Olamide Famuwagun

What if you could eat your cake and have it too? If we are being honest, I have always wondered what that really meant. Like, why would you give me a cake if I can’t have it too? Anyway, before we get sidelined by cake (we can have that conversation another day), let’s focus on Hire Purchase. 

Hire Purchase, I guess will fit the bill of eating your cake and having it too (you already know how I feel about that statement) as you mostly get to use the product you’re paying for. 

What does Hire Purchase mean?

In the actual sense of the definition, it is a system by which one pays for a thing in regular instalments while having the use of it. For example, we can define a hire purchase car as driving the vehicle while making payments on it until it’s completely paid off. 

This may sound similar to leasing a vehicle; however, the significant difference is that one doesn’t become an owner when renting a vehicle; it’s only driven for a time and then returned. With a hire purchase, you get to own the car after you complete the payments.

Common Use

Using hire purchase is common in industries where they use expensive or heavy machinery to run daily operational activities. Examples of such industries could include construction, manufacturing, engineering and professional services industry.

They can also use it to finance some other capital requirements of a business, for example, cars, phones and photocopiers

Read also: Equated Monthly Installment (EMI) In Loans – Everything you need to know

Benefits of a Hired Purchase Agreement

1. You can spread payments of an asset over a while. Can be as long as 3 – 5 years sometimes
2. You’ll own the asset after paying the last installment. 
3. Immediate use of the asset instead of waiting until you have saved the lump sum of the item.
4. It’s a simple way of financing
5. The interest rate is fixed, so both parties know what is due per time.

Disadvantages of Hired Purchase Agreement 

1. Since hire purchase is usually fixed, if you get into any financial difficulty, you could lose the asset and give up previous payments.
2. There is typically an interest rate attached to the payment, so you’ll be paying more long-term versus if you paid outright. 
3. You don’t own the asset until it’s wholly paid off, which means the owner can seize the asset if you foul on their terms.
4. The duration of the plan can be lengthy. Consider if it’ll still be worth it in the long run.
5. In the purchase of an asset such as a car, if it gets stolen or an accident occurs that results in the total loss of the vehicle, there is typically no protection against that. Even where it’s insured, the full value of the car may not be recovered, which puts you in a shortfall. 

Termination of a Hire Purchase agreement

Termination of a hire purchase agreement can take any of the following forms

1. The terms and conditions as set out in the hire purchase agreement
2. Parties agreeing to a renewal before the expiration of the current agreement
3. When a notice of termination is given by either party
4. The hirer has refused to exercise his option to purchase the goods even after the stipulated time

Conclusion

As discussed, hire purchases have their various advantages and disadvantages. It is a financing method that works well as long as you understand all the risks involved.

It is also good to know that financing assets like this is common, as this agreement typically works well for both parties.

If payments can’t be made because of financial hardship, we recommend that communication must prioritize the owner to avoid seizure of property. You can learn more about leasing here.

Sourcing funds for the implementation of a project is an essential part of the whole process. Basically, this fund will be used to finance the project from the beginning till it ends. Project financing is a means of financing a project in which the company negotiates for a loan based on the profit they generate at the end of the project. The company then uses the interest, rights, and assets of the project as collateral for the loan. Here’s how it works.  

What is Project Financing and How Does It Work?

Project financing is a type of long-term loan that depends mainly on the project’s profit for repayment, while the company uses the project’s interests, assets, and rights as secondary collateral. 

If you intend to start a private industrial project or public services project and require funds for its implementation, this type of financing may be suitable for you. 

Generally, once you take out this type of loan, you can use the cash flow the project generates once it is complete to pay off the loan. However, if you fail to comply with the agreements of the loan, the lender can take control of the project. 

Basically, financial organizations can earn bigger margins if a company uses this type of funding while partly diverting the risk associated with the project. Hence, most sponsors and lenders tend to favour this type of loan scheme. 

What Is Special Purpose Vehicle and Why Is It Necessary?

To create a bridge between sponsors and lenders, the terms of the loan demand that you form an intermediary called a Special Purpose Vehicle (SPV). The major function of the SPV is to oversee procurement and management of the fund to make sure that the project assets do not perish due to the aftermath of project failure.

