https://www.nannews.ng/2023/04/02/licensed-money-lenders-warn-loan-defaulters-against-practice/

By Rukayat Moisemhe

Money Lenders Association has warned individuals to desist from obtaining loans from licensed money lending platforms and deliberately refuse to liquidate such loans.

Mr Gbemi Adelekan, President, Money Lenders Association, read the Riot Act to online loan defaulters in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos.

Adelekan reminded such defaulters to be aware that their data were domiciled in the databases of credit bureaus licensed by the Central Bank of Nigeria (CBN).

According to him, failure to repay such loans will attract negative repercussions on borrowers’ credit history.

Adelekan said that the development can affect their chances of obtaining loan facilities from other financial institutions and credit providers in future.

He, however, stated that borrowers with genuine reasons for default such as job loss or other peculiar circumstances were advised to contact their respective lenders immediately, to discuss new repayment arrangements.

He advised would be borrowers to only patronise licensed and registered money lenders to guide against becoming a victim of fraudulent practices.

“This is to avoid adverse information on their credit reports, that could deny them access to future credit facilities.

“The attention of Money Lenders Association has been drawn to some individuals who have continued to acquire loans but have deliberately refused repayment of the said loans.

“We wish to inform the general public that data of loan customers, most especially defaulters, are domiciled in the databases of credit bureaus, so defaulting would have its adverse effects on the credit history of such individual.

“The Money Lenders Association is an association of registered money lenders, and members abide by the professional code of conduct of the association.

“Members of the public are hereby advised to only patronise licensed money lenders for their short-term loan needs and for further information, kindly check www.MoneyLenders.ng,” he said. (NAN)(www.nannews.ng)

By
Nike Popoola
Punch Newspaper
The Money Lenders Association has said its attention has been drawn to some individuals who have continued to acquire loans from licensed money lenders platforms, but have deliberately refused repayment of the acquired loans.

It said in a statement by the Secretary of the association, Lynda Ikre, that it wished to inform the general public that data of loan customers, most especially defaulters, were domiciled in the databases of credit bureaus licensed by the Central Bank of Nigeria.

The association said, “As a result, failure to repay such loans will attract negative repercussions on borrowers’ credit reports/history and could subsequently adversely affect any chance of obtaining loan facilities from other financial institutions and credit providers in future.

“Borrowers who have genuine reasons for default such as loss of job or peculiarity of their circumstances, are advised to contact their respective lenders immediately, to discuss repayment arrangements to avoid adverse information on their credit reports, that could deny them access to future credit facilities.”

The Money Lenders Association is an association of registered money lenders, and members abide by the professional code of conduct of the association, it stated.

Nigeria why?

1Nairaboy:
Omo water from nowhere rush my eyes

And me too. I don't know where it came from, after listening to the speech. Hope we do the right thing for once in our lifetime. May the best man for Nigeria win.

Osinbajo for me.

Unprogressive talk from Reno.

Nonsense talk from Reno.

30th December, 2021

His Rt Hon. Mudashiru Obasa,
Rt Honourable Speaker,
Lagos State House of Assembly,
Alausa,
Lagos State

Rt Honourable Speaker sir,

RE: THREAT TO LIFE AND PROPERTY IN LEKKI DUE TO THE ONGOING DEVELOPMENTS ON LAND DEMARCATED FOR THE COASTAL ROAD AND SUPPOSEDLY LEASED BY THE GOVERNMENT.

We are compelled to run to you and the State House of Assembly at this auspicious time of the year as we have noticed heavy construction on the Coastal Road around Goshen Estate, Lekki. Our initial investigation revealed that some government officials are the one that has allocated the Coastal Road to developers for various untenable reasons.

It has come to the attention of LERSA (LEKKI ESTATE RESIDENTS AND STAKEHOLDERS ASSOCIATION) and its member Estates, that an existential threat to life and property in Lekki has arisen following the activities of these unknown people. One of the builders known as CLAM Church has already constructed permanent structures on the coastal road and others are waiting to follow.

