Na wah!!!
Few days ago, I went to a shop close to my house to pick up some items. The woman that owns the shop was discussing with a woman that also owns a shop within the area while her daughter was attending to me.
Couple of months ago she had asked me for a financial loan but I told her it's not possible at the time. So that night as her daughter was attending to me, I heard her telling the other lady that she's in problem and needed help. She had obtained a loan from Lapo and had defaulted. She's being threatened if on the next meeting day she fails to comply and settle all outstanding payment, she'll be arrested.
When I got home from the shop, I flashed back to my mom when she almost ran 'mad' as a result of this same Lapo people. Hers was every Wednesday morning their group will gather in a unit centre and remit in bits the loan they took. It's usually a fifty two weeks repayment plan. The loan obtained will be spread in instalment for a year requiring you make weekly payment.
Due to debt from customers, some weekly payment becomes difficult for mom. We didn't know what was happening. Mom hid it from us. When it became so tough and the threats of embarrassment from them, mom called my elder brother and told him what was happening. When my brother visited and saw how mom had emaciated, he cried and begged her not to obtain money from anything called loan again. He took the number of the leader and enquired the total money mom was owing. They told him and he requested to clear it.
At first, the leader didn't want him to settle the loan once, he wanted my mom to continue with them. My brother warned him seriously if they ever threaten my mom again, he will take a legal action on them. He took my mom's card, went to their office and cleared all payment. As he was about leaving, they called him and gave him 52,000 naira to give to my mom. The money is called savings in Lapo. It was her savings the one year repayment plan fetched her.
When my brother came back and told mom he had settled everything about Lapo and also handed the 52,000 to her, you need to see how my mom danced that very day. We all called Mom when we heard about it and begged her not to near Lapo again. We began contributing 10,000 monthly to support her. We're happy we saved her in good time, for I have read and seen people who committed suicide as a result of loan they couldn't repay.
There's this myth about loan people have held unto over the years about the money being jazzed. While I won't believe that in it's entirety, I won't also write off the possibility of it being true. One thing I realized about loan is that, if it's not for a business purpose that generate income daily/weekly, don't obtain.
When I got home from the shop, I flashed back to my mom when she almost ran 'mad' as a result of this same Lapo people. Hers was every Wednesday morning their group will gather in a unit centre and remit in bits the loan they took. It's usually a fifty two weeks repayment plan. The loan obtained will be spread in instalment for a year requiring you make weekly payment.
Due to debt from customers, some weekly payment becomes difficult for mom. We didn't know what was happening. Mom hid it from us. When it became so tough and the threats of embarrassment from them, mom called my elder brother and told him what was happening. When my brother visited and saw how mom had emaciated, he cried and begged her not to obtain money from anything called loan again. He took the number of the leader and enquired the total money mom was owing. They told him and he requested to clear it.
At first, the leader didn't want him to settle the loan once, he wanted my mom to continue with them. My brother warned him seriously if they ever threaten my mom again, he will take a legal action on them. He took my mom's card, went to their office and cleared all payment. As he was about leaving, they called him and gave him 52,000 naira to give to my mom. The money is called savings in Lapo. It was her savings the one year repayment plan fetched her.
When my brother came back and told mom he had settled everything about Lapo and also handed the 52,000 to her, you need to see how my mom danced that very day. We all called Mom when we heard about it and begged her not to near Lapo again. We began contributing 10,000 monthly to support her. We're happy we saved her in good time, for I have read and seen people who committed suicide as a result of loan they couldn't repay.
There's this myth about loan people have held unto over the years about the money being jazzed. While I won't believe that in it's entirety, I won't also write off the possibility of it being true. One thing I realized about loan is that, if it's not for a business purpose that generate income daily/weekly, don't obtain.
I know circumstances may cause one to default but most times, people obtain loan without a well thought plan of repayment.
A sensible person obtaining loan should get his business insured should in case of any eventuality there's something to fall on.
Secondly, loan is better/easily serviced and settled when you're a salary earner and there's an automatic debit system of repayment. You have no business obtaining a loan if it's for pleasure or utilities bills. A loan should always be for business purposes. I won't even advise a loan for medical if you don't have an assets that will generate income for its settlement.
Finally, most criminally minded persons from the get-go knew they won't repay a loan especially soft loan where collateral aren't needed. When they eventually default and no where to be found, their guarantor sufferers for it. Rather than obtaining a loan that will be difficult to pay or even service, it's advisable you sell off an assets to sort out whatever it is and have your peace intact than live in constant fear of embarrassment and possible arrest.