Also, before a sponsor agrees to finance a project, they need to know all the risks that are likely to affect the project to avoid any complications in the future. The nomination of SPV assures the lenders of the sponsors’ commitment by making sure that the project has adequate funding. 

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What Are The Key Features of Project Financing?

To understand the basis of this financial scheme, you need to understand its features. Here are the main features of project financing:

1. Capital Intensive Financing Scheme

Project Financing is favorable for projects that require huge amounts of capital and debt. Also, it is mostly executed in developing countries as it brings economic growth to the country. 

However, since it is more costly than  corporate loans, it generally runs at a higher cost while decreasing liquidity. Also, the projects that use this plan commonly execute Political and Emerging Market Risk. Basically, the project has to pay costly premiums to insure itself against these risks.

2. Multiple Participants Applicable

Since this type of financing scheme often pertains to a large-scale project, it is practical to allot numerous groups in the project to handle its various aspects. Basically, this helps the project to function seamlessly.  

3. Risk Allocation

Under this financial scheme, the lender bears some of the risks linked with the project. Hence, they prefer to use this financing scheme since it enables them to decrease some of the risks. Also, this type of scheme allows lenders to earn better credit margins.

4. Zero or Limited Recourse Financing Solution

The terms of this scheme do not permit the borrower to have ownership of the project till they complete it. Hence, sponsors do not need to waste resources or time assessing the credibility and assets of the borrower. 

Rather, they focus on how feasible the project is. The financial services company can go for limited recourse financing if it foresees that the project may be unable to yield enough profit to pay back the loan after completion.

5. Asset Ownership is Determined after the Completion of the Project

The Special Purpose Vehicle (SPV) is accountable for monitoring the assets of the project and overseeing its proceedings. Once the project is finalized, the project ownership will go back to you who took out the loan to execute the project.

6. Loan Repayment With Project Cash Flow

According to the agreement of the loan, the borrowers will have to pay off the outstanding debt with the excess cash flow which the project earns.  As the debt is slowly paid off, the risk of exposure reduces. 

7. Sponsor Credit Has No Impact on Project

This long-term financing scheme ensures that the credit history of the sponsors do not negatively impact the project. Because of this, the credit risk of the project is usually better than the credit history of the sponsors.

8. Better Tax Treatment 

If Project Financing is executed, the project itself and/or the sponsors can reap the advantage of better tax treatment. Hence, many sponsors prefer this type of financial scheme so they can earn funds for long-term projects.

What Are The Types of Sponsors in Project Financing?

To define the objective of the project and its risks, you need to know the different types of sponsors related to the project. Basically, there are four types of sponsors involved in this kind of financing:

1. Industrial sponsor 

Basically, these types of sponsors are often aligned to a downstream or upstream business in some way. The project may also be linked to their core business in some way. 

2. Contractual sponsor 

The contractual sponsors are sponsors who are the main players in the development and operations of plants.

3. Public sponsor 

The primary intention of these sponsors is just public service and they are usually linked to a municipal corporation or the government.

4. Financial sponsor 

These categories of sponsors often participate in project finance endeavours and try to invest in projects with a reasonable amount of return.

Conclusion

Project Financing is simply a long-term loan that you can use to sponsor massive projects and pay off using the cash flow gotten from the project after its completion. Basically, this financing scheme gives financial aid off balance sheet, hence, it does not affect the credit of the Government contracting authority and the shareholder. Also, many lenders prefer this financial method because it offers them a better credit margin.

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If you are finding it difficult to obtain a loan due to your credit history, one good way to get out of it is by getting a co-signer for the loan. Basically, the co-signer acts as a human guarantor and their credit history goes a long way in helping you get the loan. Now, have you ever wondered what happens when a co-signer dies? What if the person dies while you are repaying the loan? Here, you will learn what you should know about how to handle a co-signer’s demise. 

What Happens If The Co-signer On My Loan Dies?

When someone you love dies, it can be a very tough situation both emotionally and financially. However, If you have financial connections with that person, you have to sort them out as soon as possible to avoid future problems. One of the major concerns is when this person cosigned on a loan you took. What then happens to the loan?

