Mod and seun,

Please I don't want this thread on the front page for privacy reasons. Please kindly respect this act before any further decision is taking without my notice.


Here is the story. I rented a shop I am still nurturing. I haven't made money in the said shop compaire to money I keep spending for maintainance. Only hoping one day everything will get better if not I will have to pack out.

Now my landlord called me to discuss some important issue which I obliged.

He told me he is trying to get a loan from Lapo Microfinance Firm. And they required two guarantor with operating business like shop which they will come to visit and make confirmation which the guarantor will agree and confirm to have sign the document.

He said he already told them that he has land and document for Collateral. Which they refuse as they only want a business premises. He said he doesn't want people to know that he want to collect the loan and the loan is for business purposes. Because of the talk and the news will spread that he is collecting loan. He said because I am calm and matures that why he is telling me. Those kind thing and I should help him I have nothing to fear or worry.

He said he will be servicing the loan every week for 6 months and he was sure of paying as it's just half a million. He was so confident of paying it. Of which I know he cannot run away because of half a million.

But I don't just understand the implications of such loan. What if he failed to service the loan will th loan firm come for me? I was just thinking it will be only if he run away that when they will come for me because I don't understand this Microfinance loan.

I need advice as I need to see in less that 24 hours time

Being a guarantor in Nigeria is as risky as testing a river with both legs.

No one borrows with the intention not to pay back. The issue is that most people who borrow money has no substantial plan for sustainable means of repayment. So ask yourself one simple question. Are you able and willing to pay that same amount and accrued interest to LAPO if your landlord defaults or worst absconds? If you won't then kindly decline. Forget sentiment this is business.

MrSly:
No one borrows with the intention not to pay back. The issue is that most people who borrow money has no substantial plan for sustainable means of repayment. So ask yourself one simple question. Are you able and willing to pay that same amount and accrued interest to LAPO if your landlord defaults or worst absconds? If you won't then kindly decline. Forget sentiment this is business.

the problem is I don't just know how to tell him I can't do it we as it looks somehow. I only ask for 24 hours time to get back to him. If his plan is if I can pay for him then I will diduct it from future rent that will not work. Because even the shop I am already tired but only hoping thing might get better my mind is still on moving out anytime soon. Even if I have the money I cannot lock it for rent that there is no head way yet. I am tired and have not been myself since he told me this. That money is 3 years rent and I am not owning him in the next 9 months.

BigFrog:
Mod and seun,

Please I don't want this thread on the front page for privacy reasons. Please kindly respect this act before any further decision is taking without my notice.


Here is the story. I rented a shop I am still nurturing. I haven't made money in the said shop compaire to money I keep spending for maintainance. Only hoping one day everything will get better if not I will have to pack out.

Now my landlord called me to discuss some important issue which I obliged.

He told me he is trying to get a loan from Lapo Microfinance Firm. And they required two guarantor with operating business like shop which they will come to visit and make confirmation which the guarantor will agree and confirm to have sign the document.

He said he already told them that he has land and document for Collateral. Which they refuse as they only want a business premises. He said he doesn't want people to know that he want to collect the loan and the loan is for business purposes. Because of the talk and the news will spread that he is collecting loan. He said because I am calm and matures that why he is telling me. Those kind thing and I should help him I have nothing to fear or worry.

He said he will be servicing the loan every week for 6 months and he was sure of paying as it's just half a million. He was so confident of paying it. Of which I know he cannot run away because of half a million.

But I don't just understand the implications of such loan. What if he failed to service the loan will th loan firm come for me? I was just thinking it will be only if he run away that when they will come for me because I don't understand this Microfinance loan.

I need advice as I need to see in less that 24 hours time

For what ever you are about to involve your self to. Try and make sure in the agreement, the end exonerate you incase of peradventures.

BigFrog:

He said he already told them that he has land and document for Collateral. Which they refuse as they only want a business premises. He said he doesn't want people to know that he want to collect the loan and the loan is for business purposes. Because of the talk and the news will spread that he is collecting loan. He said because I am calm and matures that why he is telling me. Those kind thing and I should help him I have nothing to fear or worry.

Red flag #1

He avoided other people because they probably know his story.

When Nigerians use that line, what they're trying to say is that you're the non-problematic mu.mu that will take their excuses and excesses when they fail.

He said he will be servicing the loan every week for 6 months and he was sure of paying as it's just half a million. He was so confident of paying it . Of which I know he cannot run away because of half a million.

I've never seen a chronic debtor without confidence though.

They're always confident of paying back but prefer to meet unproblematic people that will give them zero worries when they disappoint. Where is the confidence when they can't approach a soldier for loan?

But I don't just understand the implications of such loan. What if he failed to service the loan will th loan firm come for me? I was just thinking it will be only if he run away that when they will come for me because I don't understand this Microfinance loan.

I need advice as I need to see in less that 24 hours time

The implication is that when he fails to pay up, LAPO will come to your shop for two things: Produce the debtor or the loan.

