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Re: Answer These Questions Before You Take A Loan by ibechris(m): 11:11am On Sep 12, 2019
Izabel:
Loan i wont be able to pay back, better to be broke than in debt



Normally,Nigerians are not good at repaying loans...and for the guy that says 90% bankers don't take loans.

I think I disagree with u on that,because many bankers if not 90% in Nigeria live practically on loans and that is why if they are sacked,they usually go home with nothing.
Like in some banks,many staff are forced to take loans,especially car loans which can last for 5-10 years depending on ur salary. And same thing happens when they are offering IPO on shares to their staff before they go public.

The bottom line is,ensure u pay ur loan promptly as at when due and do so knowing fully that loan can help ur business tremendously. With the mindset of a Nigerian,u can never be honest with loans.

For example,I have 4 loans running on my head and monthly I make prompt payment without delay....and because of that,my bankers are always calling me to come and liquidate to get a new one especially on those ones I have few months to redeem.

Let us all change our mindset about loans.

14 Likes 1 Share

Re: Answer These Questions Before You Take A Loan by drstan(m): 11:16am On Sep 12, 2019
soko loan is the worst their interest is crazy. the best out there is branch.
Re: Answer These Questions Before You Take A Loan by NnamdiN: 11:16am On Sep 12, 2019
Lending is business and the aim of every business is to make profit. cheesy

Most Jumia vendors are slaving themselves for jumia, they take loans from jumia, pay them commissions on sales, jumia still charges them arbitrarily and the end of the day nothing to show for the loan.

1 Like

Re: Answer These Questions Before You Take A Loan by centboy123456(m): 11:19am On Sep 12, 2019
Jaysleeves:
Guys I strongly advise against going for a loan aside Business and health grounds....Wetin renmoney take my eye see.. mouth nor fit talk am. A word is enough for the wise.


bro tell us waiting they do u
Re: Answer These Questions Before You Take A Loan by writeprof(m): 11:20am On Sep 12, 2019
Jaysleeves:
Guys I strongly advise against going for a loan aside Business and health grounds....Wetin renmoney take my eye see.. mouth nor fit talk am. A word is enough for the wise.

Abeg tell us d story! it will make your advice stick more.
Re: Answer These Questions Before You Take A Loan by mayyorr01(m): 11:20am On Sep 12, 2019
Okfiscal:
I think Interest is not the only thing you pay for loans. There are other hidden costs. In fact your effort to submit the paperwork and get approval, It’s more sweat and money than you actually count. So before you apply for personal loan online , ask yourself some questions. Spend some time to debate each one of them.
Quickly let’s dive into questions should ask and answer before taking personal loan

1.How much should I borrow?
There is always a maximum amount restriction on personal loan. It’s the amount you can borrow as a personal loan. It depends on your financial standing. Arrive at a concrete figure of loan you need is very important. Your chance of getting the loan approved is dependent on it. Start with how much money you want. Don’t be tempted to have extra cash in hand just because it’s available. Say you want to change the living room furniture with your personal loan, research on what you want to buy, the cost of it and nothing more. Note when you borrow 50 thousand, you return more, remember that. So its worthwhile to be very calculating while arriving at the figure.

2.What do I need the loan for?
People often take personal loan online because it is easily available without definition of what they want to use the loan for, forgetting its a loan and you ‘ve to pay back with interest. I think personal loan normally taken to finance an emergency, such as to pay off debt or for home improvements. The lender asks for a reason. However, the decision on your application to some extent are not dependent on it. Still, be clear as to why you need the loan? Arriving at the reason would help you debate on whether you truly need it or not. Remember It’s a loan, and you have to pay more money than you’ve borrowed. Be clear with its objective.

3.what is the extra costs attached to it?
Think beyond interest rate. Interest rate is the main price you pay when you take a loan. But there are other costs attached to the loan. There are processing fees, administrative fees, penalty on early repayment of the loan etc. Understand the total cost of the loan before arriving at a decision to borrow. Plus, there is always the opportunity cost. What would you have done in that extra money you are paying as interest? Is your loan worth all of it? Think.

4.How much can I afford to repay?
The tenure of repayment for a personal loan is less than that for some other type of loans and the equated monthly installments are higher. Calculate your monthly expenses, subtract them from your monthly income – this residual is the maximum amount of money you can afford to repay as the loan installment. Remember to factor in emergencies or seasonal expenses that you may have to take care of. Never think of using all that residual income to pay off the EMIs. Best practice would be to keep the EMI figure between 60-70% of your residual income after expenses. Always leave room for the unexpected.

5.How long will you be paying the loan back?
The time space of repayment is a very important factor to consider. How long will you be paying the loan? Because you can’t take an additional loan until you pay this one off. Personal loan which offers zero percent interest rate often comes with a defined repayment tenure. It’s generally of lower duration than the other loans. Ask yourself how many years you will be paying this loan? Do you see any source of income which would help you to pay it off early? Generally, the longer the tenure, the greater the rate of interest, i.e., the cost. Answer all these questions to arrive at a calculated and conclusive decision.

