A floating loan box: Another wonder in Lagos?

A huge transparent glass box filled with floating Naira notes has been spotted by passersby and commuters at Alfred Rewane Road in Ikoyi, Lagos.

Stunned Lagosians had stopped to look at the big box which was used by a loan company as a form of advertisement. Those who saw it marveled at the creativity behind it.

The box had this written on it: “Your loan is inside here o! CALL 01631….”. The image has been making the rounds on some news and social media platforms.

Loan box with floating money
Loan box with floating money

[READ ALSO: Why MSMEs lack funding despite growing number of lenders -DBN]

According to reports, many of the passersby praised the company for using a creative means to beat the existing competition in the quick loan market.

Quick loan companies are becoming very rampant as each day sees the rise of another brand, using different methods to entice people to their services. This has created a stiff competition in the market, as many are deploying several marketing strategies they deem fit to outdo their competitors.

In an earlier report by Nairametrics, a financial expert stated that most of these quick loan banks were becoming a major competition for the traditional banks and its modus operandi is reminiscent of a dark past.

The expert added quick loan banks were applying the same model as the traditional banks when they first started, as they used Mega ads, as well as, easy to get loans without collateral and high-interest rates, to attract customers. He noted that unlike today’s startups, they weren’t backed by patient capital, so they quickly became popular.

How this benefits the country: Having access to fast loan is good for the economy, the middle class and for startups looking for capital to boost their businesses.

[READ FURTHER: GT Bank targets 10% growth in loan book in FY 2019]

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