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[QUOTE="kayode10, post: 214917, member: 26899"] [USER=30278]@Kingsley[/USER] I'm sure you are from the same country as me. Most people usually advise an enterpreneur to approach financial institution in order to take loan to start up their business idea. You are now I know that it is not easy to secure a loan in Nigeria from any of the financial institution even the microfinance ones. Before you can secure a substantial loan from the financial institution to fund your business, you must be ready to come out a huge collateral. The collateral you are going to provide monthly far more than the loan you want to obtain from the financial institution. Beside that, you will still need to bribe your way to the top in order to secure the loan after you have provided the collateral. You have to give tips to the top officials that will facilitate the loan and get it secured for you. As if that one is not enough, the part of the condition you are going to be given is to provide about 15 to 20% of the loan to the person or group of people who are going to sign out the loan. Lastly the interest rate is over the board. the majority of the financial institution usually has for about 20 to 24% interest rate per annum on every loan you secure with them. This interest rate usually put the enterpreneur as the tight corner of paying back the entire cost which usually leave little or no profit at the end of the day. [/QUOTE]
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