App loan vs forum loan: kudos to our lenders

[odunybiz]

Nigerians economy is recently on a downfall making it hard for individual to do without loan. Most people get loan on daily, weekly or monthly basis to sustain life. Although some loan may be for business purpose while some may be for personal use. Due to the increase in rate at which people demand for loan, this make loan app to increase on daily basis. Most individual are often on a search looking for a good loan with reduced interest and a convinent pay back method. Sometimes getting a loan can be challenging as interest may be so high especially for most app loan. But with this high interest, Nigeria keep borrow as they are mostly with no option when in need than to get a loan. Below are various app loan, interest and possible return time for the specific interest.

Loan app.	% interest	return time
Quickash	30%	a week
Okash	21%	a month
easymoni	22.9%	a month
Palmcredit	20%	a week

Other loan apps includes:
FairMoney
Alend
Palmcredit20
Branch
Newcredit

Big thanks to reputable forum members that has been of good help to people to help them get loan with a reduced interest, even some with no interest and with a longer time frame. Below are some loan thread within the forum

 

Loan	Link	money type
Floxynice Quick Naira Loan	https://bitcointalk.org/index.php?topic=5537626.0	fiat (precisely naira)
Shadiq's Interest-Free Loan Service	https://bitcointalk.org/index.php?topic=5546803.0	USDT/BTC
(shasan)Lending Service Started!	https://bitcointalk.org/index.php?topic=5030169.0	USDT/BUSD/BTC/LTC/ETH/DOGE/ETC

Comparing interest and other factors, it is more reliable to get a loan on forum than through all the apps. Meeting up with their criteria is all you need to get one. I will seriously advice you against loan from all the various app unless the needs seriously arise.

[EarnOnVictor]

This is where we found ourselves in Nigeria. Although borrowing is inevitable regardless of the economic state of the country, as it's part of what drives the economy itself. However, the purpose of borrowing, the extent of borrowing and the desperation of borrowing change the landscape entirely. The desperation is obvious in the country, and that's if the loaned amount would satisfy the borrower.

To make it worse, the loan apps, which I better to call "loan sharks," have taken the advantage of the sitaution to enrich themselves. They advertise different rates online, but forces exorbitant rates on the desperation of Nigerians.

You called 30% as the highest rate, but FairMoney had charged me about 55% a few years back. This is terrible.

[ArabBTC]

Nigerians economy is recently on a downfall making it hard for individual to do without loan. Most people get loan on daily, weekly or monthly basis to sustain life. Although some loan may be for business purpose while some may be for personal use. Due to the increase in rate at which people demand for loan, this make loan app to increase on daily basis. Most individual are often on a search looking for a good loan with reduced interest and a convinent pay back method. Sometimes getting a loan can be challenging as interest may be so high especially for most app loan. But with this high interest, Nigeria keep borrow as they are mostly with no option when in need than to get a loan. Below are various app loan, interest and possible return time for the specific interest.

Loan app.	% interest	return time
Quickash	30%	a week
Okash	21%	a month
easymoni	22.9%	a month
Palmcredit	20%	a week

Other loan apps includes:
FairMoney
Alend
Palmcredit20
Branch
Newcredit

Big thanks to reputable forum members that has been of good help to people to help them get loan with a reduced interest, even some with no interest and with a longer time frame. Below are some loan thread within the forum

 

Loan	Link	money type
Floxynice Quick Naira Loan	https://bitcointalk.org/index.php?topic=5537626.0	fiat (precisely naira)
Shadiq's Interest-Free Loan Service	https://bitcointalk.org/index.php?topic=5546803.0	USDT/BTC
(shasan)Lending Service Started!	https://bitcointalk.org/index.php?topic=5030169.0	USDT/BUSD/BTC/LTC/ETH/DOGE/ETC

Comparing interest and other factors, it is more reliable to get a loan on forum than through all the apps. Meeting up with their criteria is all you need to get one. I will seriously advice you against loan from all the various app unless the needs seriously arise.