LERSA is therefore compelled to bring to the attention of the Lagos State House of Assembly this urgent petition and appeal to the Honorable Members to use their good offices to ensure an urgent resolution that puts an end to a threat that is capable of dislocating the peace and tranquility that currently exist in our state.


THE ISSUES

1. Recall that during the electioneering campaign, pre 2015 election when LERSA hosted the Governor Mr. Babajide Sanwo-Olu, he promised the construction of the Coastal Road. We are therefore shocked to be told that the same government officials are the one allocating same road to private developers. The long-expected and much-needed Lekki Coastal Road planned by Lagos State Government to alleviate the severe traffic congestion in this axis is currently under threat following infringement by illegal developments beside Goshen Beach Estate and Regal Seaview Estates.

This is a clear and deliberate infringement on the state master plan in general and the coastal road in particular. We have established that three-quarters of the land has been leased out, with the remaining one quarter left in the hands of various illegal structures where miscreants and criminals operate freely, thereby creating a public nuisance and a security risk.

2. It would interest our Honourable members and the general public to note that Goshen Beach Estate Residents Association (GBERA) had in fact built the road leading from the end of Edward Cotonou road to the Goshen Beach Estate front gate at a cost of over 15 million Naira in January 2019. This construction by Converse Engineering, which was carried out as a CSR project to benefit both the local resident and the wider Lekki community, provided the only alternative route between Marwa and Ikate, and was extremely critical in easing the traffic congestion along the Expressway.

This critical alternative route, which received approval from Lagos State Government, has now been blocked by the development, and the height barrier installed to deter ton trucks,
unilaterally removed to allow access to trucks for the ongoing illegal projects.

A CHRONOLOGY OF EVENTS

1.January 2019 - road constructed by GBERA as a CSR project.

2. June 2021 - Residents observed that the area was being cleared, and assumed it was for the purposes of the coastal road project. Once bulldozers came in, it became evident the area was being developed.

3. October 2021 - Stakeholders discovered after investigation that a Church was behind the development, and LERSA contacted the Lagos State Governor with the letter for the attention of NTDA. The Letter was also copied to the Ministry of Physical planning and Urban development, Ministry of Works & Infrastructure and the Surveyor General’s office.

4. 25 October 2021 - A meeting was held between NTDA, LERSA, GBERA and Regal Seaview stakeholders in which the GM of NTDA confirmed that a temporary lease had been given to the Church and an Event Centre. He further stated that this was done in order to clear the hoodlums and shanties who had returned despite efforts to clear the area on various occasions. The GM of NTDA also agreed to move the Church, following strong representations from Stakeholders, and delivered a Stop Order to the developers. However, this has not been adhered to, and the construction work has intensified.

OUR PETITION

That an immediate halt be placed on any development along the planned coastal road around Goshen Beach Estate and Regal Seaview Estate in particular and the entire coastal road. This is in light of the negative impact such developments are already having and will continue to have on local residents and the wider Lekki population.

We believe that this will create huge problem to successive government on the issues of the payment of compensation when the road is to be developed, hence the request to abort forthwith.

The Lagos State House of Assembly is the representative of the people. We are therefore calling on the Rt. Hon. Speakers and all well meaning Honourable members of the House to immediately look into this problem before it degenerates.

Thank you.

Signed:


Olorogun James Emadoye
President, (LERSA)
Lekki Estates Residents & Stakeholders Association

https://authorityngr.com/2021/12/31/nigerians-alerted-on-the-activities-of-unprofessional-money-lenders-online/

By John Silas

Attention of the Money Lenders Association have been drawn to the recent unethical and unprofessional activities of some lenders in the industry who are causing misery and pain to customers and the public at large, with their mode of operations.

According to a press release signed by Gbemi Adelekan, president and Dr. Henry Ationu, Vic President, Money Lenders are providing important services in Nigeria, by lending to individuals with regular income, Micro/Small Businesses and those that are unbanked in the society including market women, artisans and those in the lower income bracket. Money Lenders are able to give quick credit to those that would not normally have access to finance from the normal traditional financial institutions.

