Why Loan NO Collateral in Nigeria and high interest rate

Everest

  • Administrator
  • Hero Member
  • *****
  • Posts: 7499
  • Karma: +0/-0
Why Loan NO Collateral in Nigeria and high interest rate
Posted on: June 07, 2017, 01:10:29 PM

How true is getting a loan in Nigeria with no collateral, Yes its possible to get a loan in Nigeria without collateral but with high-interest rate but no bank or organization can give a loan without looking at you financial power through your bank statement, they must be sure that you are capable of repaying the loan.

Yes, you might not give out your landed property, cars, houses and other valuables as a collateral but how about paying high-interest percentage rate upto 40% -50% of the total money you are borrowing?


Am not talking about getting a loan from the organization, association you belong to because each and every organization or association has their own system of lending money to their members and none members but am talking about getting a loan from banks and those who specialized in giving loans to the public.

Many companies and individuals are looking for a loan to boost their businesses to their standard or to handle one project or the other but recently it took me lots of time to research and find out how one can get loan in Nigeria irrespective of what the loan is meant for, whether to buy or rent a house, for business or to buy a Car etc.

I was moved to write about this Loan without Collateral in Nigeria because while researching on how to get a loan in Nigeria and the interest rate involved I came across one Nigerian website who specialized in giving short and long-term loans but guess what?

I was attracted to check them out when i saw their advert that says Get a loan without collateral but to my surprise their interest rate is upto 41% plus.

With the high-interest rate on loans how wll Nigeria succeed, how will the price for goods and service be reduced, i was even disappointed that banks provide loans with 30% interest rate using Gtbank Salary Advance Loan as an example.

Should I avoid getting a loan?
After my research sometimes i ask this question, why would i pay almost double of what i get all in the name of getting loan but i understand that some businesses and companies can not stand without a loan if not i will say that is not wise for anyone to go for loan especially those loans with high percentage interest rate.

The Good news about loan in Nigeria

Recently the Nigerian Senate President ask banks to reduce the interest rate charge

Quote
Mr Saraki noted that the high interest rates being charged by commercial banks on loans to customers could have adverse effect on the country’s economy, particularly for entrepreneurs who need borrowed funds to stay afloat and contribute to the Gross Domestic Product (GDP).

The Senate President said during the talks, the Senate would take a decision on the interest rates being charged by commercial banks as he said the prevailing rates were too high and discouraging to genuine industrialists and entrepreneurs who need to accommodate the cost of money alongside other costs to fix prices of goods and services.


 

Quick Reply

NName:

Verification:
Type the letters shown in the picture
Listen to the letters / Request another image
Type the letters shown in the picture:

All Nigerian Banks Contacts, email and phone numbers

Started by Everest

Last post November 03, 2020, 12:32:20 AM
by Everest
Ways to Increase Your Personal income in Nigeria this 2019

Started by Asphalt

Last post January 11, 2019, 11:07:46 PM
by Asphalt
Mastercard Masterpass QR bot for Messenger Allows QR Payments For Nigerians

Started by Drealup

Last post April 07, 2018, 08:12:56 PM
by Drealup
The benefit of Internet and Mobile Banking in Nigeria

Started by Everest

Last post May 20, 2015, 03:05:00 AM
by Everest
New Loan Scam Alert, see how to stay safe

Started by Everest

Last post November 12, 2019, 12:10:18 PM
by Everest
How to get Carbon SME Business Loan up to 10 Million

Started by Everest

Last post August 09, 2020, 08:18:40 AM
by shehu b aliyu
How To Get the GTBank Dollar MasterCard in Nigeria

Started by Drealup

Last post June 21, 2018, 07:10:13 AM
by Drealup
How To Start POS Business In Nigeria | 5 Steps on how to get started

Started by Everest

Last post November 05, 2020, 04:38:33 PM
by Everest