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We Must Break This Yoke! / BREAK THIS LAW And You’ll Become Rich / A Banker Should Kindly Help With An Explanation! (2) (3) (4)
Can Someone Kindly Break This Down For Me! by Zico777(m): 9:19pm On Aug 26, 2021 |
Good evening all,I need someone to pls breakdown this loan tenor for me.
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Re: Can Someone Kindly Break This Down For Me! by SavageResponse(m): 5:24am On Aug 27, 2021 |
Zico777: According to the extract you posted the tenor of the loan is dependent on the date on which you receive your salary. If for instance you receive your salary on the 26th day of the month then that's when the loan becomes payable.if however, your loan is delayed to the 7th day of the following month then the loan becomes payable on the 31st day of the previous month. The lender is willing to give you a waiver of 3 days meaning that default interest will not be charged for your first 3 days of default |
Re: Can Someone Kindly Break This Down For Me! by Zico777(m): 7:58am On Aug 27, 2021 |
SavageResponse:Thanks for this warm & brilliant analysis. My question now is what's the total interest? |
Re: Can Someone Kindly Break This Down For Me! by SavageResponse(m): 8:24am On Aug 27, 2021 |
Zico777: The actual interest is 4% of the principal amount. However, you also need to pay the following which are one-off charges: Management fee 1% and Credit Life Insurance 0.15% In the event that the loan is rolled over for another tenor you will only be required to pay the interest of 4% That word "Flat" means that if the loan is for a tenor of 31 days you will pay the full interest whether you hold the money for 25 days of for 31 days. |
Re: Can Someone Kindly Break This Down For Me! by Zico777(m): 8:27am On Aug 27, 2021 |
SavageResponse:Oh thanks a lot! I actually got this offer from my bank. I believe this is by far better than the ones given by most online loan apps. |
Re: Can Someone Kindly Break This Down For Me! by SavageResponse(m): 8:47am On Aug 27, 2021 |
Zico777: Well it's a double edged sword. Most online loan apps will probably not charge you management and insurance fee although their interest rates tend to be higher. Also be aware that the bank will not hesitate to flag your BVN number in the event that you default and this would likely prevent you from accessing credit elsewhere unlike loan apps that may only embarrass you by sending messages to your contacts in order to pressure you into repaying the loan |
Re: Can Someone Kindly Break This Down For Me! by Zico777(m): 8:52am On Aug 27, 2021 |
SavageResponse:Sure no right thinking individual should even go for a loan he/she doesn't need let alone not having a plan of paying back. Truth is I didn't even request for it. |
Re: Can Someone Kindly Break This Down For Me! by Iretiduro(m): 4:05pm On Aug 27, 2021 |
Which loan agency is this please |
Re: Can Someone Kindly Break This Down For Me! by Zico777(m): 6:16am On Aug 28, 2021 |
Iretiduro:It's actually a commercial bank |
Re: Can Someone Kindly Break This Down For Me! by Zico777(m): 6:23am On Aug 28, 2021 |
Zico777:Ireti,where do u bank? |
Re: Can Someone Kindly Break This Down For Me! by Iretiduro(m): 9:14am On Aug 28, 2021 |
Zico777: GTB o and for years they have refused yo offer me credit |
Re: Can Someone Kindly Break This Down For Me! by Zico777(m): 10:14am On Aug 28, 2021 |
Iretiduro:Oh Gtb gives to there customers o |
Re: Can Someone Kindly Break This Down For Me! by Iretiduro(m): 10:20am On Aug 28, 2021 |
Zico777: How does one go about it? |
Re: Can Someone Kindly Break This Down For Me! by Zico777(m): 10:49am On Aug 28, 2021 |
Iretiduro:U can achieve that via ussd |
Re: Can Someone Kindly Break This Down For Me! by Iretiduro(m): 11:04am On Aug 28, 2021 |
Zico777: I think it's for salary accounts |
Re: Can Someone Kindly Break This Down For Me! by Zico777(m): 11:12am On Aug 28, 2021 |
Iretiduro:Not exactly! They mostly give to personal account holders. Actually mine is a business account. Or should I loan u because I don't really need it? I was given the opportunity to borrow 100k. |
Re: Can Someone Kindly Break This Down For Me! by Iretiduro(m): 11:26am On Aug 28, 2021 |
What's the interest rate please and for how many months? |
Re: Can Someone Kindly Break This Down For Me! by Zico777(m): 3:12pm On Sep 04, 2021 |
Iretiduro:Just a month, interest rate is about 6% |
Re: Can Someone Kindly Break This Down For Me! by Iretiduro(m): 10:04pm On Sep 04, 2021 |
Zico777: Oh I will be very grateful if this can be achieved with the 6% interest rate. I have a personal account of over 7 years and I maintained a good minimum balance before this got bad and there aren't still offering me loan. Some people said maybe it because I upgraded a student account to a standard account. I will really appreciate your help Sir. |
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