₦airaland Forum

phoneport:
Segun is a 35-year-old teacher who ran to loan apps as a last resort to survive the pandemic. He talks about servicing loans from multiple apps on a teacher’s salary and the lessons he has learnt in this process.

How did your misadventure with loan apps start?

It all started during the lockdown in 2020. I was a class teacher at the time, so we were at home and out of work. I needed money for the upkeep of my home and my pregnant wife.

I tried asking everybody I could for financial aid, but no one could help me. That was when a friend advised me to try a loan app. I was desperate, so I went searching for them. Eventually, I settled for one and borrowed from there.

How much was this loan?

I borrowed ₦20k.

And how much was your salary as a class teacher?
It was also ₦20k.

Wow.

When the time came for me to pay back, I couldn’t. I wasn’t working, so there was no way for me to actually make the money to pay. And the thing about loan apps is that you pay a large interest when returning the money. You also get fined if you miss a repayment day.

What did you do?

At this same time, unfortunately, my colleague had given me some money to keep for him. About ₦30k. It was that money I decided to use to pay back the loan. When I finally paid the loan, three weeks had passed. I paid ₦27k.

A whole 7k extra?

Yes. But this was just the beginning. Now I had to pay back the money I ‘borrowed’ from my colleague. I still wasn’t working yet, so where could I have gotten the money? As a last resort, I found myself going back to that same loan app to borrow the money I took from my colleague.

The vicious cycle…

Yes. If you don’t repay on time, these apps threaten to publish your name or send messages to your family and friends. I didn’t want my image to be tarnished, so I took more money from funds that were left in my care.

Oh no!

Just like that, my misfortune started. When it was time to pay back the owner of the money, I went back to a loan app. My debts compounded to the point that I was using multiple loan apps at the same time. I would go to another loan app to get money to pay that off.

How much debt were you servicing at this point?

By this time, the amount was ₦150,000. I had been doing this back and forth for about two years already. As of 2022, I was still battling with them.

It got to the point where I had to go to my cooperative to borrow money to pay the loan. Money I could have used for a business opportunity. Then I went back to the loan apps to pay back the cooperative. After a while, I realised I was going in circles. So I decided enough was enough.

How did you stop?

I just stopped borrowing from one loan app to pay another. The only way to get out of this problematic cycle was to ignore all the loan deadlines no matter what, and focus on paying them back gradually. I’ve accepted that I owe money, and I’ll pay as soon as it’s possible.

Right now, I wait till the end of every month, then pay off what I can. If I can offset just ₦10k, then so be it. I’ll pay it this way until I finish. If I keep thinking of my debt, it might cause problems to my health.

How much is left?

I currently have three loans I’m servicing. One is ₦30K, the other is ₦40k and the last one is ₦50k.

How are you able to pay off these loans on a class teacher salary?

I’ve transitioned from class teacher to freelance lesson teacher. I teach phonics in four schools, and I make almost 5 times what I used to earn. That makes it easier.

Do they harass you with calls?

Of course they do. But I know their numbers so I don’t pick up. I have no money to give them na.

What about your family? Are they protected from this?

I have a wife and a kid. And my wife knows everything that has been going on. She understands that I didn’t borrow the money to spend lavishly. It was for our family. So we’re working through it together.

What did you learn from this?

Ah! I’ve learnt my lesson. I used to recommend loan apps to people because I thought they were my saving grace when I needed emergency funds. But it turns out that loan apps have only brought disaster. Unless it’s do or die, I would not advise anybody to borrow money from loan apps. Especially if you can’t pay it off immediately.

Assuming I didn’t go online to borrow money, all these things would not happen to me. Now I’m using money I should use to cater for my family and invest in a small business to pay off loans.


What are your own experience with this loan guys?

imagrg:
The Federal Government of Nigeria should either enforce stringent measure to curtail the exploitative practices of POS operators or put a total ban on the operation of roadside POS operators. If such measure is not obeyed, the Companies in charge of such terminals should have their licences withheld if they cannot effectively control their agents.

It has been observed that since roadside operation of POS terminals, cash have become scarce in banks and ATM terminals across the country. Reports also have it that almost all workers in the bank operate Roadside POS terminals where they have young girls running it on their behalf. They freely trade with bank money at the detriment of bank customers who stand endlessly on queue to withdraw their hard-earned money.

Except the Federal Government and The Central Bank of Nigeria take drastic step to stop these shady practices, cash scarcity and buying of ones money would remain.

udemzyudex:
It is fixable,if you're in lag you can reach me on 08064724259

jullary:
Every friday night listening to kolawole olawuyi(blessed memory), with mat spread ouside.

dat9jaguy:
DO not underestimate BAT, to do that is your greatest political mistake. APC primaries is a pointer. Nobody really gave him a chance (as a lot of people are doing now) but he won and with a landslide.
His winning the primaries is not the issue but check out the difference between him and the 2nd place. That man has a joker and he is going to play it in this election. Watch and see.

topmarks:
a mail will be sent to you for confirmation of application status

topmarks:
By now you must have gotten the mail to join the trainee classes.

