₦airaland Forum

I want to get a loan of 2m wih 20% interest from my cousin, but I want to know if the interest rate is not too high. And if it's too high, what rate is reasonable? I just want to use the loan for my business.

Your advice will be highly appreciated. Thanks in advance.

Too high

Its good, don't let people deceive you, banks will charge u more. if it is for a business with good returns go for it ....you can get a big lower than that , but it is rare in naija.

Very good.... Pls which company is giving out such rate. Help my life i need loan(beta loan)

Thanks guys for your impute

What is the duration of the loan?

What is the loan's tenor?

What is the repayment plan?

Are you paying back principal + interest at the end of the stipulated period?

While banks charge higher, I think soft loans should be easier on the individual involved. 20% is on the high side for me. Except you are using it as working capital for a very established high-returns business.

Jetland:
Thanks guys for your impute

whats the duration and payment plan?

pocohantas:
What is the loan's tenor?

What is the repayment plan?

Are you paying back principal + interest at the end of the stipulated period?

While banks charge higher, I think soft loans should be easier on the individual involved. 20% is on the high side for me. Except you are using it as working capital for a very established high-returns business.

Thanks for your contribution.

About repayment plan; the duration is either 6 or 12months (He asked me choose between 6 and 12months). And I will pay both the capital and the interest at the end of the agreed period.

But I later talked to him this morning to slash the rate to 18% 'cause it's too high, and he agreed. Do you think it's advisable for me to take it at the 18% interest rate with the above repayment plan?

agarawu23:
whats the duration and payment plan?

Thanks bro.

Please check me reply above

Jetland:
Thanks for your contribution.

About repayment plan; the duration is either 6 or 12months (He asked me choose between 6 and 12months). And I will pay both the capital and the interest at the end of the agreed period.

But I later talked to him this morning to slash the rate 'cause it's too high, and he agreed. Do you think it's advisable for me to take it at the 18% interest rate with the above repayment plan?

grab that loan, he is doing you a favor.

agarawu23:
grab that loan, he is doing you a favor.

You mean am?

Jetland:
Thanks for your contribution.

About repayment plan; the duration is either 6 or 12months (He asked me choose between 6 and 12months). And I will pay both the capital and the interest at the end of the agreed period.

But I later talked to him this morning to slash the rate to 18% 'cause it's too high, and he agreed. Do you think it's advisable for me to take it at the 18% interest rate with the above repayment plan?

18%/p.a is an excellent rate and the arrangement is fine too.

N180000 if tenor is 6mths
N360000 if it is 12mths

That is very advisable to take. Just ensure you have a personal repayment plan/target. That way you are not under pressure upon expiration of the loan.

Jetland:
I want to get a loan of 2m wih 20% interest from my cousin, but I want to know if the interest rate is not too high. And if it's too high, what rate is reasonable? I just want to use the loan for my business.

Your advice will be highly appreciated. Thanks in advance.

I think the rate is very good...

Go ahead and take it but be sure to have a good repayment plan.

I hope it's not for the purpose of investing in a new business otherwise you would put yourself under a lot of pressure