There are various types of loans with varying agreements such as personal loans, mortgages, car loans, or student loans. Hence, depending on your loan agreement, different situations could occur if your cosigner passes away. However, what mostly happens when a cosigner passes away is that the entire liability will fall on the primary borrower.

If you are a primary borrower, you will do just fine as long as you continue to make timely payments. In fact, you can even continue to pay the loan payments without any worry. However, if you are already defaulting by the time your cosigner dies, the lender can recover the loan you owe from the estate of your late cosigner. 

This is usually the case for various types of loans like personal loans, mortgages, car loans, and student loans.

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Do I Need To Pay The Full-Loan Amount Immediately Once My Cosigner Dies?

If you are troubled about whether you would have to pay the loan amount fully immediately after your cosigner dies, you have to check the terms of your loan. Some sections of the agreement specify what will happen with the loan if your cosigner dies. 

Generally, many loan agreements will permit you to continue with the agreement as long as you make timely payments. However, some other loan agreements may require you to pay the loan in full as soon as possible.

One section that you should look out for in your agreement is the “Automatic Default Clause”. Basically, if you see this clause is on your loan agreement, know that your loan balance becomes due immediately after your cosigner dies. This means that you have to complete the payment as soon as possible. 

Do I Need To Find Another Cosigner If My Cosigner Dies?

Another common question that borrowers ask is if it is necessary to get a new cosigner if the loan cosigner dies. The answer to this question is simply No. If your cosigner dies, you do not need to find another cosigner because the estate of the deceased cosigner becomes the new cosigner. If you default on the loan, the lender could go after the estate of the deceased cosigner.

However, there is a situation where you may need to find a cosigner. When you want to refinance your loan, you will need another cosigner to stand in for you. Basically, if you have a good credit score, you will be able to refinance the loan on your own. 

However, if your credit score is bad, the lender may not accept to refinance your loan. Hence, some lenders will need you to look for another cosigner before they approve your loan.

What should I Do If My Cosigner Dies?

When your loan cosigner dies, review your loan agreement immediately to check the agreements defined in the contract. Also, do not hesitate to reach out to the lender to inform him of the news and discuss your available options. This helps you to handle the situation better. Avoiding the loan issue will just delay the inevitable and may even put you at a disadvantage in the future.

Bottom Line

The direct answer to the question “what happens when a co-signer dies?” is usually stated in your loan agreement. Basically, two things can happen. It’s either the lenders allow you to continue repaying the loan in instalments or they demand that you pay it off at once. It all depends on your initial agreement. Also, remember that you need to inform your lender if your cosigner dies so you can discuss the available options. 

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Compound interest is a major component of wealth-building and on the other hand, it can also be a major factor in ruining your finances. Basically, it all depends on if you are investing or borrowing. If you are investing, compounding your interest will lead to high returns. On the other hand, paying this type of interest on debt can wreck your finances. Hence, it is very important to understand how this type of interest works so that you will not make mistakes that will ruin your finances.  

What Is Compound Interest?

Generally, interest is a percentage earned by or charged on a lump sum of money. Compound interest is a type of interest that is added to the original principal and the accumulated interest over time. Basically, your principal is the initial amount you invested (or borrowed), while your interest is the money earned or charged on it. 

For example, if you have ₦100 in a savings account (your principal), and it accumulates interest at a 10% rate, compounded annually. At the end of your first saving year, you would have ₦110 (₦100 in principal + ₦10 in interest). When your second saving year ends, you would have earned ₦121 (110 in principal + 11 in interest). At the end of your third savings year, you would have ₦133.10 (121 in principal + 12.10 in interest). Basically, this is how your principal amount accumulated compound interest over time. 

With this kind of interest, you receive additional interest on the interest you earned previously. Hence, compounding interest makes your principal grow exponentially. This indicates that as your principal earns interest and becomes bigger, the rate of growth gets faster. 

How fast your money grows largely depends on the interest rate on your principal and the regularity of compounding. Interest can be compounded on a daily or monthly basis. Also, it can be compounded quarterly or annually.

