a friend borrowed 20,000 Naira from Fcmb and she was to pay back 27 000 Naira in 1 month
Ah! That's very high oo, so if she fails to pay by month end that means it's 34k hmm, it's better to borrow from a friend oo.
The part I hate the most is when they end up ceasing your property, and even with that, you're still a debtor
yea it is better to borrow from friends without interest but the problem with most people is that they take those free loans from people they know for granted and might not even want to pay it back... so even friends don't want to lend them money anymore.
Bank loans is risky cos if you are not able to pay back, you could lose your collateral, well they make sure that your collateral cover what you owe in big loans so once they sell that, you don't owe them anymore.
Sha that part about friends is true oo, it's always hard for them to pay back so it's understandable if they wouldn't want to lend.
Oh, then that's good then. As long as they won't come for their money again. But imagine losing your land or car because of 50k, it's crazy
50k? no o... that can't happen, they don't ask for collateral for small loans, that person that borrowed 20k didn't give them any collateral