Please i need help, i am taking in a lodger and just wondering, since i am doing it informally, how can i protect myself informally!....idon't want to make any legal or bureaucratic processes because the house is a mortgage, and i dont want the bank to know.The prospective tenant looks like a responsible father of 4

LagosismyHome:


Bank is in the business to make money not to dash money... 3.3 for 10k loan . Na. They wont be able to pay their staff that way . They do all this gimmick to catch your eye but when the real offer comes its very different

When it comes to debt.. its best to tread carefully especically for naija waka. It easier to get lost in it and then becomes difficult to find your way out .

Nah when the puff puff don reach belle, constipation & Type 1 go start..............

DaveChapelle:
Please i need help, i am taking in a lodger and just wondering, since i am doing it informally, how can i protect myself informally!....idon't want to make any legal or bureaucratic processes because the house is a mortgage, and i dont want the bank to know.The prospective tenant looks like a responsible father of 4

Just him or him and his 4?.....

Collect cash rents and don't issue receipts............

Lexusgs430:


Difference been, you have already built up a credit history profile..........

yes, i don't really care about my credit rating now sha, as i have my mortgage

Lexusgs430:


Just him or him and his 4?.....

Collect cash rents and don't issue receipts............

just him, for few days a week

DaveChapelle:
yes, i don't really care about my credit rating now sha, as i have my mortgage

In his context, he has no credit history + seeking £10K @3%......

I would eat my pant & trouser..........

DaveChapelle:
just him, for few days a week

Cash and no receipts........ And discuss issues face2face........

DaveChapelle:
yes, i don't really care about my credit rating now sha, as i have my mortgage

Till you require home improvements, quick cash, rẹ-mortgage another car etc etc etc

jedisco:
Hello house

Just a quick question about personal loans and ILR.
I'm just a few months in the UK. want to apply for an HSBC personal loan of between 10-15k so as to settle some issues back home. The interest rate is about 3.3% which I think is relatively fair. Also, I may choose to pay back the loan within 1-5 years which I don't think would be an issue. My main worry is whether it would affect my ILR application in 5 years time. Also, from practical examples, how likely am I to get it seeing that I've just recently arrived Uk? I had called the banks customer care and they went through my profile and said I should be able to get it. Any opinions?

I will tell you what you don't want to hear. I think it will be irresponsible for any UK bank to give you a loan regardless of interest rate offered. You are new in the country with no credit history, how is the bank going to trust that you will pay them back?! You are even admitting to the fact that you intend engaging in money laundering with the loan. If you do eventually manage to get a loan, you will get it at a very high interest rate and deservedly so.

The best way to settle whatever financial issues you have back home is to work overtime, save your earnings and send them back home. The erroneous way you intend going about it, you might end up using a loan to settle your issues at home, but this will lead to your financial ruin in the UK for a very long time.

Lexusgs430:


Till you require home improvements, quick cash, rẹ-mortgage another car etc etc etc

done

DaveChapelle:
done

Say another provider offers 2% mortgage deals, you would have to remortgage again..............

Aphrodite007:


Bruv, you won’t get that interest rate. You def need a high credit score, longer UK residency and default-free ongoing credit. Even my own bank that I’ve had for 5 years offered me 29% because I had no credit history.

The credit card option is a better route. But apply for the loan. Experience na the best teacher

That sounds plausible because for a moment it seemed too good to be true. I'd do some more searching to be sure an application wouldn't affect my rating. If it wouldn't, I'd apply even if it's just for the experience.

Lexusgs430:


If you get that 3%, i would eat my pant.......... Apply and feed us back.......

LOL...
I saw it on their site did some research (which this is part of) an decided to ask some questions. The law states that 51% of people who apply must be offered that rate so people do definitely get it. Whether I can at this stage is another issue
After all, they giving me a CC few weeks in was in itself a risk

Like I stated above, the thing stoping me right now is time and that I'm not so sure if a rejection would affect my rating.
It costs nothing to apply and the experience is worth it even if it's rejected rather than me to keep wondering what if

jedisco:


LOL...
I saw it on their site did some research (which this is part of) an decided to ask some questions. The law states that 51% of people who apply must be offered that rate so people do definitely get it. Whether I can at this stage is another issue
After all, they giving me a CC few weeks in was in itself a risk

Like I stated above, the thing stoping me right now is time and that I'm not so sure if a rejection would affect my rating.
It costs nothing to apply and the experience is worth it even if it's rejected rather than me to keep wondering what if

Any application for credit, would deposit an imprint on your record........

