Olamide Famuwagun

Credit Wallet Loan – Borrow an instant loan within a few minutes

October 21, 2022 by Olamide Famuwagun

Looking for a loan to settle an emergency? You do not need to go too far as you can get a fast loan in just a few clicks. The Credit Wallet loan is an instant and legit loan you can obtain from the Credit Wallet platform. The subsequent paragraphs will discuss how you can access a quick loan on this platform.

An Overview of Credit Wallet

Established in 2017, Credit Wallet is a reputable loan and credit platform in Nigeria. With this platform, you can receive an instant loan of N1,000,000 in just 15 minutes and you do not need any collateral or boring paperwork.

The loan disbursement process on this credit platform is automated, hence, it is seamless and stress-free. Also, it is 100% online and you will not need to go to any physical branch for paperwork. Lastly, the loan repayment process is very convenient and this makes it possible for borrowers to have a smooth ride when paying back a loan.

What services does Credit Wallet offer?

As stated earlier, this credit platform primarily offers loan services to Nigerians. Hence, as a Nigerian with an active source of income, you can borrow from this platform without collateral whenever you are in need.

Get a loan up to N100,000 at the best affordable rates in Nigeria

Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today

How can I apply for a Credit Wallet loan?

It is very easy to apply for a loan and obtain it on Credit Wallet. The steps below will guide you on how to go about it.

1. If you want to apply for a loan through their web platform, just open their official website. Check below to find a direct link to this site.

2. Next, click on the “Apply Now” tab

3. Thereafter, move ahead to enter your loan amount and tenor then approve the consent form.

4. Finish off your application by filling out your details. The platform will disburse the amount of loan you request if you meet their requirements.

Alternatively, you can download the app, create an account for yourself, and apply for a loan through the app.

Read: Loan in Minutes in Nigeria

What documents do I need to apply for a Credit Wallet loan?

To take out a loan on this online platform, you need a valid means of identification, BVN, phone number, email address, residential address, and employment details. Also, you will have to grant the platform permission to access other information related to your credit history. This will help the loan platform to determine your creditworthiness.

How can I download the Credit Wallet app?

To instantly download this app on your smartphone, follow these steps:

1. Open the “App Store” application on your iPhone. However, if your phone is an android phone, just tap on Google Play Store.

2. Next, search for “Credit Wallet”

3. Download the credit app, sign up, and go ahead to start applying for instant loans.

How can I contact Credit Wallet?

You can contact Credit Wallet financial institution through the following ways:

Office Address: 23 Opebi Rd, Allen 101233, Ikeja, Nigeria

Phone: (234) 708-569-8828, (234) 700-123-5529

Email Address: support@creditwallet.ng

Website: www.creditwallet.ng

Conclusion

The Credit Wallet loan is an instant loan you can access on the Credit Wallet platform. This loan is quick, easy, and convenient and allows you to access up to N1,000,000 to cover your needs. Although this platform is legit, you still have to be security conscious and careful of revealing sensitive information about yourself on the app.

Need a loan? Kindly check out this platform that allows you to compare loans from several lenders in minutes. This would help you make the best decision for you.

NCash Loan – How to borrow a loan from NCash

October 18, 2022 by Olamide Famuwagun

NCash is a stable and secure online loan platform that provides you with easy, instant, flexible personal loans. Basically, this app offers you instant loans of up to N100,000 without you needing to do any paperwork or having to pay any access fee. Also, all loans on this platform are collateral free. To obtain an NCash loan, read carefully and follow the simple guidelines below.

How can I apply for an NCash loan?

To get an instant loan from NCash, follow these easy steps:

1. First, download and install the NCash app to your device from Google Play Store.

2. Next, kickstart your registration by entering your BVN number in the online registration form. Follow this step by filling out other details.

3. Choose the loan product you would like to register for and apply for it.

4. Lastly, enter your basic details, cross-check them, then submit the loan application. The loan will be paid to your account as soon as your loan is approved.

What is the interest rate on NCash Loan?

The interest rate on loans you take from Cash varies between 0.1% to 1% every day. You have a maximum APR of 14% with no service fee and an overdue fee of 2.5%. One major factor that can influence your interest rate is your credit score and creditworthiness. Basically, this means that your interest rate will most likely be different from others.

Get a loan up to N100,000 at the best affordable rates in Nigeria

What is the Loan amount on NCash?

