My experience with a capitalistic credit agency.

[Etini]

This is my real-life experience with a loan company. I was in urgent need of about 20,000NGN to meet up with urgent business needs. That's about $40. I went to a loan company and demanded a loan. They asked for what I have as collateral. I said I would drop my HP laptop as collateral. They accessed my 2 monthly old PC and said that the highest amount they can give me with that collateral is 10,000 NGN. That's about $20. After much back and forth, I agreed and took the amount they offered. They told me the interest is 20% and that after one month, I shouldn't come for the laptop again.

A day before the due date, I went with the capital and the interest to pay and ge

 

[Etini]

My phone mistakenly pressed post. So I would continue my tale here.

I went to the place with the capital and the interest to get back my system. On getting there, my PC was not in the office. I asked for it. I was told that they had taken the PC to a laptop shop to place it on sale. They explained that they thought since one day is left, that I wouldn't come back for it. And I believe they would have sold the PC at double or triple the amount they valued it. They had to go bring back my PC quickly.

Lessons to learn: Before taking any loan, you have to understand fully the terms of the loan. And if you know you can't meet up with the conditions, don't take it. These loan companies are capitalistic in nature and are happy to see you default so they can take your collateral.