Six Simple Things You Should Do To Get Better Access to Quick Online Loans in Nigeria
posted on Apr 3, 2019 | 87 likes
Have you been trying to get a quick online loan and have not met success? Then this is a must read.
It is no longer news that Nigeria now has a growing list of companies that provide quick online loans. Their increasing number show that more Nigerians are patronizing these tech platforms to help solve their finance needs. Some popular companies are Page Financials, Pledge Finance, among many others.
While many are getting loans and returning for more, some have not been so lucky. You may wonder why this is so, bet the reason is because such persons have not read an article like this.
If you’re planning to take a loan soon or perhaps to reapply for another loan, pause and read this six shocking yet simple tips for your reading pleasure.
1. The Basics, Pay Your Debts on Time
Stating this looks like a no brainer, right? but truth is that this is where most people miss it. When you pay your debt on time, it speaks positively of you as someone who can be trusted with even more funds. A default in this usually results in a drop-in credit rating. Some loan providers charge a percentage extra when defaulters exceed due date.
2. Apply For Loans You’re Confident of Repaying
We all have money needs, and funds may not be available all the time hence why it is advisable to take a loan. Caution must however not be thrown to the wind when seeking a loan. It would be imprudent to take a loan you’ll not be able to repay. Take only loans you’re confident of paying. And if you’ll need to shake things up a little, you can consider Page Financials’ addX. addX allows you top up an existing loan at ridiculous interest rate payable back on only what you spend.
3. Keep Your Loan Balance Low
Directly linked to point one, ensuring your balance is low means you’re paying regularly and beating down what you owe. The smaller the amount, the lesser the hurdle you’ll have to scale in finally repaying.
4. Ensure You Repay Regularly
The title speaks for itself. In simple English, pay something substantial every month. Ensure you have something spelt out in your budget that covers paying back any borrowed loans.
5. Check back with your loan provider regularly (via site or loan app)
This may look far off from the others, but insider information tells us that this one step is actually one of the most important parameters used in judging a user’s loan worthiness. Regularly visiting or using your online loan app tells the provider that you have them in mind. Most of these apps are fitted with repayment notifications such that you’re always reminded of your obligations. Most online loan apps in Nigeria can also be used for other financial transactions like bill payments, airtime recharge or direct payment making it a win -win for everyone.
6. Set up Automatic Payments.
We are busy beings and the idea of repaying a loan may not be a ‘happy thought’ to some. Beat this mindset by setting up an automatic payment system that debits your primary account to offset your loan. A good idea would be to break your loan repayment into chunks of which you set as automatic amounts to be deducted monthly, weekly or whatever spacing you have in mind.
Doing this would save you the stress of thinking too much about repaying.
The most important criteria for determining if you’ll be paid or not isn’t always how much you want to borrow or how much you earn (surprised?), it is rather your ability to have and maintain a positive credit rating.
Credit ratings isn’t a buzz word in Nigeria yet, hopefully with the advent of loan providers, many Nigerians will become aware of the need to maintain a positive rating.
Which of these do you currently apply for your loan repayment system?