Lender Interest: $50.01 at 0.81% annual rate over 4 months = $0.17
Service Fee: $50.01 at 5% annual rate over 4 months = $1.02
Total Loan Cost:
$0.17 + $1.02 = $1.19
I am a young man of 33 years. I completed Tema Technical Institute in 2004 and obtained a City and Guilds Certificate in Block Laying and Concreting.
Since then I have been working on contract basis as a mason on building projects.
On a typical day, I often wake up around 5:00 am to catch the first bus going to my work site. If it is
located far away I prefer to lodge on site for the rest of week, to reduce transport costs.
Currently, I am working on starting a cement sale business as an additional occupation.
My dream is to start a cement shop business and later block molding. The latter would require heavier investment so that is for the long-term.
A man I once worked for gifted to me his unused container. I intend to refurbish this for my cement shop business. This would help augment my income and make me a business owner.
Currently, I need to weld, screed and roof the container and get it ready for this business. When given a loan, I would use it for these preparatory works.
The source of income that will be used to repay the loan will come from my masonry work.
I would use the loan to start the preparatory works needed for my planned cement shop.
Currently, I need to weld, screed and roof my cement shop container and get it ready for business. I would use this loan to pay for welding costs. There are a few rusts and cracks that need to be fixed on the body of the container to make it more secure. I have spoken to a Welder located in my neighborhood and he has assured that he can do this job perfectly.
|Expected Payments||Actual Payments|
|Feb 14, 2014||$12.80||Jan 8, 2014||$12.80|
|Mar 15, 2014||$12.80||Jan 8, 2014||$12.80|
|Apr 15, 2014||$12.80||Jan 8, 2014||$12.80|
|May 15, 2014||$12.80||Jan 8, 2014||$12.80|