The statement disclosed that in recent years, the activities of moneylenders have increased, mostly online, to provide quick and emergency loans to the population to meet essential needs. Most of our licensed operators are operating ethically within the confine of the law and in accordance to the professional code of conduct of the Association, as we self-regulate our activities.

Speaking further, the group averred that unfortunately, some online lenders are operating illegally and employ deception and other illegal conducts to take advantage of financially distressed consumers seeking these loans. We have found that some borrowers use threats as loan collection methods, fraud, and disseminate personal information of customers to families and friends when loans are not repaid, when due, adding that not all lenders engage in this type of unwholesome actions. Members of the Money Lenders Association are bound by the code of conduct of their Licence.

Money Lenders Association, they said, is an association of Licensed Money Lenders, including Online Lenders who work for the betterment of the industry and to safeguard the interest of public and customers of money lending business. Member lenders are bound by the professional code of conduct of the Association and are encouraged to carry out the necessary “KYC” (Know Your Customer) before credits are granted.

However, due to the recent increase in fraudulent and unlicensed Lenders using mobile lending applications and the digital space to advertise quick and instant Loan to the general public, it has become extremely important for the Association to alert the general public, against these unethical practices.

“We are therefore encouraging borrowers to be careful and carry out their KYC on Lenders before deciding to apply for loans from any Money Lender. The public are advised to watch out for some things, before applying for a loan online or via mobile applications. Any Lender promising the approval of loan requests before carrying out any analysis of the request, is definitely a red flag.

“Other key things to look out for include, Physical Location. It is important to know that your Lender should have a physical location where the business is registered or where the company operates from. This information can be available on the Lender’s website; Licensed Lenders. It is mandatory for legitimate lenders to indicate the licence they are using to operate. The Online Lender may be using a Money Lenders Licence issued by the States or a licence from the Central Bank of Nigeria. Check on the Lender’s website (If there is one) to ensure that you are dealing with a legitimate provider.

“More things to look out for include Security deposit is a no-no. A Lender asking for security deposit or a substantial payment before the loan application is considered is definitely fraudulent. Any Lender asking the Borrower to pay a substantial amount i.e. Bond or Security Deposit before an application is considered is definitely a red flag. Borrowers Beware!

“Web Visibility – Most reputable lenders would be visible on the web. Most Lenders are visible on Social Media. The Lender will generally, have a website and customised email for communication and information. Lenders using general email addresses such as Gmail or Yahoo, etc may also be a red flag. Borrowers need to be careful before providing their details to such companies.

“Borrowers Honour your Obligations: In as much as we frown at unethical lending practices, we will however advise borrowers and intending borrowers to ensure they fulfill their own part of the agreement. Once you have entered into a loan agreement and money disbursed to you, you also have the responsibility to repay as at when due.

“Read reviews from previous or existing customers of the Lenders before deciding to apply for credit with such Lenders. The review of the mobile application may show a thing or two on whether the Lender is legitimate or not. It is recommended, for extra security to download the mobile application of your intended Lender, from the App Store and not directly from the website of the intended Lender. Intended customers can also check www.moneylenders.ng for information,” the group said.

https://authorityngr.com/2021/12/31/nigerians-alerted-on-the-activities-of-unprofessional-money-lenders-online/

By John Silas

Attention of the Money Lenders Association have been drawn to the recent unethical and unprofessional activities of some lenders in the industry who are causing misery and pain to customers and the public at large, with their mode of operations.

According to a press release signed by Gbemi Adelekan, president and Dr. Henry Ationu, Vic President, Money Lenders are providing important services in Nigeria, by lending to individuals with regular income, Micro/Small Businesses and those that are unbanked in the society including market women, artisans and those in the lower income bracket. Money Lenders are able to give quick credit to those that would not normally have access to finance from the normal traditional financial institutions.

