₦airaland Forum

Izabel:
Loan i wont be able to pay back, better to be broke than in debt

Jaysleeves:
Guys I strongly advise against going for a loan aside Business and health grounds....Wetin renmoney take my eye see.. mouth nor fit talk am. A word is enough for the wise.

Jaysleeves:
Guys I strongly advise against going for a loan aside Business and health grounds....Wetin renmoney take my eye see.. mouth nor fit talk am. A word is enough for the wise.

Okfiscal:
I think Interest is not the only thing you pay for loans. There are other hidden costs. In fact your effort to submit the paperwork and get approval, It’s more sweat and money than you actually count. So before you apply for personal loan online , ask yourself some questions. Spend some time to debate each one of them.
Quickly let’s dive into questions should ask and answer before taking personal loan

1.How much should I borrow?
There is always a maximum amount restriction on personal loan. It’s the amount you can borrow as a personal loan. It depends on your financial standing. Arrive at a concrete figure of loan you need is very important. Your chance of getting the loan approved is dependent on it. Start with how much money you want. Don’t be tempted to have extra cash in hand just because it’s available. Say you want to change the living room furniture with your personal loan, research on what you want to buy, the cost of it and nothing more. Note when you borrow 50 thousand, you return more, remember that. So its worthwhile to be very calculating while arriving at the figure.

2.What do I need the loan for?
People often take personal loan online because it is easily available without definition of what they want to use the loan for, forgetting its a loan and you ‘ve to pay back with interest. I think personal loan normally taken to finance an emergency, such as to pay off debt or for home improvements. The lender asks for a reason. However, the decision on your application to some extent are not dependent on it. Still, be clear as to why you need the loan? Arriving at the reason would help you debate on whether you truly need it or not. Remember It’s a loan, and you have to pay more money than you’ve borrowed. Be clear with its objective.

3.what is the extra costs attached to it?
Think beyond interest rate. Interest rate is the main price you pay when you take a loan. But there are other costs attached to the loan. There are processing fees, administrative fees, penalty on early repayment of the loan etc. Understand the total cost of the loan before arriving at a decision to borrow. Plus, there is always the opportunity cost. What would you have done in that extra money you are paying as interest? Is your loan worth all of it? Think.

4.How much can I afford to repay?
The tenure of repayment for a personal loan is less than that for some other type of loans and the equated monthly installments are higher. Calculate your monthly expenses, subtract them from your monthly income – this residual is the maximum amount of money you can afford to repay as the loan installment. Remember to factor in emergencies or seasonal expenses that you may have to take care of. Never think of using all that residual income to pay off the EMIs. Best practice would be to keep the EMI figure between 60-70% of your residual income after expenses. Always leave room for the unexpected.

5.How long will you be paying the loan back?
The time space of repayment is a very important factor to consider. How long will you be paying the loan? Because you can’t take an additional loan until you pay this one off. Personal loan which offers zero percent interest rate often comes with a defined repayment tenure. It’s generally of lower duration than the other loans. Ask yourself how many years you will be paying this loan? Do you see any source of income which would help you to pay it off early? Generally, the longer the tenure, the greater the rate of interest, i.e., the cost. Answer all these questions to arrive at a calculated and conclusive decision.

6.What kind of personal loan do I need?
To know and understand your exact need is the first step to take a decision you won’t regret. There are many types of personal loans in Nigeria – wedding loan, holiday loan, loan for renovation, etc. Narrowing down the type of loan would help in getting the paperwork sorted. It would also help in understanding the legitimacy of your needs and the amount of loan you need to take. This may sound repetitive in nature as we have already talked about ‘what do you need the loan for’ earlier. This is different as it would help you to narrow down the bank or App which is offering the most competitive interest rate and conditions. Think from that perspective.Research Compare and Shop.

