₦airaland Forum

iammo:


Yet PDP wants APC to stop trader money,

for Nigerian economy to strive, it needs SMEs to access low interest loans from the money market ... and double digit monthly interest repayment is not feaseable for many business models.

there is no SMEs except drug business or yahoo yahoo where you must make over 20% of your capital monthly to service a loan, after paying rent, electricity bill and transport

Most sensible comment on this topic, so far.

commodorejydes:
......lol.,guy u got me laughing hard ,asin ehn u b bad guy ...now I believe u actually worked dere..na people like u dey create problem for bm run ...

I no fit withstand those things. Even one group leader was accusing me of being too soft, that the former CO have some boys that he will buy drinks for and they will help him rough handled them till they pay.

I just smile in my mind I said what if they rough handle someone and he/she die, who will bear the brunt?

Being broke is better than being a murderer.

I am amazed by the responses so far. What is wrong with banks coming back to collect their money as at when due? Some Nigerians lack integrity and have poor understanding of how banks work. Do you think they are charity organisations? Don't they know that any unpaid loan has a ripple effect on very critical operations of the bank? Don't they know that a high debt to equity ratio on a business entity's financial statement would undermine the confidence of the bank's prospective investors? This isn't a matter of pity. Nigerians just want banks to suffer a liability that is not theirs just out of the kindness of their heart while they take their sweet time to pay when they feel they are capable. Never take a loan when you do not have some provisions to service it in the event of force majeure. No bank will like to expand their provision for bad debt at any time! Majority of Nigerians have very poor repayment culture and bad attidtude to creditors.

I support the use of any means possible (limited to unreasonable inflictions though) to recover loans from defaulters. Infact, the only language some nigerians understand is violence. Nothing wrong with even sending thugs to force the money out of 'some class of people's' pockets.

In one of the side missions on Red Dead Redemption 2 (PS4), I had to beat the hell out of one dude before he paid me the money he owed our group.

Taking loans from banks is different from taking loans from friends.

FYI
I am not a banker or affiliated to any financial institution. This is my own sincere opinion.

johnkay1:
I no fit withstand those things. Even one group leader was accusing me of being too soft, that the former CO have some boys that he will buy drinks for and they will help him rough handled them till they pay.

I just smile in my mind I said what if they rough handle someone and he/she die, who will bear the brunt?

Being broke is better than being a murderer.

Guy we gats b friend I swear u damn funny .....no b lie ,I do am o,i b get boys even police wey I dey buy drink to help me do recovery .. I'm a bm now after all the suffering

Cmeo:
You have given me material for training, in case you don't know!

My pleasure bro.

Vision2045:
Those online own self terrible o.. Dem go just call any one on your contact. And some the loans just keep increasing

Please, can you shed more light on the online ones you talked about?

Its better to obtain a loan from SEAP mfb than be a credit officer. Those guys are suffering mehn

DanXplore:
I am amazed at the responses so far. What is wrong with banks coming back to collect their money as at when due? Some Nigerians lack integrity and have poor understanding of how banks work. Do you think they are charity organisations? Don't they know that any unpaid loan has a ripple effect on very critical operations of the bank? Don't they know that a high debt to equity ratio on a business entity's financial statement would undermine the confidence of the bank's prospective investors? This isn't a matter of pity. Nigerians just want banks to suffer a liability that is not theirs just out of the kindness of their heart while they take their sweet time to pay when they feel they are capable. Never take a loan when you do not have some provisions to service it in the event of force majeure. No bank will like to expand their provision for bad debt at any time! Majority of Nigerians have very poor repayment culture and bad attidtude to debtors.

I support the use of any means possible (limited to unreasonable inflictions though) to recover loans from defaulters. Taking loans from banks is different from taking loans from friends.

FYI
I am not a banker or affiliated to any financial institution. This is my own sincere opinion.

I agree with you ,most Nigerians play victim when it is time to repay debts

iammo:
Trader moni get website naa, abi you want them to come knock your door?

[b]And before i end my comment.... shame shame sh[/b]ame on PDP

Hahaha and what do we do to APC? I saw you rejoicing in another thread that Atiku's case was been delayed. Did your buhari not win again or why are you people so scared to do anything right? Running and hiding away at the back of the corrupt judiciary like scared little girls

I dread loans. and if I must take loans, I seek friends and family first.

If you go to a bank to take loans, you should be ready for whatever when you default. remember there is no collateral with these mfb unlike the big banks.

so when you default, how do you expect their business to be run? Yes its wrong to beat defaulters but if I was a credit officer or own a loan mfb I will certainly lock individuals who fail to pay on the set date.

There is no soft heart in the game of loan bizness.

I don't blame most microfinance banks, people like free money and are used to borrowing lifestyle. The most annoying thing is that they divert the loans to other purpose . I could remember a customer wanted to commit suicide because we declined her loan application when I got an information from her neighbour that she wanted to use the loan for her father's funeral rite .. The defaulters killed the microfinance bank I worked with because we were too lenient with loan recovery method. The customers would get loans from us to offset loans in another microfinance banks that are strict with recovery. Now the microfinance bank has fold up, and majority of us working with thebbank are still without job. The most painful thing is that I lost my three months salary to settle defaulters' loans in some of the groups I was coordinating.

