ModCaller:
■ It's unrealistic. Just don't do informal lending. Whatever agreement you reached with them will be ignored when the time come because there is nothing you can do. Always take collateral if you must lend

1. And you say this because realistically everyone has collateral to offer? Or are you suggesting I ask for a kidney at the least?

I no dey borrow person money I cannot let go fa. Learnt that from borrowing an ex over 400k a lifetime ago and dude refused to pay back. I know he will always have restitution standing before him each time he remembers me o but it offered me a good lesson. Money makes people act crazily biko. The nerve and entitlement! If you ask....I go say I no get if I cant let it go. The only person I can borrow to borrow is my sister....she get integrity.

Kobojunkie:
1. If a person wants to maybe go into the business of giving out semi-formal loans, you are saying that person is bound to lose a lot then?

The aim of Business is to make profit The " Business of Loaning involves Security /Collateral." Wise Businessman, would not give out semi-formal loans.

sisisioge:
I no dey borrow person money I cannot let go fa. Learnt that from borrowing an ex over 400k a lifetime ago and dude refused to pay back. I know he will always have restitution standing before him each time he remembers me o but it offered me a good lesson. Money makes people act crazily biko. The nerve and entitlement! If you ask....I go say I no get if I cant let it go. The only person I can borrow to borrow is my sister....she get integrity.

Johnn87:
■ The aim of Business is to make profit The " Business of Loaning involves Security /Collateral." Wise businessman, would not give out semi-formal loans.

1. Are businesses allowed to ask for a kidney as collateral then?

Kobojunkie:
1. And you say this because realistically everyone has collateral to offer? Or are you suggesting I ask for a kidney at the least?

No collateral, no loan. Simple. That's the only realistic approach.

I'm not the type of person that asks for help, neither do I lend people money since it causes awkward situations.

To the people that borrow money from people and don't pay back, why do you do what you do?

ModCaller:
■ No collateral, no loan. Simple. That's the only realistic approach.

1. I am ok with lending and demanding the signing of promissory notes, something that has worked thus far. .

1Sharon:
■ I'm not the type of person that asks for help, neither do I lend people money since it causes awkward situations. To the people that borrow money from people and don't pay back, why do you do what you do?

1. I think on the most part we are not trained from an early age to do these things and as such many have a hard time when it comes to paying back on loans they borrowed as a result.

Kobojunkie:
1. I think on the most part we are not trained from an early age to do these things and as such many have a hard time when it comes to paying back on loans they borrowed as a result.

What do you mean? If they said they were going to pay back then they should.

Some of the people that they borrowed from end up falling into hard times but they still don't care.

SeriouslySense:
Better, some are not even friends, and they think they can ask for huge capitals, when there is zero trust in the land.

Those ones are tricksters too, looking for easy people to manipulate.

When i see people who have suffered unjustly and treated badly in life or are struggling, i am usually moved to help, because i understand that. But when i see entitled people i have to to keep my sanity.

In summary, we pray God help us all.

NamelessOGBENI:
It's almost three years and what I've learnt so far is the average Nigerian is poor when it comes to paying back loans, not just in monetary aspect but in non-monetary terms.

And again, I've been able to know some people real color with the way they handle money, they'd promise heaven on earth, shed all kind of tears but when it comes to pay up, damn, na to vamoose.

I'm more grateful mine experience came from mentor, friends and those who had thought had a reputation.

The people that borrow money and don't pay back are here in this thread, they gone be too scared to comment

1Sharon:
■ What do you mean? If they said they were going to pay back then they should. some of the people that they borrowed from end up falling into hard times but they still don't care.

1. I mean that as a culture we do not encourage people to pay back and that's is part the problem.

Even many of those same would probably do same to folks they lend from.

Kobojunkie:
1. OMGosh, for realz! Then why don't folks use that a lot more then?

Ahhh, they do. That is why those days you want to take loans from microfinance banks, regular banks too, you want to finance eg a car, they will ask for post dated cheques for all the monthly payments even if it is for 4 years.
Me cannot loan someone money without collecting a cheque. Unless it is money I can afford to loose.
If you have the time, read the law below and the cbn response at the bottom.

The issuance of a dud cheque is a criminal offence pursuant to Section 1 of the Dishonored Cheques (Offences) Act CAP D11 LFN 2004 and punishable under Section 1 (1) (b) (i) of the same Act.
The crux and relevant provisions of the Act are as follows:
(1) Any person who –
(a) obtains or induces the delivery of anything capable of being stolen either to himself or to any other person; or (b) obtains credit for himself or any other person, by means of a cheque that, when presented for payment not later than three months after the date of the cheque, is dishonored on the ground that no funds or insufficient funds were standing to the credit of the drawer of the cheque in the bank on which the cheque was drawn, shall be guilty of an offence and on conviction shall- (i) in the case of an individual be sentenced to imprisonment for two years, without the option of a fine; and (ii) in the case of a body corporate, be sentenced to a fine of not less than N5,000.