Apply and feed us back................

LagosismyHome:


Bank is in the business to make money not to dash money... 3.3 for 10k loan . Na. They wont be able to pay their staff that way . They do all this gimmick to catch your eye but when the real offer comes its very different

When it comes to debt.. its best to tread carefully especically for naija waka. It easier to get lost in it and then becomes difficult to find your way out .

Thanks for the advice. It's something I definitely have in mind. Of course debts can easily build up

But then wondering why everyone is sounding like I have a gun to their head. If given, I'd definitely size up the final rate before going ahead with it

DaveChapelle:


The rate might be higher than 3.3%....its just a venus flytrap to get you hooked on the nectar! Are you sure you can repay the loan too....from experience, thats how i started living hand to mouth oh!!! from, shebi its only £10.6k!....Beware....do your maths over and over again.....4yrs is not beans

Lol...
I've taken note.

Can you tell me more about your experience after getting it and how you applied for yours?
In as much as I appreciate your worry with regards mounting debt, I believe I should be able to manage it without untoward effects. If I get burnt in the process, then I would have learnt from it.

Lexusgs430:



Any application for credit, would deposit an imprint on your record........

Apply and feed us back................

In that case, I may take sometime before applying. May give it 6 months and see

Ori to ba ma jeko, ko de America, a jeko yen.
Truly, lessons are meant to be learnt.

jedisco:
In as much as I appreciate your worry with regards mounting debt, I believe I should be able to manage it without untoward effects. If I get burnt in the process, then I would have learnt from it.

jedisco:


In that case, I may take sometime before applying. May give it 6 months and see

So how would that Nigerian venture sustain itself?....

cuteguy201:
Ori to ba ma jeko, ko de America, a jeko yen.
Truly, lessons are meant to be learnt.

The head wey go chop nail, go still chop that nail...... Regardless......

It seems someone has taken my issue on his head to now start throwing flimsy accusations.

To clear the air,

I was simply asking for clarifications on HSBC personal loans and ILR, advertised rates and how to get it. I was hoping to learn from people's experiences who have applied before and not an obtuse standpoint. In as much as I appreciate the extra financial tutoring, I'd ask people stick to the addressing the issue at hand.

In the past I've got loans at much higher rates, broke even and grateful I took the opportunity. Again I am a product of my decisions. As far as it's not illegal, let me worry about the aftermath of my decisions

Lexusgs430:


So how would that Nigerian venture sustain itself?....

The main issue is that I doubt youre really helping or just perhaps here to mock.

Also, I didn't come here to place bets on whether it would be given or not. If you think it wouldn't be given at a good rate or now is the wrong time to apply, state that clearly and move on.

You should understand that not everyone would think the way you do. The world is a diverse entity with different perceptions to it.

And now to answer your question, I never stated the exact time I need the money. I only said I had planned to apply after 3 months of arrival. Moreso, I should have been able to raise more than that sum before then. If I get the money it's strictly for purposes of scale and not because I would not be able to do what I had intended to without it.

jedisco:


The main issue is that I doubt youre really helping or just perhaps here to mock.

Also, I didn't come here to place bets on whether it would be given or not. If you think it wouldn't be given at a good rate or now is the wrong time to apply, state that clearly and move on.

You should understand that not everyone would think the way you do. The world is a diverse entity with different perceptions to it.

And now to answer your question, I never stated the exact time I need the money. I only said I had planned to apply after 3 months of arrival. Moreso, I should have been able to raise more than that sum before then. If I get the money it's strictly for purposes of scale and not because I would not be able to do what I had intended to without it.

My position is to learn..........

jedisco:


The main issue is that I doubt youre really helping or just perhaps here to mock.

Also, I didn't come here to place bets on whether it would be given or not. If you think it wouldn't be given at a good rate or now is the wrong time to apply, state that clearly and move on.

You should understand that not everyone would think the way you do. The world is a diverse entity with different perceptions to it.

And now to answer your question, I never stated the exact time I need the money. I only said I had planned to apply after 3 months of arrival. Moreso, I should have been able to raise more than that sum before then. If I get the money it's strictly for purposes of scale and not because I would not be able to do what I had intended to without it.

