I have a corporate account with First Bank. Last June 2013, I applied for an Operational Vehicle Loan of 2.7million naira. They said I would pay 30% equity which I consented. Thereafter, they requested for several documents: (1) 3 years financial statement (2) cash flow (3) statement of networth (4) Registered company documents and others. (5) 1 year Statement of Account
Initially, the Business Manager told me that it won't take more than 3weeks to get the loan processed. To my surprise, its taking over 5 months or so and nothing is done
And the worst part is that the Business Manager is neither picking my calls nor replying my sms's.

I further went to report to the Area Manager(Branch Development Manager-BDM). The BDM apologised to me and asked me to get back to the Business Manager. 3days after, the BM is yet to pick my calls nor reply my SMS.

I want to ask my lawyer to write them. When First Bank approached me for opening of account last year, I told them I can't run an account without any support to my business. They agreed to givee all the necessary support after running the account for 6months. Furthermore , it cost me money to provide some of the documents they requested for. I paid a chartered Accountant to prepare those documents.

I need your contributions. If I don't hear from them till on December 2,2013, I will have to commision my lawyer to write them.

FrontPage Plzzz

Bro, don't waste your money. The loan may not be granted due to many reasons and the documents requested are for confirmation.
1. Your business may not yield the required profit needed to extend you the loan
2. The amount you requested is small and they can't waste their precious time doing physical verification and inspection.
3. Also, your credit worthiness is very important. Your financial statement might have indicated that you depend solely on loan to finance your business(assumption) and it is highly risky.
4. The nature of your business as well is a key indicator.
Banks don't just give loan because preliminary investigation would be carried out and the speed of the investigation will depend solely on the amount involved.
Another thing bank look at is the Borrower character. You have not been given the loan and you are planning legal action against them, what if you are given d loan........................................ That shows you may want to default in the loan terms and start looking court injunction. Give them time or u consider another bank since you have your documents ready.

It's a pity that this part of the world we are, banking bussines is just like thrift collector, they only concerned about savings and withdrawing and milking poor people out of their hard earned money through their trickish charges just because we have irresponsible, capitalist and mad leaders in governance, please go to court ASAP, am thinking of doing the same with my bank

tecboss: I have a corporate account with First Bank. Last June 2013, I applied for an Operational Vehicle Loan of 2.7million naira. They said I would pay 30% equity which I consented. Thereafter, they requested for several documents: (1) 3 years financial statement (2) cash flow (3) statement of networth (4) Registered company documents and others. (5) 1 year Statement of Account
Initially, the Business Manager told me that it won't take more than 3weeks to get the loan processed. To my surprise, its taking over 5 months or so and nothing is done
And the worst part is that the Business Manager is neither picking my calls nor replying my sms's.

I further went to report to the Area Manager(Branch Development Manager-BDM). The BDM apologised to me and asked me to get back to the Business Manager. 3days after, the BM is yet to pick my calls nor reply my SMS.

I want to ask my lawyer to write them. When First Bank approached me for opening of account last year, I told them I can't run an account without any support to my business. They agreed to givee all the necessary support after running the account for 6months. Furthermore , it cost me money to provide some of the documents they requested for. I paid a chartered Accountant to prepare those documents.

I need your contributions. If I don't hear from them till on December 2,2013, I will have to commision my lawyer to write them.

If you have discussed this with your lawyer and he agrees with you on suing FBN, then you need a new lawyer. Did you read the Ts and Cs while applying for the loan? No bank can guarantee you getting a loan just because you applied for it. Even when you are qualified in all ramifications to get the loan, you still need an approval to get the loan.

First bank?

tecboss: I have a corporate account with First Bank. Last June 2013, I applied for an Operational Vehicle Loan of 2.7million naira. They said I would pay 30% equity which I consented. Thereafter, they requested for several documents: (1) 3 years financial statement (2) cash flow (3) statement of networth (4) Registered company documents and others. (5) 1 year Statement of Account
Initially, the Business Manager told me that it won't take more than 3weeks to get the loan processed. To my surprise, its taking over 5 months or so and nothing is done
And the worst part is that the Business Manager is neither picking my calls nor replying my sms's.

