We all know there is a thin line between love and hate but did you know that applies to loans as well? There’s a thin line between good and bad loans and it all comes down to certain factors.
With the wide range of lenders to choose from, it has never been easier to access a loan in Nigeria today. There is a lot at stake in finding a reputable lender can seem like a lot of hard work when you can just go for the easy option.
Today, I decided to walk you through 4 things you should look out for when choosing to take a loan from any company in Nigeria.
- Hidden Charges & Rates; This is a huge selling point for most lenders is their low interest rates and sometimes this can be a scheme to attract borrowers and it is later discovered that the cost of the loan is higher. Always take your time to calculate the cost of the loan. Any good loan company would disclose all the information and charges early enough to guide you into making a decision.
- Repayment terms; this consists of repayment tenor, amount, and conditions for liquidation. Did you know some lenders charge a penal fee for paying off your loan early? Outrageous right? You should always consider the cost of early payments (liquidation). Let your financial capacity guide you in choosing the perfect repayment terms for you.
- Confidentiality; I think one of the biggest flaws of most small credit companies in Nigeria is their lack of confidentiality. Some lenders send threatening messages to people in your inner circle, informing them of your debts. Is this something you want?
We strongly advice you to keep in mind how the data you provided them is handled as well as how do they handle defaulters that take money from the company and find it difficult to pay back.
- Credibility: I think this is the most important factor and all other factors I’ve listed fall here in one way or the other. I believe it is wise to always choose a lender that has shown notable years of experience in this industry.
For us at Credit Direct Limited, these 4 factors are just a percent of the many other factors we had in mind when we began. Our promise of enabling peace of mind has been our constant drive in delivering top notch service to our customers and large.
Take a credit with us today and experience a seamless service that would never leave you in regrets.
Have an amazing week ahead…
Click the link to apply for a good loan today www.creditdirect.ng