Four Big Secrets You Need To Know About Loans

Life would be a whole lot easier if we never had to be in debt and if magically, we always had access to like N1,000,0000 at our beck and call. But even though our chances of never having to take a loan are slim, we can still manage and maximize the loans we get.

So let me share 4 secrets about loans which you need to know.

Trust me – you’ll be managing your loans better as long as you know these tips by heart.


When you apply for a loan the lender wants to know you can pay back the money as agreed and so will look at your creditworthiness or how you’ve managed debt and whether you can take on more. This is done by checking what’s called the five C’s of credit: character, capacity, capital, collateral and conditions.

Character refers to your credit history, or how you’ve managed debt in the past. You start developing that credit history when you take out credit cards and loans.

Your capacity refers to your ability to repay loans. Lenders can check your capacity by looking at how much debt you have and comparing it to how much income you earn.

Capital includes your savings, investments and assets that you are willing to put toward your loan.

Collateral is something you can provide as security, typically for a secured loan or secured credit card. If you can’t make payments, the lender or credit card issuer can take your collateral. Providing collateral may help you secure a loan or credit card if you don’t qualify based on your creditworthiness.

Conditions include other information that helps determine whether you qualify for credit and the terms you receive. For instance, lenders may consider these factors before lending you money: How you plan to use the money & External factors like how the economy is, federal interest rates and industry trends—before providing you with credit.

The five C’s of credit help lenders evaluate risk and look at a borrower’s creditworthiness. They also help lenders determine how much an applicant can borrow and what their interest rate will be. The five C’s of credit are also important for you to understand whether you want to apply for credit. You can use them as a checklist to guide your own finances. It may be helpful to keep the five C’s of credit in mind as you build credit and work toward your financial goals. Showing a history of responsible credit use that reflects the five C’s of credit can put you in a better position to get the financing you need. Read more

7 Ways you can achieve success in Life.

Many people want successful living, yet they do not work towards it. Success truly is a subjective matter, and success looks different in everyone’s eyes.

No matter the definition of success, you can always increase your chances of success by following these steps outlined below.

Let’s get started!

1. Know your “Why”

Arguably, knowing your “why” is your golden ticket to becoming successful. 

If you are simply:

  1. Going through the motions
  2. Cannot connect with your work.
  3. Waiting to be paid at the end of the week.

Then life must be dull, and you might be really lazy.

2. Stop Wasting Time

Time is our most precious, non-renewable resource. 

Stop wasting it. 

You can never get back the precious minutes of the day, so why would you spend your time on something that will not help you accomplish your goals?

An Average Nigerian watches TV at least 4 hours a day.

That is by default 28 hours a week or 1,456 hours per year.


We would like to add that aside TV, social media, and other typical distractions, we also waste so much time by:

  1. Worrying about things that will never happen.
  2. Thinking about doing something but not doing it.
  3. Being upset about someone else’s attitude or reaction
  4. Commuting to work and not learning from audiobooks or podcasts.

Why do we waste so much time?

3. Develop a Roadmap

If you were told to move from one point to another i.e., from Point A to B you would need directions to proceed. A map would come in handy. You cannot go through life without a plan.

Your roadmap to your goal really does not have to be super complex.

In fact, it can be simple – if it guides you from Point A to Point B.

Below are some tips to help you develop your roadmap to success:

  1. Define your end goal.
  2. Think about the steps involved to achieve your end goal.
  3. Prioritize the most important steps.
  4. Establish deadlines to complete those steps.
  5. Pinpoint what you need to accomplish your goals.
  6. Implement your action steps.
  7. Monitor and evaluate your progress.

You cannot win without a plan.

4. Understand Money Basics

Even if you are on track to becoming the next Fintech big shot or next Dangote, that still should not absolve you from having personal finance concepts.

In fact, the more successful you are, the more money savvy you will likely have to be to:

  1. Understand financial deals.
  2. Maximize your limited financial resources.
  3. Ensure you, your investors, and your stakeholders see the highest ROI.

And when you are still in the early stages of growing your success and making money, it is even more important to understand the money basics for a successful living-

These basics include:

  1. Investing
  2. Budgeting
  3. Tax planning
  4. Cutting debt
  5. Life insurance
  6. Estate planning
  7. Health insurance

5. Perfect Practice Makes Perfect

Have you ever heard of the phrase “practice makes perfect?”

Scratch that from your memory. Want a successful life? learn, practice.

6. Visualize your Goals

Successful living requires adequate visualization of goals:

  1. Motivation
  2. Confidence
  3. Prioritization
  4. Concentration

Simultaneously, those studies have indicated that visualizing your goals can reduce:

  1. Fear
  2. Stress
  3. Anxiety
  4. Depression

When you imagine success, you effectively program your body and mind to react opportunely to the scenario you have created in your subconscious mind. 

7. Learn Outside of the Classroom

You can only learn so much in the classroom. The rest is learned outside. And quite frankly, when I reflect on my time in school, there were only so many things that my teachers taught me:

  1. Biology
  2. Physics
  3. English
  4. History
  5. Grammar
  6. Social Studies

Although these subjects can help you advance in life, there is so much more to be learned that can help you jump ahead of the competition.

You can learn:

  1. How to self-love
  2. How to think bolder
  3. How to achieve your goals
  4. How to grow your influence
  5. How to make a bigger impact
  6. How to become resilient to stress
  7. How to increase your productivity
  8. How to become an entrepreneurial success

Remember successful living require effort from your part. Start out your journey today. You can get quick unsecured loans up to N2.5million within hours. Credit Direct Limited grants loans within hours. Click on the apply page to proceed.