Just how low can you go to sell debts to intending and Unintended borrowers. Well as you can see from the message above, Diamond Bank is now financing inverters as low as N15,000 a month in a scheme they call “Diamond Bank Inverter Finance”.
One assumes this lending is targeted at retail customers who are probably subprime or have a higher risk of default. It’s not that there is anything wrong with consumer financing its just how it is done that matters. I mean what happens if the lender refuses to pay? Take the inverter back?
Inverters are not cheap assets though but this is as bad as it gets for consumer lending in my opinion. The bank has no business playing in this space. I’d even prefer it indirectly finances this via credit cards (which it has) or via third party financing, just like LG does very well.
I guess this is for investors like me to worry about. It’s the only way to register my disdain really.
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At the end of the massage states “terms and Conditions apply” under this they try to mitigate against default.