6.What kind of personal loan do I need?
To know and understand your exact need is the first step to take a decision you won’t regret. There are many types of personal loans in Nigeria – wedding loan, holiday loan, loan for renovation, etc. Narrowing down the type of loan would help in getting the paperwork sorted. It would also help in understanding the legitimacy of your needs and the amount of loan you need to take. This may sound repetitive in nature as we have already talked about ‘what do you need the loan for’ earlier. This is different as it would help you to narrow down the bank or App which is offering the most competitive interest rate and conditions. Think from that perspective.Research Compare and Shop.

7.Where should I get the loan from?
There are numbers of banks, credit card companies or your own employer who would extend you a personal loan. Generally, the best terms of the loan are offered by your employer. Pick him over other sources. In case you are going to a credit card company, make sure to review the hidden costs. Shop around to pick a bank or App. Negotiate. Some may waive off the processing fees to get a customer. Don’t ignore the reviews online. Also, you can apply for personal loan online with play later. Download the app to know more.
More personal loan App:

•Paylater
•Renmoney
•Aella Credit
•Kwik Cash (Mines)
•Rosabon Finance Quick Loan
•Zedvance
•Page Financials
•FINT Loan

8.Are there any other alternatives than to take the loan?
I think it worthwhile to give it a second, third and fourth thought –ask yourself again and again Is the loan absolutely necessary? Think of ‘what if’ scenarios. What if you don’t take the loan – Is there any other alternative to finance? Think hard. What if there is another emergency, would you have room to finance it? Ask yourself these questions to know that it’s absolutely necessary to get a loan.
Ask all of these questions or debate them with your family before applying for a loan. It would help you to arrive at a calculated and conclusive decision. Loan is good, but whatever loan u want to take, stay OFF Renmoney Loan

SOURCE:https://okfiscal.com/8-questions-you-should-ask-and-answer-before-taking-personal-loan/


Re: Answer These Questions Before You Take A Loan by mayyorr01(m): 11:21am On Sep 12, 2019
Pls DO NOT take loan from Renmoney

4 Likes

Re: Answer These Questions Before You Take A Loan by Nobody: 11:44am On Sep 12, 2019
Jaysleeves:
Guys I strongly advise against going for a loan aside Business and health grounds....Wetin renmoney take my eye see.. mouth nor fit talk am. A word is enough for the wise.

Renmoneu way collect me 44k a week
And 66k a week for first three weeks shocked

When I liquidated the loan they were angry

2 Likes

Re: Answer These Questions Before You Take A Loan by kelechi50: 11:52am On Sep 12, 2019
drstan:
soko loan is the worst their interest is crazy. the best out there is branch.
please kindly explain why branch is the best, with an in depth explanation
Re: Answer These Questions Before You Take A Loan by hemmanuelle(m): 11:53am On Sep 12, 2019
Authority1o1:
Okay...


Obtaining loan from a bank or any loan-issuing organization is good but a risky venture.It's always as if there is a demon which controls loan in general.

It takes wisdom,restraint and proper management to utilize loan in the best way.


About the 'demon' thing,studies shows that 86.5% of people who took loan fails to repay it,thereby having their properties confiscated.

I may be wrong,but if there are other means you could generate capital,go for it and ditch any thought of loan obtaining.


lies from the pit of hell
Re: Answer These Questions Before You Take A Loan by Vabasi(m): 11:59am On Sep 12, 2019
veekid:
I stopped thinking about loan the day my account officer told me, 90% of bankers don't take bank loans.

I strongly disagree.
Re: Answer These Questions Before You Take A Loan by micflo28(m): 12:06pm On Sep 12, 2019
Please how about taking loans from my cooperative at my work place? Anything to take note of?
Re: Answer These Questions Before You Take A Loan by Debodimeji01(m): 12:07pm On Sep 12, 2019
Can Say that again... Those guys aren't nice at all... The same thing when I took a loan from them, I paid over 65% interest but they deceived me by saying it was going to be 22%.

Jaysleeves:
Guys I strongly advise against going for a loan aside Business and health grounds....Wetin renmoney take my eye see.. mouth nor fit talk am. A word is enough for the wise.

2 Likes

Re: Answer These Questions Before You Take A Loan by paito: 12:12pm On Sep 12, 2019
Sheriman:
I can't never take a loan to do business I will be running it under pressure and duress
You can never be business man

6 Likes

Re: Answer These Questions Before You Take A Loan by paito: 12:14pm On Sep 12, 2019
centboy123456:


how u tell take loan from them
Deceived urself they will withdraw it from your bvn acct
Re: Answer These Questions Before You Take A Loan by paito: 12:17pm On Sep 12, 2019
ibechris:




Normally,Nigerians are not good at repaying loans...and for the guy that says 90% bankers don't take loans.