Measures taken by CBN

Prosecution of the offenders directly;

Handing the offenders over to the Economic and Financial Crimes

Commission (EFCC) and other security agencies for prosecution;

Banning the offender from accessing credit facility for a period of 5 years;

Cancellation of all unused Cheque books issued to serial issuers of dud cheques upon the compilation and dissemination of information by CBN;

Sanctioning any bank that fails to report serial issuer of dud cheques.

SeriouslySense:
Nigerians just like problems. No conscience at all, had the money but just wanted to spend it for herself, so she will enjoy free money from another person, because to them, that person does not value his money, but they are smart and value it more.

No wonder everything is not working, very heartless human beings.

a lot of them, don't like paying loan apps, thank God for loan apps, for exposing their greed

Lmao.. those loan apps crack me up. Most of them are owned by Chinese or Indians. I heard what they do is even illegal but the average nigerian is not a Saint himself and needs that iron hand to act right.

Once they don't pay, the next thing is to embarrass the debtor by telling their contacts they have HIV.. lool

texannaija:
I no fit borrow person wetin I no fit dash the person…..

simple!

Zonefree:
Omo, if you ask me to borrow you 10k, I'll send you 5k and I'll never ask you for the money. That way, I know you'll never demand for another loan cos you're still with my 5k. Life na wisdom.

this is it!

Evestar200:
This one is from my childhood friend.

This person begged me to send this money to him in 2015 because he is stranded in Borno and doesn't have anything on him to transport himself to Port Harcourt.

As a good person then, I managed to send him from the little one I have even when I was struggling then.

I reminded him in 2021 when I was sick and in need of money to buy drugs but this is what I get back for being kind.

He didn't pay and blocked me last year.

The other person I lend paid half of the money and the other half is history 😂😂😂😂.

Some people are wicked, Imagine someone I lend 20k on Monday is asking me to send her my account number so that she can send me back my money while some people don't want you to even remind them not to talk about requesting back the money you lend them.


Life.

This guy is wicked and very rude.

How did you manage to keep the chat up till now with receipt?

Kobojunkie:
1. I mean that as a culture we do not encourage people to pay back and that's is part the problem.

Even many of those same would probably do same to folks they lend from.

What do you mean? They know that they should pay back but they just don't want to.

Why do relationships break down after money is lent?

1Sharon:
■ What do you mean? They know that they should pay back but they just don't want to. Why do relationships break down after money is lent?

1. Like I said, part of the major reason has to do with the fact that culturally, we do encourage individuals to be responsible in such things .

Wotoporiously speaking

I no dey borrow anybody money, if I get I give, if I no get i leave cuz I no want unnecessary bad blood

Kobojunkie:
1. Like I said, part of the major reason has to do with the fact that culturally, we do encourage individuals to be responsible in such things .

Responsible in what things?.

You're stressing me out Kobo.

1Sharon:
■ Responsible in what things?. You're stressing me out Kobo.

1. If it causes you stress then maybe you won't see what I am saying at all.

I'm learning big lessons here.

Evestar200:
Have you ever lend money to someone and when is time for them to pay they will tell you or do something that will make you regret ever helping them?

Share your stories.

Never lend out money you cannot let go.
Best thing is to just support with what you can but just don't borrow

Lets try to be putting ourselves in others shoes in whatever we do. some months ago, a friend of mine wanted to use money for his piggery business, he looked everywhere but hope wasn't forth coming. He then asked me to help him get money of about 500k from a third party. Then I told him that it's not easy to borrow such without collateral and guarantor.He refused, saying he didn't want such. Then I asked him if he can also borrow someone's such without collateral. And he said No. Then I tried my best but was to futility.
Then after some months later, I asked him to lend me money of 20k which I will return same day. it was for a very urgent stuff I needed it for . Then he said, he can't lend out money he cannot forget if it wasn't returned. So, I now remembered he was the same person asking for 500k without collateral some months ago. Let's try to put ourselves in others shoes in whatever we do. That kind of person, I can't lend him money in future even if he ask. Some people do forgets easily what they did wrongly in the past and will still come for same help. To me, any money that was given out on the note of "lend" should be returned, no matter how small, you don't assume the person doesn't need it anymore.

Reason why you should be intentionally wicked when doling out money in the name of loan.

