buying the car or getting another one on a different contract. e.g pay $250 monthly for a $25k car and after 5 years buy it off at say 16k or get another one at an agreed rate. Essentially you have no equity in the car and you are just "renting" it at that rate.

Please explain Sir,

Like after paying $250 a month, $3000 a year and $15000 in five years, the car is still not yours and you have to pay another $16000 again before the car is yours ..

I using your earlier stated example