Secondly, loan is better/easily serviced and settled when you're a salary earner and there's an automatic debit system of repayment. You have no business obtaining a loan if it's for pleasure or utilities bills. A loan should always be for business purposes. I won't even advise a loan for medical if you don't have an assets that will generate income for its settlement.
Finally, most criminally minded persons from the get-go knew they won't repay a loan especially soft loan where collateral aren't needed. When they eventually default and no where to be found, their guarantor sufferers for it. Rather than obtaining a loan that will be difficult to pay or even service, it's advisable you sell off an assets to sort out whatever it is and have your peace intact than live in constant fear of embarrassment and possible arrest.
Why didn't your brother give your mum money and allowed her to borrow? Ah i hope her BP didn't go up as a result of the threats....
Someone is presently going round to borrow 10 million to pay back 7.5 that was borrowed..I'm like shocked......
Borrowing and lending are risky affairs.
ReplyDeleteYou won't understand the meaning of vicious dogs until you see where these lapo guys harass someone.
ReplyDeleteIt appears lapo isn't as vibrant as it used to be nationwide. I think its a good thing. That organisation needs to be gone for good and indeed any other loan shark.
My general rule is this. If the business can't generate returns over time that can cover the cost of any planned investment, then collecting a loan for it probably isn't the best idea.
Honestly you just saved me plenty typing.
DeleteI think they need to go and restructure their loan system cos omo na death trap.
The LAPO system of collection is very fitting for 80% or more of Nigerian borrowers. That is why the company survived. Ask private lenders and other managers of gone lending companies what they saw or are seeing at the hands of borrowers. Go search court records and see what borrowers do with monies borrowed and what they do to lenders.
DeleteThis Lapo has disgraced so many people yet people are not learning.
ReplyDeleteI even heard that it is impossible to repay their loans because of dark things they do to make sure that you wouldn't be able to pay back.
God forbid bad thing.🙁
Thank God your brother stepped in ooh.
ReplyDeleteI could remember when my mom bought 10k worth of food stuff from a family member. She promised to pay back within 2 weeks, but defaulted. Chai... You need to see the way she embarrassed my mom (long story)
Since Mami Stella stepped in our lives, we have never begged.
Thank you Mami Stella for closing the old chapter in our lives.
I am so happy on how things turned out for you people. God never fails.
Delete© TEEJAY
God bless Maami Stella 🙏
DeleteGod bless SDK
DeleteSDK,
ReplyDeleteIt was her fellow women that lured her into that. She didn't let us know about it. We already established business for her at the time. Though she's retired now from business and anything hustling. We're taking good care of her now.
One thing about loan is that, you'll end up servicing it and the money used in servicing it (interest) will supersede the initial money borrowed. That's one thing those guys love so much when you keep servicing the loan thereby extending your full repayment.
© TEEJAY
There’s nothing I hate in this life as much as collecting loan especially for business. Before u even see profit, you will be thinking of how to repay loan first.
ReplyDeleteI remember when my friend called me and crying that she took loan of 500k and her business had not been moving so much and it was getting close to when she would have to repay the loan.
Yes, I blasted her and asked why she didn’t just manage her capital to run her business. Asked her how much she could raise from the amount, she told me and I balanced her up with clear warning on never taking loans again.
Please avoid taking loans, go through all ur close friends first before you even start to consider that.
I hate collecting loan too..
DeleteI posted in a wrong post
ReplyDeleteI hate online loan apps they should stop disturbing there victims contacts and stick to the people they gave money to...
LAPO
ReplyDeleteMay God Never Let Me See Anything That Will Make Me Go And Borrow o
Instead I Beg beg.And Beg
If he Hang me For Neck I go inbox or Rather Come Here Come Beg iya Boys 🤣..
Hello iya Boys
@ Teejay, Thank God for your Mom's timely intervention.
ReplyDeleteLapo story no be here oh...
I used to run a savings account with them as a business person hoping that after awhile, I will take their loan to expand my business. Thank God I never did. Na serious one chance I for enter so 😁
I remember I signed reference for someone years back. Omo, I made sure she paid back the loan before she finally stopped the business due to ill health.
Another lady fell ill too and died cos she couldn't repay the money lapo loaned her.
I noticed some people kept collecting and were never able to pay back. Really sad.
You see this Lapo and online loan ba if you can please avoid them.
ReplyDeleteWhen you default they post obituary of the person.
The one in my street that defaulted they sent messages to some of his contacts and labeled him a rapist.
May anything that will make me go close to Lapo never come close to me.
I rather go to bed hungry than make an approach to lend. I nearly tired lapo but God showed up.
ReplyDelete