Shadiq's Interest-Free Loan Service for Nigerians Lv.1 (Time and Amount Bump)

[Perfectbaby]

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Thanks for your valuable advice.

Maybe the merit criteria were not very necessary. But I am just trying to value his (borrower's) account. I will definitely consider it and make corrections if necessary.

Another thing to clarify is that my service is interest free. So when you return the money within the specified time, you will have to pay the same amount. If the time is exceeded, the mentioned penalty will have to be calculated. Because, I want to spread the service to more people.

I invite everyone to comment and contribute to the necessary corrections.

Okay, that is good I have also heard from your side as well, and I must say I love this your service since it's interest free except the violated the repayment dates. I think you should also add another restriction of not giving Newbie to member ranks who are not in any campaign or even post spam messages here just to drag your attention or make people feels that you should give them loan. If you looking from the general lending section you would see there are also sets of restriction that has been set so that they wouldn't go apply and also, you should not give any inactive user who just woke and run straight to go apply for this loan.

[Ndabagi01]

Interest-free loans make you seem like a generous person, but maybe you could be more motivated if you introduced some interest. Most loan services require a small additional payment and this can provide more probity to your capital. I think you can accept a small amount of interest by setting an additional repayment period. The extra period and some extra interest will help you to continue the service in the long run.

Increasing the loan amount may be decent.

The fine of $5 per day will suffice that and he doesn’t need that also if they even come to some kind of agreement with the borrower privately. He said this is an interest free loan and I commend him for starting this up very well. It is very hard to come across an interest free loan this era and this is a welcome development. His rules are well explained and very simple to follow. Not collecting extra fees after taking the loan doesn’t mean the service will not last long or will give him more capital to sustain the loan service. This is an help to the community and about increasing it will depend on how people react to the loan, repayment on time and trustworthiness of them.

[Franctoshi]

Good service but very risky because if the loan is defaulted it will be a very big loss to you because some people are very dubious in nature and wouldn't even care if their account is red tagged. However, it's your risk, i don't pray for a defaulter either. However, this is an act of generosity from your end, hope anyone that will use it complies to your terms of service. Omor, no be small risk sha o but i pray it stand the test of time.

There's no business without a risk, he said for emergency, here he's kind of helping the borrower for a period of 1 week if the person decides to meet with the term of the loan during that duration, meaning you will be able to pay on time and there will be no interest but failure to do so attracts a fine of 5 dollars per day. This generosity and business combined, Op I love your model of running your loan business, and I believe anyone who comes to borrow money from you already knows what terms are and ready to comply. Wish you Goodluck.

[laijsica]

Op your interest free loan service is commendable. Although the initiative you have taken is to meet the urgent needs of the needy, there should be an opportunity for those with modest incomes who need emergency funds at times. The effort you have taken is a risky process. If a borrower does not repay the loan within the stipulated time, the fine will increase every day, but if he has the intention of not repaying the loan, it is not clear what action should be taken (you are not eligible for given negative tag). It may not be possible for everyone to meet the conditions you have imposed especially keeping the Naija LB 25% post.

Short term loan is only one week, I think its period should be extended further at least two weeks.

[Shadiq]

Op your interest free loan service is commendable. Although the initiative you have taken is to meet the urgent needs of the needy, there should be an opportunity for those with modest incomes who need emergency funds at times. The effort you have taken is a risky process. If a borrower does not repay the loan within the stipulated time, the fine will increase every day, but if he has the intention of not repaying the loan, it is not clear what action should be taken (you are not eligible for given negative tag). It may not be possible for everyone to meet the conditions you have imposed especially keeping the Naija LB 25% post.

Short term loan is only one week, I think its period should be extended further at least two weeks.

Our Honorable Moderator is always with us to take a stand against loan defaulters and he is a member of this service. Although there is a risk of losing money in this service, in this case I started this service with taking steps to control the risk. Still, if any person defaults on the loan, I will not be much affected. Because it is within my ability to lose.

I have not made any adjustment with the loan repayment period yet. Because I think 7 days will be enough to repay the loan. Maybe it can be adjusted based on the opinion of the majority of people if necessary.

Some additions have been made to the OP.

[laijsica]

Op your interest free loan service is commendable. Although the initiative you have taken is to meet the urgent needs of the needy, there should be an opportunity for those with modest incomes who need emergency funds at times. The effort you have taken is a risky process. If a borrower does not repay the loan within the stipulated time, the fine will increase every day, but if he has the intention of not repaying the loan, it is not clear what action should be taken (you are not eligible for given negative tag). It may not be possible for everyone to meet the conditions you have imposed especially keeping the Naija LB 25% post.

