somehow:
LAPO is demonic

lakesider:
How will a country economy grow when people take loan, start business and start living large before the business grow

AHCB:
chief among them is LAPO. they don't joke with it at all.

ogene144:

Small boy sleeping with married women!

Compliance:
Well, this write up is somewhat false...

Listen to me, I am a Branch Manager in Grooming, I can tell you that our institution spent a lot for us to be trained on clients protection principles. It's an abomination to maltreat a client because of default.

I can assure you, in grooming centre, it is not permitted to lock up clients or be unruly to them, you dare not even speak with untamed tongue, you'll loose your job!!!

And please, they don't deduct defaults from salaries, they only encourage maximum recovery but default won't affect a bit of your pay. Just that some superiors now force staffs to pay from their salaries and are ready to victimise them into paying defaults.

Let me state clearly again, Grooming Centre don't victimise clients, in fact they sack you for being too harsh on them. Also, salaries are not deducted for defaults... Please ask questions and at least, leave grooming centre out of your assumptions.

chukzyfcbb:
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.

dayleke:


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

bigpicture001:

They are really helping the economy. If you know, you know.....attitude of borrowers is the problem!

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.
>

poyebad:
The problem is not LAPO or other MFB, the problem is with the people. Most of the borrowers are not disciplined. Instead of taking loans meant for business to do business they use the loans for their domestic needs. I have so many examples of such people going to LAPO to take a loan and pretending it is for a particular business. LAPO comes and audits the business to make sure there is a business that can sustain that loan. After collecting the money, this borrowers divert the money for domestic uses. When it is time to pay LAPO loan back they start complaining.

These are banks and they will not survive if they do not by all means recover the money lent out.

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.

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

xyz123456:

Please, I am just curious. what's the implication of not paying? Since its online, can the come to arrest loan defaulters?

flowx:
You will never borrow money from bank and you're planning to make it big In life. You never ready! Go outside there and ask those billionaires if they can do without borrowing...

coldFLARES1:
My friend Felix's quote would be apt:small pikin never start business, e say profit too much!

On paper, all ideas are brilliant until you are to domesticate/model them to real life situations.

She was spending a lot on transport to get her supplies; wasn't consistent with stock availability;lost a sizeable fraction to perishability and could have granted debts to some customers I think.

That way,.....gradually but surely she got liquidated!

martineverest:
don't forget Nigerians don't like servicing/paying debt

dayleke:


You mean minutes or months?
5k for small biz? Please what kinda biz?

brainhgeek:
Renmoney has a crazy interest rate. Over 60% per annum.
Alas, we are the government scamming ourselves

missprudence:


Over 60%?? That can never be true

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