It’s The Weekend, Try These…..

Hello Fam,

Lemme guess, you must be thinking what is it again this Saturday afternoon, why I’m I receiving yet another email from my beloved lender? Well…. Please be at peace, we are not here to sell to you again, well we would love to as that’s why we have you on our mailing list … lol but nope that the last thig on our mind today… we are here to check in on you… how is your Saturday going? What are you up to? The weekend is here.. what do you do?

Saturdays are for rest trust me you need it even in the most torturous times where our country is at the moment, we all need to rest mentally although a little more sleep and a little slumber and the proverbial poverty comes in… but as Nigerians we would loudly say… abeg.. I can’t come and kill myself.

So, you beloved company that has your best interest at heart is here to check in on you and tell you that the best times to have vital rest is the weekend. We have toiled from Monday to Friday tilling the earth, well literarily and find the treasures that we all seek, so what more to do today than rest. We are here to tell you some ways to rest.

  • Bond with Family- Schools are on long holidays, well I’m not sure of this is good news as I read online yesterday a lady complained bitterly saying she has become a judge to over 100 cases since she came home, she was shocked the house which she spent million on interior décor would look like the amazon forest of Brazil, but that’s the reason why we work for those tiny soldiers, to have the best life and relax in their natural habitat. These children are our pride, our joy and most of all our future. Let us spend more time with them this weekend, there’s nothing wrong with judging 100 cases or more but ensure to be impartial. Cook for them, tell them about your childhood.
  • Go out with your spouse- the most you have seen your spouse are the few minutes before work and when you come in late, this about the time to catch up with what’s happening in their life well you are free to discuss Nigeria and how the dollar is racing against what we really can’t tell. So, it’s a good time to plan for tomorrow as the times seems hard.
  • Go watch a movie – Driving out together and having a chat has proven to reduce depression in over 45% adults and helps to reduce divorce in over 25% marriages. We don’t know about these statistics, but we can urge you to try driving out and catching a movie to see if unresolved issues would be closed out. If it works, then maybe we can open another business in CDL.. lol
  • Cook together- Sharing they say is caring, lets see how best you can share the kitchen, be careful though there are sharp objects around so if you know you easily get claustrophobic when someone is around you, please walk away, but cooking together helps to create more bond according to several research.
  • Attend Service together- for our Christian folks while we know you can do this online now especially after the pandemic, we recommend you drive as a family to church, the process of dressing up together, eating breakfast as a family and driving to church gives a level of fulfillment. Yeah a high level of happiness we suggest you try it.
  • Stay away from Social media- Take a break from social media, recall this is practically a family bonding time so your phone should be on break for the next few days, while you can have phone breaks inbetween to check if that boss has sent you a message, yes we know them,… I mean those restless bosses who love work…. Lol but that what pays the bills. So check at intervals and know how best to balance it all.

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Financial Intelligence – Coping With The Rising Cost Of Living

Financial Intelligence – Coping With The Rising Cost Of Living

Financial Intelligence – Coping With The Rising Cost Of Living- The pressure of spiraling living costs is a major concern among many households. Events across Nigeria and the world have created a perfect storm that is increasing the cost of living. Everyone will feel the pinch but most especially those on a lower income.

An unfortunate conflation of different events means that it’s very likely that you’ll face an increase to your cost of living during the 2022/23 year. Majorly but not limited to:

  • Rise in inflation
  • The increasing cost of oil which in turn will push the price of petrol

Everyday items such as groceries and fuel alongside inflated interest rates are the biggest worry as in many cases it feels impossible to cut-back. For this reason, we need to find other ways to carry costs and keep life as normal as possible without additional financial stress.

Here are 5 fairly easy, practical and straightforward ways to manage your finances to help you cope with the rising cost of living. Even if you can implement one or two, it will bring a welcome relief to your possibly strained finances.

  1. Know your finances

A good first step to help you manage your day-to-day finances is to know exactly how much you’re spending, and what on. Once you know what you’re spending, it’s easier to make plans to reduce your expense.

Find out where your money’s going and being spent. It sounds obvious, but we may not realize exactly how much we’re spending each month – and what we’re spending it on – until it’s laid out in front of us. Having a clear picture of your finances will help you understand how much money you have to work with each month.

Set up a simple spreadsheet that outlines your regular non-discretionary outgoings. The easiest way to do this is to list your monthly direct debits and standing orders.

Review your last three bank statements and spend some time going through them, highlighting any areas where you think you’re spending money unnecessarily or spending too much. This could be on anything from a top of the range broadband package that you don’t need, to a mobile phone contract where you’re paying for data you don’t use.

Take a few minutes and cancel any subscriptions you don’t really use to save yourself a bit of cash. Cancelling direct debits you no longer need is one of the quickest ways of saving money and you’ll see the benefit within the space of a month. Read more

Taking a Loan? you need to know these details

What you need to know about the loan

Need A Loan?

