₦airaland Forum

Hello fam. A friend wants to secure a small loan of 200 thousand from diamond bank, which he would use 50 thousand nairas to create a legal music streaming platform and fix the remaining 150 thousand in a fixed deposit account, is this a good idea??

adims96:
Hello fam. A friend wants to secure a small loan of 200 thousand from diamond bank, which he would use 50 thousand nairas to create a legal music streaming platform and fix the remaining 150 thousand in a fixed deposit account, is this a good idea??

First of all let me save you the stress of getting yourself into loan debt, first of all you cannot start a legal music platform with 50k, if it was that easy everyone will have their own in the music industry, secondly you cannot make any meaningful profit from a fixed deposit of someone loan, so finally I will tell you not to take the loan as you will fail to pay back the loan and as for the music platform thing you said before, a proper music online streaming platform will cost you millions to setup a structure around so do not go and start an illegal MP3 website thinking you started a music website FYI I'm a web developer.

What's the monthly deduction of the loan?

Yearly deduction 20%

OK how about a free and legal mp3 download site like
Naijaloaded, tooxclusove.. et Al.
How much might it cost to set up 1