Feel free to share daily updates so we can achieve the aim of having a clear data for the nation

Ibechris2:
Congratulations to everyone of u out there. Welcome to 2023.

And if u know u are 30 and still in ur parents house...pls,do everything possible to leave them. It can never be easy at first but I am sure it would be easy as time goes by.

I was privileged to have left my parents at the age of 19 and I never came back except I want to visit them and spend some time with them.

To be honest here,i really suffered when i relocated to a new environment with not enough cash,no brother ,no sister no one to advice me except me alone. I squatted and things became rough that my parents urged me to come back and manage with them,but eventually it became a success story.

This is 2003,take the bold step and leave ur parents and fight ur way to success and see how life would be with u in the near future. I don't mean to insult anyone here but it is imperative to help oneself before it becomes a thing of regret.

Time waits for no one and if u don't take this actions,the thing is,u will regret not taking an action if old age eventually catches up with u.

Thanks and may God bless u guys.

Enemyofpeace:
See all I bought few minutes ago for just fifty thousand naira. Now my Christmas is set.


God no go shame us

Brainmytool:
You dont know, u just don't know wat people are passing through in Nigeria

Akindefunminiyi:
FIFA World cup Quarter finals


Match: Croatia vs Brazil


Date: December 9, 2022


Time: 4pm
No

Stadium: Education city stadium

Ghostrye:
I always make plans to be a few minutes late

nlfpmod:
CENTRAL BANK OF NIGERIA
Banking Supervision Department Central Business District

December 6, 2022
BSD/DIR/PUB/LAB/015/069

Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)

NAIRA REDESIGN POLICY — REVISED CASH WITHDRAWAL LIMITS

Further to the launch of the redesigned Naira notes by the President of the Federal Republic of Nigeria, on Wednesday, November 23, 2022 and in line with the Cash-less policy of the CBN, all deposit money banks (DMBs) and other financial institutions (0F1s) are hereby directed to note and comply with the following:

1. The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100.000 and N500,000 respectively.

Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively.

2 Third party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of 110,000.000 on clearing cheques still subsist.

3. The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100.000 subject to a maximum of N20,000 cash withdrawal per day.

4 Only denominations of N200 and below shall be loaded into the ATMs.

5 The maximum cash withdrawal via point of sale (PoS) terminal shall be N20.000 daily.

6. In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed 15,000,000.00 and 110,000.000.00 for individuals and corporate organisations. respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.

a. Valid means of identification of the payee (National ID, International Passport, Driver's License).

b. Bank Verification Number (BVN) of the payee.

c. Notarized customer declaration of the purpose for the cash withdrawal.

d. Senior management approval for the withdrawal by the Managing Director of the drawee, where applicable.

e. Approval in writing by the MD/CEO of the bark authorising the withdrawal.

Please further note the following: i. Monthly returns on cash withdrawal transactions above the specified limits should be rendered to the Banking Supervision Department. Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances. Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS. eNaira, etc.) to conduct their banking transactions.
Finally, please note that aiding and abetting the circumvention of this policy will attract severe sanctions.

The above regulatory directives take effect nationwide from January 9, 2023.

Please be guided accordingly.

HARUNA B. MUSTAFA
DIRECTOR OF BANKING SUPERVISION

oikirodah:
See Beautiful Faces As Osun Women  Take Over The Stage For Tinubu/Shettima In Osogbo (Pictures&Videos)

Life, they say, is a turn-by-turn, and from what we're seeing today, it's the turn of Osun ladies to take centre stage for Asiwaju Bola Ahmed Tinubu and his running mate in the upcoming presidential election, Senator Kashim Shettima.

The first lady of Osun State, Lady Mrs Kafayat Oyetola has led thousands of women to take over the streets of Osogbo in solidarity with the APC presidential candidate.

It's not the crowd's magnitude that has us spellbound as we talk, but the lovely faces we're witnessing, which are radiant, cheerful, and full of life.

Check out the stunning photographs from the solidarity rally below; please keep in mind that these are beautiful mothers, ladies, and youths; please focus on their messages rather than their appearance.

Their message is that they are standing on Asiwaju's mandate.

Click for more videos.

Source iReporteronline.
https://ireporteronline.com.ng/blog/see-beautiful-faces-as-osun-women-take-over-the-stage-for-tinubu-shettima-in-osogbopicturesvideos/

impeccablephili:
Ok I will still advice you, if you don't know how to formulate your own feed,buy ready made from reputable brands. Some of the so called feed mill are dubious in the sense that, they sell less quality materials at a high price, most of them don't check their feed materials to know if the materials contain toxins. Bad feed can kill most of your birds.