Why A Nigerian Professor Would Not Be Able To Afford A Car - Car Talk (6)

Why A Nigerian Professor Would Not Be Able To Afford A Car - Car Talk (6) - Nairaland

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Re: Why A Nigerian Professor Would Not Be Able To Afford A Car by adedayourt(op): 4:27pm On Jul 18, 2025

yaki84:
Yesterday I entered fair money app to check their loan services, after the initial questions about my details n financial statement, I was given a loan of 419700k, I entered to check the duration and possible interest on the said loan figure, what I saw left me devastated.
I was to pay 124978k monthly for 9months.
The loan period was 270days which is 9months, when I calculated the sum total of 124978 for 9months, it was 1124802.
I went further to divide the 419700 loan amount offered by 9months, it gave me 46k monthly.
So I'm given 46k to be paying 124k monthly.
At that rate, fair money is doing a ROI of more than 100percent to gullible Nigerians, meanwhile they R giving a paltry 21 to 25percent on their fixed deposit if you fixed the sum for more than 180days.
These guys r reaping Nigerians badly, n no one to speak for us

this is beyond reaping, i'm devastated on your behalf

Re: Why A Nigerian Professor Would Not Be Able To Afford A Car by adedayourt(op): 4:30pm On Jul 18, 2025

ruffhandu:
Hej, just a minor correction to your analysis.
The obligor will not actually pay N39.6million at the end of the day, but N27.6 million.

and how did you possibly arrive at this figure?

Re: Why A Nigerian Professor Would Not Be Able To Afford A Car by adedayourt(op): 4:50pm On Jul 18, 2025

MRMRMR:
164% interest after 4yrs is not correct even if annual interest rate is 41% because interest is calculated on the outstanding balance of principal.

You very correct, thanks for drawing attention.

At that, interest payment would be over 13million. That's if cbn keep rate constant for the entire period. Which still brings us to a total repayment of 28million at the minimum.

how many small scale business entrepreneur can afford this

Re: Why A Nigerian Professor Would Not Be Able To Afford A Car by adedayourt(op): 4:51pm On Jul 18, 2025

HydraFeeds:
Well that's a sad reality with our entire system but besides corruption,a Nigerian Professor could afford more than just a 100 grand car if they can innovate ,write books and speak in conferences instead of duplicating outdated books and regurgitating it year in year out .

this is another side to the discussion

Re: Why A Nigerian Professor Would Not Be Able To Afford A Car by adedayourt(op): 4:54pm On Jul 18, 2025

symbianDON:
Remove corruption, 95% of civil servants cannot afford to buy cars currently

strongly believe so too

Re: Why A Nigerian Professor Would Not Be Able To Afford A Car by ruffhandu: 6:40pm On Jul 18, 2025

adedayourt:
and how did you possibly arrive at this figure?

I'm sure you have gotten answer to this question you asked already. It is called 'Reducing balance' interest calculation.

Re: Why A Nigerian Professor Would Not Be Able To Afford A Car by yaki84: 9:47am On Jul 19, 2025

adedayourt:
this is beyond reaping, i'm devastated on your behalf

God forbid them to reap me.

Me wey dey give soft loans to people...

I saw their advert on Twitter about the 28percent interest rate on savings.
Me wey be weary, I say make I compare their interest rate on savings and also loans..
The disparity was so much.

They offer paltry 26percent for savings above 180days, but give more than 100percent on loans above 180days.

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Re: Why A Nigerian Professor Would Not Be Able To Afford A Car by Nobody: 11:24am On Jul 22, 2025

TallNigerian:
You are wrong. I took a 36 month loan last year as a public servant. Interest rate per month was 5% and I took over 650k loan, my total repayment was put at a little above 2m....and I was paying more than 63k monthly.
Thankfully, I got a little breakthrough and was able to liquidate the loan in March this year.

It's not easy been a public servant in Nigeria o

What

Re: Why A Nigerian Professor Would Not Be Able To Afford A Car by Cromagnon: 5:34am On Jul 25, 2025

viyon02:
yes it can through dubious means

nope
Judy doing the needful

Re: Why A Nigerian Professor Would Not Be Able To Afford A Car by Cromagnon: 7:55pm On Jul 27, 2025

viyon02:
yes it can through dubious means

if it has to be dubious then no it isn't

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