I further went to report to the Area Manager(Branch Development Manager-BDM). The BDM apologised to me and asked me to get back to the Business Manager. 3days after, the BM is yet to pick my calls nor reply my SMS.

I want to ask my lawyer to write them. When First Bank approached me for opening of account last year, I told them I can't run an account without any support to my business. They agreed to givee all the necessary support after running the account for 6months. Furthermore , it cost me money to provide some of the documents they requested for. I paid a chartered Accountant to prepare those documents.

I need your contributions. If I don't hear from them till on December 2,2013, I will have to commision my lawyer to write them.

Dis Nairaland blog not Firstbank blog! You can move closer to the next door for your complains

Sue a bank cus they refused a loan, all the court processes will just be a mere academic exercise.

Your case will be thrown out of court. The judge sef fit yab you.

The only case you could sue them for is if they stole you idea

Aromas:

Dis Nairaland blog not Firstbank blog! You can move closer to the next door for your complains

When would you grow up?

You,ve not been granted loan and you are planning to take legal action what if this loan is granted

naijacutee: I understand that you probably feel disappointed, & stagnated in your business because of this but I'm not sure if it is really wise to sue First Bank in your anger, because by law they might not be obligated to give you anything as a banking customer. There are so many reasons they could give for refusing the loan, which would stand well in court. My advice is to write your bank manager, explaining that you are shutting down your account as a result of their in capability to meet your needs, and take your business elsewhere, but make your new bank confirm (if you can, in writing) that you will be given a loan for your business.

She has just spoken my mind

The documents requested for and your initial application does not guarantee you a loan. Investigations about your business will decide how loan worthy you are OP.
I don't see how a legal action will help your case. Just close your account with them and move to a different bank.
Also like naijacutee mentioned earlier, when next they tell you they'll grant you a loan, get it in writing,

,

naijacutee: I understand that you probably feel disappointed, & stagnated in your business because of this but I'm not sure if it is really wise to sue First Bank in your anger, because by law they might not be obligated to give you anything as a banking customer. There are so many reasons they could give for refusing the loan, which would stand well in court. My advice is to write your bank manager, explaining that you are shutting down your account as a result of their in capability to meet your needs, and take your business elsewhere, but make your new bank confirm (if you can, in writing) that you will be given a loan for your business.

She has just spoken my mind

The documents requested for and your initial application does not guarantee you a loan. Investigations about your business will decide how loan worthy you are OP.
I don't see how a legal action will help your case. Just close your account with them and move to a different bank.
Also like naijacutee mentioned earlier, when next they tell you they'll grant you a loan, get it in writing,

...

Olugbenger:

When would you grow up?

Hey man hope you're not sick upstairs? Is it necessary to quote someone just to receive your f*cking likes.

I'm also suing the USA embassy for denying me a visa...

tecboss: I have a corporate account with First Bank. Last June 2013, I applied for an Operational Vehicle Loan of 2.7million naira. They said I would pay 30% equity which I consented. Thereafter, they requested for several documents: (1) 3 years financial statement (2) cash flow (3) statement of networth (4) Registered company documents and others. (5) 1 year Statement of Account
Initially, the Business Manager told me that it won't take more than 3weeks to get the loan processed. To my surprise, its taking over 5 months or so and nothing is done
And the worst part is that the Business Manager is neither picking my calls nor replying my sms's.

I further went to report to the Area Manager(Branch Development Manager-BDM). The BDM apologised to me and asked me to get back to the Business Manager. 3days after, the BM is yet to pick my calls nor reply my SMS.

I want to ask my lawyer to write them. When First Bank approached me for opening of account last year, I told them I can't run an account without any support to my business. They agreed to givee all the necessary support after running the account for 6months. Furthermore , it cost me money to provide some of the documents they requested for. I paid a chartered Accountant to prepare those documents.
Y

I need your contributions. If I don't hear from them till on December 2,2013, I will have to commision my lawyer to write them.

