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Personal loan
Prevalence of bank forfeiture of loan collaterals
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[QUOTE="Kingsley, post: 224487, member: 30278"] This is now become a more common occurrence around here as most people who decides to access loans in most cases ends up defaulting. Although I know will always stand on the strong points that loans are very risky decision to take as one my eventually end up bankrupt or indebted eventually with nothing to fall back to, and I have seen people who claim that ever since they accessed a particular kind of loan things has suddenly turn upside down for them and their businesses, they go as far as saying things were better before they accessed the loans and this is outrighly a very wrong perception as it not true that things became bad rather spent roughly when they got the loan. There was this friend of mine who accesseda loan of about N200,000, he told the microfinance bank he needed the loan for business expansions so based on his previous antecedent he was granted the loan. Could you believe the guy spent over N175,000 for his personal needs and the rest was what he used up in the business as we can see he is already planning to fail because the money he invested will never be enough for the business. [/QUOTE]
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Prevalence of bank forfeiture of loan collaterals
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