The NCashLoan amount begins from a minimum amount of 1,000 NGN to a maximum amount of 100,000NGN depending on your creditworthiness. Usually, the loan term varies between 91 days – 120 days. As a new borrower, your loan term may be very short, however, the platform will increase if you build their trust by borrowing and paying back on time.

Is NCash legit or a scam?

NCash loan is very legit and really provides loans to people in need. However, this loan app will obtain the details of all contacts when you are registering and they will call them if you fail to pay back your loan.

So, make sure you have a way to pay back your loan on or before the due date. Also, it will be wise for you to check the reviews the app has on Google Play Store to see how the app works.

How can I download the NCash mobile app?

The NCash app is only available on the Google Play Store. To download this app, kindly follow these instructions:

1. Search for the Google Play Store app on your android phone and open the app.

2. Next, search for “NCash”

3. Download the app then install it. Thereafter, you can move ahead to borrow a loan.

How can I contact NCash?

If you need to contact NCash’s customer service you can just reach them through the following ways:

Address: Lateef Jakande Road, Ogba, Ikeja, Lagos, Nigeria

Email: customercare@Ncash.com

Website: www.9ncash.tech

Bottom Line

The NCash loan is legit and not a scam because they really provide people with loans. However, you need to be careful not to reveal sensitive information on this app because it is not regulated or licensed by any authorised government agency in Nigeria. It is up to you to stay safe with your transactions.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

How To Apply For CBN Non-Interest Loan

October 18, 2022 by Olamide Famuwagun

The Central Bank of Nigeria (CBN) in partnership with NIRSAL Micro Finance Bank has approved and opened a non-interest facility loan. Basically, this loan is available for households, AGSMEIS, and SMEs. So if you are interested, and fall into any of these categories, the information below will guide you on how to apply for a CBN Non-interest loan.

Household / SMEs – NON-INTEREST TARGETED CREDIT FACILITY (TCF-NI)

TCF, short for Non-Interest Targeted Credit Facility, is a stimulus package to assist Nigerian households and businesses (Micro, Small, and Medium enterprises) that were negatively affected by the COVID-19 pandemic. Basically, this relief fund is a non-interest package that aims to finance the major assets of businesses till they stand firm. Also, as for households that still struggle to survive, this loan will help them out.

The financing limit for TCF is N2,500,000.00 with a 3 years tenure and a 6 months moratorium. The moratorium is the grace period the bank grants to the customer that allows them to postpone payments.

AGSMEIS – NON-INTEREST AGRI-BUSINESS, SMALL AND MEDIUM ENTERPRISE INVESTMENT SCHEME (AGSMEIS-NI)

AGSMEIS-NI, short for Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme, is a funding scheme by the federal government. The federal government does this funding through CBN and it focuses on promoting agricultural businesses in Nigeria. This will help to boost economic development and generate jobs for the unemployed.

An alternative to AGSMEIS is its non-interest product. Basically, this product is based on the financial transactions principle of Islam and offers features like Murabaha and Ijarah. This product was specially designed to grow the business and finance raw materials, equipment, as well as working capital.

AGSMEIS-N has a financing limit of N10,000,000.00 with a 7 years tenor (depending on the nature of the project). As an applicant, you may enjoy an added period of 6 months as a moratorium.

Interesting Read: AGSMEIS Loan – How To Apply For It In Three Steps

Get a loan up to N100,000 at the best affordable rates in Nigeria

How To Apply For CBN Non-Interest Loan

If you want to apply for a CBN Non-interest loan for households and SMEs, here’s what to do:

1. First, start by going to the NIRSAL microfinance website

2. Next, tap on “Apply for Non-Interest Facility”. When you tap that, it will provide you with two options. These options are “NON-INTEREST TCF” and “NON_INTEREST AGSMEIS“. Click on the “NON-INTEREST TCF” tab.

3. Once you tab the NON-INTEREST TCF tab, you will see two options: Household facility and SME facility. Pick the option that is most appropriate for you. Thereafter, you can start the registration properly.

4. You will be asked if you are just a new applicant or returning to your previous application. If you are applying for the first time, select “New Applicant”.

5. Next, move ahead to input your BVN. This will automatically produce some of your details. Fill in the empty fields required with your other details.