The statement disclosed that in recent years, the activities of moneylenders have increased, mostly online, to provide quick and emergency loans to the population to meet essential needs. Most of our licensed operators are operating ethically within the confine of the law and in accordance to the professional code of conduct of the Association, as we self-regulate our activities.

Speaking further, the group averred that unfortunately, some online lenders are operating illegally and employ deception and other illegal conducts to take advantage of financially distressed consumers seeking these loans. We have found that some borrowers use threats as loan collection methods, fraud, and disseminate personal information of customers to families and friends when loans are not repaid, when due, adding that not all lenders engage in this type of unwholesome actions. Members of the Money Lenders Association are bound by the code of conduct of their Licence.

Money Lenders Association, they said, is an association of Licensed Money Lenders, including Online Lenders who work for the betterment of the industry and to safeguard the interest of public and customers of money lending business. Member lenders are bound by the professional code of conduct of the Association and are encouraged to carry out the necessary “KYC” (Know Your Customer) before credits are granted.

However, due to the recent increase in fraudulent and unlicensed Lenders using mobile lending applications and the digital space to advertise quick and instant Loan to the general public, it has become extremely important for the Association to alert the general public, against these unethical practices.

“We are therefore encouraging borrowers to be careful and carry out their KYC on Lenders before deciding to apply for loans from any Money Lender. The public are advised to watch out for some things, before applying for a loan online or via mobile applications. Any Lender promising the approval of loan requests before carrying out any analysis of the request, is definitely a red flag.

“Other key things to look out for include, Physical Location. It is important to know that your Lender should have a physical location where the business is registered or where the company operates from. This information can be available on the Lender’s website; Licensed Lenders. It is mandatory for legitimate lenders to indicate the licence they are using to operate. The Online Lender may be using a Money Lenders Licence issued by the States or a licence from the Central Bank of Nigeria. Check on the Lender’s website (If there is one) to ensure that you are dealing with a legitimate provider.

“More things to look out for include Security deposit is a no-no. A Lender asking for security deposit or a substantial payment before the loan application is considered is definitely fraudulent. Any Lender asking the Borrower to pay a substantial amount i.e. Bond or Security Deposit before an application is considered is definitely a red flag. Borrowers Beware!

“Web Visibility – Most reputable lenders would be visible on the web. Most Lenders are visible on Social Media. The Lender will generally, have a website and customised email for communication and information. Lenders using general email addresses such as Gmail or Yahoo, etc may also be a red flag. Borrowers need to be careful before providing their details to such companies.

“Borrowers Honour your Obligations: In as much as we frown at unethical lending practices, we will however advise borrowers and intending borrowers to ensure they fulfill their own part of the agreement. Once you have entered into a loan agreement and money disbursed to you, you also have the responsibility to repay as at when due.

“Read reviews from previous or existing customers of the Lenders before deciding to apply for credit with such Lenders. The review of the mobile application may show a thing or two on whether the Lender is legitimate or not. It is recommended, for extra security to download the mobile application of your intended Lender, from the App Store and not directly from the website of the intended Lender. Intended customers can also check www.moneylenders.ng for information,” the group said.

Money Lenders Association has urged Nigerians to be careful and carry out due diligence on lenders before deciding to apply for loans from any moneylender online or via mobile applications.

The President of the association, Mr Gbemi Adelekan, said the association saw the need to enlighten the public after a report exposing the operations of unethical and unprofessional activities of some lenders in the industry who are causing misery and pain to customers with their mode of operations.

Adelekan, in a statement on Wednesday, said, “In recent years, the activities of money lenders have increased, mostly online, to provide quick and emergency loans to the population to meet essential needs.

“Most of our licensed operators are operating ethically within the confine of the law and in accordance to the professional code of conduct of the association, as we self-regulate our activities.

“Unfortunately, some online lenders are operating illegally and employ deception and other illegal conducts to take advantage of financially distressed consumers seeking these loans.

“We have found that some lenders use threats as loan collection methods, fraud, and disseminate personal information of customers to families and friends when loans are not repaid when due. Not all lenders engage in this type of unwholesome actions.

