₦airaland Forum

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easyconnect:
Pls any idea on where I can get a loan of 500k to be paid back in a year later with little interest? Maybe something I can pay back 600k?
I don't want micro finance bank. Their interest rate Is too much pls.
Pls anyone have an info on where and how I can achieve this?

my sister u cant get a loan of 500k for 1year with an interest of just 100k

Poorboy:
my sister u cant get a loan of 500k for 1year with an interest of just 100k

which one can I get pls ?

easyconnect:
which one can I see?

u get collateral wey pass 500k?

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easyconnect:
yes. A land

at where?

Abuja

@OP, your best bet is a micro finance bank. Their interest rate is the best you are gonna get.

Apart from that will you be willing to pay 5% monthly? This is the best offer you are going to see from individual lenders (people who are really close to you), others will not collect nothing less than 10% monthly. If you calculate this you will end up paying N600k for just interest alone for the whole year @ 10%.

And note that you will not write a loan agreement with someone using your land. Nobody will write that with you. What you will write is a sales agreement. Which means after one year, if you don't pay back, you have automatically sold your land.

Try to understand how loan works before you proceed. It is very dangerous process.

But if you insist, there are a whole lot of people who will be of help even here on NL.

Thanks @databoy. The 5%monthly is equal to 600k in a year. I understand what you're saying. Thanks

Happy sunday