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Should I Take This Loan Offer?

Discussion in 'Finance' started by Lisa, Jul 7, 2019.

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  1. Lisa

    Lisa Moderator Staff Member

    hello Nairalanders,
    please help me with honest advice/opinions here because i don't know what to do.

    i finished my youth service last year and i've been searching for a job from then till now. however, my cousin,who's a distributor for a beverage company asked me to come and help him manage his network of customers whenever he travels to another state for business.
    i do my job faithfully and honestly that even his fellow distributors also pay me to transact some business for them too (my cousin specifically give them the go ahead before they even approach me).
    Now, one of his partners who's quite elderly and particularly fond of me asked if i wanted to be a partner. i said 'yes of course' excitedly and he said he'd help me. later, he now said he would give me a loan to start my business, but i will deal on only his products and no one else's.
    considering my knowledge of this business, this is literally a trap because it would take months to pay back under this conditions. he said my cousin is fine with the arrangements. my cousin just said 'it's up to you'. i think he doesn't want to be held responsible if i don't pay back the loan on time.

    Should i take the loan or just let it slide, i love my peace of mind please.
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  2. Cytexglobal

    Cytexglobal New Member

    If you remain loyal to your cousin, you can help him grow his business to be a mega distributor, and you will be a partner.
    Your cousin Said it's up to you, cuz it is not okay by him, but he doesn't want to seem unsupportive of you becoming a distributor.
    Stick with your cousin, build his business, and your loyalty will be rewarded.
    Success takes time, you think you know enough to be on your own, but trust me, being the head is more tasking than being the neck, although the neck thinks he does more work like carrying the head and turning it.
    Stay with your cousin and outrightly reject the offer by telling him that you prefer to be your cousin's boy.
    If you let greed for money or power get to you, you will regret it.
    There is time to grow and be on your own later
    But Las Las it's up to you to decide
  3. Skyro

    Skyro Member

    Is the loan in form of cash or goods? If he insist that you sell only his products, that means the loan is not coming with an interest. And again, if its just his products that you will sell, there shouldn't be a time frame for paying back. I suspect the loan is going to be mostly in goods, his own goods. The money that will be involved may just be money for an outlet and little logistics. If my assumptions are current, I will suggest you tale the loan. If you make sells, you return his money, pick more goods and keep interest to yourself. Keep repeating the circle until you get enough money to call the deal off. If you get tired of the deal any day, you just sell off his stock, return his money and move on
  4. Oluchi

    Oluchi New Member

    If your uncle pays you an handsome salary with which you can make a meaningful savings don't take the loan.

    If dealing on the lender's products alone will guarantee returns that will help you to payback you can go ahead.

    The ball is now in your court!
  5. Ada

    Ada Member

    I will advice u take it, considers there is no job anywhere now. Everything is a risk
  6. Ebuka

    Ebuka Member

    Bros if you wise you will collect that loan if it's money and make good uses of it.
  7. Andretto

    Andretto New Member

    I think it depends on your goal. I think yes, it is normal. As for me I prefer to use home credit online, they provide good list of online loans and offline service. Conditions are also good. Works perfect for me.
  8. Sakura123

    Sakura123 Member

    A loan is not very good. It may happen that you lose a permanent source of income and cannot temporarily pay a loan.
  9. Marinad

    Marinad Member

    There are many loan offers in the Internet today. You can get loan for different needs. There are people who are afraid to take out loans. But I don't see anything wrong with that. I would recommend contacting LendGenius https://www.lendgenius.com/ . They will help you find and contact a good lender.

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