I recently opted for a loan in a microfinance bank and I was told to fund my account such that I'll have at least 1.54% of the amount I requested. My fear is if it is real or if it is a trap to use and realise the money I am due to pay in another loan.
I have a business opportunity I want to do before I clear the debts. Please who else has obtained a loan from microfinance? Were you asked to have that percentage before it will be disbursed?

Nwanna2588:
I recently opted for a loan in a microfinance bank and I was told to fund my account such that I'll have at least 1.54% of the amount I requested. My fear is if it is real or if it is a trap to use and realise the money I am due to pay in another loan.
I have a business opportunity I want to do before I clear the debts. Please who else has obtained a loan from microfinance? Were you asked to have that percentage before it will be disbursed?

That's the normal requirement from this loan firms that have branch that you can walk in and talk to. Not online loan firms o.

When I was at Uyo and wanted loan from a microfinance Bank ( can't remember the name now), I was told to open an account with them first where the money will be paid into also.

So if you are ready, then go ahead. But make sure it's a long time bank o.

SilentVboy:
That's the normal requirement from this loan firm that have a branch that you can walk in and talk to. Not online loan firms o.

When I was at Uyo and wanted a loan from a microfinance Bank ( can't remember the name now), I was told to open an account with them first where the money will be paid into also.

So if you are ready, then go ahead. But make sure it's a long time bank o.

Okay, I think that it was not so. So for every loan you want, you must have a cash flow that will match it.

Nwanna2588:

Okay, I think that it was not so. So for every loan you want, you must have a cash flow that will match it.

Atleast, they want to see some commitment on your part. Some may not give u the loan instantly after u open d account.
They will tell u to operate the new account for atleast one month, to see the level of cash coming in.

This one is promising to give the loan latest 2 hours after I've funded the account [quote author=SilentVboy post=123753765 At least, they want to see some commitment on your part. Some may not give u the loan instantly after u open d account.
They will tell u to operate the new account format lat east month, to see the level of cash coming in.[/quote]

Nwanna2588:
This one is promising to give the loan latest 2 hours after I've funded the account

Is it a known and recognised microfinance Bank? In which cities do they have branches? What is their interest rate?

So ask yourself those questions and when u are satisfied, then u go along with them.

SilentVboy:
Is it a known and recognised microfinance Bank? In which cities do they have branches? What is their interest rate?

So ask yourself those questions and when u are satisfied, then u go along with them.

Yes it is a known microfinance

Nwanna2588:
Yes it is a known microfinance

ok no probs.

N3m to pay in 2 years
N142,500 each month
Is it real or a trap?

Nwanna2588:
I recently opted for a loan in a microfinance bank and I was told to fund my account such that I'll have at least 1.54% of the amount I requested. My fear is if it is real or if it is a trap to use and realise the money I am due to pay in another loan.
I have a business opportunity I want to do before I clear the debts. Please who else has obtained a loan from microfinance? Were you asked to have that percentage before it will be disbursed?

Please sorry to ask an unrelated question, what business do you intend to do, I am trap here in need of a business idea that will generate at least 50k/day starting with #4m capital.

abdulskulboy:


Please sorry to ask an unrelated question, but what business do you intend to do, I am trapped here in need of a business idea that will generate at least 50k/day starting with #4m capital.

I want to quit teaching and start driving for a living.
I weighed options such as going for an auto loan, and at last, it was getting a loan from a microfinance bank that was better.

abdulskulboy:


Please sorry to ask an unrelated question, but what business do you intend to do, I am trapped here in need of a business idea that will generate at least 50k/day starting with #4m capital.

Now my business idea is if I've N4m like you, I will start a car importation business
Thank you all. Read the next comment below for my experience with a fraudster that claimed to be a staff of Branch Microfinance bank.

Thank you all for your response. Here is my experience trying to get a loan from a microfinance bank

Little did I know that I was attempting to invest in a swindler venture when I picked interest in a car advertised on Facebook.
The moment that the fraudster saw my inquiry about the car the fraudster who posed as a female with the Facebook name Josephine and WhatsApp name urgent loan replied to me.
In my inbox, she said that the car has been sold. She added that they are also into a microfinance bank that gives a loan that can help me purchase a car.

I picked an interest and inquired about it. She directed me to the WhatsApp page of one Mr Godfrey who she claimed was the loan officer.

I contacted mr Godfrey and he stated the terms and conditions of the loan. It was that the loan is to borrow N3m and pay N3.4 back in 2 years. I swallowed it line, hook and sinker.

Soon I got feedback that my credit history was not encouraging and that I should fund my account (which is why I titled this post) to enable me to get the loan.

I was told by Mr Godfrey to open an account with Branch Microfinance to lodge the money. The money is 1.54% per cent of the N3m which is N46,200.

To make it short, I almost funded the account but my inquiry on the Branch website cleared the blindness that eclipsed me. Guess what! I got feedback that the loan is not from them.

This was after I delayed for about one week before contacting the microfinance bank. I have long gone to the church to give Thanksgiving for not investing in the swindler's venture. Praise be to God.

MY INQUIRY:
Mr (my name)

Jun 17, 2023, 11:49 GMT+1

Thank you for your response. Is Mr Godfrey one of you?

How true is this his chat with me on WhatsApp? I am confused here because you said your maximum is N500k and he is promising me N3m.
Please keep this confidential. Reply to me before I go ahead to pay the 1.54% finding of my account before the approval

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WHAT THEY SAID:
The Nigeria Branch Team (Branch)

Jun 17, 2023, 12:06 GMT+1

Hi (my name),

You're welcome.

We can confirm that there's no one by the name of Mr Geoffrey at the Branch.

Kindly protect yourself from fraudsters! The branch is committed to your safety and would never reach out to you via WhatsApp or ask you to fill out any Google form to obtain a loan. Remember, we do not offer a "business loan" product or POS machine services. Be cautious of fraudsters using these false claims.

Rest assured, Branch will never ask for sensitive information like your card number, NIN, BVfunding password, OTP, or validation codes through calls, emails, WhatsApp, or SMS. Please disregard any such requests. For fraud complaints and suspicious activities, you can reach out to us at Frauddesk.ng@branch.co or use the "customer care" option within the Branch App.

Kindly note that the maximum loan offer with Branch is N500,000. Please also note that customers are not required to pay a funding fee for loans.

Regards,
Amah U.