At the end of the day, your landlord will plead with you to assist him in servicing the loan with your subsequent rent. This wouldn't be a problem until someone comes to introduce himself as the new landlord [I had a first-hand experience].

Soko loan and five others joined the group.

Soko loan dey look your landlord like....

Acidosis:


Red flag #1

He avoided other people because they probably know his story.

When Nigerians use that line, what they're trying to say is that you're the non-problematic mu.mu that will take their excuses and excesses when they fail.



I've never seen a chronic debtor without confidence though.

They're always confident of paying back but prefer to meet unproblematic people that will give them zero worries when they disappoint. Where is the confidence when they can't approach a soldier for loan?



The implication is that when he fails to pay up, LAPO will come to your shop for two things: Produce the debtor or the loan.

At the end of the day, your landlord will plead with you to assist him in servicing the loan with your subsequent rent. This wouldn't be a problem until someone comes to introduce himself as the new landlord [I had a first-hand experience].

.

BigFrog:
Mod and seun,

Please I don't want this thread on the front page for privacy reasons. Please kindly respect this act before any further decision is taking without my notice.


Here is the story. I rented a shop I am still nurturing. I haven't made money in the said shop compaire to money I keep spending for maintainance. Only hoping one day everything will get better if not I will have to pack out.

Now my landlord called me to discuss some important issue which I obliged.

He told me he is trying to get a loan from Lapo Microfinance Firm. And they required two guarantor with operating business like shop which they will come to visit and make confirmation which the guarantor will agree and confirm to have sign the document.

He said he already told them that he has land and document for Collateral. Which they refuse as they only want a business premises. He said he doesn't want people to know that he want to collect the loan and the loan is for business purposes. Because of the talk and the news will spread that he is collecting loan. He said because I am calm and matures that why he is telling me. Those kind thing and I should help him I have nothing to fear or worry.

He said he will be servicing the loan every week for 6 months and he was sure of paying as it's just half a million. He was so confident of paying it. Of which I know he cannot run away because of half a million.

But I don't just understand the implications of such loan. What if he failed to service the loan will th loan firm come for me? I was just thinking it will be only if he run away that when they will come for me because I don't understand this Microfinance loan.

I need advice as I need to see in less that 24 hours time

Dear Op, please, on no account should u stand as guarantor or surety for anyone, especially when money is involve, even for normal oaths form, if the person isn't ur family which u could vouch for, never fill in that guarantorship post.

Let him (ur landlord) go look for his family members to stand for him. Many borrow with true intention of paying back, leaving out the fact that, they aren't in control of all variables involve, circumstances beyond their control may arise, hence, causing them to default.

When people need ur help over a situation, they act the #puppy way, looking all calm and pitiable, but after such help must have been rendered, they become a #tiger u wouldn't be able to face. Biko, don't dare take panado over someone else's headache.

@OP It's risky o.. if he fails to pay up or keep to the loan agreements, they can actually hold you the guarantor to pay up the debt.
This is tricky tho., you could have turned down his request politely or ask him to try someone else as your mind won't let you take such risk, not with the horrible stories flying around about those loan companies.

he should borrow from Lcredit,branch,sokoloan etc who do not need guarantors.

I have helped someone secure a loan and it fell back on me.

Say no

There are some basic things I expect people to understand, when they dont, it shocks me

Guarantor is guaranteeing the bank that the money will be paid back,if not paid, he/she will be responsible.

.

.

Alaye OP, in anything you are doing in life especially if you are managing your life and not financially capable of feeding yourself and meeting other needs for one year without working just put yourself first above any other thing or persons no matter what. Look at the uncertainties you highlighted about yourself, just tell him NO.

It's good to help people but in cases like this that help could bite you hard. Highest he will do is to give you quit notice and start preparing for it now.

Yahoo yahoo landlord. @

BigFrog:
Mod and seun,

Please I don't want this thread on the front page for privacy reasons. Please kindly respect this act before any further decision is taking without my notice.


Here is the story. I rented a shop I am still nurturing. I haven't made money in the said shop compaire to money I keep spending for maintainance. Only hoping one day everything will get better if not I will have to pack out.

Now my landlord called me to discuss some important issue which I obliged.

He told me he is trying to get a loan from Lapo Microfinance Firm. And they required two guarantor with operating business like shop which they will come to visit and make confirmation which the guarantor will agree and confirm to have sign the document.

He said he already told them that he has land and document for Collateral. Which they refuse as they only want a business premises. He said he doesn't want people to know that he want to collect the loan and the loan is for business purposes. Because of the talk and the news will spread that he is collecting loan. He said because I am calm and matures that why he is telling me. Those kind thing and I should help him I have nothing to fear or worry.

He said he will be servicing the loan every week for 6 months and he was sure of paying as it's just half a million. He was so confident of paying it. Of which I know he cannot run away because of half a million.

