Consequence Of Issuing A Dud Cheque

In order to ensure that individual and corporate account holders refrain from issuing Dishonoured (Dud) cheques, the Central Bank of Nigeria (CBN) has imposed additional regulatory measures/sanctions against dud cheques issuers.

Henceforth, all Banks will be required to:

·         Recall/cancel all unused cheque books issued to serial issuers of Dud cheques.

·         Bar affected customers from using the clearing system for a period of (5) years.

·         Forward the names of Dud Cheque Offenders to the three private Credit Bureaux and the Credit Risk Management System (CRMS). Details of such clients will be listed on the Private Credit Bureaux and the Credit Risk Management System (CRMS) database for a five (5) year period.

·         If the offender is found wanting after the 5 year period, they shall be reinstated permanently in the Private Credit Bureaux and the Credit Risk Management System (CRMS) database.

·         Bar the serial issuers of Dud cheques from accessing credit facilities from the Banking system for a period of 5 years.

·         Perform status check on all potential customers from CRMS and at least two (2) Credit Bureaux before on-boarding them.

Kindly ensure that your account is funded adequately at all times to accommodate any cheques that may be drawn on it.

Also Note Issuing of dud cheques can also land you in court and then prison. so AVOID it

TAKE CONTROL OF YOUR FINANCIAL OBLIGATIONS

At MotionYield we say "TAKE CHARGE OF YOUR FINANCES" 

and if you need help "WE ARE HERE TO SERVE WITHIN 24 HOURS" 

How to Apply?

How to Apply?

If you faced some financial issues and decided to apply for loans on our site, fill in the online application. After you have provided all the required details, check whether all the information is accurate and submit the form. We will review consumer requests in real time meaning that the applications are usually approved on the same day. The notice related to the credit decision will be sent to you in a form of e-mail and the funds will be electronically transmitted to your bank account in a form of direct deposit. You can choose to repay through Direct Debit

which is on the website or Bank cheques ( a representative will come pick it up from you).

At Motion Yield we think convenience. to apply click here 

for more info:

email:         enquiries@motionyield.com

Phone :      07046492282 :: 07046492283 ::: 07046492285 

twitter:       @motionyield

Facebook:  www.facebook.com/motionyield

BBM Channel:   C004DEE11

What Are Cash Loans Online?

Online personal loans are unsecured cash advances provided by the lenders operating in the money lending industry. The loan term is usually short. These loans are meant for urgent situations requiring extra money.

motionyield.com is a reputable representative of the short-term lending industry. Applying for fast cash loans through our website you will get the money you need provided you meet the simple requirements. Once your application is approved, the funds are electronically wired to your bank account within 24 hours.

Paying Off Your Loans: From Where to Start?

Paying Off Your Loans: From Where to Start?

It’s impossible to imagine our life without financial services and loans. Some things are very expensive and consumers can’t afford to pay the price at once so they apply for loans and get an opportunity to make installment payments. There are people saying that every debt is an evil but modern financial advisors divide debts on good and bad ones. There’s nothing wrong in using lending product to buy a house or to attend college. But many consumers get confused trying to set right priorities on paying off their loans. Which loan is worth more off your attention and which one should be paid first? How to close your loans wisely? Read here to find the answers.

Unsecured Personal Loans

It’s easy to understand why unsecured personal loans always have high interest rates. At first the lender estimates your ability to repay the loan using your credit score. But also can money option for people with bad credit. In case you fail to pay the debt off the lender gets nothing in return because the loan wasn’t secured against something. That’s why such loans are usually the most expensive so you should pay special attention and repay them as soon as possible. You will save quite enough on paying down the interest.

Secured Lending Products

Secured loans are called so because they can be secured against property, gold, fixed deposits, insurance and some other things. That means that the lender feels more secured because you provide collateral and in case you will fail to pay the money back the lender gets something that has material value. Such loans usually have lower interest rates and if used wisely they don’t bring much hassle. The interest rate depends on the amount of money you borrow and collateral’s value.

Student Loans

The education is getting more expensive with each year and it makes consumers to apply for educational loans. Quite often paying off such loans takes years but in most occasions interest rates are reasonable. There are options which can help to pay off student loans faster. For example, you can use tax benefit to pay down the interest and take an advantage on your tax savings.  In this case financial advisors recommend paying off other debts and repay the educational loan after them.

Property Loans

It’s hard to find credit products which would be more popular than mortgages and home loans. You can get a long term loan with low interest rate in case you have high credit score and proved stable source of income. It’s possible to use tax benefits both if you want to pay off the interest rate or the loan principle.  These advantages allow making property loans the last ones you will repay. But in any case, if you have some doubts regarding repaying your loans it’s better to turn to financial advisor. Don’t take a risk and don’t make doubtful decisions on your own.