“Any lender promising the approval of loan requests before carrying out any analysis of the request is definitely a red flag.”


According to him, other things to look out for include the lender’s web visibility, physical location and licensed lenders.

He said that a lender asking for security deposit should not be patronised.

Adelekan, however, advised borrowers to honour their obligations.

He said, “It is important to know that your lender should have a physical location where the business is registered or where the company operates from. This information can be available on the lender’s website.

“It is mandatory for legitimate lenders to indicate the licence they are using to operate. The online lender may be using a money lenders licence issued by the states or a licence from the Central Bank of Nigeria. Check on the lender’s website to ensure that you are dealing with a legitimate provider.

“A lender asking for security deposit or a substantial payment before the loan application is considered is definitely fraudulent.”

According to him, most reputable lenders would be visible on the web and social media.


He said, “The lender will generally have a website and customised email for communication and information. Lenders using general email addresses such as Gmail or Yahoo, etc. may also be a red flag.

“Borrowers need to be careful before providing their details to such companies.”


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All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from

Wonderful individual, our VP but will the cabal allow him to work. Let's see what happens in 2023 but Osinbajo will be good for Nigeria if he is allowed to work. The man get vision unlike a lot of Nigerian leaders.

onlyonechid84:
Nice

Yes you are right but some of these loan companies go overboard with their recovery services. I have been using Branch and Kwikpay Credit for years and I inform them before hand if my salary is late to meet their repayment and most times, they do understand and I repay when my salary is received.

I have recommended these companies to others and I have never heard any complain about them even from a friend that took a loan from one of them and lost his job. They understood when my friend showed evidence of the loss of job and when he got a new job, he was able to make arrangements for the repayment of his outstanding. I am sure most of these loan companies will understand if you have genuine reasons for missing repayments.

I love the gift. We are also creating jobs for our people and the gift will help with hunger, rather than the useless souvenirs made from China that we normally give out at parties . We just collect all these imported gifts like toilet brushes and plastics at every party. Most of these gifts were imported from China, with scarce foreign exchange and we keep creating jobs for these foreign countries . Using local produce will empower our people. Way to go, my people.

My advice is that people should stay clear of online loan company with unknown office address and customer service lines and emails. That is a red flag.

I use Branch and sometimes Kwikpay Credit for my loan request.

I also had a bad experience with Palm credit and promised myself never to use them again after clearing my outstanding. Palm Credit still calls and sms to me, trying to entice me with their service but never again.

Short term loans helps provided you repay on time. I have been with Kwikpay credit for so many years. I only borrow when I need to but always payback when I receive my salary.

The Lekki Estates Residents and Stakeholders Association, an Association of over 80 Lekki Estates and Stakeholders from 1004 Area to Epe, donated a patrol van to the Police today 31st Dec, at the premises of the burnt Lekki Ajah Divisional HQ.

Lets support our police officers for the protection of lives and properties in Lagos and nationwide

My brother, why apply for loan and you don't want to payback? I have been with Kwikpay credit for many years and I always pay back before due date.

I hear from some of my friends that they are also very strict when you default but I have never experienced that with Kwikpay

I can't remember using my pin on the card used for my online loan with kwikpaycredit but they deduct monthly repayments from my account

The best advice so far from the discussion is not to have atm card connected to your savings account. Shikena!!

alexsoftwork:

Fair money is the best.

Really! Have you tried Kwikpay credit? They are not bad. I have used them a couple of times

I have also used kwikpay credit, the online loan platform. I love their service and they are able to increase my facility after fully repaying the previous loan.

Why don't you repay your loan. It is not worth the hassle

Thank you for this article. We need to forget about our sentiments and think of what is good for this country. I know some people who are extremely rich with Private Jets, while not implementing Multi-billion contracts over the past couple of years. They donate recklessly to political parties to seek patronage for more contracts .

I have noticed that they are funding the opposition and one of the major critics of the present administration because they have been asked to do the right thing and account for the billions of contracts not executed.