Livefreeordieha:
oyon on atukpa meanwhile ekpon ni nu beehives ile oyin���

U not human u just have to qoute all that for ur statement

Nothing wrong with borrowing to aid your business. I have done it several times and have been able to repay without any stress. The problem is not with the lender but with the borrower. In borrowing, I follow four simple rules:
1. Never borrow more than your current income can repay. If you read the post, you will see an akamu seller who borrowed 20000 naira. What for? 5000 would have been enough for such a business. Most people will borrow any amount once it is available.
2. Never divert loans to other uses. Use any loan for the purpose for which it is meant. I once borrowed a huge sum from LAPO for a project. I spent all the money within 24 hours on the project to prevent me from diverting any part of the loan on any other thing. The project was meant to enlarge my business and the swift completion of the project accomplished that purpose. In ten months, I was able to repay the loan in full.
3. Do not borrow for recurrent expenses such as payment of children School fees, hospital treatment, burial or naming ceremonies, payment of rent, purchase of pleasure cars or motorcycles, clothes etc. You must only borrow to finance an item that will generate funds.
4. Do not live an extravagant lifestyle. Discipline yourself to live below your means. This is one thing we always find difficult to do in this part of the world. When we make little money, we begin to live large, buying expensive and most times unnecessary things.
To me, these four rules have been my guiding principles and I recommend them to anyone that wishes to take a loan from whatever source.

what If the credit officer pays thugs to retrieve loan and the thugs gets beaten up instead what will happen then?

Alexrayz:
U not human u just have to qoute all that for ur statement

glad u acknowledged the fact that u currently in a digital age... If u believe in esiri Apple voice prompt then tolerate my robotic prowess..

dayleke:
Modern day slavery.
Why are they still being allowed to be in business?

How is it “modern day slavery”?
While NOT supporting crude recovery methods, is it by force to borrow money?

The issue with many Nigerians is...
They either borrow with no realistic plan to repay or no intention to do so.

There’s also a Culture of Entitlement...
That seem to believe that loaning money is evidence the lender can afford to lose same.
>

There's nothing wrong with LAPO but the defaulters...
Lapo money is simply for business
And before this desperate woman get this monies.... They never assessed their business to see if they will realise a profit of 2800 on a weekly basis.... Even after deducting expenditure..
These women are so desperate to get the monies since they will goods and start selling not considering some bad day sales
Now here's the major problem.. Its from the daily sales these women will take money from to cook soup for the kids n even some useless men too depend on that money..
So by the time next Tuesday comes for payment they run from pillar to post...
I knew one woman like that....uses all her sales money for feeding the kids, las las she go come borrow money to pay lapo.. Las las again lapo came to carry her new fridge

Xtfield:
Nothing wrong with borrowing to aid your business. I have done it several times and have been able to repay without any stress. The problem is not with the lender but with the borrower. In borrowing, I follow four simple rules:
1. Never borrow more than your current income can repay. If you read the post, you will see an akamu seller who borrowed 20000 naira. What for? 5000 would have been enough for such a business. Most people will borrow any amount once it is available.
2. Never divert loans to other uses. Use any loan for the purpose for which it is meant. I once borrowed a huge sum from LAPO for a project. I spent all the money within 24 hours on the project to prevent me from diverting any part of the loan on any other thing. The project was meant to enlarge my business and the swift completion of the project accomplished that purpose. In ten months, I was able to repay the loan in full.
3. Do not borrow for recurrent expenses such as payment of children School fees, hospital treatment, burial or naming ceremonies, payment of rent, purchase of pleasure cars or motorcycles, clothes etc. You must only borrow to finance an item that will generate funds.
4. Do not live an extravagant lifestyle. Discipline yourself to live below your means. This is one thing we always find difficult to do in this part of the world. When we make little money, we begin to live large, buying expensive and most times unnecessary things.
To me, these four rules have been my guiding principles and I recommend them to anyone that wishes to take a loan from whatever source.

Thank you!

TRUCKS NEEDED URGENTLY

Hello Nairalanders,

Please I need some standard trucks specifically (30 tons and 45 tons trucks) that can deliver some legit goods from Lagos to other parts of the states and from Portharcourt to some other parts of the states as well.

Please if you know of any company/individual kindly send their details to me or call 08056012283

Very urgent.

Thanks.

segunmelvin:
what If the credit officer pays thugs to retrieve loan and the thugs gets beaten up instead what will happen then?