I think I disagree with u on that,because many bankers if not 90% in Nigeria live practically on loans and that is why if they are sacked,they usually go home with nothing.
Like in some banks,many staff are forced to take loans,especially car loans which can last for 5-10 years depending on ur salary. And same thing happens when they are offering IPO on shares to their staff before they go public.

The bottom line is,ensure u pay ur loan promptly as at when due and do so knowing fully that loan can help ur business tremendously. With the mindset of a Nigerian,u can never be honest with loans.

For example,I have 4 loans running on my head and monthly I make prompt payment without delay....and because of that,my bankers are always calling me to come and liquidate to get a new one especially on those ones I have few months to redeem.

Let us all change our mindset about loans.


Thanks you very much sir

2 Likes

Re: Answer These Questions Before You Take A Loan by eagleeye2: 12:27pm On Sep 12, 2019
Authority1o1:
Okay...


Obtaining loan from a bank or any loan-issuing organization is good but a risky venture.It's always as if there is a demon which controls loan in general.

It takes wisdom,restraint and proper management to utilize loan in the best way.


About the 'demon' thing,studies shows that 86.5% of people who took loan fails to repay it,thereby having their properties confiscated.

I may be wrong,but if there are other means you could generate capital,go for it and ditch any thought of loan obtaining.
if you are a civil servant structure your loan around your salary and use your salary as a collateral

3 Likes

Re: Answer These Questions Before You Take A Loan by Jeilani244(m): 12:31pm On Sep 12, 2019
That is why I hate loan
Re: Answer These Questions Before You Take A Loan by eagleeye2: 1:34pm On Sep 12, 2019
ibechris:




Normally,Nigerians are not good at repaying loans...and for the guy that says 90% bankers don't take loans.

I think I disagree with u on that,because many bankers if not 90% in Nigeria live practically on loans and that is why if they are sacked,they usually go home with nothing.
Like in some banks,many staff are forced to take loans,especially car loans which can last for 5-10 years depending on ur salary. And same thing happens when they are offering IPO on shares to their staff before they go public.

The bottom line is,ensure u pay ur loan promptly as at when due and do so knowing fully that loan can help ur business tremendously. With the mindset of a Nigerian,u can never be honest with loans.

For example,I have 4 loans running on my head and monthly I make prompt payment without delay....and because of that,my bankers are always calling me to come and liquidate to get a new one especially on those ones I have few months to redeem.

Let us all change our mindset about loans.


God bless you my brother. Mindset is all that matters.

1 Like

Re: Answer These Questions Before You Take A Loan by adedehinbo(m): 1:39pm On Sep 12, 2019
Hello brothers! I am a regular salary earner from a reputable company that doesn't joke with staff salary,I want to seek a loan up to 500k from gtb at the end of December to add to the 500k I have saved up.
I intend to use the money to get an operational bus which would attract income daily while repaying of the loan from part of my monthly income, I Dont think there could be that much issue paying the loan back.
Seeing peoples opinion here,I am scared but would love to gain experience from you all
Re: Answer These Questions Before You Take A Loan by chidooh1: 1:42pm On Sep 12, 2019
Run away from renmoney or else you have yourself to hate

3 Likes

Re: Answer These Questions Before You Take A Loan by drstan(m): 2:01pm On Sep 12, 2019
kelechi50:
please kindly explain why branch is the best, with an in depth explanation

I am not a branch agent,I am just a customer with a good review having tried all other loan services. Their interest rate is favorable and their app is easy to use, when it comes to taking loan they have a minimum of 1month repayment depending on the loan amount and when you pay on time you have an increase loan amount but soko loan jeezzz undecided thos guys are hell of lenders, they will give you loan of 5k to pay within 5days with 1700 interest of above 1k when you increase the day to 15days your interest will be like 2kplus and if you did not pay on time due to cercumstance your loan will be increasing let say after 5days delay you will have to double your interset if your repayment day was on the fifth day. Branch doesn't increase your loan but it will affect you next time you borrow, that is lesser amount from your previous. I collected a loan from branch 18k to pay 21k after a mount while soko loan offer me loan of 14k to pay 21k for just 21days who does that, if you have high blood pressure don't try soko after 1day of delay the way they will be calling with threat ,palm credit is like soko loan just that their interest is better but their wahala and soko loan na the same. since I have been using branch I have not contacted their customer care for anything and they have not contacted me too, if I delay for like 2days only text message but soko and palm credit your phone will be ringing every 2hours.

2 Likes

Re: Answer These Questions Before You Take A Loan by Ombudsdabomb: 2:14pm On Sep 12, 2019
Authority1o1:
Okay...


Obtaining loan from a bank or any loan-issuing organization is good but a risky venture.It's always as if there is a demon which controls loan in general.

It takes wisdom,restraint and proper management to utilize loan in the best way.


About the 'demon' thing,studies shows that 86.5% of people who took loan fails to repay it,thereby having their properties confiscated.

I may be wrong,but if there are other means you could generate capital,go for it and ditch any thought of loan obtaining.
Hmmmm.... I wonder where you got this stat 86.5?, if it's like that I don't think any firm would venture into that

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