₦airaland Forum

I have heard countless negative stories about the lapo microfinance bank loan from people around me but its been praise over praise on their Twitter and Facebook page .
I want to hear from guys here who has done biz with them before if its good to take loan from them or look elsewhere

Their t&c, interest rate & recovery method is not often healthy; they will be a major distraction to you sooner or later except your biz is a low level petty biznes like BB, dry foodstuffs retailing, fruits selling etc.

Make other findings, see if you could source your funding from more relaxed or liberal sources. You could even consider partnership or bringing in investing bodies into your fishing sturvs m structure on permanent or temporary basis.

Especially when this capital financing effort is not geared towards expanding an already thriving business base, overcoming the recession assisted inertia may be too much of an effort for you on your virgin venture.

Pls dont

Don't try it if you love yourself and want to maintain your integrity.
Your life will be messed up if you do it....

Pls don't.

No try am

ellapius:
Pls dont

why did you say so

koyeni:
No try am

any reason why you said so?

powerkey:
Don't try it if you love yourself and want to maintain your integrity.

Your life will be messed up if you do it....


Pls don't.

have you had any experience with them before. if yes, tell me about it pls before I go into it

If it's a new business,it's a No No. If an existing one, why not if u can put up a plan to meet up weekly payments. Pardon their aggresive repayment method,Nigerian's are very slow to debth repayment.

NairalandFAYOSE:
have you had any experience with them before. if yes, tell me about it pls before I go into it

Bros, don't think of it at all.

NairalandFAYOSE:
any reason why you said so?

My neighbour tried it at a point n they frustrated her in trying to get d money bk

There is a reason getting a loan to finance a startup is not advisable, your new business need time to stabilize, if you are entirely new to the business, you need time to master the tricks, products and build your customer base, all of these can take time, meanwhile micro finance only have weekly/monthly loan repayment plan, though they usually give the first week/month as grace period, you will need to start paying back immediately you get loans as loans given to you is tied to the credit officer ( micro finance staff ) that approve the loan for you, hence they do everything within their power to recover their loan.

My advise, don’t get a loan to start up a business.

NairalandFAYOSE:
I have heard countless negative stories about the lapo microfinance bank loan from people around me but its been praise over praise on their Twitter and Facebook page .
I want to hear from guys here who has done biz with them before if its good to take loan from them or look elsewhere

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jefy:
If it's a new business,it's a No No. If an existing one, why not if u can put up a plan to meet up weekly payments. Pardon their aggresive repayment method,Nigerian's are very slow to debth repayment.

please,what is this their "aggressive repayment method" like. If someone is unable to payback the loan, what will they do to that person.

ultron12345:
please,what is this their "aggressive repayment method" like. If someone is unable to payback the loan, what will they do to that person.

*aggresive calls if your repayment rate is poor
*crowd visitation at your business place which can be embarrassing
*your properties could go in for unpaid loans etc

NairalandFAYOSE:
I have heard countless negative stories about the lapo microfinance bank loan from people around me but its been praise over praise on their Twitter and Facebook page .
I want to hear from guys here who has done biz with them before if its good to take loan from them or look elsewhere

Get a loan facility
Let's help you expand your business and save you the from the stress of the recession. contact us today.All you need is a collateral which could either be an automobile(car) or jewellry(gold or diamond).Collateral Limited, lending is our business. please call 08029583751 or Whatsapp 07062208029 for more details...

NairalandFAYOSE:
have you had any experience with them before. if yes, tell me about it pls before I go into it

Get a loan facility
Let's help you expand your business and save you the from the stress of the recession. contact us today.All you need is a collateral which could either be an automobile(car) or jewellry(gold or diamond).Collateral Limited, lending is our business. please call 08029583751 or Whatsapp 07062208029 for more details...