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What Are The Types of Compound Interest?

Generally, there are two types of compound interest. They include: 

1. Periodic Compounding 

In periodic compounding, your interest rate is added at intervals and generated. Thereafter, this interest accumulated is added to your principal amount. Periods here mean weekly, monthly, annually, or bi-annually.

2. Continuous Compounding 

This continuous compounding method makes use of a natural log-based formula and sums up interest at the smallest possible interval. This interest is then added to the principal amount. 

What Is The Difference Between Compound Interest and Simple Interest?

Compound interest is the interest you receive on the previous interest your principal amount accumulated. In simple terms, it is the “interest on interest” and it is calculated on both your principal amount and its interest. On the other hand, simple interest is the interest you get on your principal amount. This means that simple interest is calculated just on the initial principal balance. 

How Can I Calculate Compound Interest?

To calculate this interest, you need the formula. The compound interest formula is:

[P (1 + i)n] – P = P [(1 + i)n – 1]

Where:

P = principal

n = number of compounding periods

i = nominal annual interest rate in terms of percentage 

Bottom line

Compound interest can work for you or against you based on if you are borrowing or investing money. Fortunately, it is easy to know if the compounded interest on a loan will hurt your finances based on the amount and frequency. In all you do, just ensure that you think about the terms of a loan thoroughly before borrowing. 

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If you take out loans regularly, you may have heard of the word “Outstanding debt”. Now, while this word is common, not many people know what it means and how it applies to loans. In case you want to learn more about outstanding debt, here is what you should know about it and how it affects your credit score. 

What is Outstanding debt?

Outstanding debt is a debt you owe to a lender or multiple lenders. Basically, your outstanding debt can be on personal loans, student loans, credit cards, car loans, or even other kinds of loans. Essentially, your lender considers your debt as outstanding until you fully pay off the balance

How does an outstanding debt affect my credit score?

Basically, numerous factors go into determining your credit score. One major factor is your credit utilization. Credit utilization is the percentage of the amount of available credit you use. Also, keeping huge outstanding debts can decrease your credit score even if you repay these debts back on time. 

Hence, may scare away lenders if you apply for a new loan. Lenders will think that you are a risky customer since you are already owing a huge debt. For this reason, you need to ensure that your outstanding debt amount stays low. Also, it is a good idea to pay it off as fast as possible. 

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How can I pay off my outstanding debt fast?

Follow these simple tips to help you pay it off quickly:

1. Check your credit report

Ask for a free copy of your credit report from your bank or at least two credit-reporting agencies. Basically, this will give you an idea of all the debt you owe and ensure you haven’t skipped any outstanding debt. 

2. Create a Budget

If you are yet to create a budget for yourself, you should do it as soon as possible. Basically, drafting out a budget gives you an idea of how much you spend. Ensure that you are not spending more than you make. As boring as budgeting may sound, it can be a useful tool to help you manage and plan for the future.  

3. Increase Your Income

After you have created a budget and eliminated some expenses successfully, your next step should be to increase the money you make. If you are not likely to get a raise or a promotion at work, it is better to look for extra jobs to earn more money on the side.  

3. Determine how much you have to pay

After increasing your income, the next step is to determine how much you have to pay. Basically, this means that you have to note the minimum payments you have to make towards your loan per month first. 

Thereafter, factor it into your monthly budget. month. If the amount you have to repay is more than what you can manage in your budget, you need to contact your lenders to renegotiate more suitable repayment terms. 

4. Determine your debt-reduction strategy

How you pay off your debt is totally up to you. The two most common strategies are to repay outstanding debts with the highest interest rates first or to repay debts with the lowest interest first. Basically, using the former will save you more money in the long run, however, the latter will help you to stay consistent. 

Bottom line 

Outstanding debt is the debt that you are yet to pay to your lender. Basically, a creditor considers your debt as outstanding until you pay it back in full. There are several strategies that you can use to pay off your debt in full. All you need to do is to check your credit history, create a budget, and map out your debt reduction strategy. Doing this will make repaying much easier to do. 