If your application is successful, you should receive a congratulatory message for applying successfully. If you have a business that you have registered with CAC, you can opt for the SME facility. You just need your business’ TIN number and other information related to the CAC registration.

Bottom Line

CBN Non-interest loan is a stimulus package the federal government of Nigeria provides for households, businesses, and agricultural organisations. Basically, these funds aim to cater to households and businesses that were affected by the pandemic. To learn how to apply for a CBN Non-interest loan, just follow the steps above.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

Creditmesan – How to download the app and apply for a loan

October 15, 2022 by Olamide Famuwagun

Creditmesan is a fairly new loan app that provides personal loss to Nigerians without collateral or documents. The app has mixed reviews on the Google Play Store and has been downloaded by over 10,000 people. Basically, it functions by using algorithms to collect your information, such as your phone number, banking transaction details, BVN to assess your credit score. This information will then be used to determine if you are qualified for a loan or not. Read the information below to learn how it works.

How can I register on Creditmesan and apply for a loan?

To register and apply for this instant online loan, just follow these simple instructions:

1. First download the app.

2. Next, create an account by providing your basic details on the platform. It is better to use the phone number you linked to your BVN for the purpose of verification.

3. Provide the mandatory Know-Your-Customer (KYC) data. This comprises the information about your house address and information about your next of kin.

4. Thereafter, enter your BVN for them to verify it.

5. Lastly, connect your ATM card to your account then you can start applying for loans.

What are the requirements to obtain a loan from Creditmesan?

To obtain a fast loan on this platform, you must satisfy these prerequisites:

1. You must either be a Nigerian citizen or a resident of Nigeria.

2. Not below 18 years old

3. Have a stable and regular source of income.

4. Must be willing to link your active ATM card to your account.

5. Provide valid information about two relatives with their phone numbers.

6. You must not be indebted to any other loan platform. 7. Have a good credit score

8. Have an active standard bank account.

9. You must have a legit and valid government-issued ID card.

Get a loan up to N100,000 at the best affordable rates in Nigeria

What is the interest rate on Creditmesan Loan App?

Here is a comprehensive list of the interest rates and fees on this loan platform:

1. Loan amounts vary from N 5,000 to N 50,000.

2. Interest rates and Service Fee: 2% – 35%

3. The Annual Percentage Rate (APR) Maximum is 66.21% – 2740.44%

4. Late fee attracts 8.8% of your outstanding loan amount charged once.

4. You have a minimum repayment period of 61 days

5. A maximum repayment duration of 180 days.

What happens if I don’t pay back my loan by the due date?

For each day you default on your loan, the platform will charge you a 2% everyday penalty. Hence, it’s very important for you to pay back before the deadline. If you pay back before the deadline, it makes you eligible to obtain larger loans. Also, defaulting puts you in trouble with the Credit Bureau. You will not be able to access loans from another loan platform.

How can I download the Creditmesan loan app?

This app is only available on the Google play store. Here’s what to do:

1. Take your Android device and open the Google Play Store.

2. Next, search for “Creditmesan”

3. Download and install the loan app.

How can I contact Creditmesan loan app?

Here is how to contact Creditmesan:

Address: No. 60 Adeniyi Jones, Ikeja, Lagos.

Phone Number: +234 9121540760.

Email Address: cashfarm243@gmail.com

Conclusion

The Creditmesan Loan App is a credible loan app. However, the app is still fairly new on Google Play Store. Hence, you need to be cautious while browsing a loan from this app. Make sure you read and understand their terms and conditions and customer reviews before applying to get a loan. Also, you are in charge of your own security, so you need to be careful before providing sensitive information about yourself or your family to the platform.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

Kada Loan – How to apply for a loan from Kada bank

October 15, 2022 by Olamide Famuwagun

Nowadays, microfinance banks have made it possible for business owners to obtain quick loans. If you live in Kaduna and need a loan, you can go for Kada loans. Here’s what to do to obtain a loan from Kada Microfinance Bank.

An Overview of Kada Microfinance Bank

Kada Microfinance Bank is a financial institution that offers loans to business owners and salary earners in Kaduna, Nigeria. This institution was licensed by the CBN in 2008 and has grown to become a reputable bank that offers loans to its customers.

What products does Kada Microfinance Bank offer?