1. I am not you
2. If I were you.
3. I would get the loan from a Nigerian Bank in (NGN).
3. The £££££ I would be making in the UK, I will be transferring it, to NGN and use it to offset the loan.
4. I would agree that it is ridiculous and absolutely unwise to get a £ Loan, and send to Nigeria, then be paying in ££ (even at 3% interest) - which is NOT possible.

RalphJean:


1. I am not you
2. If I were you.
3. I would get the loan from a Nigerian Bank in (NGN).
3. The £££££ I would be making in the UK, I will be transferring it, to NGN and use it to offset the loan.
4. I would agree that it is ridiculous and absolutely unwise to get a £ Loan, and send to Nigeria, then be paying in ££ (even at 3% interest) - which is NOT possible.

The APR on 9ja loans varies between 45 - 55%......... Nah pesin wey carry the water, go tire ..............

Lexusgs430:


The APR on 9ja loans varies between 45 - 55%......... Nah pesin wey carry the water, go tire ..............

If it were easy to simply get a ££££ Loan, at 3%. Then transfer it to Naija where APR is 45-55%
I would not be doing what I’m doing in the UK.
I would have started a fucking mini-MicroFinance Bank back home. Getting a 3% ££ Loan and giving a 25% APR Loan in NGN.

By now, I for don get 30,000,000,000 naira for my akkant.

RalphJean:


If it were easy to simply get a ££££ Loan, at 3%. Then transfer it to Naija where APR is 45-55%
I would not be doing what I’m doing in the UK.
I would have started a fucking mini-MicroFinance Bank back home. Getting a 3% ££ Loan and giving a 25% APR Loan in NGN.

By now, I for don get 30,000,000,000 naira for my akkant.

Till those you micro finance default, then you enter one chance ................

Alot of Nigerians get into financial trouble with the false sense of security CC and loans give...especially with pressure coming from Naija due to the new jand status...

Let's all just thread carefully make village people nor use us shine o...

Let's just keep giving each other good advice with love

EngrSaks:
Alot of Nigerians get into financial trouble with the false sense of security CC and loans give...especially with pressure coming from Naija due to the new jand status...

Let's all just thread careful make village people nor use us shine o...

Let's just keep giving each other good advice with love

Yeap that why many people in naija still think there is a money tree abroad that you can just pluck and dash ........... A lot back home are oblivious to how hard you work for even 1 pound, exteremly hard self (especially those who have not travelled out). .

However many of us Nigerians , are still gulity of bending back and go over just to please people back home. Especially within the few years when you first arrive

jedisco:
It seems someone has taken my issue on his head to now start throwing flimsy accusations.

To clear the air,

I was simply asking for clarifications on HSBC personal loans and ILR, advertised rates and how to get it. I was hoping to learn from people's experiences who have applied before and not an obtuse standpoint. In as much as I appreciate the extra financial tutoring, I'd ask people stick to the addressing the issue at hand.

In the past I've got loans at much higher rates, broke even and grateful I took the opportunity. Again I am a product of my decisions. As far as it's not illegal, let me worry about the aftermath of my decisions

You dont need to take it personal, no one was mocking you or making unwarranted accusations. They have simply giving you their advise based on personal opinion and the onus of making the decision lies on you.

That said, they have just giving their advise based on experience so far in the UK and while you may think you have the full grasp of it, trust me the financial system is design in such a way that some key information may still eludes you and thus the purpose of the thread to gain first hand experience from all who has passed through the "JJC" phase.

I can see you are a business man who is not a novice when it comes to taking financial risks with the purpose of high yield returns, but you have to be careful in taking loans and CC facilities. They all do look attractive and easy, but by the time you settle in and start paying a lot of necessary Bill's, direct debits quickly adds up.

You may think 3 or 4 years loan with little monthly repayment is small but the higher your income the higher your expenses. You will soon be thinking of getting a mortgage, car(s) etc on finance and boom your outstanding credit greatly outweighs your income both home and abroad.

My advise is wait for at least 1year to get a solid credit rating and then determine if that Nigeria business can sustain paying back the loan itself over the required number of years.

Lastly, I dont believe you need to make mistakes to learn a lesson when you can learn from others. A wise man takes all the notes and experiences he can absorb to make better informed decision.

All the best and do update us on your life in the UK as it goes.