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Everyone needs money to handle the cost of one bill or another. However, they may not have enough cash to pay for these things. Hence, it becomes important to take out a loan to pay for it. When you decide to take out a loan, you have to make smart financial decisions. Basically, you need to ensure that the interest rate on the loan you choose to take is low so repaying will be convenient. Fortunately, there are several ways to reduce the interest on your loan. If you are looking for tips on how to reduce loan interest rate, here is what you need to know. 

How do interest rates work?

Usually, the loan interest rate is expressed as a certain percentage over a year (e.g. 10 percent per annum, or 6 percent per annum). The higher the loan interest rate, the more money you have to repay. Also, the lender can choose to express the loan interest rate on a monthly basis, especially for short-term loans. 

Basically, the rule is that the longer the loan tenor (time to repay), the higher the loan interest rate. The shorter the loan tenor, the lesser the interest rate.  

How Can I Reduce The Interest On My Loans?

Here are some good ways to reduce the interest rate on your loan:

1. Improve your credit score

Your credit history is the most important factor that determines the interest rate of your loan. Basically, the higher your credit score, the lower your interest rate. To improve your credit score, you need to start by paying off pending past debts. 

Also, you need to reduce the amount you presently owe. If you know that you will obtain a loan in the future, it’s important to work on enhancing your credit score. Customers who have a high credit score are eligible for a higher loan amount and get a lower interest rate. Basically, this is because lenders consider them creditworthy.

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2. Have Good Negotiation With Lenders 

You can choose to negotiate the loan interest rates with your lender if you have a good score. Also, you can choose to do this if you and your lender have an existing relationship. It is possible that sometimes if you negotiate and have a steady source of income, you might get loans at a highly competitive rate. This saves you a whole lot of money.

3. Avoid late payments at all costs

It is important to track your loans and pay them off at the right time. One common mistake that borrowers make is late payments or even defaulting on loans. This makes the lender levy a late payment fee, hence, making you pay above the original interest rate. Also, this can negatively affect your credit score, which ultimately affects your rates on any loan you will take in the future. 

Therefore, even if your lender does not give you a notice regarding the loan due date, you have to keep track of the payments. Any default or delay will lead to an increase in the loan interest rate.

4. Compare rates online

Nowadays, it is very easy to check the loan rates that are offered online. You can search for various online lenders, compare their loan interest rates and pick the lowest. Numerous online portals can give you a brief review of lenders and their interest rates. Hence, all you need to do is to research and make sure you get the lowest rate on your loan. 

Bottom Line

To learn how to reduce loan interest rate, you must learn to make smart financial decisions. Fortunately, several tips can guide you to make better financial decisions. However, the most important factor you need to work on is your credit score since it largely determines how much you borrow and your rates. 

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

Being in debt is one way to lose your peace of mind. However, with debt consolidation, you can ease the burden of repaying different loans. Basically, debt consolidation acts as a financial tool that you can utilize to ease the process of managing your personal finance. Here, you will be learning everything you should know about debt consolidation loan in Nigeria and how to consolidate your debt. 

What is Debt Consolidation Loan?

Debt consolidation is the process of putting together all your existing loans and settling them as one single debt. People use this financial tool to pay back a small debt in one go by taking out one big loan. Doing this saves them from interest and the finance cost of the small loan they owe. They will only have to make one loan repayment instead of making numerous loan payments to other creditors.

What are the features of a good debt consolidation programme?

A good debt consolidation program should consist of some or all of the following features:

a. Low to no fees

b. Less impact on your credit score 

c. Free consultation

d. The possibility of paying off all your debts in 3 to 5 years

e. Financial peace of mind

How can I Consolidate my debt in Nigeria?

Here 4 ways to do debt consolidation in Nigeria: 

1. Borrowing funds from your family or friends

This is one of the most effective ways to get funds without going through the hassle of visiting lenders to request loans. Basically, it allows you to pay off your individual debts, and eventually, pay off your friends or family.

However, some people might find it uncomfortable to borrow from family and friends. In this situation, you need to sit them down and discuss your savings, loans, debts, and plans to pay them back. Once they understand everything, and they know that you are capable of paying them back, they may be willing.