Basically, Kada bank offers loan services to business owners and salary earners. Here’s what you would know:

1. Microloans

Microloans are solely for students, business owners, and petty traders. Basically, this type of loan caters to Small and medium-sized enterprises and gives them a chance to obtain quick loans. To get a Microloan from Kada bank, you need to fill out the loan application form and provide collateral for the loan. The interest rate on this loan is 5% with a maximum loan tenure of 6 months.

2. Salary Advance

As the name implies, Salary advance is primarily for salary earners in reputable organisations. If you fall into this category, you can obtain a maximum loan amount of 50% of your normal monthly salary. The maximum tenor on this loan is 30 days.

3. Group Loan

The group loan is available for people who want to borrow as a group. This loan attracts a 4% borrowing fee alongside other loan fees.

Get a loan up to N100,000 at the best affordable rates in Nigeria

How can I apply for a Kada loan?

If you want to apply for a loan from Kada bank, follow these instructions:

1. Open an account with the bank

This is the first step to take if you want to borrow a loan. Opening an account with Kada bank will show your commitment to the bank.

2. Fund your account for sometime

The next step to take after opening a Kada account is to actively service your account for a while. Basically, servicing your account means that you have to fund it and withdraw money from the account constantly. This will make you qualified to access loans.

3. Apply for the loan

To apply for a Kada loan, you need to have a valid reason why you need the loan. As long as your loan reasons are genuine, there is a high chance that you will get the loan.

4. Provide the necessary documents

You can hasten your access to the loan by providing the necessary documents pertaining to why you need the loan. Also, you need to present collateral and its documents.

What are the requirements to obtain a Kada loan?

To obtain a loan from Kada bank, you need to present the following documents:

1. Letter of employment

2. Other forms of valid identification (National Identity card, your international passport, etc)

3. Staff identity card

4. Pay slip

5. 6 months statement of account

6. Two credible guarantors

7. Utility bill

What is Kada loan interest rate?

Kada bank charges you an interest rate of 4% – 11% depending on the amount of loan you borrow. Also, the type of loan product you took will determine your interest rate.

How can I contact Kada Microfinance Bank?

Here’s how to contact Kada Microfinance Bank

Address: 3, RIGACHIKUN POLY ROAD, KADUNA, Tudun Wada, Kaduna

Phone Number: 08098909343, 08036884586

Email Address: kadamfbank@yahoo.com

Final thoughts

Kada Microfinance Bank is a reliable financial institution where you can access loans if you reside in Kaduna. All you need to do to get a Kada loan is to open an account with the bank and become one of their customers. This will make your loan processing easier. However, the loan you can access is not collateral free. Hence, you will need a collateral and guarantor to obtain a loan from Kada bank.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

QuickCheck Loan – How to apply for a loan on the QuickCheck app

October 12, 2022 by Olamide Famuwagun

With QuickCheck loan, you can get instant, collateral-free cash anytime, anywhere. All you need is your smartphone and the QuickCheck app. Here is what you need to obtain a loan on the QuickCheck platform.

An Overview QuickCheck Loan

QuickCheck is a reputable lending platform in Nigeria. Basically, this platform grants Nigerians collateral-free loans. The app boasts over 100,000 users and has many positive reviews on Google Play Store. The QuickCheck platform aims at providing digital loan services to make it easier for Nigerians to obtain credit within a few minutes.

What services does QuickCheck offer?

Basically, the QuickCheck platform provides collateral-free loan services to you. Hence, you can apply for a loan without collateral or paperwork and obtain it as long as you are eligible.

How can I borrow a loan from QuickCheck?

To borrow a loan from this loan platform, follow these steps:

1. First, download the QuickCheck mobile app. Check below to see a guide on how to download this app.

2. Next, create your profile by signing up on the app for free. You only need to enter your basic details.

3. Once you have signed up successfully, apply for an instant loan

4. Wait for the platform to access your credit score and determine if you qualify for the loan.

5. If you qualify, you will receive your cash directly in your bank account within a few minutes.

What is the QuickCheck loan requirement?

Here is the compulsory requirement to obtain credit from QuickCheck:

1. A smartphone and data

2. Bank Verification Number (BVN)

3. Bank account details

4. Good credit score

5. An ATM card

6. Your personal information (like your name, phone number, address, email address, etc)

7. Employment details (self-employed can apply)

8. You must be an adult

9. Your loan request must not exceed 30% of your income.

How much loan can I get on QuickCheck?

