Local Lenders; How They Work Vs How They Can Work For You

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Local Lenders; How They Work Vs How They Can Work For You

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Local Lenders; How They Work Vs How They Can Work For You

A lender is One or an Organization that Lends Money.

In Nigeria, Local Lenders are people, family or friends that make loans available to borrowers.

Because of the Nature of the Economy, these lenders can assist in times of trouble. Be that as it may, they can also ruin you. Just because you find one willing to lend you money, does not make it a beautiful idea to borrow – without understanding the Terms and conditions attached to the agreement. Make sure you have a solid understanding of the T&C’s. A solid repayment plan should be on ground.

Local lenders are the Alternative to Bank or Corporate body loans. These Local Lenders expect to get paid, after a good deal. The Term of your Loan agreement will show how best the process works. In this agreement, how often you’ll make payments, the period of payment, it’s interest, repercussions in-case of a default and so on will and should be outlined. It’s needed that you as a borrower evaluates this items-by doing this, you will understand what you are going into.

LOCAL LENDERS: HOW THEY WORK.

Local Lenders make Loans Available to Borrowers, as we have put down.

They may be friends or family members with an Extra cash to throw around. Understand that they don’t dash you this Monies. They simply let there Money Make More Money.

Local Lenders have terms and conditions attached to the Loans they give; which includes

  1. A Juicy collateral e.g Your Car, Your House, Your Landed Properties
  2. An interest rate
  3. A guarantor
  4. Period of Payment

These Lenders are seen as the devil, in the sense that he gives you with the RIGHT hand and takes everything you love with the left.

Stories of how very rich  people have been crippled financially because of certain Loans are bound.

But an understanding of the GAME OF LOANS will make you a winner!

Giver vs Receiver

Money Bag

 

LOOM MONEY PONZI: THE DARK SIDE

HOW THEY CAN WORK FOR YOU

As a borrower, ask yourself some questions before penning that loan application. This brief Session of self questioning can save you  lots of pain.

  1. Do i really need to borrow?
  2. what other alternatives do i have?
  3. do i have a repayment plan other than the venture i will be investing the money in?
  4. what will i do if i default?
  5. Do i have a Collateral i am willing to give up?
  6. Do i understand the GAME OF LOANS played by my lender?

it will be said that one in desperate need has no time to think, as desperate situations require desperate moves, in reality a moment of thinking can save you a life time of pain.

so think right!!!

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