2. Debt Consolidation Loan

People take a debt consolidation loan in Nigeria solely for this purpose. Basically, this loan combines all your debts into one single debt, which allows you to make one single payment every month. Several banks and debt consolidation companies offer this loan.  

3. Debt consolidation with a Personal Loan

A personal loan is a loan given by banks or other financial companies, which allows you to pay back over a specific period. Your credit score has a very important role to play when you go for a personal loan. Moreover,  personal loans are only granted after assessing your credit score. Taking out a personal loan will help you to pay off a number of your smaller debts. 

4. Borrow a life insurance policy

Although this may not be the best way to consolidate debt, if you have to make a choice between filing for bankruptcy and borrowing your life insurance policy, then it’s better to choose the latter. 

However, if you are not able to pay back this loan, the insurance company will use your death benefit to pay off this debt. This means that your survivors will not receive anything at all. You can borrow a certain cash value of the life insurance policy and use the money to consolidate your debts.

Conclusion 

Debt consolidation in Nigeria is relatively easy to do. The best way you can consolidate debt is to select a method that prevents you from taking additional debts. There are various methods to do this as you have read above. Also, you can ask for help from a credit counseling agency to help you consolidate unsecured debts. These agencies help you to ease the loan repayment terms, thereby making it very easy for you to pay back your debts quickly.

The demand for loans in Nigeria has been on a constant rise due to economic reasons. Several loan service providers have risen to the occasion, one of which is the iCredit loan app.

iCredit loan app is an online service in Nigeria. It offers secure and flexible loans. The loans range from N1,000 to N50,000. You can receive the money quickly. The entire process can be done on your smartphone in just 5 minutes.

However, the exact amount of loan you can borrow depends on your credit score. The iCredit loan app checks your credit score by using data from your phone to confirm who you are.

What Are The Types of Loans Available in The iCredit Loan App?

The iCredit loan app offers the following loans:

• Direct personal loans
• Mortgage loans
• Car loans
• Credit card loans
• Medical loans
• Loans on two wheels
• Travel loans
• Mini money loans
• Loans against guarantee
• Sustainable consumer loans
• Mobile phone loans

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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

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How to Download the iCredit Loan App?

The app is available on both Android and iOS and you can download it following the steps below:

• Visit the Google Play or Apple store
• Search for iCredit loan app on the search bar and send
• This would load a page with results, of which you would select iCredit loan app
• Click install on the detailed page of the iCredit loan app
• Open the application and register

How to Apply For iCredit Loan?

You can apply for an iCredit loan by following the process below:

• Download, install and register on the iCredit app following the steps above
• Login to your account and supply the basic necessary information, then submit
• Select apply for a loan and supply all the necessary information
• If your credit score meets the requirement, your loan would be approved and the money deposited into your bank account
• Lastly, note that your loan limit increases for every loan your borrow and repay on time

What is iCredit Loan Interest Rate?

iCredit loans have an interest rate that can be as low as 5% or as high as 30% per month. They also charge an origination fee that can range from N1,000 to N6,000, which is only paid once.

What Are iCredit Loan Eligibility Criteria?

You must satisfy the following requirements to be able to borrow from iCredit:

• Must be a legal citizen or resident of Nigeria
• You must have a verifiable source of monthly income
• Must be a minimum of 20 years and a maximum of 60 years old.

What Happens If You Default Your loan?

If you don’t meet a loan repayment deadline, the interest goes up by 2% each day. Therefore, you mustn’t default on your loan. Additionally, it lowers the loan amount you can borrow by reducing the total loan amount.

iCredit may report you to the Credit Bureau if you default for too long. This could result in your BVN being blacklisted. This action would affect your ability to borrow loans from other lenders in Nigeria.

How to Contact iCredit?

You can contact iCredit through any of the following means:

Email: support@goodicredit.com

Phone: +2348021810034

Bottom Line

The iCredit loan app is one of the easiest ways to afford quick loans in Nigeria. Basically, all you need to do is download the app, register, and apply for a loan. If approved, you’d be embursed in minutes. However, be sure to repay on time to avoid penalties and for access to higher loans in the future. 

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.