You dont have a case or a legal standing and no court will entertain your case because:
It is not your right to get a loan from a bank. You are not entitled to depositors money under the custodian of the bank (that's what a loan is).
There is no contratual agreement between you and the bank that the bank will give you a loan.
It is a lose-lose situation if you go to court with them. They have all the money in the world to get the best lawyers to defend your case and will close your account afterall and will may stain your banking record going fwd. The bank is not under any legal obligation whatsoever to maintain your bank, support your business or indeed grant you a loan irrespective of a pre-account opening smooth talks they gave you.
Also, you are not entitled to get a reimbursement for the costs you incurred so far. These are statutory records you should keep in the first place. If you get a good lawyer, he will tell you the court may even fine you for inundating it with frivolities discourage you. if you get a rogue lawyer, he will tell you that you have a case and charge you fees to start with. Bro, lick your wound, take your cost and focus on your business. Build your future in such a way that a time will come when banks will be begging you to take loans from them. That is absolutely possible!
Becaause they have not treated you fairly (please note, this is not to suggest that they acted illegally to warrant legal action), your only redress is to report them to a consumer group, CBN or any of their regulators. But in a poorly regulated environment, this is also a mere waste of time.
What i will advise you to do is to continue to parley with them and develope good relationship with your bank or perhaps, close your account and go to another bank.
Banks are in the business of giving loan and that is their source of living. If they are not busllish about giving you a loan, then there is nothing in there for them.
I hope i have helped and sorry if i have been a bit blunt but that is just what it is.

Why would you take a bank loan to purchase an operational vehicle? Yet you still have to pay N900,000 as down payment? Can't you look for a place to purchase a "like new" vehicle and push on? The months you have wasted waiting for this bank could have been used to structure a business to take care of the cost of this "operational" vehicle.

What really is the make of this vehicle and what business operation would it be used for?

A new car automatically loses 30% of its value the moment it is driven out of a car stand. So if you default, what does the bank hold on to in recovering their money? This is the underlying factor in loan issuance and if a lender cannot see a good ending to the whole arrangement, they will pull out.

Move your account to another bank that can support your business.

Don't bother wasting your money / effort.

No Law compels anybody to give you a loan. If a lawyer lied to you, he is just looking for apperances allowances from you.


Why do you think they gave you 9 page documents to read before opening nay account.

What they say in that volume is simple "YOU ARE ON YOUR OWN."

SUING IS NOW THE MAIN BIZ IN TOWN.....

JULIOUS AGWU SUED ETISALAT #100,000,000

THIS GUY IS SUING FIRST BANK. HMMM?

NOW WHO DO I SUE



THINKING?


STILL THINKING??


GOT IT............

I MUST SUE MY LANDLORD #5,000,000 (I AM NOT GREEDY)FOR INCREASING THE RENT WITHOUTH ANY NOTICE...


CALLING MY LAWYER IMMEDIATELY......

grin grin grin grin grin......

grin grin grin grin .........

MTN : NETWORK BUSY

FUMES, NOW I MUST SUE MTN TOO...

I dont knw how you can win a case like this in court of law...
Firstbank is not the only bank in Nigeria.,look for another bank and make sure you reach a mutual agreement before starting a biz with them

naijacutee: I understand that you probably feel disappointed, & stagnated in your business because of this but I'm not sure if it is really wise to sue First Bank in your anger, because by law they might not be obligated to give you anything as a banking customer. There are so many reasons they could give for refusing the loan, which would stand well in court. My advice is to write your bank manager, explaining that you are shutting down your account as a result of their in capability to meet your needs, and take your business elsewhere, but make your new bank confirm (if you can, in writing) that you will be given a loan for your business.

Well said. i cant agree more.

I might as well sue VC's or Angel investors who refused to invest in my startup. Damn!!

Don't take any legal action,all u needed is a logical approached,like mine,dey refused 2 grant my loan,l didn't run d a/c 4 some times,d manager did call me,and l told him my feeling and why,he ask me if l've got it?l told yes.he hw l told him l used ur bank statement 4 my other coporate a/c.he told he c 2 it,dat l should rturn..after wks of about six,l got d approval.do nt take 2 court..just b patient,u can change ur a/c officer. l

heed101: Bro, don't waste your money. The loan may not be granted due to many reasons and the documents requested are for confirmation.
1. Your business may not yield the required profit needed to extend you the loan
2. The amount you requested is small and they can't waste their precious time doing physical verification and inspection.
3. Also, your credit worthiness is very important. Your financial statement might have indicated that you depend solely on loan to finance your business(assumption) and it is highly risky.
4. The nature of your business as well is a key indicator.
Banks don't just give loan because preliminary investigation would be carried out and the speed of the investigation will depend solely on the amount involved.
Another thing bank look at is the Borrower character. You have not been given the loan and you are planning legal action against them, what if you are given d loan...................................... That shows you may want to default in the loan terms and start looking court injunction. Give them time or u consider another bank since you have your documents ready.