Short term loan is only one week, I think its period should be extended further at least two weeks.

Our Honorable Moderator is always with us to take a stand against loan defaulters and he is a member of this service. Although there is a risk of losing money in this service, in this case I started this service with taking steps to control the risk. Still, if any person defaults on the loan, I will not be much affected. Because it is within my ability to lose.

I have not made any adjustment with the loan repayment period yet. Because I think 7 days will be enough to repay the loan. Maybe it can be adjusted based on the opinion of the majority of people if necessary.

Some additions have been made to the OP.

If the Honorable Moderator is with you, you will be able to fulfill your responsibilities better and I applaud your interest-free loan program and recommend increasing the amount of emergency loans. For members who fulfill the conditions given for taking loans it will not be difficult for them to repay the service on time and I hope there will be no risk of losing money. Although the possibility of losing money is very low, the ability to lose money will tempt you to continue the service for a longer period.

[PremiumcryptoHub]

This may be a small noble cause for our local board as many people unexpectedly need small financial loans.They may be able to freely borrow from here, which could be much safer for us as it is spread across our local board but for this noble purpose, you should consider some important considerations because efforts must be made everywhere to control the risks of this service.
Also you should probably add your Telegram ID here, as sometimes it's not possible to have one on the forum due to busy schedules, so you can always communicate with clients through Telegram. This is just a suggestion consider it a little.

[1miau]

Hello Shadiq,


I will reply here for your PM to me.
First of all I wish you good luck to launch your service here on Bitcointalk's Nigerian local board.
I can't help you to sort out scammers and loan defaulters because it is not easy to spot them. The best is if you look out for quality posters with green trusts and lots of Merits becaus defaulting a loan means to lose their own account and the right to participate in a signature campaign.
So, always remember what an applicant will lose if they will default a loan and try to scam. Is it worth it for such members to default a loan?
If it's too risky better deny the loan instead of going for it.

All the best
1miau
 

[Richbased]

The best is if you look out for quality posters with green trusts and lots of Merits becaus defaulting a loan means to lose their own account and the right to participate in a signature campaign.
So, always remember what an applicant will lose if they will default a loan and try to scam. Is it worth it for such members to default a loan?
If it's too risky better deny the loan instead of going for it.

I agree to your suggestion because members with green trusts are unlikely to default a loan because for a DT member to give out a positive trust mean that they trust that person. Though the community is not free from scammers as even a reputable member can engage in a scam but it is very rare. Anything that has to do with money needs extreme carefulness because it's not easy to make money and lose it to scammers. Being in a signature campaign is not a criteria to think that a borrower can refund the loan amount they borrowed when due. @Sadiq, consider the opinion and advice of 1maiu

[cxtreenal]

OP, congratulations on your great short term and interest-free loan service. There is another service running on our Naija Local board before this one https://bitcointalk.org/index.php?topic=5537626.msg65256686#msg65256686 that provides in our local currency.

The interest free service you are providing can be emulated by most lenders. The service you have introduced will be of great help to the emergency borrower. I hope your financial loan service on the local board will continue in the long run.

[Igebotz]

Our Honorable LB Moderator @Igebotz is a partner of Shadiq's interest-free loan service. So don't try to commit a heinous crime like loan default. The consequences of this may be very harmful for you.

To set the record straight to avoid misunderstanding in future; I'm not your partner and I'm not afflicted to your no- interest loan.

You only requested I help you tag defaulters ( you didn't need to ask). As a DT member and LB moderator, that's my primary responsibility- tagging scammers for free is what I do and making sure no scammer exists on the LB is my responsibility. I will tag defaulters but whomever you chose to loan your coin is your sole responsibility. Again, congratulations.

[Shadiq]

Our Honorable LB Moderator @Igebotz is a partner of Shadiq's interest-free loan service. So don't try to commit a heinous crime like loan default. The consequences of this may be very harmful for you.

To set the record straight to avoid misunderstanding in future; I'm not your partner and I'm not afflicted to your no- interest loan.

You only requested I help you tag defaulters ( you didn't need to ask). As a DT member and LB moderator, that's my primary responsibility- tagging scammers for free is what I do and making sure no scammer exists on the LB is my responsibility. I will tag defaulters but whomever you chose to loan your coin is your sole responsibility. Again, congratulations.

That is exactly what I mean. It will be enough for you to take action against the loan defaulters. In this case, I will definitely try to approve the loan applications of the right people. I myself know that you will not be a part of the profit and loss of this service, because you are not responsible for it. You are only a part of this service as a judge, which is your responsibility as a moderator, which you have mentioned.

