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Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK - Business (3) - Nairaland

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Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by Musty4ahmed1: 8:49am On Nov 27, 2023
fkelly:
Collecting online loan is a suicide mission, the interest rate are too high.

Imagine paying over 1/2 of the borrowed funds in less than three months.

Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by Musty4ahmed1: 8:49am On Nov 27, 2023
fkelly:
Collecting online loan is a suicide mission, the interest rate are too high.

Imagine paying over 1/2 of the borrowed funds in less than three months.

Pls which business can generate that revenue in nigeria?

. Pls which business can generate that revenue in Nigeria? That is Palmcredit they are criminals I wonder why the regulatory agencies have not lock their offices up and shot them out of the country. How on earth can a sane person pay for such exploitative interest rate?
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by Blaze14k: 8:50am On Nov 27, 2023
ihatebuhari:
it will never be well with you. A day will come you'll regret ever being born go mark my word

These guys don't care what u say.. they are just doing there job its obvious
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by lastkingsman: 8:50am On Nov 27, 2023
Gerrard59:
cc: nlfmod

Good luck to Nigerians. Please pay attention to the graphs and compare to 2010 - 2014. Then, see my signature.

Again, good luck! grin

It was growing on paper according to Mr omojuwa
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by SeriouslySense(m): 8:52am On Nov 27, 2023
thank you sir, for comparisons
ogbonti:


This time 40 years ago- 1983, November 27 - President Shehu Shagari thought he had it together until 1987 because (like Bola Tinubu) of today. he Shagari had successfully rigged the August 1983 elections to favor the ruling party NPN, (the ruling party now APC) through FEDECO (which is now INEC) with the Chairman of FEDECO being Mr. Justice Victor Ovie-Whiskey (Now Prof. Mahmoud Yakubu) --------->> When Ovie-Whiskey was asked in (1983) if he compromised the election to favor President Shagari, he said, "we did not expect to be perfect" just like Yakubu said "a glitch (imperfection in the technology) turned of IREV in (2023) ------- the Supreme court in 1983 (same as in 1993) delivered judgement to uphold the electoral heist.

Just like 1983 (2023) we had bombastic and loquacious elements in the political space like Senator Uba Ahmed (1983) claiming President Shagari will win on election day before the c o ck crow.. Festus Keyamo (2023) no one will come close to Asiwaju as he is the only one in the race and the others are mere spectators. NPN Party Chairman Chief Augustine Meredith (AMA) Adisa Akinloye - (1983) saying Shagari's re-election is a done deal and that other contestant should prepare their concession speech one week to the election, Same with (2023) APC National Chairman, Senator Abdullahi Adamu, telling the other parties "if you are not happy with the result, go to court"

While Nigerian population has grown from 123 million in 1983 to 220 million in 2023 (almost doubled in 40 years) - it is interesting to note that President Shagari secured 12 million + votes to be re-elected President in 1983 despite contenting against formidable 4 candidates like Obafemi Awolowo (UPN) - Nnamdi Azikiwe (NPP) Waziri Ibrahim (GNPP) and Aminu Kano (PRP) ------ while in 2023 (40 years later - with an increase in population up to 97 million more Nigerians + the 1983 population) Bola Tinubu was elected President by 8+ million voters, against just 3 formidable candidates - Atiku Abubakar (PDP) Peter Obi (LP) and Rabiu Kwankwanso (NNPP)

Just like 1983 - (same as 2023) contestants like Awolowo/ Azikiwe called the 1983 election (Atiku /Obi - 2023 election) conducted by FEDECO (INEC) as "DAYLIGHT ROBBERY / RAPE OF DEMOCRACY (1983) ------ HEIST / COLLUSION BY INEC (2023)

Just like 1983, (2023) Nigerians didn't protest against President Shagari (President Tinubu) - but the tension was in the air and the President imposed on Nigerians; Shagari (Tinubu) started having legitimacy crisis - and there was widespread anger in the land over the blatant abuse of power by the NPN (APC) that even newspapers then like Weekend Concord, Daily Tribune in 1983 (Social Media, 2023) started clamoring for a revolution aka military coup

Drawing my analysis from these striking similarities, I am predicting that -- like 40 years ago ------- there was a coup on December 31, 1983 - will there be a coup on or before (December 31, 2023 Coup) ?

Can we conveniently say " as it was in '83, so it is '23? ..... grin because those who fail to learn from history are doomed to repeat it

Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by Brushstrokes20: 8:54am On Nov 27, 2023
# eBOLA on rampage👀 undecided
The shyyythole from FRY PAN TO FIRE 🔥

1 Like

Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by Fenomenal124(m): 8:54am On Nov 27, 2023
We can only hope for better days ahead!!

