The decision to take out a loan requires careful thought and planning, otherwise you will find yourself in an unforeseen debt loop. Sometimes life throws a curveball at us; just when we think we have everything under control, unexpected expenses hit us.
Whether it’s a medical emergency, home renovations, tuition, or just trying to grab an opportunity quickly, we all need some extra cash at some point.
But what do you do when you run out of funds to finance these projects? You opt for a quick loan, right? Read this before taking out this loan.
With the proliferation of fintech, it has never been easier to access a loan in Nigeria. The search for a reputable lender, however, it can seem like a lot of work when you can just go for the easy option. You often end up making the wrong choice and setting yourself up for some rough awakenings.
Whether it’s your first loan or your twenty-first, we’ll show you 5 things to consider when choosing a lender to fund your hassle-free needs.
This is one of the most important factors to consider when choosing a loan company in Nigeria. You want to go with a lender who has demonstrated years of notable experience in the lending business and who can guide you through your application process.
Reputable lenders like Page Finances are transparent enough to explain the terms and conditions of their loans to you. They also provide Comments and testimonials to further demonstrate their level of credibility and experience in the industry.
Fares and other fees
Rates can be a risky matrix when evaluating loan offers. While lower interest rates may be attractive, be careful to confirm that this is not a ploy to attract borrowers, when literally the cost of the loan is higher.
Don’t rush to sign an offer without disclosing all the terms of the loan. Take your time to calculate the cost of the loan. A good lending company should disclose all information early enough to guide you in making the decision. If you suspect the possibility of other hidden costs, ask for clarification.
To page finance, the rates are simple and correctly represented in the letter of offer. The best part is that you don’t have to worry about extra costs or hidden charges because they don’t exist. The only charge you attract on your loan is the interest rate.
Reimbursement terms and flexibility
This includes repayment term, amount, and liquidation conditions. The loan offer should highlight these details. Let us mention at this point that even if a company cannot change its terms of service, your financial capacity should guide you in choosing the perfect repayment terms for you.
You should also consider the cost of prepayments (liquidation). Unfortunately, some lenders charge a penalty fee for prepaying your loan. However, with Page Financials, rest assured that there is no additional costs incurred at the time of liquidation.
Support availability and response time
Support is crucial in any financial relationship. The last thing you need when making a request or inquiry is unresponsive customer service.
You would always have questions and need clarification, imagine waiting hours for help, especially when time is of the essence? It’s frustrating, to say the least.
Response time here could also mean the time it takes to process a loan application. Confirm with the lender how long it would take to process your application. If that doesn’t fit your preferred timeline, you have to source the funds elsewhere.
Lenders like Page Financials pride themselves on fast delivery and efficient customer service. If you need urgent funding, you should contact them.
This is yet another vital factor to consider when choosing a loan company in Nigeria. How is the data you provide to them processed? How do they handle defaulters?
It is not news that some lenders send threatening messages to people around you, informing them of your debts. Is it something you want?
Reputable lenders like Page Financial process your request and your data with the utmost confidentiality, in compliance with the Central Bank Credit Code relating to the confidentiality of customer data. In the event of default, they apply only the legal channels made available to them by law.
Is it worth taking out a loan?
You might indeed be able to get support from your friends and family, but with the current economy, the reality is that it might be difficult to get adequate support from them as they also have their needs.
To avoid being disappointed, losing urgent opportunities, being embarrassed or having your children stay away from school, a smart decision would be to take out a loan from a reputable financial institution.