QuickCheck offers you loans of up to ₦200,000. However, as a new user, you can only obtain a loan of ₦10,000 only for a loan duration of 30 days. The amount of loan you can borrow increases as you pay back your loan on time. Also, early payment guarantees lower interest rates. The loan term varies from 4 weeks to 1 year.

What is the QuickCheck loan interest rate?

The loan interest rate on QuickCheck starts from as low as 5% per month on your first credit. However, the general interest varies from 2% – 30%, with an equal monthly interest rate of 1 – 21%.

How can I get the QuickCheck app?

You can get the QuickCheck app on Google Play Store only. To download this app, do this:

1. Open the Google Play Store app on your android phone.

2. Next, search for “QuickCheck”

3. Download the loan app, install it, and apply for an instant loan.

How can I contact QuickCheck?

You can contact QuickCheck via the following ways:

Address: 23, Agodogba Avenue, park view Estate, Ikoyi, Lagos, Nigeria.

Email Address: support@quickcheck.ng.

Website: www.quickcheck.ng

Bottom Line

QuickCheck loan is a collateral-free credit you can obtain from the QuickCheck platform. Follow the guidelines above to obtain a loan within a few minutes on this platform. However, before you apply, ensure that you meet the loan requirements to increase the chances that your application will get accepted.

NewCredit Loan – How to Apply for an Instant Loan

October 4, 2022 by Olamide Famuwagun

NewCredit is a financial technology company that provides instant loans to Nigerians. The company has a license from the Central Bank of Nigeria (CBN). It has a mobile app that provides instant loans to Nigerians.

The app is easy to use and requires no collateral or paperwork. You can apply for a loan in just a few minutes and receive your funds within 24 hours.

Below are the detailed steps on how to apply for the loan

How Can I Register and Apply for the Newcredit Loan?

If you want to apply for an instant loan from NewCredit, here’s how to go about it:

1. First, download the NewCredit app from Google Play Store. Then go ahead to install it on your Android device.

2. Next, open your personal account using your phone number and other basic information. This includes your home address, employment details, as well as your next of kin.

3. Also, you must give your BVN (biometric verification number) and then link your ATM card to your NewCredit account. This will serve as a method of payment.

4. Thereafter, submit your loan application by clicking the “Withdraw” button. Once you do this, the platform’s algorithm will assess your credit score and show you the final result.

5. The final result of your credit score will determine the amount of loan you can borrow. Once you see the result, you will receive the stipulated amount in your bank account.

Note that you may experience difficulty when trying to link your Verve ATM card to your account. Hence, you need to use a MasterCard or Visa ATM to make the process less stressful for you.

What Are the Requirements to Borrow a Loan?

Before you can borrow a loan on the NewCredit platform, you must meet the following requirements:

1. You must be a citizen of Nigeria or a Legal Resident.

2. Be between the ages of 18 and 55 and have a valid source of steady monthly income.

3. You should be willing to link your valid ATM card to your NewCredit account and give details of your next of kin.

4. Your credit score should be good and you must have no outstanding loans from any other lender.

What Is the Newcredit Loan Interest Rate?

NewCredit charges you a monthly interest rate of 4%-24% and an annual interest rate of 24% – 56%. Also, note that the interest rate on your loan increases everyday. Hence, you should try as much as possible to pay back your loan on time. Timely repayment of loans also gives you access to a higher loan amount when borrowing next time.

How To Payback Newcredit Loan

When your loan is due for repayment, do this:

1. go to the app and look for the loan repayment button then tap it.

2. Next, select your method of repayment then pay back your loan

If you face any difficulty during this process, just contact the customer support service. You will find details of the customer support below.

How Can I Contact Newcredit?

You can contact NewCredit through the following ways:

Office Address: 45c Sobo Arobiodu St, Ikeja GRA, Ikeja, Lagos, Nigeria

Email Address: deeoemmah4098@gmail.com

Website: https://web.newcredit.loans/

Bottom Line

NewCredit platform is legit and can give you quick loans, however, the interest rate is very high. Before applying for a loan, read the terms, conditions, and reviews. This will help you understand what you are applying for. To get a comprehensive guide on how to access this loan, just go through the steps above.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

How To Be Rich Through Loans

October 4, 2022 by Olamide Famuwagun

Loans may be something everyone tries to avoid at all costs, however, they can be beneficial. Did you know that you can use loans constructively to help you build your wealth? Loans are scary but you can use them to your advantage. Here, you will learn how loans can be beneficial and how to be rich through loans.