While I am not in favour of most of the activities of the present administration but going back to the major opposition is I think suicidal. We are all suffering in the present situation but please we can not go back to the times of old, as shown in some of the posts by some of our youths.

Please Let us be sincere with ourselves. Life is tough, business is slow but at least, reckless looting has been curtailed.
Nigeria is still lacking far behind in terms of most basic amenities but at least, the little funds coming in for Nigeria, are not stolen blindly.
Nigeria shall be great again for everyone no matter the part of the Country you come from. We are all brothers and we are all in this together.

FOR IMMEDIATE RELEASE
07 February 2018
CONTACT: Lekki Estates Residents & Stakeholders Association
Lekkiestates@yahoo.com


LEKKI TOLL GATE HIKE

The Lekki Concession Company (LCC) recently increased the toll tariffs on Admiralty Circle Plaza and the Lekki-Ikoyi Link Bridge Plaza in our community therefore causing untold hardship to residents and most of the road users in Lekki & environs.

We would like to state categorically that this unfortunate and inconsiderate action by LCC despite the current economic situation in the Country is unacceptable to most of our members and road users in this community. We are suffering due to the toll gates which currently have inadequate toll collection systems and no viable alternative routes for the thousands of vehicles using the Plazas daily.
The imposition of this new toll fees have consequently caused increase in the costs of living on this axis including bus fares and basic services which would further burden the plight of the people.
The Lekki Estates Residents & Stakeholder Association (LERSA) is a platform created for all Lekki Estates and Stakeholders to deliberate on issues that commonly affect us in the area. The Association is made up of Executives of over 75 gated and ungated Estates, corporate organisations and religious bodies from 1004 Estate to Epe. Our members and stakeholders have expressed great dissatisfaction to the insensitive nature of this increase.

We also have to state to the Government and the general public at large, that at no time did LCC consult or inform LERSA of any plan to vary the toll paid at both Plazas. We therefore request that this decision should be rescinded immediately to reduce the hardship and for LCC to carry out the necessary consultation on issues affecting the Toll Gates in our Community.

We have to state that LERSA has always and will always promote peaceful coexistence in Lekki and any situation that may affect this situation needs to be brought to the attention of the Government urgently.

We therefore hope the Lagos State Government will intervene in this matter and listen to the yearnings of Lekki residents and Road Users to reverse the current increase being perpetuated by Lekki Concession Company on the peaceful and long suffering citizens of this axis.

It is instructive to know that the development of the road commenced over ten (10) years ago, and up till this moment, the total kilo meter of roads that has been constructed is from the Lekki Circle gate up to Abraham Adesanya is less than 25 kilo meter. It is this 25 Kilo meters that we have been paying tolls for since January 2011. To stakeholders of the area, it is shameful that for over 10 years, a road of less than 90 kilo meters cannot be constructed even when thousands of vehicles pay tolls on the same road daily.

Your Excellency, apart from the above, we are also concerned that the very high level of activities ongoing at the Lekki Free Trade Zone, we are left with only one access road. The Coastal Road which the government promised to provide in 2011 preceding the tolling has either been jettisoned or abandoned. What we can see these days are different types of houses springing up on the path of the road. We believe that these roads are imperative for the area considering the huge population. Even the existing road from the Lekki Circle to Abraham Adesanya is totally devoid of the normal lane white markings required for such a road.

We would like to believe that we are citizens of Lagos and would want the Lagos State Government take us as worthy citizens. The current situation where we are left to provide all our needs is totally unacceptable. Most residents of the Lekki corridors do not have access to public water systems, the area is totally devoid of adequate public elementary/secondary schools for our children, while BRT are provided for virtually all other areas of Lagos, the Lekki corridor is not considered, even the rails that is supposed to make Lagos the mega city status that we all crave for, Lekki corridor is either not considered or may have been reserved for the next century. We have been totally neglected.

