Please Guys I was approach by the staffs of the Bank to collect , in Owerri . they came to my shop..
although I have heard about them once .

I'm so scared about Loans especially from the experience one of my guy had with Lapo Bank..

although I need more money for my biz but unnecessary pressure ..

Any advice ?

benhope222:
Please Guys I was approach by the staffs of the Bank to collect , in Owerri . they came to my shop..
although I have heard about them once .

I'm so scared about Loans especially from the experience one of my guy had with Lapo Bank..

although I need more money for my biz but unnecessary pressure ..

Any advice ?

These are the questions you need to ask yourself

1) Does your business need the loan?

2) Will you business benefit if you take this loan?

3) Can the profit and cashflow from your business support repayment of the loan (Including the interest and principal)?

4) Are you disciplined enough and stick to the repayment plan for the loan?

If you can answer "Yes" to the 4 questions above then you may consider taking the bank loan but if not then you're better off without it.

Make sure you fully understand how the interest will be charged by the bank. If it's a micro finance bank then the interest will likely be between 6% to 13% flat per month. What this means is that every month they will charge you a flat interest until the loan is repaid.

If it's a commercial bank, the interest will usually be between the range of 25% and 35% per annum; what this means is that the interest rate will be multiplied by the principal amount then divided by 12 to arrive at the amount of interest you will be charged.

There is nothing bad in taking a loan from a bank but you must be sure you will invest it in a project or business which will generate enough ROI to repay that loan in full.

Do not take a bank loan because you want to buy a bigger car and impress your friends!

Do not take a bank loan because you want to rent a bigger apartment and impress your friends!

Do not take a bank loan because you want to start a new business!

Good luck

NairalandAngel:


These are the questions you need to ask yourself

1) Does your business need the loan?

2) Will you business benefit if you take this loan?

3) Can the profit and cashflow from your business support repayment of the loan (Including the interest and principal)?

4) Are you disciplined enough and stick to the repayment plan for the loan?

If you can answer "Yes" to the 4 questions above then you may consider taking the bank loan but if not then you're better off without it.

Make sure you fully understand how the interest will be charged by the bank. If it's a micro finance bank then the interest will likely be between 6% to 13% flat per month. What this means is that every month they will charge you a flat interest until the loan is repaid.

If it's a commercial bank, the interest will usually be between the range of 25% and 35% per annum; what this means is that the interest rate will be multiplied by the principal amount then divided by 12 to arrive at the amount of interest you will be charged.

There is nothing bad in taking a loan from a bank but you must be sure you will invest in in a project or business which will generate enough ROI to repay that loan in full.

Do not take a bank loan because you want to buy a bigger car and impress your friends!

Do not take a bank loan because you want to rent a bigger apartment and impress your friends!

Do not take a bank loan because you want to start a new business!

Good luck

Thanks bro I appreciate

benhope222:
Please Guys I was approach by the staffs of the Bank to collect , in Owerri . they came to my shop..
although I have heard about them once .

I'm so scared about Loans especially from the experience one of my guy had with Lapo Bank..

although I need more money for my biz but unnecessary pressure ..

Any advice ?

What was ur friend’s experience with LAPO? Do you mind to share with us

Check their terms and conditions b4 requesting 4 d loan


As per your friend experience with LAPO which perhaps could be as a result of default (late payment) because LAPO has help two of my neighbours

TobsAutos:

What was ur friend’s experience with LAPO? Do you mind to share with us

He couldn't not meet up to pay , they have to start threatening him. he ran away since 2014 I lost contact with him , don't know his way about .