What is good and bad debt?

There are two kinds of debt, namely good and bad debt. The major difference between getting rich or poor through loans primarily depends on these two factors. Basically, a good debt to borrowing money to make money-generating investments. On the other hand, you acquire bad debt when you borrow money to buy luxury items. When you take too much financial risk without being capable of repaying it, you fall into bad debt.

How to use loans to build wealth

Loans are not a bad thing after all. Here is an extensive summary of how to be rich through loans:

1. Property

Property is a good example of one of the ways you can use loans to get rich. Basically, most property owners finance their purchase with bank money and pay it off in instalments while their property’s value appreciates. So, you can adopt this method as a way to secure wealth in the future when the value of your property has doubled.

However, before you take out a loan to purchase property, there is something you need to take note of. Ensure that whatever property you plan to buy is in an area where there is a need for rental properties. Also, your property should be situated in a location with sustainable capital growth.

Additionally, you must understand that property is not a ‘get-rich-quick’ scheme. Hence, you need to exercise patience and wait for it to grow.

Get a loan up to N100,000 at the best affordable rates in Nigeria

2. Credit cards

Credit cards are another great way to build wealth through loans. Basically, using credit cards allow you to receive interest in your current account as you make purchases with the bank’s money. However, to achieve this successfully, you have to be financially disciplined and promptly pay back the loan balance when the month ends. Doing this ensures that you do not pay any interest on your credit card.

3. Capital acquisition

Learning the basics of how to be rich through loans also needs you to have an idea of capital acquisition. Basically, a capital acquisition is an investment in a property that can generate income. This property could either be an investment in equipment or machinery. Loans like these can create wealth for you since it generates a means for you to earn money. However, any loan you borrow from the bank to purchase luxury items can make you poorer.

4. Debt consolidation

This is an excellent example of good credit. Basically, debt consolidation is a method by which you settle multiple debts with a new loan that has a lower interest rate. Its main benefit is that you get to pay off all your debt by taking out a low-interest rate loan. So, you save a lot of money by doing this.

Why is it important to have a good credit score?

Basically, a good credit score (more than 620) increases your chances of obtaining loans and it also earns you better interest rates. You can boost your credit score by paying outstanding bills promptly, settling incoming bills on time, and even paying more than the minimum required installment on your bills.

Bottom Line

Your ability to learn how to be rich through loans largely depends on knowing the difference between good and bad debt. The guidelines above will teach you the difference between the two kinds of debts and some great ways to grow your riches through loans.

You can obtain a comprehensive loan, tailored to your specific needs by using this platform. Basically, it allows you to compare loans from different lenders across Africa, ensuring the best option doesn’t slip through

5 Good Reasons To Borrow Money – Why you need to start borrowing

September 30, 2022 by Olamide Famuwagun

Debt can be very beneficial when you use it properly. When you borrow to improve the quality of your life, your debt is beneficial. However, if you borrow to purchase items that are not benefitting long term, you may have just put your finances in more trouble. This means that borrowing can either be beneficial or to your detriment, depending on how you use the money. In subsequent paragraphs, you will learn 5 good reasons to borrow money.

5 Good Reasons To Borrow Money

Borrowing money is not as bad as you think and can even be beneficial. Basically, there are purchases that make borrowing a good debt. Here are 5 good reasons to borrow money:

1. To pay for school

Investing in yourself is the best investment you can make. For this reason, you need to try as much as possible to invest in your education, even if it means borrowing. Unfortunately, going to school does not come cheap, hence, you may need to borrow to finance your education. Borrowing money to pay for your education is a good investment that will yield future returns.

Get a loan up to N100,000 at the best affordable rates in Nigeria

2. To buy a building for your business

If you are a business owner, owning your own building can increase your business cash flow and overall net worth. Basically, owning a building saves you the cost of paying for rent every month, and this increases your revenue.

Even when you are ready to retire, you can sell off the building and make more money. Hence, borrowing money to buy a building for your business is a great idea.

3. To buy a house

A shelter is one of man’s basic needs. However, the cost of renting a shelter can be discouraging. Just like buying a building to run your business, purchasing a home is a great way to boost your net worth. Also, it gives you the satisfaction of being a homeowner. Taking out a loan to buy a house does not sound like a bad idea. can be a great way to increase your net worth.