Na useless thug be dat na.....lolz

Xtfield:
Nothing wrong with borrowing to aid your business. I have done it several times and have been able to repay without any stress. The problem is not with the lender but with the borrower. In borrowing, I follow four simple rules:
1. Never borrow more than your current income can repay. If you read the post, you will see an akamu seller who borrowed 20000 naira. What for? 5000 would have been enough for such a business. Most people will borrow any amount once it is available.
2. Never divert loans to other uses. Use any loan for the purpose for which it is meant. I once borrowed a huge sum from LAPO for a project. I spent all the money within 24 hours on the project to prevent me from diverting any part of the loan on any other thing. The project was meant to enlarge my business and the swift completion of the project accomplished that purpose. In ten months, I was able to repay the loan in full.
3. Do not borrow for recurrent expenses such as payment of children School fees, hospital treatment, burial or naming ceremonies, payment of rent, purchase of pleasure cars or motorcycles, clothes etc. You must only borrow to finance an item that will generate funds.
4. Do not live an extravagant lifestyle. Discipline yourself to live below your means. This is one thing we always find difficult to do in this part of the world. When we make little money, we begin to live large, buying expensive and most times unnecessary things.
To me, these four rules have been my guiding principles and I recommend them to anyone that wishes to take a loan from whatever source.

best comment so far.

Xtfield:
Nothing wrong with borrowing to aid your business. I have done it several times and have been able to repay without any stress. The problem is not with the lender but with the borrower. In borrowing, I follow four simple rules:
1. Never borrow more than your current income can repay. If you read the post, you will see an akamu seller who borrowed 20000 naira. What for? 5000 would have been enough for such a business. Most people will borrow any amount once it is available.
2. Never divert loans to other uses. Use any loan for the purpose for which it is meant. I once borrowed a huge sum from LAPO for a project. I spent all the money within 24 hours on the project to prevent me from diverting any part of the loan on any other thing. The project was meant to enlarge my business and the swift completion of the project accomplished that purpose. In ten months, I was able to repay the loan in full.
3. Do not borrow for recurrent expenses such as payment of children School fees, hospital treatment, burial or naming ceremonies, payment of rent, purchase of pleasure cars or motorcycles, clothes etc. You must only borrow to finance an item that will generate funds.
4. Do not live an extravagant lifestyle. Discipline yourself to live below your means. This is one thing we always find difficult to do in this part of the world. When we make little money, we begin to live large, buying expensive and most times unnecessary things.
To me, these four rules have been my guiding principles and I recommend them to anyone that wishes to take a loan from whatever source.

.... You have a meaningful point.

The online ones Na die! I'm even battling with one presently. I borrowed 18000, and I was to repay 21000. I couldn't pay on time because of delay in my salary. I was asked to pay 5000+ before May 20 and then pay 23000+ before June 20. Imagine. I'm just praying that God will help me out.

Livefreeordieha:
and most are so sadistic and dwell on dramas to exist on a daily basis hence they no longer have sense of humor...

The irony is they self styled themselves as the normal ones..

See fam.. you dey speak English.. Dont quote the damn long thing.. you want to be a comedian, go to the circus.
Only you just carry humor for head. Now Swerve!

Olayinka8793:
Aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it deosn't mttaer in waht oredr the ltteers in a wrod are, the olny iprmoatnt tihng is taht the frist and lsat ltteers be at the rghit pclae.The rset can be a toatl mses and you can sitll raed it wouthit any porbelm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef,but the wrod as a wlohe. Lkie if you Raed this peferct�

wow!

The first page of this thread is filled with lots of shitty comments.

You wolves curse people who borrow your salary and fail to pay back, yet want struggling MFBs to give you FREE money.

Some even encourage SMEs to boycott MFBs. So what happens after na? Come to you for loan? Shey una go give them una cars and properties to use as collateral for GTB loan?

Livefreeordieha:
oyon on atukpa meanwhile ekpon ni nu beehives ile oyin���

So you quoted everything just to say this?

9jaRealist:
How is it “modern day slavery”?
While NOT supporting crude recovery methods, is it by force to borrow money?

The issue with many Nigerians is...
They either borrow with no realistic plan to repay or no intention to do so.

There’s also a Culture of Entitlement...
That seem to believe that loaning money is evidence the lender can afford to lose same.
>

I don hear.
Was just thinking it's too harsh a way what they are subjected to ni....

omoluabi100:
The online ones Na die! I'm even battling with one presently. I borrowed 18000, and I was to repay 21000. I couldn't pay on time because of delay in my salary. I was asked to pay 5000+ before May 20 and then pay 23000+ before June 20. Imagine. I'm just praying that God will help me out.

Wow!!!!!

But didn't you borrow for business?

coldFLARES1:
. You think is is impracticable?

A very junior friend tending to her father's shop approached me one day, and said she had an idea of selling fruits in a kiosk in her dad's space to make a little extra for herself. I thought it brilliant and offered a 'loan' of 6k, which she promised to repay in 4 months i think.

Mehn, long story short, her side hustle didn't last 6months and I only got back 3k. She don use hailing clear the balance. Every time she sees me, na broda broda!!

I like ur sense of humor....
Lol@broda, broda....
But what happened to her biz/side hustle tho?

lexxwiz:
See fam.. you dey speak English.. Dont quote the damn long thing.. you want to be a comedian, go to the circus.
Only you just carry humor for head. Now Swerve!

I carry humor for my head because sadness and unnecessary hate na burden... U hear?? And by the way sef shey restrictions dey for quoting? Make Una try go find peace enhancement pills if them dey sell for chemist... Una matter don defy all sense of logic..