Good evening all,I need someone to pls breakdown this loan tenor for me.

Zico777:
Good evening all,I need someone to pls breakdown this loan tenor for me.

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

SavageResponse:


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

Thanks for this warm & brilliant analysis. My question now is what's the total interest?

Zico777:

Thanks for this warm & brilliant analysis. My question now is what's the total interest?

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.

SavageResponse:


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%

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.

Zico777:

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.

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

SavageResponse:


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

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.

Which loan agency is this please

Iretiduro:
Which loan agency is this please

It's actually a commercial bank

Zico777:

It's actually a commercial bank

Ireti,where do u bank?

Zico777:

Ireti,where do u bank?

GTB o and for years they have refused yo offer me credit

Iretiduro:


GTB o and for years they have refused yo offer me credit

Oh Gtb gives to there customers o

Zico777:

Oh Gtb gives to there customers o

How does one go about it?

Iretiduro:


How does one go about it?

U can achieve that via ussd

Zico777:

U can achieve that via ussd

I think it's for salary accounts

Iretiduro:


I think it's for salary accounts

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.

What's the interest rate please and for how many months?

Iretiduro:
What's the interest rate please and for how many months?

Just a month, interest rate is about 6%

Zico777:

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.

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.