4. To purchase equipment for your business

Every business needs expansion from time to time and during this expansion, you will need to buy new equipment to increase productivity. Taking out a loan to do this is very beneficial since investing in your business will yield reasonable profit in the future.

5. To consolidate loans

By the time you pay your school fees, start a business, buy a building for your business, and buy a house, you may have outstanding loans to several lenders. Controlling all those loans may be stressful. Therefore, it is sometimes beneficial to obtain a new loan to settle all those other loans. This leaves you with just one loan to pay off, reducing your stress.

Bad Debt

Bad debts consist of assets that tend to depreciate over time. These debts are more of consumption than investments. Hence, it is unwise to borrow just to purchase these items. An example of bad debt is borrowing money to buy a car.

The average new vehicle starts depreciating the minute you drive it away from the dealership. Also, the depreciation rate is pretty high. Hence, borrowing and paying interest on a car that decreases in value at an alarming rate is not worth going into debt for.

Conclusion

It’s not always a bad thing to borrow money. Generally, debt can be a good thing depending on how you use the money. While there are good debts that you can purchase to yield money in the future, there are also bad debts that can leave your finances in shambles. Above, you will find a list of 5 good reasons to borrow money.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

Ways To Grow Your Business With A Loan

September 30, 2022 by Olamide Famuwagun

Contrary to popular belief, your business does not need to be struggling before you borrow a loan to finance it. In fact, financing your business with a loan can be a great way to achieve reasonable growth and expansion. There are numerous ways to grow your business with a loan and you will learn about these ways subsequently.,

Why choose a loan to grow your business?

Financing your business with a loan instead of earnings means that you will still have cash to fall back on if anything goes wrong. So, if your plans fall through, your loss will only affect the loan, not your business equity.

Also, paying back a loan will boost your business’s creditworthiness, making it easier to take out future loans. Basically, creditworthiness depends on how frequently you borrow and make timely payments. Therefore, if you are taking out a loan for your business, try as much as possible to pay it back on time to better your chances of borrowing in the future.

6 ways to grow your business with a loan

Growing your business with a loan is easy. Here are six easy ways to grow your business with a loan:

1. Buy new machinery

If you take out a loan, it is important to boost production by buying new machinery for your business. Basically, this saves you from using your profit to buy machinery so you gain in two ways. You keep your profit and use the new machinery to increase production and make more profit.

2. Build relationships with your suppliers

The success of any business majorly relies on the development of lasting relationships and the best way to cultivate lasting relationships with your suppliers is by making timely payments for supplies.

Using a loan to make purchases will allow you to buy supplies in bulk and pay for everything. Basically, doing this builds your business credibility in the eyes of your suppliers, thereby strengthening the relationship.

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3. Boost your marketing efforts

Investing in marketing is one of the best ways to grow your business with a loan. Once you take out a loan, it is important to concentrate on your digital marketing strategy as this will boost your online presence. Basically, implementing an effective digital marketing strategy will help to increase your sales online, thereby boosting your business’s return on investment.

4. Hire skilled workers

The overall productivity of a business largely depends on its workforce. If you plan to expand your business, you will certainly need to hire more skilled workers. However, paying workers during an expansion can be very challenging, so you may need financial support. This is where a loan comes in and assists you in paying your staff. Also, you will need money to train your new workers in the working model of your business.

5. New product launch

Adding new products to your offering is a great way to expand your business. Basically, it helps you to reach out to new customers while earning the trust of existing ones. To launch a new product, you will need money to purchase raw materials and other things. Your business loan can assist you in this aspect.

6. Buy your competitor’s business

One of the fastest ways to grow your business with a loan is by buying the business of your competitors. Basically, it will help you by lowering the existing competition in the market. Also, doing this builds up the reputation of your brand and boosts your customers’ portfolios.

Closing thoughts

There are various smart ways you can grow your business with a loan. Basically, you can use a loan to buy new machinery, boost your marketing efforts, hire new workers, and even settle the cost of expanding your business. Making all these moves will increase the productivity of your business, yielding more profits. Also, repaying your loan on time increases your creditworthiness. In all, the advantages of taking out a loan for your business outweigh the disadvantages.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

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