[quote author=Nigsrdumb post=91909346][/quote]

sirrotex:
In an ideal society, cheques are good securities for loans. However in Nigeria, where the cheque is returned unpaid, you still have to spend money for criminal prosecution. Some intentionally give you cheques to buy time. I would advise you ask for guarantors and document the relationship

Reason why I told him get a lawyer, who will draw an agreement

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For example
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4. You will get a signed postdated cheque for your maturity payment.

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I used to apply that principle until I asked myself one day, how much should and can I write off after working my butts out?
Don't forget all the write-off for different people add up. For those wondering why some still do TB, this is one of the reasons. It is very rare for anyone to liquidate his TB to give out as loan, yet when the money is your account and someone probably a dear friend seems to be in dire need, it becomes hard to say no.
If that 500k was on TB, asset will be preserved. Not advocating for TB though. I hate it when people borrow with no intension to pay back.

emmanuelewumi:



I will rather loan what I will write off.

Barrytone:


Bro, that village has been sustaining me for over 40years financially and health wise. I can turn the village down now. Of you demolish a building in my village, it cost money, property was bought at a cost, you now rebuild at a cost, please how much is that? So next you advise one to buy a building, tell him all these so he doesn't calculate cost only on price tag of the house..

staying in village is even a big risk in Nigeria....u will be the only star among very poor inhabitant and the entire village gdp might just be 10m naira...u are at risk of robbery,kidnappings,assault,envy and mind retardation....

Sholapey:
Sholape1@yahoo.com

God bless you.

ojesymsym:
I used to apply that principle until I asked myself one day, how much should and can I write off after working my butts out?
Don't forget all the write-off for different people add up. For those wondering why some still do TB, this is one of the reasons. It is very rare for anyone to liquidate his TB to give out as loan, yet when the money is your account and someone probably a dear friend seems to be in dire need, it becomes hard to say no.
If that 500k was on TB, asset will be preserved. Not advocating for TB though. I hate it when people borrow with no intension to pay back.

People that borrow with no intention to pay back always set traps for their beneficiaries. Just like what end the life of founder of Gokoda.

Barrytone:
Help a friend, am lendng 10m at 10% to a colleague and am only asking for cheques written on my name for the 3 instalments he wish to pay back. My query is if those cheques are enough security.

Yes the cheques are fine but in addition, you will need to get a lawyer to draft a friendly loan agreement for you. Please note that the amount to be indicated on the agreement as the borrowed sum should be the total of the loan and interest then the mode of repayment in agreement is where the amount to be paid monthly on the cheques will be indicated.


That said, before you finally give out the loan you should have an idea of what he is investing on. Also, incase of any eventuality(death for example: God Forbid) how do you get the money back.. Will the investment continue to fund the cheques account monthly on its own or the cheques account have a way of getting funds itself till the repayment. They should be be at least a trusted third party aware of the transaction too.

Barrytone:
Help a friend, am lendng 10m at 10% to a colleague and am only asking for cheques written on my name for the 3 instalments he wish to pay back. My query is if those cheques are enough security.

ahiboilandgas:
staying in village is even a big risk in Nigeria....u will be the only star among very poor inhabitant and the entire village gdp might just be 10m naira...u are at risk of robbery,kidnappings,assault,envy and mind retardation....

My brother Eket na village on another level ooo

Nigsrdumb:


God bless you.

Amen and you my brother...

On this thread we look out for one another like bloodas, even audio investors/spam can't stand here.

No hanky panky games

Egungun be careful na express u dey go. The kind BP wey u go get hmmm. If he has a cars worth 15milon bro yes u can collect it as collateral. Or a building with documents in his name fine. My 2 kobo.

Barrytone:
Help a friend, am lendng 10m at 10% to a colleague and am only asking for cheques written on my name for the 3 instalments he wish to pay back. My query is if those cheques are enough security.

Exactly, your life and safety becomes at risk.

Sholapey:
People that borrow with no intention to pay back always set traps for their beneficiaries. Just like what end the life of founder of Gokoda.

Barrytone:


Profit is not worth a lawyers charge

Don't go and join village things there ooh. Lawyer charge is negotiable and it is from the interest not the capital. You will also not be the only person that will pay it. If it's 10% the loaner and loanee will pay 5% each. If it is 5% you are able to agree you both will pay 2.5%.

But you and I know that in a Nigerian setting, collecting collateral from a friend, brother, relations or colleagues is very hard, borrowers come with heavy sweetmouth most of the time.

Godbpraised:
Egungun be careful na express u dey go. The kind BP wey u go get hmmm. If he has a cars worth 15milon bro yes u can collect it as collateral. Or a building with documents in his name fine. My 2 kobo.

Lawyer I luagh in yoruba hahahsha. Hmmm him go do case tire.

emmanuelewumi:



You need additional security. You need an agreement to that effect. You might need a lawyer to draw up an agreement, which will be registered and deposited with the nearest high court
.Do you have to go this route?...


Why can't you direct him to the nearest bank or loan him an amount you can decide to write off eg 500k or any amount you are comfortable with

ahiboilandgas:
staying in village is even a big risk in Nigeria....u will be the only star among very poor inhabitant and the entire village gdp might just be 10m naira...u are at risk of robbery,kidnappings,assault,envy and mind retardation....