We further wish to state that stakeholders in the Lekki area are very responsible and responsive to the developmental goals of Lagos State, hence we consistently make our contributions to the Governments through the payment of taxes such as the Land Use Charge etc. We therefore call on the Executive Governor of Lagos State to see us as partners willing to work together for the attainment of the lofty goals of this administration hence our request for the toll gates increase to be reversed by LCC and all the areas of concern, addressed by his Excellency.

For and on behalf of Gated Estates in Lekki.

ARC O.P.A. LADEGA – CHAIRMAN VGC ESTATE ASSOCIATION (VGCPORA)

MR JOHN ENADEGHE – PRESIDENT CROWN ESTATE ASSOCIATION

ALHAJI MOHAMMED YINKA BELLO – CHAIRMAN THERA

For and on behalf of LERSA

OLOROGUN JAMES EMADOYE – PROTEM CHAIRMAN LERSA (LEKKI ESTATES RESIDENTS & STAKEHOLDERS ASSOCIATION),

MR ‘DEGBEMI ADELEKAN – PROTEM SECRETARY LERSA (LEKKI ESTATES RESIDENTS & STAKEHOLDERS ASSOCIATION),

You need a quick loan to meet an urgent financial requirement, be it to fund a business while in employment, to fund an Asset while in Employment requires careful planning. Some of the various loan companies can be very useful to resolve your emergency needs but care must be taken to ensure that you do not over borrow. Borrowing money to meet some of the financial needs for Capital Projects while in Full time employment in Nigeria may be a risky business if care is not taken.

If you're one of the many people struggling to save up for a deposit to buy an Asset you may be thinking about borrowing money - whether in the form of a bank loan, emergency loan or from family or friends. Borrowing can add another layer of risk to an already stressful requirement.
You may need to consider various factors when it comes to borrowing to part fund the deposit for Asset acquisition or a business while in employment.

Putting your deposit together
To start a business while in Employment, you need to have done your business plan. To purchase a car on lease or a property on Mortgage, you will need to find a deposit of at least 5 to 10% of the purchase price of the Asset in order to meet some of the basic requirements but due to other pressing obligations, the deposit may not have been completed in good time to acquire the Asset when it is needed hence the need to get an additional loan to meet the deposit. This decision may be very tricky for the borrower if not well managed. Affordability is extremely important here.

The Borrower should also note that it may affect their qualification for the Car Lease or Mortgage (Unless he/she has an offer Letter for the Lease or Mortgage), if the Lender finds out through the Credit Reference Agencies that the money for the deposit is from another Loan.

Loans from the Bank or Emergency Loan Providers
The Credit Company or Bank providing the Loan to part fund this Asset will also consider the affordability before granting the Loan. This is because the Loan to part fund this Asset may also increase the Borrower’s liabilities thereby making it difficult for the Borrower to repay the Loan as well as the Monthly Lease rentals or House Mortgage. The type of Loan to be used will depend on the timing of the requirement and the cost of the Loan.

If the deposit is needed urgently to secure the Asset in Lagos, the Loan may be secured from emergency Loan Providers like Ren-credit, Zedvance, Kwikpay Credit, Page Credit etc. These providers cater for client needing funds within 24hours but the cost of such Loans are higher than securing such funds from the Bank. The repayment period usually allowed are between 1month to 6months. If time is not of essence, it is always more prudent to get a Bank Loan which is usually cheaper than Emergency Loans like those of Kwikpay Credit and the likes.

Borrowing from Friends or Family
Getting funds from Family and Friends to meet the business needs or deposit requirements to acquire an Asset may be a cheaper option for the borrower because it may be with little or no interest and repayment may not be as stressful as getting funds from the bank or Credit Company.

Credit cards
The Borrower may also use his or her Credit Card to get cash to part fund the deposit to acquire an Asset or setup a business but this may not advisable because the Interest rate for cash withdrawal on Credit Cards are much higher compared to other forms of Loan request. The Monthly repayment of credit Card may add more stress and financial constraint on the Borrower, going forward.