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Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by RedAlert08(m): 8:57am On Nov 27, 2023
SharingIsLife:

You call this bunkum and balderdash all in an effort to defend your God. We know that every country (including UK) is battling its own problems. But, why is there an exodus of Nigerian doctors to the same UK? Over 14,000 of them left in less than a year.

You don't need UK but soon, your god will get sick and fly to the same UK. You see, it is natural for humans to be ashamed of wrongdoing. But, when you get to this level of shamelessness, you've lost your humanity. You've become a beast.


UK is worse off?!? Hmmm. Do you really mean this? There is no level of stupidity supporting Tinubu cannot lead you to. A country is worse off but your presidents go there to beg for everything and your best citizens keep 'escaping' to that country? We know you guys are paid to do this odd unfulfilling job on Nairaland. But, try amap to sound a bit reasonable.


You have energy to argue with a zombie.

1 Like

Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by Askme2020(m): 9:00am On Nov 27, 2023
fkelly:
Collecting online loan is a suicide mission, the interest rate are too high.

Imagine paying over 1/2 of the borrowed funds in less than three months.

Pls which business can generate that revenue in nigeria?

Please which loan app is this?
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by yongg: 9:03am On Nov 27, 2023
Bigkoko:
FT should shut the fuvck up! Millions of household in UK can no longer put on their fridge due to high cost of electricity and dwindling fortunes. Asiwaju might not be a fit, but the UK is worse off!

After all, how many UK citizens can buy plane tickets? mchewwwwww

Between, the only regions feeling the hardship more than others is that side that has equal mix of christians, traditional & moslems adherents, thus causing some bit of religious confusion!

Na them stand for Asiwaju manhood. Na them complain pass. Elders, women, teens & agberos!

You are comparing UK that is looking for oil and gas supplies from other endowed countries like Ukraine and Russia in the European region to generate electricity?

What UK is experiencing is due to shortages and complexities that the war with those countries is causing.

Your Nigeria on the other hand is stupendously rich in countless things INCLUDING the oil, of which
shortages the UK is suffering from so much so that even other Nationalities, non Nigeria citizens enjoy your country beyond measure...

Your country is on a mission to enslave its citizens to any outside person with small money Incase you are unaware, the trend has been consistent for the past 35 years pure downward spiral, year in year out. (Bad for citizens, attractive to western and European investor due to better currency value)

Now we are a level where are going to be subject to loans to live (which is worse than the loan culture obtainable in the west btw), just to live O. Said loans are not even enough to start with. All high interest loans that are unaffordable on the long run for even business use. Working modest Nigerians cannot even afford to live off the naira they earn because it has been devalued like /4 (at least) within the last 4 years.

In case you don't understand, forget that they are using 21st tech apps to get loans, what this means in plain grammar is that...ALMOST ALL MIDDLE CLASS is borrowing to eat NOW. If that is middle class, then the poor are in limbo. I mean, do you think the poor will have phones or qualify for said loans?


Meaning, one needs to be RICH to live NORMAL in TODAY'S NIGERIA, there.... (Data and reality keep hitting you guys in your face and you guys turn a blind eye always year in year out)

This is why relocation is attractive because one DOESN'T NEED TO BE RICH to live NORMAL lives there, because an average job will do.

Normal countries are providing welfare packages to make sure their citizens are well fed, Nigeria is making sure that even when you have a decent job you have to BORROW to feed, not even for business o.

Where do you see consistent borrowing to feed (at cut throat interest rate) instead of business a something normal?

Infact, Nigeria by omission of treating bandits have made terrorism and terrorists a part of their government. They have allowed these bandit displace land owners and farmers, demand and collect Ransome, taxes, levies. In case you don't understand, Nigeria is telling you those terrorist are more Nigerian than any honest, law abiding Nigerian out there, that the FG government is tired of collecting taxes and using it judiciously hence you are allowed to pay taxes to Terrorist Governance. That the terrorist are upper-class citizens and you who is law abiding, honest and working Nigerian is low class and not worthy of the rights of a full Nigerian, a true son of the soil. That there is not an issue when the prices of the food you need for living increases because of those artificial taxes to the terrorist, why? Because everyone will contribute to cover the cost. That's what your country is telling you through the data you are turning a blind eye to.



When the student is ready the teacher will appear...

1 Like

Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by Musty4ahmed1: 9:04am On Nov 27, 2023
Askme2020:

Please which loan app is this?
Palmcredit
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by Sermwell(m): 9:11am On Nov 27, 2023
CoronaVirusPro:
Bunkum and balderdash!

The financial times UK should also tell us about the hardship being faced by UK citizens! Oh! They feel we don't know that inflation is biting harder than never before, and a housing crisis fvckin their country from the butthole?