[Shadiq]

Bump
Looking at the first service user.......

[Creeper0]

Bump
Looking at the first service user.......

In recent times where it is difficult to expect interest-free loans, your service is truly commendable. Especially since online loan services are very risky, many are afraid to take risks, where you are urging people to take interest-free loan services, which I especially like. I wish you all the best for your bold decision to provide interest-free loan services for the benefit of the people.

[Tonimez]

Our Honorable LB Moderator @Igebotz is a partner of Shadiq's interest-free loan service. So don't try to commit a heinous crime like loan default. The consequences of this may be very harmful for you.

To set the record straight to avoid misunderstanding in future; I'm not your partner and I'm not afflicted to your no- interest loan.

You only requested I help you tag defaulters ( you didn't need to ask). As a DT member and LB moderator, that's my primary responsibility- tagging scammers for free is what I do and making sure no scammer exists on the LB is my responsibility. I will tag defaulters but whomever you chose to loan your coin is your sole responsibility. Again, congratulations.

I'm sure with your collaboration and moderation abilities and the resources pool by @Shadiq, this exercise is going to be a success. Monitoring fraudulent people is already a whole lot of job for you as the moderator of LB and same with pooling resources together. When the resources are not well managed, it is stolen by the dubious ones.

Once again, congratulations to Shadiq and every brain that would contribute to this exercise which is very rare both online and offline. I can't remember having any interest free loan in recent times but we're seeing it here in a short time. Local Board is moving to promise land.

[Shadiq]

We have not yet found the first user of the interest-free loan service. That is, no one has used this service yet.

It made me wonder if this service seems unusable to you? If so, feel free to comment to make this service usable. If it is still usable, I will wait for the first person to use this service.

The service has been running for almost 3 weeks. There are still 9 weeks left.

[Obari]

We have not yet found the first user of the interest-free loan service. That is, no one has used this service yet.

It made me wonder if this service seems unusable to you? If so, feel free to comment to make this service usable. If it is still usable, I will wait for the first person to use this service.

The service has been running for almost 3 weeks. There are still 9 weeks left.

Congrats mate and this is really a good charitable gesture and a very commendable one but I’m curious to know if it’s just for a certain period of time ?

A little advise, please don’t advocate for clients because humans are very funny at times and I’ve seen highly ranked accounts in signature campaign forfeit their account because of a defaulted loan and you know say Naija. I Dey really carry last but I believe say our fellow country man no suppose run your service down especially when the purpose na to assist people we go need urgent funds for a short period of time.

I wish you well mate and I hope you get positively get rewarded for this kind gesture.

[Joeboy]

We have not yet found the first user of the interest-free loan service. That is, no one has used this service yet.

It made me wonder if this service seems unusable to you? If so, feel free to comment to make this service usable. If it is still usable, I will wait for the first person to use this service.

The service has been running for almost 3 weeks. There are still 9 weeks left.

Na very kind move be this. In a country where getting help no easy at all, offering an interest free loans show say you get your 9ja people for heart. I pray this your initiative grows, prosper and thenbless a lot of persons. Big respect fam ❤️💪

[Mehmet69]

We have not yet found the first user of the interest-free loan service. That is, no one has used this service yet.

It made me wonder if this service seems unusable to you? If so, feel free to comment to make this service usable. If it is still usable, I will wait for the first person to use this service.

The service has been running for almost 3 weeks. There are still 9 weeks left.

@OP First of all, I would like to thank you for creating an interest-free loan system for the people of our country. Every rule you have given is very reasonable. However, I think it would be better for us if you relaxed your rules a little more.

Personally, I think that if the loan period was a little longer, people would feel comfortable using it. I hope you will think about the people of your country and consider the matter.

[Shadiq]

Congrats mate and this is really a good charitable gesture and a very commendable one but I’m curious to know if it’s just for a certain period of time ?

If this service gets a lot of traffic from people then I will definitely launch Lv-2 service. Lv-1 is just experimental. If I get positive response from everyone and it benefits people then I will try to upgrade this service and spread it to everyone and definitely add some more money to the fund.

The main purpose of this service is to help people and get gratitude from them. Because I believe that "gratitude is the best gift in the world" which will be enough for me. If no one takes up this service and it becomes a useless service that people hide from, then I think it would be better to close this service and come up with some other plan to contribute to the Naija board. However, I will still wait for the interest-free loan service users for a certain period of time.