Things A Loan Can Be Used For

Buy Now, Pay Later

Buy Now, Pay Later

Human needs and wants vary and so do reasons for taking a loan. However, it’s important to define your loan purpose clearly and align it with the right lender as this can make a big difference in your overall satisfaction with your loan experience.

Before taking out a loan, you need to ask yourself the following questions:

  • Why do I need a loan? Now, this is the main point of this article. Loans can be used to pay for almost anything, but not everything.
  • Paying off debt: one of the most common reasons people take loans is Debt consolidation. A debt consolidation loan simply brings all your debts together into one fixed monthly repayment.
  • Home purchase or rent: more times than not, paying off house rent usually comes after the festive period which ultimately means most of your money has gone into the December expenses and you can always turn to take a loan for rent payment or even a house purchase.
  • An emergency: Your emergency savings should be able to cover unexpected expenses like a family emergency or an expensive car repair. But if you don’t have enough cash to cover it, then a loan might get you through a tough financial spot.
  • Wedding costs: the average Nigerian wedding costs over 1,000,000 as shocking as it might be. Of course, your wedding doesn’t have to cost so much but if you wish to celebrate your special day in grand style and your partner is comfortable with idea of taking on debt, you might want to consider a credit.
  • Vacations: Although it is not advised, you can also fund your vacation with a loan.

Airlines are now currently giving buy now pay later services on some ticket options.

  • Starting your own business: if you want to venture into entrepreneurship and you require some capital to get things started, then you can source for a credit provider that offers business loans.
  • What is the cost of borrowing this money? Be sure to compare the different rates of loan providers to ensure you’re getting the lowest possible rate.
  • Can I handle more debt? If you’re already struggling to keep up with your expenses and pay down your current debts, taking another loan might make matters worse, unless you’re using it to consolidate existing debts.
  • Can I afford the monthly payments? You should always consider your ability to repay your loan, which means calculating your monthly payment and factoring it into your budget. Use our personal loan calculator to estimate your monthly payment before committing to a credit.

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