I laughed after reading this comment as the content is the whole truth about life in some villages.

Barrytone:
Help a friend, am lendng 10m at 10% to a colleague and am only asking for cheques written on my name for the 3 instalments he wish to pay back. My query is if those cheques are enough security.

The longer you lend money to a person, business, or government, the greater the risk that something could happen and you won’t get repaid.

Barrytone:
Help a friend, am lendng 10m at 10% to a colleague and am only asking for cheques written on my name for the 3 instalments he wish to pay back. My query is if those cheques are enough security.

It is ok if you can afford to loose the capital.

Then make him no borrow. No emotions should be attached to the issue of money.

ojesymsym:
But you and I know that in a Nigerian setting, collecting collateral from a friend, brother, relations or colleagues is very hard, borrowers come with heavy sweetmouth most of the time.

ahiboilandgas:
staying in village is even a big risk in Nigeria....u will be the only star among very poor inhabitant and the entire village gdp might just be 10m naira...u are at risk of robbery,kidnappings,assault,envy and mind retardation....

Mind retardation might be right but am global with just my phone, others, no no, I am the proud king of the Jew that knows the power of jewism. I have groomed system men that don't doubt my efficacy in street matters and are always updating their new crew. In general, I have sympathizers, been with them close to half a century. In the peak of kidnapping, I was there with them and was a catalyst to reduction in armed robbery so why should I leave a place I made safe to an unsafe haven that I don't know bedrock of their ruggedity. Too old to run the streets for information, in my village information comes to me.

emmanuelewumi:



He sold his shares for over N68 billion

you were saying same thing, he meant $200 million

DInkMan:


you were saying same thing, he meant $200 million

The currency of the transaction was in Naira

Phylife:

Dude it's mouthwatering, but I will be quick to add and point out about due diligence - make sure you are buying from the right source with all involved present to avoid litigation and story gone sour. My opinion on this.

He doesn't have to look futher emi oni nkan ti de.

Bros, enjoy yourself, do not border trying to justify your stands.

Barrytone:


Mind retardation might be right but am global with just my phone, others, no no, I am the proud king of the Jew that knows the power of jewism. I have groomed system men that don't doubt my efficacy in street matters and are always updating their new crew. In general, I have sympathizers, been with them close to half a century. In the peak of kidnapping, I was there with them and was a catalyst to reduction in armed robbery so why should I leave a place I made safe to an unsafe haven that I don't know bedrock of their ruggedity. Too old to run the streets for information, in my village information comes to me.

Barrytone:
Help a friend, am lendng 10m at 10% to a colleague and am only asking for cheques written on my name for the 3 instalments he wish to pay back. My query is if those cheques are enough security.

Like some suggested, direct him to financial institution for loans.
Lending is very risky in our society. It can destroy relationship. And sometimes lead to death.

ojesymsym:
Bros, enjoy yourself, do not border trying to justify your stands.

Exactly, reason why it is different strokes for different folks.

I love his simple life. He is okay with himself and does not need the validation of others.

Barrytone:
Help a friend, am lendng 10m at 10% to a colleague and am only asking for cheques written on my name for the 3 instalments he wish to pay back. My query is if those cheques are enough security.

Walk into a Microfinance bank and tell them you want to disburse a loan to someone but you wish to channel it through them and state how much you wish to receive as interest. Let them add their own interest to it and disburse. Give the money to the Microfinance bank, let them disburse the money to him based on their own terms.

If he meets the terms, fine. If he doesn't meet the terms, fine. If he gets mad at you, fine. You lost your friendship but you didn't lose your money.

Do microfinance bank have this facility?
Do they have an option of where the borrower says he will pay in 6 months, that their own loan kicks in at the expiration of the 6 months when the borrower said he was going to pay? This way, the MCFB will be serving as a sort of guarantor for the loan.

MrMcJay:


Walk into a Microfinance bank and tell them you want to disburse a loan to someone but you wish to channel it through them and state how much you wish to receive as interest. Let them add their own interest to it and disburse. Give the money to the Microfinance bank, let them disburse the money to him based on their own terms.

If he meets the terms, fine. If he doesn't meet the terms, fine. If he gets mad at you, fine. You lost your friendship but you didn't lose your money.

ojesymsym:
Do microfinance bank have this facility?
Do they have an option of where the borrower says he will pay in 6 months, that their own loan kicks in at the expiration of the 6 months when the borrower said he was going to pay? This way, the MCFB will be serving as a sort of guarantor for the loan.

Do microfinance bank have this facility?
Not all, but some individuals approach banks to lend to specific persons through the MFB.
It's a private arrangement between the lender and the MFB. The bank makes money without investing a kobo. Besides, it increases the books.

Do they have an option of where the borrower says he will pay in 6 months, that their own loan kicks in at the expiration of the 6 months when the borrower said he was going to pay? This way, the MCFB will be serving as a sort of guarantor for the loan.

The idea behind this is to protect the lender from unserious borrowers. If the borrower knows the money belongs to the lender who is also a friend, he won't pay. But if he knows it belongs to the MFB and they would not hesitate to mess him up if he defaults, he would behave.

Nigsrdumb:


God bless you.

Please check your email for more details.

Sholapey:
Please check your email for more details.

I have just mailed you. My contact number is in the email.

Please add me via WhatsApp to discuss further.