Please, somebody should help me to convert my device finance loan from Access Bank to real (Physical) money. I am entitled to 371k device finance loan from Access Bank which I would not like to use to buy phone, is too much. Hence, I want the money to be use for another purpose. Access bank is not ready to give me cash rather a device such as phone should be pick.

Please and please I need help. The money is needed and not the device pls..

I don't mind forfeiting the 20k on top.

A device finance loan can only be used to finance a device na? If you want personal loan, then apply for that one. Or if you get the device they finance, you can sell it and get cash, but I don't think or know if whether you can sell it since there would be a lien on such an item and most likely ownership docs will be with the bank. Anyways, wait for the bankers here to answer your question. I'm just passing by. Viewers check my signature

Openbusiness3:
A device finance loan can only be used to finance a device na? If you want personal loan, then apply for that one. Or if you get the device they finance, you can sell it and get cash, but I don't think or know if whether you can sell it since there would be a lien on such an item and most likely ownership docs will be with the bank. Anyways, wait for the bankers here to answer your question. I'm just passing by. Viewers check my signature

Great response.

Thanks for your advice. Personal loan is just too small. How do I get somebody to buy a phone of 370k now is my concern. I am after the money and not the device.

Strike a deal with the vendor. He will most likely discount the value of the device and give you cash equivalent.

okoroko:
Thanks for your advice. Personal loan is just too small. How do I get somebody to buy a phone of 370k now is my concern. I am after the money and not the device.

you still don't catch my point. There are expensive phones na. Like say iPhone 11 pro max, if maybe you get it on device loan, you can easily re-sell it to get cash to do whatever you want tto do. BUT the thing is the bank giving you the device loan are the ones paying for it, so they will put a LIEN on it when they buy it for you. That is to say, in the receipt of ownership documents for the phone, it will be the bank's name that is there, not your own. Until you pay the loan finish, before they transfer ownership to you. By law, you are not supposed to sell a device with lien on it. That is ILLEGAL and a criminal offense, I think. So this your idea can't work. But let the banking experts here advice you better because me I'm not a banker. Na trader I be

ATTAHDYE:
Strike a deal with the vendor. He will most likely discount the value of the device and give you cash equivalent.

the vendor is a bank. And I know banks are too strict with policy. Can a bank do this thing you said true true?

ATTAHDYE:
Strike a deal with the vendor. He will most likely discount the value of the device and give you cash equivalent.

.Thanks noted

Openbusiness3:
you still don't catch my point. There are expensive phones na. Like say iPhone 11 pro max, if maybe you get it on device loan, you can easily re-sell it to get cash to do whatever you want tto do. BUT the thing is the bank giving you the device loan are the ones paying for it, so they will put a LIEN on it when they buy it for you. That is to say, in the receipt of ownership documents for the phone, it will be the bank's name that is there, not your own. Until you pay the loan finish, before they transfer ownership to you. By law, you are not supposed to sell a device with lien on it. That is ILLEGAL and a criminal offense, I think. So this your idea can't work. But let the banking experts here advice you better because me I'm not a banker. Na trader I be

.. Thanks for your input. But I doubt if they will be any LIEN on it since my salary is domiciled with the bank and it is going to be deducted directly for the period under the loan. Let me see if I can explores more ways to convert this money..I need the money badly

okoroko:
.. Thanks for your input. But I doubt if they will be any LIEN on it since my salary is domiciled with the bank and it is going to be deducted directly for the period under the loan. Let me see if I can explores more ways to convert this money..I need the money badly

ok, I get your point very clear now. Na bank workers will know how to advise you better

Putting LIEN on it is a lay man language. We called it LOCK i.e your phone will be locked if you fail to repay back the loan and you will make some down payment before you pick up your phone or an items therefore, you cannot transfer the ownership of the phone to another even I don't think you can remove the SIM you used to apply for this.Its better you reject the offer than going for what can cause future damage. Apply for another loan product .
Do you know that giving you credit limit of 300+ is not a must you use all, you can purchase an items of 50k. Your repayment will only base on how much you spend and the interest.Never be chased away with huge credit limit approved for you. Remember, it's easy to spend or get loan but repayment might not be so easy or let me say it's difficult.

When banks package this type of facilities, they are just trying to help one of their customers (the vendor) sell devices and make income out of it. They will direct you to the vendor to select the device, after choosing the bank will pay for it in full. Some vendor will deal, discount the value, give you cash and make extra money

Openbusiness3:
the vendor is a bank. And I know banks are too strict with policy. Can a bank do this thing you said true true?

ATTAHDYE:
When banks package this type of facilities, they are just trying to help one of their customers (the vendor) sell devices and make income out of it. They will direct you to the vendor to select the device, after choosing the bank will pay for it in full. Some vendor will deal, discount the value, give you cash and make extra money

thanks for the info. I understand better now. Never done it before