Give only what you can for-go.

alizma:

Tell him ok you understand but run as long as your legs can carry you far far far away from such people.
You see this people
1) some who eat your food and soon forget how he almost fainted before you gave him the food
2) someone who forgot soon how he was naked before you cover his shame with clothing or accomodation and
3) some who forgot soon, how he was broke before you bail him out, these 3 set of people can kill you for being good to them. Once I noticed you have any of these traits, I quickly leave you with whatever help I had rendered to you and moved on. Once you help any of these people get on their feet, they suddenly start to think it is their right, in fact some of the will say you haven't done enough

Very good.
That reminded me of something I have red here on Nairaland:

Don’t Feed Every Dog You See Hungry, Some Just Need Strength To Bite You.

Anyway, we need such dogs sometimes to help us learn more about life and become wise
Also, it is not every dog that bites,some are really grateful,some dogs are better than human

nedekid:
■ Ahhh, they do. That is why those days you want to take loans from microfinance banks, regular banks too, you want to finance eg a car, they will ask for post dated cheques for all the monthly payments even if it is for 4 years. Me cannot loan someone money without collecting a cheque. Unless it is money I can afford to loose. If you have the time, read the law below and the cbn response at the bottom.
■ The issuance of a dud cheque is a criminal offence pursuant to Section 1 of the Dishonored Cheques (Offences) Act CAP D11 LFN 2004 and punishable under Section 1 (1) (b) (i) of the same Act.
The crux and relevant provisions of the Act are as follows:
(1) Any person who –
(a) obtains or induces the delivery of anything capable of being stolen either to himself or to any other person; or (b) obtains credit for himself or any other person, by means of a cheque that, when presented for payment not later than three months after the date of the cheque, is dishonored on the ground that no funds or insufficient funds were standing to the credit of the drawer of the cheque in the bank on which the cheque was drawn, shall be guilty of an offence and on conviction shall- (i) [b]in the case of an individual be sentenced to imprisonment for two years, without the option of a fine; and (ii) in the case of a body corporate, be sentenced to a fine of not less than N5,000.
[/b]
Measures taken by CBN
Prosecution of the offenders directly; Handing the offenders over to the Economic and Financial Crimes Commission (EFCC) and other security agencies for prosecution; Banning the offender from accessing credit facility for a period of 5 years; Cancellation of all unused Cheque books issued to serial issuers of dud cheques upon the compilation and dissemination of information by CBN; Sanctioning any bank that fails to report serial issuer of dud cheques.

Thank you so much for this.

Evestar200, and anyone else out there who would like to lend to family and friends, but are afraid of not getting their money back, here is information that will be of great help in addition to use of a promissory note.

Lend money to an enemy, you will have him back, borrow same to a friend, you will loose him forever.
This is what is happening to the great US$ who borrow and finance so many countries in Africa for years, they are now turning against United States, supporting Russia and China.
I learnt a lesson early in life, never to lend family and friends money.

nedekid:

those days you want to take loans from microfinance banks, regular banks too, you want to finance eg a car, they will ask for post dated cheques for all the monthly payments even if it is for 4 years.

---

If you have the time, read the law below and the cbn response at the bottom.

The issuance of a dud cheque is a criminal offence pursuant to Section 1 of the Dishonored Cheques (Offences) Act CAP D11 LFN 2004 and punishable under Section 1 (1) (b) (i) of the same Act.
The crux and relevant provisions of the Act are as follows:
(1) Any person who –
(a) obtains or induces the delivery of anything capable of being stolen either to himself or to any other person; or (b) obtains credit for himself or any other person, by means of a cheque that, when presented for payment not later than three months after the date of the cheque, is dishonored on the ground that no funds or insufficient funds were standing to the credit of the drawer of the cheque in the bank on which the cheque was drawn, shall be guilty of an offence and on conviction shall- (i) [b]in the case of an individual be sentenced to imprisonment for two years, without the option of a fine; and (ii) in the case of a body corporate, be sentenced to a fine of not less than N5,000.


Measures taken by CBN

Prosecution of the offenders directly;

Handing the offenders over to the Economic and Financial Crimes

Commission (EFCC) and other security agencies for prosecution;

Banning the offender from accessing credit facility for a period of 5 years;

Cancellation of all unused Cheque books issued to serial issuers of dud cheques upon the compilation and dissemination of information by CBN;

Sanctioning any bank that fails to report serial issuer of dud cheques.

Just read the fine print. If you dont gerrit, forgerrit.

---

Na for Sharp intelligent borrower to simply just add promissory note to pay back in 4months time along with postdated cheque carrying 4months time date from date of cheque issuance . or even 5months time date or 6 . Postdated cheque in the mud.

scripted, this ain't real.