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.

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

drstan:

I am not a branch agent,I am just a customer with a good review having tried all other loan services. Their interest rate is favorable and their app is easy to use, when it comes to taking loan they have a minimum of 1month repayment depending on the loan amount and when you pay on time you have an increase loan amount but soko loan jeezzz thos guys are hell of lenders, they will give you loan of 5k to pay within 5days with 1700 interest of above 1k when you increase the day to 15days your interest will be like 2kplus and if you did not pay on time due to cercumstance your loan will be increasing let say after 5days delay you will have to double your interset if your repayment day was on the fifth day. Branch doesn't increase your loan but it will affect you next time you borrow, that is lesser amount from your previous. I collected a loan from branch 18k to pay 21k after a mount while soko loan offer me loan of 14k to pay 21k for just 21days who does that, if you have high blood pressure don't try soko after 1day of delay the way they will be calling with threat ,palm credit is like soko loan just that their interest is better but their wahala and soko loan na the same. since I have been using branch I have not contacted their customer care for anything and they have not contacted me too, if I delay for like 2days only text message but soko and palm credit your phone will be ringing every 2hours.

slimdamatrix1:



Branch increases the loan.
A 28k loan to pay back 36k after two months.
A whole 8k? Branch has the best app for easy use but they're not cheap.

slimdamatrix1:



Branch increases the loan.
A 28k loan to pay back 36k after two months.
A whole 8k? Branch has the best app for easy use but they're not cheap.

micflo28:
Please how about taking loans from my cooperative at my work place? Anything to take note of?

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.

slimdamatrix1:



Branch increases the loan.
A 28k loan to pay back 36k after two months.
A whole 8k? Branch has the best app for easy use but they're not cheap.

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.

Ombudsdabomb:

Hmmmm.... I wonder where you got this stat 86.5?, if it's like that I don't think any firm would venture into that

coldFLARES1:
. An African proverb, I think, says you don't test the depth of a river with both legs. That said, there are levels where 'bad' graduates into 'worse'.

Generally, start-ups financed by loans are most likely to be stifled to premature death with having to be burdened with repayments when they are yet to get a fair market share reason why peeps are advised against loans for new business or ideas.

Having, accessed different kinds of loans in the last 3 years, while currently benefitting from two, I would say loans from Cooperatives are better than those from Commercial Banks, which are in turn better than those accessed through MfB's. The best being those sourced through government grants or agencies of government like DBN, BOI and the likes.

So to answer your question, the first thing to take note of is the interest rate. The cooperative I am (actually now an executive member) charges a flat rate of 10% (one-off) all loans. Though we have a varying tenor for repayment which is based on some broad categorization e.g 6 months, 9 months and 12 months. Though, our only limitation presently is that borrowings are capped at #200,000.

So if your Cooperative offers such or more alluring interest rate, and you can ensure the debt financing is not more than 30% of your business capital, you may survive even if you are starting a new business.
Thank you for your response. At 200,000 naira limit, I think my cooperative cannot give more than that and I need above that, atleast a million naira with a low interest rate. Now the question is, can BOI give me such loan at an impressive low interest rate.

paito:

Thanks you very much sir

eagleeye2:

God bless you my brother. Mindset is all that matters.

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

hesilo:
Very mad rate....i got it the last time and swore never to get the loan from them again. Infact due to annoyance, i refused to pay them the money. That 8k is way too much and depressing. Plus they would give you 28days...28days. As you repay your loand and qualify for bigger loans, they would get mad at your coperation and next is increase interest rate. Branch is most useless. I thing the best of them all is Paylater(carbon now). Generally if you can do anything to stay outter loan, please do and save yourself the stress.

drstan:
after two month 8k? this is fair man!. try soko loan with it you will not pay less that 14k

mastermaestro:


Mindset? Open your eyes and stay off loans! Loans kill real quick! If you want peace, run away from loans.

adedehinbo:
Hello brothers! I am a regular salary earner from a reputable company that doesn't joke with staff salary,I want to seek a loan up to 500k from gtb at the end of December to add to the 500k I have saved up.
I intend to use the money to get an operational bus which would attract income daily while repaying of the loan from part of my monthly income, I Dont think there could be that much issue paying the loan back.
Seeing peoples opinion here,I am scared but would love to gain experience from you all

adedehinbo:
Hello brothers! I am a regular salary earner from a reputable company that doesn't joke with staff salary,I want to seek a loan up to 500k from gtb at the end of December to add to the 500k I have saved up.
I intend to use the money to get an operational bus which would attract income daily while repaying of the loan from part of my monthly income, I Dont think there could be that much issue paying the loan back.
Seeing peoples opinion here,I am scared but would love to gain experience from you all

adedehinbo:
Hello brothers! I am a regular salary earner from a reputable company that doesn't joke with staff salary,I want to seek a loan up to 500k from gtb at the end of December to add to the 500k I have saved up.
I intend to use the money to get an operational bus which would attract income daily while repaying of the loan from part of my monthly income, I Dont think there could be that much issue paying the loan back.
Seeing peoples opinion here,I am scared but would love to gain experience from you all

Kiezodumah:

Bro, if u can't drive pls go and learn how to. Then when u gt that bus, do that business urself at night. I know it won't be easy but never give those commercial bus drivers cos u will surely regret ur actions. I am talking from experience. Drive that bus to work, keep it somwere safe, then when coming back home start ur hustle. ,Even if it's 2 to 3 hrs u can run ,it's better. If ur colleagues enter the bus to their destinations,collect money from them cos it's serious business. While on ur way home never go empty,lift passengers. During weekends come out and work huslte tight. Saturday early ,Sunday late if u are a Christian. Save money daily somewhere progressively.
Only by doing so would you get that money feasibly and quickly.. Get another bus then give it out to someone to run it.

CaptainMitch:
Don't be a bad Nigerian, pay back your loan

MrMumu:

You dey mad