I won’t advise anyone despite the condition to take loan, even taking loan for business is scary because if the business doesn’t succeed the person will now be more indebted, a friend of mine used the last asset the father left for him to take a loan with the mindset of starting a business, he was given 23million naira after about 6months into the business everything crashed, the lenders of the loan now came after him when he couldn’t pay, they confiscated all his properties and today he is in abject poverty, if he was managing himself with the little he had things won’t have been this bad.

Loan is always easy to collect but paying back is the issue and mind you once the date of expiration of that loan reach the lenders will disturb you to the extent you can run mad and lots of interest will accumulate depending on the terms of agreement, my humble advice is for people to cut their coat according to their size, accumulate wealth gradually, don’t be pushed into taking loan with the mindset of increasing your financial status overnight or because you have a pressing need, always take things gradually.

[odunybiz]

I won’t advise anyone despite the condition to take loan, even taking loan for business is scary because if the business doesn’t succeed the person will now be more indebted, a friend of mine used the last asset the father left for him to take a loan with the mindset of starting a business, he was given 23million naira after about 6months into the business everything crashed.

Your friend got it wrong. It very bad taking a loan to start a business. No matter how knowledgeable you are on that business, you shouldn't take a loan to start it. Alot of challenges may arise as it's a new business. Getting customers alone may be a problem for a year. Loan can be taken on an already flourishing business to booast your interest or to support the business. To be sincere, most of this successful businessmen we are looking today get loans from banks and government for their businesses. Do you think Dangote as rich as he is don't take a loan? And mind you there is always a clear difference between a good debt and a bad debt.

Loan is always easy to collect but paying back is the issue and mind you once the date of expiration of that loan reach the lenders will disturb you to the extent you can run mad and lots of interest will accumulate depending on the terms of agreement,

Well, collecting a loan is easy as you said so far you meet up with the various criteria. But paying may not be easy sometimes but with a better plans for your loan payment, you can pay with ease. Most time when I get a loan , I always look for two ways repayment plans. I don't get loan without plans. So if one doesn't work, then the other works. My two repayment plans can hardly fail me at the same time.

my humble advice is for people to cut their coat according to their size, accumulate wealth gradually, don’t be pushed into taking loan with the mindset of increasing your financial status overnight or because you have a pressing need, always take things gradually.

With the present situation of this country, you can hardly see people without loan. Try to check through the forum, you will even see that we have much high rank members with loan debt. I don't see anything bad in taking a loan if interest isn't much when you are highly in need of money for important purpose and you also have a reasonable two or more repayment plans.

[Floxynice]

Loan is always easy to collect but paying back is the issue and mind you once the date of expiration of that loan reach the lenders will disturb you to the extent you can run mad and lots of interest will accumulate depending on the terms of agreement, my humble advice is for people to cut their coat according to their size, accumulate wealth gradually, don’t be pushed into taking loan with the mindset of increasing your financial status overnight or because you have a pressing need, always take things gradually.

This happens when you take a loan without a clear repayment plan. If you are taking a loan for business purpose, let it be for expansion sake and not to start up the business from scratch. At least, since you have been in the business before, you should be 100% certain that a loan will boost the business further and you can repay on or before the due date.

If you are taking a loan to settle urgent financial bills, you should be certain that you will be able to clear up the loan with your salary at the end of the month or with your campaign earnings as it is here in this forum. Never take a loan because you are expecting something that was promised you.

Anyone who takes a loan and becomes unwilling to pay back, or finds it difficult to pay back is not trustworthy. The excuse may be that the loan platforms increase their interest rates unjustly, but, did the borrowers study the loan ToS before applying for the loan?

[Yablee0]

This happens when you take a loan without a clear repayment plan. If you are taking a loan for business purpose, let it be for expansion sake and not to start up the business from scratch. At least, since you have been in the business before, you should be 100% certain that a loan will boost the business further and you can repay on or before the due date.

You are right, we don't have to fall such victim by taking a loan in starting a business from it scratch because you will fail , let it be an already existing business then you will see that repaying back wouldn't be a problem.