@heed101: Thanks for your smart contribution. I would like to address the points u raised.
(1)- My business is profitable and in 10years, I told The BM that our verifiable turnover in nigerian banks is about 1billion naira. My unity bank statement only for past 1year is 140million, Firstbank is about 20million, keystone-20million. We have about 18 persons employed at a given time.
(2)- I beg to disagree with u that the loan money is small, being their reason for not attending to it or that they cant afford to waste their time. Till tomorrow, banks do process loans of 200k or less to their customers. So why cant they do 2.7m? I do not understand what u mean by physical verification. You should know that its the customer that bears cost of bank search and verifications. (3) my company is credit worthy. A search with Credit Bureau will show that we are not indebted to any bank presently. This is not our first loan. Our last loan of 8million taken from Unity bank last November has been prematuredly liquidated b4 the due date.(5) we are lucky to find ourselves in a viable and lucrative business. Our company deals on Mobile phones, Laptops, mobile phone and computer accessories, components etc. And we are the current leaders where we are located. (6) My brother, am not unaware that character is a criteria for accessing facility. If it Is necessary to mention it, i have an impeccable character. The fact that i am considering the option of a legal action does not in any way signify or imply that my character is questionable. Rather, its an indication of my desire to seek a legal interpretion of what my rights are. The BDM, at Airport Rd, round about , Warri, told me that my request has not been brought to his table and he equally stated that its my right, not a privillege, as a customer to acces any type of loan facility. It is obvious that the Business Manager at the branch level is the one sitting on my loan application.

Please I need more intelligent contributions. Thanks

tecboss:

@heed101: Thanks for your smart contribution. I would like to address the points u raised.
(1)- My business is profitable and in 10years, I told The BM that our verifiable turnover in nigerian banks is about 1billion naira. My unity bank statement only for past 1year is 140million, Firstbank is about 20million, keystone-20million. We have about 18 persons employed at a given time.
(2)- I beg to disagree with u that the loan money is small, being their reason for not attending to it or that they cant afford to waste their time. Till tomorrow, banks do process loans of 200k or less to their customers. So why cant they do 2.7m? I do not understand what u mean by physical verification. You should know that its the customer that bears cost of bank search and verifications. (3) my company is credit worthy. A search with Credit Bureau will show that we are not indebted to any bank presently. This is not our first loan. Our last loan of 8million taken from Unity bank last November has been prematuredly liquidated b4 the due date.(5) we are lucky to find ourselves in a viable and lucrative business. Our company deals on Mobile phones, Laptops, mobile phone and computer accessories, components etc. And we are the current leaders where we are located. (6) My brother, am not unaware that character is a criteria for accessing facility. If it Is necessary to mention it, i have an impeccable character. The fact that i am considering the option of a legal action does not in any way signify or imply that my character is questionable. Rather, its an indication of my desire to seek a legal interpretion of what my rights are. The BDM, at Airport Rd, round about , Warri, told me that my request has not been brought to his table and he equally stated that its my right, not a privillege, as a customer to acces any type of loan facility. It is obvious that the Business Manager at the branch level is the one sitting on my loan application.

Please I need more intelligent contributions. Thanks

And you are looking for loan of N2.5mn? With over N100mn turnover? Haha bros. The weather is too hot for this kind of story.

alpha conde: Sue a bank cus they refused a loan, all the court processes will just be a mere academic exercise.

@Alpha conde. Bro, I liked ur comment. Yes, I don't mind if the whole legal brouhaha ends up like a mere academic exercise. I feel I need to take this up no matter how much I spend. Most of these bankers only process loan to cronnies who would give them a percentage of the loan money or an outright kick back. The corruption in our society is becoming too alarming. The frustrating part is when you see young bankers frustrating young entrepreneurs like us. Its a sign that the end to our national crises-corruption is not near.