But I don't just understand the implications of such loan. What if he failed to service the loan will th loan firm come for me? I was just thinking it will be only if he run away that when they will come for me because I don't understand this Microfinance loan.

I need advice as I need to see in less that 24 hours time

Your landlord came to meet you because you are a too gentle and he knows you will agree to it.
I hope you know the implication of standing as a guarantor for a loan. If the person refuses to pay back, you will be held responsible for it.
If you agree to do it, just brace yourself up to start paying the loan because I am 100% sure your landlord will default.

Klass99:


Lol, I enjoyed reading this.

Abeg finish the gist about your first hand experience with your landlords.

@ Bigfrog, if I were you I will listen to this.

BigFrog:
the problem is I don't just know how to tell him I can't do it we as it looks somehow. I only ask for 24 hours time to get back to him. If his plan is if I can pay for him then I will diduct it from future rent that will not work. Because even the shop I am already tired but only hoping thing might get better my mind is still on moving out anytime soon. Even if I have the money I cannot lock it for rent that there is no head way yet. I am tired and have not been myself since he told me this. That money is 3 years rent and I am not owning him in the next 9 months.

Cook up some experiences you have had for standing in for others in instances like this and also add that you are currently a guarantor for two other people for which you are already praying they should not default and hence can't be able to add any of such to it to avoid neural breakdown.

Better still, tell him you yourself is on the verge of defaulting in the loan you took from a bank and hence can't add the burden of being a guarantor for another person on another loan matter.

Op, if you choose to assist, to be extremely safe, collect the original documents of the landed property we wanted to offer the bank.
Is for your safety

@Op, you know what you are looking for.




Are you ready to pay when he doesn't?





My siggy sha

the tone and voice people use to borrow money is not the same when it is time for them to repay.

be careful

It is not a crime to stand for someone as surety, but make sure one or two of his children are also around aware before you sign

OP @ BigFrog you and your landlord have a business relationship, you don't know each other, so if he wants you to be his guarantor for a loan, write a separate agreement with him with is ORIGINAL property document as collateral (of course he won't agree to this). Since Lapo doesn't accept a property as collateral, maybe you can accept it instead (You're doing him a favour), in exchange for using your business as collateral. Tell him very politely.

BigFrog:
Mod and seun,

Please I don't want this thread on the front page for privacy reasons. Please kindly respect this act before any further decision is taking without my notice.


Here is the story. I rented a shop I am still nurturing. I haven't made money in the said shop compaire to money I keep spending for maintainance. Only hoping one day everything will get better if not I will have to pack out.

Now my landlord called me to discuss some important issue which I obliged.

He told me he is trying to get a loan from Lapo Microfinance Firm. And they required two guarantor with operating business like shop which they will come to visit and make confirmation which the guarantor will agree and confirm to have sign the document.

He said he already told them that he has land and document for Collateral. Which they refuse as they only want a business premises. He said he doesn't want people to know that he want to collect the loan and the loan is for business purposes. Because of the talk and the news will spread that he is collecting loan. He said because I am calm and matures that why he is telling me. Those kind thing and I should help him I have nothing to fear or worry.

He said he will be servicing the loan every week for 6 months and he was sure of paying as it's just half a million. He was so confident of paying it. Of which I know he cannot run away because of half a million.

But I don't just understand the implications of such loan. What if he failed to service the loan will th loan firm come for me? I was just thinking it will be only if he run away that when they will come for me because I don't understand this Microfinance loan.

I need advice as I need to see in less that 24 hours time

How long have you known him and how reliable is he? There clauses in lapo agreement that states that you the guarantor will pay the money if the borrower default in payment and those people day disturb sha, reason am well sha but for me its a no no.

Thanks for all your advices, I consulted my friend. And he told me the only thing I can do for him is to tell him to find someone that will use his name and document to sign and stand for him. But he is free to use the shop. I will allow them to use the shop but not my documents and name will be in it.

I saw him today and told him exactly that. Let him find someone to stand for him and let them person pretend to have the shop.

BigFrog:
Thanks for all your advices, I consulted my friend. And he told me the only thing I can do for him is to tell him to find someone that will use his name and document to sign and stand for him. But he is free to use the shop. I will allow them to use the shop but not my documents and name will be in it.

I saw him today and told him exactly that. Let him find someone to stand for him and let them person pretend to have the shop.

Hmmn

Acidosis:


Hmmn

yes oh. He just said ok he will get back to me.

I advise you from my heart, DON'T!

BigFrog:
Thanks for all your advices, I consulted my friend. And he told me the only thing I can do for him is to tell him to find someone that will use his name and document to sign and stand for him. But he is free to use the shop. I will allow them to use the shop but not my documents and name will be in it.

I saw him today and told him exactly that. Let him find someone to stand for him and let them person pretend to have the shop.

That's still fair. Even if he defaulted and they (Lapo) choose 2 storm ur shop, they would have no case with u, but the one who choose 2 stand as surety for ur landlord.