Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,820 members, 7,956,090 topics. Date: Monday, 23 September 2024 at 01:31 AM |
Nairaland Forum / Nairaland / General / Business / Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? (707 Views)
Airtel's Staff Steals N2.2m With Subscriber's Phone Number / Airtel's Staff Steals N2.2m With Subscriber's Phone Number / Looking For A Commercial Loan Of 2M Payable Over 24months (2) (3) (4)
Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by Jetland(m): 7:00pm On Aug 18, 2019 |
I want to get a loan of 2m wih 20% interest from my cousin, but I want to know if the interest rate is not too high. And if it's too high, what rate is reasonable? I just want to use the loan for my business. Your advice will be highly appreciated. Thanks in advance. |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by Odinacious: 9:55pm On Aug 18, 2019 |
Too high |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by Tomide007: 10:46pm On Aug 18, 2019 |
Its good, don't let people deceive you, banks will charge u more. if it is for a business with good returns go for it ....you can get a big lower than that , but it is rare in naija. |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by stenlydxlite(m): 11:30pm On Aug 18, 2019 |
Very good.... Pls which company is giving out such rate. Help my life i need loan(beta loan) |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by Jetland(m): 7:51am On Aug 19, 2019 |
Thanks guys for your impute |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by bluntjudge: 8:02am On Aug 19, 2019 |
What is the duration of the loan? |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by pocohantas(f): 9:16am On Aug 19, 2019 |
What is the loan's tenor? What is the repayment plan? Are you paying back principal + interest at the end of the stipulated period? While banks charge higher, I think soft loans should be easier on the individual involved. 20% is on the high side for me. Except you are using it as working capital for a very established high-returns business. 2 Likes |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by agarawu23(m): 10:59am On Aug 19, 2019 |
Jetland:whats the duration and payment plan? |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by Jetland(m): 4:35pm On Aug 19, 2019 |
pocohantas:Thanks for your contribution. About repayment plan; the duration is either 6 or 12months (He asked me choose between 6 and 12months). And I will pay both the capital and the interest at the end of the agreed period. But I later talked to him this morning to slash the rate to 18% 'cause it's too high, and he agreed. Do you think it's advisable for me to take it at the 18% interest rate with the above repayment plan? |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by Jetland(m): 4:35pm On Aug 19, 2019 |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by agarawu23(m): 4:39pm On Aug 19, 2019 |
Jetland:grab that loan, he is doing you a favor. 1 Like |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by Jetland(m): 5:01pm On Aug 19, 2019 |
agarawu23:You mean am? |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by pocohantas(f): 5:36pm On Aug 19, 2019 |
Jetland: 18%/p.a is an excellent rate and the arrangement is fine too. N180000 if tenor is 6mths N360000 if it is 12mths That is very advisable to take. Just ensure you have a personal repayment plan/target. That way you are not under pressure upon expiration of the loan. |
Re: Is A Laon Of 2m With 20% Simple Interest Rate Reasonable? by NairalandAngel(m): 6:36pm On Aug 19, 2019 |
Jetland: I think the rate is very good... Go ahead and take it but be sure to have a good repayment plan. I hope it's not for the purpose of investing in a new business otherwise you would put yourself under a lot of pressure |
(1) (Reply)
Need A Loan With A Landed Collateral / Buy And Resell These Kids Character Slippers, Very Unique And Affordable / LONGRICH To Invest Additional $100M In LFTZ
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 17 |