The aim of these debt series is
to help you understand how to use OPM (other people’s money) to achieve your
life and financial goals without ‘mortgaging’ your financial future. You will need other people at different points
and times in your life, and that definitely includes their money.
Yesterday, I defined a bad debt as any loan you take in order to buy a liability. A liability (in simple terms) is anything that takes money away from your pocket. If you borrow money to organise a party, buy a personal car, buy a new phone, a flat screen TV, pay medical bills,give as donation/gift, or to invest in a business you don't understand enough to explain to a six-year old, you have just acquired a bad debt.
Concerning this last example, I have a personal experience. I have been in serious debt at
least two times in my young life due to business naivety.
Yesterday, I defined a bad debt as any loan you take in order to buy a liability. A liability (in simple terms) is anything that takes money away from your pocket. If you borrow money to organise a party, buy a personal car, buy a new phone, a flat screen TV, pay medical bills,give as donation/gift, or to invest in a business you don't understand enough to explain to a six-year old, you have just acquired a bad debt.
Concerning this last example, I have a personal experience.
Of course, I lost all of my capital (–their monies, including my school fees) as I was a complete forex novice. I got into debt of about N150,000 by default, and worse of all, ALL of them wanted their monies back.
And many of us are like that. We are looking for quick fixes to financial troubles we brought on ourselves over time, mostly due to our lack of financial knowledge and discipline in handling our finances. I still continued trying to get rich quick only until recently.
If it is a mindset problem, you
can only solve it by undergoing a paradigm shift, a sort of mental makeover. Trying
to get-rich-quick, and the desire for instant gratification- ‘I want it NOW NOW
mentality,’ will only give you bad debts faster than thunder clap follows lightening.
As I promised yesterday, if you need loans without
collateral in Nigeria, try the following links
·
LAPO (Lift
above poverty organization) microfinance, this article helped too- http://www.ogbongeblog.com/2013/06/how-to-get-loan-in-nigeria-without.html
· UBA No Wahala Loan (you must have a salary account with UBA to qualify)
·
Godwin
Henry 08031579832 gives personal loans of between N50,000 to N100,000, and
business loans of between N100,000 to N300, 000 at 5% interest over a 4 months
period. You can call him for more info.
·
The website naijaloan.net (owned by Chukwubueze
Micheal Obinna, +2348183522900)
claims to give loans without collateral but I have not been able to reach him
for confirmation.
·
There are
cooperative societies/unions around that offer personal loans without collateral
but you will need a guarantor in the form of someone who is a member of the
society, or someone who is known to them as a trustworthy and responsible citizen,
if you are not a member of the union.
·
I am still
researching some others, will update this list as I get more info.
Update: I also found Renmoney MFB recently. Their Head office address is at 89, Awolowo Road, Ikoyi, Lagos. They give personal loans of up to N1 million.
The requirements are; you must be between ages 22 – 55 years, live and/or work in any part of Lagos, have a steady source of income that is verifiable subject to a minimum of N50k monthly deposited into a bank account, must be confirmed staff in their present employment, have a functional current account, and have valid means of identification – International Passport, Driver’s License, National ID Card.
So it is mainly for Lagosians.
Update: I also found Renmoney MFB recently. Their Head office address is at 89, Awolowo Road, Ikoyi, Lagos. They give personal loans of up to N1 million.
The requirements are; you must be between ages 22 – 55 years, live and/or work in any part of Lagos, have a steady source of income that is verifiable subject to a minimum of N50k monthly deposited into a bank account, must be confirmed staff in their present employment, have a functional current account, and have valid means of identification – International Passport, Driver’s License, National ID Card.
So it is mainly for Lagosians.
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