If you are taking a loan to settle urgent financial bills, you should be certain that you will be able to clear up the loan with your salary at the end of the month or with your campaign earnings as it is here in this forum. Never take a loan because you are expecting something that was promised you.

It's only a fool that we take a loan hoping to pay back from mere promises. I don't understand , why will someone ever think of such because it seems crazy perhaps it's a clear indication that the person has no intention of paying back and should be tagged a fraudster. I will advise lenders to make proper screening and investigation before giving out loans.

Anyone who takes a loan and becomes unwilling to pay back, or finds it difficult to pay back is not trustworthy. The excuse may be that the loan platforms increase their interest rates unjustly, but, did the borrowers study the loan ToS before applying for the loan?

No two ways about it, it's just the truth and that is the more reasons you must do a proper checking before issuing out funds to people else you learn the hard way, and mostly you Floxynice, you have helped us a lot in the forum and you deserve better. However, your good work through your loan services over the years we speak for you and I pray God should bless you even more.

[Rubuchi]

Loan is always easy to collect but paying back is the issue and mind you once the date of expiration of that loan reach the lenders will disturb you to the extent you can run mad and lots of interest will accumulate depending on the terms of agreement, my humble advice is for people to cut their coat according to their size, accumulate wealth gradually, don’t be pushed into taking loan with the mindset of increasing your financial status overnight or because you have a pressing need, always take things gradually.

This happens when you take a loan without a clear repayment plan. If you are taking a loan for business purpose, let it be for expansion sake and not to start up the business from scratch. At least, since you have been in the business before, you should be 100% certain that a loan will boost the business further and you can repay on or before the due date.

I don’t think any one can influence another person’s decision on taking loan or not especially if your mind is made already. People have several reasons why they decide they want to take a loans and I can tell you for free that you can hardly influence the mind of such person with just words if you are not going to be solving their problems which is to give them the money they are looking at loaning. Although there are people who are very accustomed to borrowing whether they have the use or not or very little things make them borrow money believing they can repay in no long time.

If you are taking a loan to settle urgent financial bills, you should be certain that you will be able to clear up the loan with your salary at the end of the month or with your campaign earnings as it is here in this forum. Never take a loan because you are expecting something that was promised you.

having the right repayment plan is the best way to take a loan without having the debt burden on your neck for a long period of time. If you are taking a loan and at that point, you have not figured out a way to repay such funds regardless of what you are lending it for, you will need to pay back after a certain period of time and the lack of proper repayment plan will lead to you incurring large amounts of interest on the loan.

[Floxynice]

Loan is always easy to collect but paying back is the issue and mind you once the date of expiration of that loan reach the lenders will disturb you to the extent you can run mad and lots of interest will accumulate depending on the terms of agreement, my humble advice is for people to cut their coat according to their size, accumulate wealth gradually, don’t be pushed into taking loan with the mindset of increasing your financial status overnight or because you have a pressing need, always take things gradually.

This happens when you take a loan without a clear repayment plan. If you are taking a loan for business purpose, let it be for expansion sake and not to start up the business from scratch. At least, since you have been in the business before, you should be 100% certain that a loan will boost the business further and you can repay on or before the due date.

I don’t think any one can influence another person’s decision on taking loan or not especially if your mind is made already. People have several reasons why they decide they want to take a loans and I can tell you for free that you can hardly influence the mind of such person with just words if you are not going to be solving their problems which is to give them the money they are looking at loaning. Although there are people who are very accustomed to borrowing whether they have the use or not or very little things make them borrow money believing they can repay in no long time.

People actually do take loans out of influence. You shouldn't conclude until you witness one yourself. To some, loan feels like free money, especially if it is an interest free loan or a non-collateral loan.  Easy to collect  but the actual problem starts when it's time for repayment.  Taking loans out of influence  is another dangerous reason for seeking for a loan. Take it because you actually need it and can pay back the loan together with the interest. If you borrow loans for the right reasons, you will be grateful you took a loan to save or improve a situation.  Loans ain't entirely bad. It is bad when you abuse it.