Anyways, His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR) is aware about the statistics and making frantic efforts to steer the economy on a growth path. Nigerians do not need a foreign entity battling with its own problems, to notify us.
Someone who said..."na statistics we go chop"?...is aware of the statistics?

I love how these politicians fool you guys cheesy cheesy

2 Likes

Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by jaxxy(m): 9:18am On Nov 27, 2023
CoronaVirusPro:
Bunkum and balderdash!

The financial times UK should also tell us about the hardship being faced by UK citizens! Oh! They feel we don't know that inflation is biting harder than never before, and a housing crisis fvckin their country from the butthole?

Anyways, His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR) is aware about the statistics and making frantic efforts to steer the economy on a growth path. Nigerians do not need a foreign entity battling with its own problems, to notify us.

shame no dey catch u? Suffer no dey taya u? undecided

1 Like

Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by phorget(m): 9:22am On Nov 27, 2023
Bigkoko:
FT should shut the fuvck up! Millions of household in UK can no longer put on their fridge due to high cost of electricity and dwindling fortunes. Asiwaju might not be a fit, but the UK is worse off!

After all, how many UK citizens can buy plane tickets? mchewwwwww

Between, the only regions feeling the hardship more than others is that side that has equal mix of christians, traditional & moslems adherents, thus causing some bit of religious confusion!

Na them stand for Asiwaju manhood. Na them complain pass. Elders, women, teens & agberos!



You are shamelessly just full of excuses.
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by fkelly(m): 9:22am On Nov 27, 2023
Palmcredit, very useless people, and tomorrow they will expect people not to owe them.


Askme2020:

Please which loan app is this?
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by fkelly(m): 9:24am On Nov 27, 2023
Musty4ahmed1:
. Pls which business can generate that revenue in Nigeria? That is Palmcredit they are criminals I wonder why the regulatory agencies have not lock their offices up and shot them out of the country. How on earth can a sane person pay for such exploitative interest rate?

Very bad of them.

Just imagine the interest rate.
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by Askme2020(m): 9:25am On Nov 27, 2023
fkelly:
Palmcredit, very use people, and tomorrow they will expect people not to owe them.


Nawa oo
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by fkelly(m): 9:26am On Nov 27, 2023
Luxurydriverng:


I'm currently in one now collected 300k to sort out accommodation issues I'm expected to pay almost 500k back, I was desperate and had no other option at that point cry

They know we are in a mess in this country, that's why the chose to extort Nigerians through this shark loans.

If the loan is friendly why won't people pay back.
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by youngrichnigga: 9:27am On Nov 27, 2023
The funny thing is that most of these loan sharks are partly owned and funded by the same politicians who have over the years pauperized the average Nigerians with bad policy implementation as well as institutionalized corruption.
God will certainly give us a leader to deliver Nigerians sooner than later angry angry angry
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by SeeThisLoser: 9:29am On Nov 27, 2023
CoronaVirusPro:
Bunkum and balderdash!

The financial times UK should also tell us about the hardship being faced by UK citizens! Oh! They feel we don't know that inflation is biting harder than never before, and a housing crisis fvckin their country from the butthole?

Anyways, His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR) is aware about the statistics and making frantic efforts to steer the economy on a growth path. Nigerians do not need a foreign entity battling with its own problems, to notify us.

What a clown. grin
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by Emetex22(m): 9:37am On Nov 27, 2023
CoronaVirusPro:
Bunkum and balderdash!

The financial times UK should also tell us about the hardship being faced by UK citizens! Oh! They feel we don't know that inflation is biting harder than never before, and a housing crisis fvckin their country from the butthole?

Anyways, His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR) is aware about the statistics and making frantic efforts to steer the economy on a growth path. Nigerians do not need a foreign entity battling with its own problems, to notify us.
Your principal said "Na statistics we go chop", keep deluding yourself, its only madness when you expect different result from the doing the same, electing idiots to power!

1 Like 1 Share

Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by Azbabanla1: 9:46am On Nov 27, 2023
CoronaVirusPro:
Bunkum and balderdash!

The financial times UK should also tell us about the hardship being faced by UK citizens! Oh! They feel we don't know that inflation is biting harder than never before, and a housing crisis fvckin their country from the butthole?

Anyways, His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR) is aware about the statistics and making frantic efforts to steer the economy on a growth path. Nigerians do not need a foreign entity battling with its own problems, to notify us.
I bet you know know what you are going to eat this morning for supporting clueless government 😡😡😡
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by oneman2k7: 9:48am On Nov 27, 2023
Easy buy they beg me to borrow loan, do they love me, NO.
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by nairalanda1(m): 9:50am On Nov 27, 2023
Musty4ahmed1:
. Pls which business can generate that revenue in Nigeria? That is Palmcredit they are criminals I wonder why the regulatory agencies have not lock their offices up and shot them out of the country. How on earth can a sane person pay for such exploitative interest rate?