Have little or No Financial Stress
The individual might decide to postpone the purchase of the Car or the House until the deposit required is complete, this decision can save the intended borrower a lot of stress. Although such decision may be the most sensible but the individual should remember that postponing may lead to the Asset not been available in future or it may be available but at a higher price.

For businesses, it may mean that such individual would have more time to put the right strategy or planning in place before extra funds are made available to set up the business. The individual must weigh his or her options and must ensure that any decision taken will be sustainable in the long run vis-vis the monthly repayment of the Loans. The inability to meet one’s financial obligation is very stressful and depressing and it should be avoided at all cost.

Access Bank, what is so special about this product? Diamond Bank and other products like Paylater and Kwikpay Credit have been in the market since.

My people, let us find a way to develop our Country. There is no other country like ours and Nigeria shall be great again. How do we expect the country to develop and repair all the major roads in various state of disrepair. We do not have the funds according to the various information coming out of the Government. The little funds are competing with various other important services like Health, education, power, etc. We need to change our attitude. Nigeria is broke, that is why we have all the services in various stages of dilapidation.

I like what the Government is trying to do despite all the mounting challenges especially with infrastructural development. If we have to develop like the other countries that Nigeria is regularly compared with, i.e South Africa, Ghana,etc we have to find a way to move out of this quagmire of underdevelopment. It can only be led by the Private Sector and more importantly those that are Nigerians. Will you rather give the Road to a Foreign Company when Dangote has the know-how, according to some of the posts above? Let us give Fashola credit. I am disappointed that he has not been able to fix Power yet but let us give him kudos if he is trying to improve our infrastructure, despite the enormous challenges. Just my honest opinion.

Please let us be careful when we make comments. I have googled the name of this woman and all the things done even before her Husband became Commissioner in Lagos State. She seems like an exceptional woman who has dedicated her life to rehabilitating drug addicts especially those homeless under bridges. It is difficult to believe with the crops of leaders that we have but I was so impressed with the humility and selflessness of this woman based on the information I read. Let us read and research our so call leaders. Thank God for google.

I do not know why Nigeria is not using Mobile Money to empower millions by creating millions of jobs as it is done in other African Countries especially Kenya. The success of this ecosystem in Kenya especially ( Mpeza) , is a model for people worldwide.

However, in Nigeria, politics and due to the interest of Commercial banks, have prevented our CBN to effectively introduce Mobile Money thereby foreclosing the millions of jobs and income that could have been created especially for youths. The CBN while Sanusi was the Governor introduced Mobile Money in Nigeria but instead of it been led by the Mobile Network who are used to retail, with the millions of Agents selling Airtime, Nigeria insisted that our form of Mobile Money should be Bank Led. This killed Mobile Money from the start in Nigeria. Banks are used to big money business rather than a business like Mobile Money which will involve millions of people who may not already have access to financial services (unbanked) to have access to money transfer, micro finance and trading using just their Mobile Phone.

Until the Government allow our Mobile Network to run Mobile Money in Nigeria as it is done in most other African Countries, the massive opportunities in this sector to provide millions of employment may continue to elude us.

hibee4uall:
Good people of nairaland, pls help a brother to pay his law school fees.No amount is small,contact him on 08184941410 for more enquiries and verification . THANKS & GOD BLESS YOU

There are lots of Charitable organisations that can assist you if genuine. One of such is Lifechangers Foundation. Contact them on http://www.otplifechangers.org/

Odilafta1:
Direct them to LAPO.
Money and friends be like Buhari and Nigerians.

I don't give loans to friends. I direct them to credit companies that can help. A good friend of mine wanted an urgent loan to pay his daughter's school fees because the daughter was sent home due to non payment of the fees. I have assisted him in the past but the money was not paid back on time so I told him to contact some of those 24hours emergency loan and he was fortunate to get the loan from them. I think the company was called Kwikpay Credit. He was able to resolve his issue and I am able to keep my friend. So whenever I get loan request from Friends or family, I just tell them that I don't have but refer them to some of those loan credit companies and micro-finance banks.

We thank God. Sai Buhari