Man Who Took N4 Million Loan Shares Amount He Paid Back Monthly That Nearly Destroyed His Business

• A Nigerian man said a loan he took and added to his business nearly destroyed him, as things didn't work out as planned
• According to the man, he was offered a loan of N4 million, but the money nearly put his business in total chaos
• He said he was supposed to be paying back N600,000, which is 15% of the money monthly, but his business became dull

A businessman said he took a loan, hoping to grow his business, but the money almost left him stranded.

The man who deals in palm oil said he collected the N4 million loan when he wanted to expand his business.

In a TikTok video, Kalu Kelechi Kalu said he was told to pay an interest of 15% of the loan given to him.

According to him, every month, the loan company expected him to return 600,000 as interest on the loan.

He said the N600,000 is not from the principal amount but just interest. Within one month of putting the money in his business, sales became dull. He said he was using the principal amount to pay the interest.

He said:

"I took a loan of N4 million to be paying back 15% monthly, as interest. That is N600,000 monthly and this thing nearly ruined me in 2023. So, I have been in the palm oil business for a while. I have been selling palm oil. My business was trying to increase. And I was like 'how do I increase my sales? How do I bring in more goods?' I was in Plateau state then. I was servicing Plateau state and Nasarawa state. I stupidly decided to go for a loan. This loan was a loan of N4 million and it was negotiated that I will be paying 15% interest. That 15% is not that if I'm paying 15% I'm paying back the money. It means that every month, I will give the lender 15% and the money is still in bulk. So, every month I will be giving N600,000 in perpetuity till I'm able to gather the whole N4 million back at once and pay. So if it takes me 10 months, I would have paid N6 million, still trying to pay back the N4 million that I have not even touched. That was the worse decision in my life. I said this thing nearly ruined me."

Watch the video below:

Reactions as man shares his loan experience

@Mr Africa said:

"That's a horrible loan term, how did you agree to it."

@jazzy said:

"All these loans firms are very very diabolical but most people will still doubt it. But bro did you believe you accepted such ridiculous 600k interest monthly payment with clear eye's?"

Anothe rman shares his experience with loan company

Earlier, Legit.ng reported that a Nigerian man detailed the experience he had with a loan company after he borrowed N44,000 in March 2025.

According to the man, he could not pay the loan when it was due, so it resulted in many more charges on his head.

He said instead of the N44,000 he borrowed, he paid N53,000 and an additional N21,000 as fine for the overdue loan.

Source: Legit.ng