The security officials won't lock them up because once you agree to take the loan, you have in essence signed a contract....and judges HATE reversing contracts.

Plus, Palmcredit would argue in court that they were open enough to show you the conditions of their loan beforehand. It's not like they lied to you or pretended that the conditions were something else.

Best way is to get the government to pass a law making it difficult for loan apps to charge high interest. However, that would knock most of them out of business. The reason why their interest is high is because unlike banks, they don't have the means of getting collateral from you.
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by yongg: 9:55am On Nov 27, 2023
magoo10:
funny enough this is not the right time to take loans except you have more than three times or more the amount of loan to be taken. the loan can be used as a floating capital.

the uncertainties in this emilokan fire brigade economy is just too high and risky.

When I tell people this, they think I'm insane untill they see the numbers.

Firstly, one should take loans only when they are sure to pay back or need it for endeavours that ensure the loans can be paid back, even better when the return that pays back the loan is multiple times over. With that one alone no money lender will be posting crazy interest rates like these money lenders are doing... One will stand a better change to negotiate a better repayment interest rate when considering.

With this current combo, the loan cycle will be endless because in addition to hardship, earnings coming in isn't enough to even live off of talk less of repaying a loan of this nature.

3 Likes 1 Share

Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by nairalanda1(m): 9:57am On Nov 27, 2023
fkelly:
Collecting online loan is a suicide mission, the interest rate are too high.

Imagine paying over 1/2 of the borrowed funds in less than three months.

Pls which business can generate that revenue in nigeria?


Good old Palmcredit, and their clone X cash.... cheesy

1 Like 1 Share

Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by RepoMan007: 9:58am On Nov 27, 2023
Nigeria & Nigerians resort to emergency loans. Lol.
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by yongg: 10:01am On Nov 27, 2023
Musty4ahmed1:
. Pls which business can generate that revenue in Nigeria? That is Palmcredit they are criminals I wonder why the regulatory agencies have not lock their offices up and shot them out of the country. How on earth can a sane person pay for such exploitative interest rate?

They can post 10,000% if they want. But that you with open eyes and without coercion (mind you persuasion, or convincing from marketing doesn't count except the marketing was dubious) agreed to it made the business happen and hands have been shaken on written business contract that you agreed to (when you clicked on "agree"wink even after seeing the interest rate they posted.

That fault is not theirs.

You can not agree on a contract and after you have enjoyed the part that served you, then RENEGADE or ABANDON it when it was time for you to fulfill your end. There is no place where that is allowed, even you will not allow it because it is injustice to one party. If you're finding it hard to repay, that one is understandable, the next solution-driven step is to make effort and a plan to repay it and execute the said plan.

If you want to kick them out of business, honor your end of the contract to clear your name from the credits bureaus and make it a point of importance not to ever entertain a loan from them untill the interest is something you can afford.

Loans and desperation (like one caused by your country economics) is not a good combination. You should have planned, drawn out projections not only to cover the loan but to survive repaying the loan and after completing the loan repayment.

2 Likes

Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by wrongnumber: 10:06am On Nov 27, 2023
CoronaVirusPro:
Bunkum and balderdash!

The financial times UK should also tell us about the hardship being faced by UK citizens! Oh! They feel we don't know that inflation is biting harder than never before, and a housing crisis fvckin their country from the butthole?

Anyways, His Excellency, President Asiwaju Bola Ahmed Tinubu (GCFR) is aware about the statistics and making frantic efforts to steer the economy on a growth path. Nigerians do not need a foreign entity battling with its own problems, to notify us.

STOP writing trash.

The UK economy as challenging as it is can never be compared to the Nigerian economy.

UK government is living up to the task.

1 Like

Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by yongg: 10:15am On Nov 27, 2023
youngrichnigga:
The funny thing is that most of these loan sharks are partly owned and funded by the same politicians who have over the years pauperized the average Nigerians with bad policy implementation as well as institutionalized corruption.
God will certainly give us a leader to deliver Nigerians sooner than later angry angry angry

There are quite a handful of Chinese ones too.
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by nkemjacob2(m): 10:24am On Nov 27, 2023
I dey fine emergency loan right now
Re: Nigerians Resort To Emergency Loans As Hardship Worsens - Financial Times UK by nkemjacob2(m): 10:26am On Nov 27, 2023
Agbadorians don't need to worry tinubu will do the supply

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