7.Where should I get the loan from?
There are numbers of banks, credit card companies or your own employer who would extend you a personal loan. Generally, the best terms of the loan are offered by your employer. Pick him over other sources. In case you are going to a credit card company, make sure to review the hidden costs. Shop around to pick a bank or App. Negotiate. Some may waive off the processing fees to get a customer. Don’t ignore the reviews online. Also, you can apply for personal loan online with play later. Download the app to know more.
More personal loan App:

•Paylater
•Renmoney
•Aella Credit
•Kwik Cash (Mines)
•Rosabon Finance Quick Loan
•Zedvance
•Page Financials
•FINT Loan

8.Are there any other alternatives than to take the loan?
I think it worthwhile to give it a second, third and fourth thought –ask yourself again and again Is the loan absolutely necessary? Think of ‘what if’ scenarios. What if you don’t take the loan – Is there any other alternative to finance? Think hard. What if there is another emergency, would you have room to finance it? Ask yourself these questions to know that it’s absolutely necessary to get a loan.
Ask all of these questions or debate them with your family before applying for a loan. It would help you to arrive at a calculated and conclusive decision. Loan is good, but whatever loan u want to take, stay OFF Renmoney Loan

SOURCE:https://okfiscal.com/8-questions-you-should-ask-and-answer-before-taking-personal-loan/

Jaysleeves:
Guys I strongly advise against going for a loan aside Business and health grounds....Wetin renmoney take my eye see.. mouth nor fit talk am. A word is enough for the wise.

drstan:
soko loan is the worst their interest is crazy. the best out there is branch.

Authority1o1:
Okay...


Obtaining loan from a bank or any loan-issuing organization is good but a risky venture.It's always as if there is a demon which controls loan in general.

It takes wisdom,restraint and proper management to utilize loan in the best way.


About the 'demon' thing,studies shows that 86.5% of people who took loan fails to repay it,thereby having their properties confiscated.

I may be wrong,but if there are other means you could generate capital,go for it and ditch any thought of loan obtaining.

veekid:
I stopped thinking about loan the day my account officer told me, 90% of bankers don't take bank loans.

Jaysleeves:
Guys I strongly advise against going for a loan aside Business and health grounds....Wetin renmoney take my eye see.. mouth nor fit talk am. A word is enough for the wise.

Sheriman:
I can't never take a loan to do business I will be running it under pressure and duress

centboy123456:
how u tell take loan from them

ibechris:
Normally,Nigerians are not good at repaying loans...and for the guy that says 90% bankers don't take loans.

I think I disagree with u on that,because many bankers if not 90% in Nigeria live practically on loans and that is why if they are sacked,they usually go home with nothing.
Like in some banks,many staff are forced to take loans,especially car loans which can last for 5-10 years depending on ur salary. And same thing happens when they are offering IPO on shares to their staff before they go public.

The bottom line is,ensure u pay ur loan promptly as at when due and do so knowing fully that loan can help ur business tremendously. With the mindset of a Nigerian,u can never be honest with loans.

For example,I have 4 loans running on my head and monthly I make prompt payment without delay....and because of that,my bankers are always calling me to come and liquidate to get a new one especially on those ones I have few months to redeem.

Let us all change our mindset about loans.

Authority1o1:
Okay...


Obtaining loan from a bank or any loan-issuing organization is good but a risky venture.It's always as if there is a demon which controls loan in general.

It takes wisdom,restraint and proper management to utilize loan in the best way.


About the 'demon' thing,studies shows that 86.5% of people who took loan fails to repay it,thereby having their properties confiscated.

I may be wrong,but if there are other means you could generate capital,go for it and ditch any thought of loan obtaining.

ibechris:
Normally,Nigerians are not good at repaying loans...and for the guy that says 90% bankers don't take loans.

I think I disagree with u on that,because many bankers if not 90% in Nigeria live practically on loans and that is why if they are sacked,they usually go home with nothing.
Like in some banks,many staff are forced to take loans,especially car loans which can last for 5-10 years depending on ur salary. And same thing happens when they are offering IPO on shares to their staff before they go public.

The bottom line is,ensure u pay ur loan promptly as at when due and do so knowing fully that loan can help ur business tremendously. With the mindset of a Nigerian,u can never be honest with loans.

For example,I have 4 loans running on my head and monthly I make prompt payment without delay....and because of that,my bankers are always calling me to come and liquidate to get a new one especially on those ones I have few months to redeem.

Let us all change our mindset about loans.

kelechi50:
please kindly explain why branch is the best, with an in depth explanation

Authority1o1:
Okay...


Obtaining loan from a bank or any loan-issuing organization is good but a risky venture.It's always as if there is a demon which controls loan in general.

It takes wisdom,restraint and proper management to utilize loan in the best way.


About the 'demon' thing,studies shows that 86.5% of people who took loan fails to repay it,thereby having their properties confiscated.

I may be wrong,but if there are other means you could generate capital,go for it and ditch any thought of loan obtaining.