₦airaland Forum

binary123:
Please, anyone with similar experience with loan app should reply
I need advice before I take a dive.

binary123:
I am into laundry /dry-cleaning business,and I'm operating from my one bedroom apartment,
I have been trying to save money to rent a shop and also to buy a generator.but it has not being easy
Most times I do borrow money from loan app and I have mentain a good record, my loan limit has increased to N500,000 the interest is N550,000,
Total repayment of N1,050,00 (one million fifty thousand) to be paid in instorment of one year I'm seriously considering taking the loan
.pls I need your advice is this a fair deal, I really need the money.

samwash:
The internet is too much,you are paying back double of the initial principal of the loan.
Why not go for MFB loan, those ones are cheaper compare to this one.

Dafungames:
I won't advice anyone to take money from loan apps honestly. The moment you default. They will disgrace you badly. I haven't experienced it first hand because I have never borrowed but this has happened to a relative who got disgraced badly.

We got calls from them threatening to deal with her I believe after her picture was sent to most of her contacts.

If you have someone else that would give you the money that would be more patient with you even if you default it will be better than to get it from loan apps.

It's even bad getting this loans because it just makes you not to concentrate, it disturbs your peace and most times make many business remain stagnant.

You needed advice–I've given you my advice. But I believe before you came here your mind was already made up. The decision is up to you to make.

lordm:
Borrow from family members

binary123:
Thanks, but mfb loan don't easily accessible,too much process and procidious

binary123:
I am into laundry /dry-cleaning business,and I'm operating from my one bedroom apartment,
I have been trying to save money to rent a shop and also to buy a generator.but it has not being easy
Most times I do borrow money from loan app and I have mentain a good record, my loan limit has increased to N500,000 the interest is N550,000,
Total repayment of N1,050,00 (one million fifty thousand) to be paid in instorment of one year I'm seriously considering taking the loan
.pls I need your advice is this a fair deal, I really need the money.

binary123:
Thanks, but is not easy to access loan anywhere,

Buziness101:
500k may seem big to you now...
.but immediately you take the loan you will then know that 1,050,000 is bigger.

Unless you have a backup plan

binary123:
The money would have go a long way in growing my business.my fear is the interest.
Just like labouring for the loan app

binary123:
I am into laundry /dry-cleaning business,and I'm operating from my one bedroom apartment,
I have been trying to save money to rent a shop and also to buy a generator.but it has not being easy
Most times I do borrow money from loan app and I have mentain a good record, my loan limit has increased to N500,000 the interest is N550,000,
Total repayment of N1,050,00 (one million fifty thousand) to be paid in instorment of one year I'm seriously considering taking the loan
.pls I need your advice is this a fair deal, I really need the money.

binary123:
I am into laundry /dry-cleaning business,and I'm operating from my one bedroom apartment,
I have been trying to save money to rent a shop and also to buy a generator.but it has not being easy
Most times I do borrow money from loan app and I have mentain a good record, my loan limit has increased to N500,000 the interest is N550,000,
Total repayment of N1,050,00 (one million fifty thousand) to be paid in instorment of one year I'm seriously considering taking the loan
.pls I need your advice is this a fair deal, I really need the money.

Nnaemiemax:
The interest rate is too high and could strain your finances if you don’t have consistent monthly cash flow to service the loan.

Consider negotiating a 6-month repayment plan for a smaller loan amount to ease the payment burden and reduce the risk of a cash crunch. Alternatively, take a lower loan say ₦300k, and cover the remaining 200k through personal equity.



Ok, that a good idear, just that 300k will not be announce,, same % interes will still be involvedt

Truvelisback:
If i were you, i would continue using my one bedroom apartment for now while i get generator. The burden would be much for you. You are paying for your apartment, and you want to add shop and gen to your bills. Think am.

binary123:
The money would have go a long way in growing my business.my fear is the interest.
Just like labouring for the loan app

binary123:
I know if I can rent a shop in a strategic location, my customers will increase that is what determine growth in laundry dry-cleaning business I'm in the business already.i will have to work more to meet up with customers demands
My fear is the over 100% interest p/A.

binary123:
I need the loan but I'm scared of the repayment plan which is monthly installments for a long period of 12month.

binary123:
From my family members or your ?

lordm:
your family members na

binary123:
I am into laundry /dry-cleaning business,and I'm operating from my one bedroom apartment,
I have been trying to save money to rent a shop and also to buy a generator.but it has not being easy
Most times I do borrow money from loan app and I have mentain a good record, my loan limit has increased to N500,000 the interest is N550,000,
Total repayment of N1,050,00 (one million fifty thousand) to be paid in instorment of one year I'm seriously considering taking the loan
.pls I need your advice is this a fair deal, I really need the money.

binary123:
Thanks you all.As it stands now, my business is not growing because of the remote street were my house is located
The money I'm making is only for feeding because of low patronage, how long should I continue like this that is the reason I am considering taking the loan which is the only alternative
I'm good at the business that why I need to get a shop at a densely populated area, my thinking about the interest alone scary, but I don't have an alternative,I may risks it

lordm:
Borrow from family members

binary123:
Thanks, but is not easy to access loan anywhere,