Access to loans has become much easier in the current times, thanks to the emergence of new technology. There are a few things you need to know before taking a loan. The loan process has become more simplified and now without any paperwork or collateral, one can apply for a loan from the comfort of your own home and have it in your account in minutes. But it is important that you also understand the terms and conditions of your application process and below are some;

  1. Interest rate; is the amount a lender charges a borrower. It is applied to the principal, which is the amount of the loan. The interest rate is the cost of debt for the borrower and the rate of return for the lender. A borrower that is considered low risk by the lender will have a lower interest rate. A loan that is considered high risk will have a higher interest rate.
  2. Credit limit: is the maximum amount of credit a financial institution extends to a client. A lender examines the borrower’s credit rating, personal income, loan repayment history, and other factors when setting the credit limit. You can only borrow within your credit limit but not above it.
  3. Credit Score: is a representation of your creditworthiness. It is what lenders use to determine a person’s credit risk and repayment ability. When you apply for a loan, your credit score is evaluated to determine whether or not the loan will be accepted. A good credit score shows lenders that you can pay your debts on time, but a negative credit score indicates that you might have trouble returning your loan. As a result, the higher your credit, the better your chances of getting a loan.
  4. Tenor: is the length of time until a financial contract expires, and it can be given in years, months, or days. Short-term loans often come with more flexible loan terms and lower interest rates while long-term loans come with higher interest rates. High-tenor loans are typically seen as riskier to the lender.
  5. Debt-To-Income Ratio: measures the amount of income a person generates in order to service a debt. A low debt-to-income ratio demonstrates a good balance between debt and income. In other words, if your DIR ratio is 15%, that means that 15% of your monthly gross income goes to debt payments each month. A DIR of 43% is typically the highest ratio a borrower can have but lenders generally seek ratios of no more than 36%. To calculate your DIR, sum up your monthly debt payments including credit cards, loans, and mortgage, then divide your total monthly debt payment amount by your monthly gross income. The result will yield a decimal, so multiply the result by 100 to achieve your DIR percentage.
  6. Whatever it is please ensure to know these terms, know more details about how loan works to avoid issues with your facility.

To apply for a loan now , please click www.creditdirect.ng.

Follow us on Social media www.facebook.com/creditdirectltd or www.twitter.com/creditdirectltd

Terms To Familiarize Yourself With Before Taking A Loan

Access to loans has become much easier in the current times, thanks to the emergence of new technology. The loan process has become more simplified and now without any paperwork or collateral, one can apply for a loan from the comfort of your own home and have it in your account in minutes. But it is important that you also understand the terms and conditions of your application process and below are some;

  1. Interest rate; is the amount a lender charges a borrower. It is applied to the principal, which is the amount of the loan. The interest rate is the cost of debt for the borrower and the rate of return for the lender. A borrower that is considered low risk by the lender will have a lower interest rate. A loan that is considered high risk will have a higher interest rate.

 

  1. Credit limit: is the maximum amount of credit a financial institution extends to a client. A lender examines the borrower’s credit rating, personal income, loan repayment history, and other factors when setting the credit limit. You can only borrow within your credit limit but not above it.

 

  1. Credit Score: is a representation of your creditworthiness. It is what lenders use to determine a person’s credit risk and repayment ability. When you apply for a loan, your credit score is evaluated to determine whether or not the loan will be accepted. A good credit score shows lenders that you can pay your debts on time, but a negative credit score indicates that you might have trouble returning your loan. As a result, the higher your credit, the better your chances of getting a loan.

 

  1. Tenor: is the length of time until a financial contract expires, and it can be given in years, months, or days. Short-term loans often come with more flexible loan terms and lower interest rates while long-term loans come with higher interest rates. High-tenor loans are typically seen as riskier to the lender.

 

  1. Debt-To-Income Ratio: measures the amount of income a person generates in order to service a debt. A low debt-to-income ratio demonstrates a good balance between debt and income. In other words, if your DTI ratio is 15%, that means that 15% of your monthly gross income goes to debt payments each month. A DTI of 43% is typically the highest ratio a borrower can have but lenders generally seek ratios of no more than 36%. To calculate your DTI, sum up your monthly debt payments including credit cards, loans, and mortgage, then divide your total monthly debt payment amount by your monthly gross income. The result will yield a decimal, so multiply the result by 100 to achieve your DTI percentage.

A thin line between Good and Bad Loans

Reliable Loan Provider

Loan provider

Hello,

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.

  1. 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.
  2. 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.
  3. 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.

  1. 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

Credit Score- All you need to know

A credit score is a 3-digit number, ranging from 300 to 850 (using the VantageScoring model), that indicates the level of risk associated with granting a credit or loan to a prospective borrower or customer. The lower it is, the higher the risk and shows that there is a high chance that the customer may default in payment, and vice versa. The scores are ranked through excellent, good, average or poor. Simply put, a credit score is a representation of your creditworthiness. Before approving your loan, lenders will check your credit score to assess how risky of a borrower you are. Your score is calculated based on the following factors:

  • Payment history:35%
  • Current debt amount:30%
  • Credit history length:15%
  • Credit mix:10%
  • New credit activity:10%

The best interest rates for loans usually go to borrowers who have well to excellent credit scores. Good Credit Score: Someone with a track record of making all credit payments on time, clearing debt balance, and taking justified loans will have a good credit score. Any credit score which has credit utilization below 30% is considered a good score.

Why is it Essential to Have a Good Credit Score?

  1. You’ll be able to apply for low interest loans, car loans, home loans, and other personal loans from lenders as they first check their credit scores to determine their creditworthiness.
  2. Secure higher credit limits on credit cards: Although they are not so common or widely used, credit cards can be gotten in Nigeria, but until recently, they were majorly acquired on special requests from your bank. A good credit score is an indicator of your creditworthiness and you can take advantage of that in the form of higher credit limits on your cards.
  3. Access to highly rated credit cards: Several financial institutions offer best-rewarding credit cards to customers with good credit scores. These cards often come with certain privileges in the form of discounts on different online shopping platforms, cash back, complimentary movie tickets, discounts at luxury dining restaurants and hotels, travel miles, and much more.
  4. Eligible for a pre-approved loan offer: A good credit score will increase your chances of being able to get pre-approved loans at low interest rates from banks and financial institutions.

What factors impact your credit score?

  1. Debt Accumulation: Outstanding debts can greatly weaken your credit score. In the same vein, paying up your debts late can also negatively impact your creditworthiness.
  2. Constant credit applications it is essential to manage how often you apply for credit. If you apply too many times, you can further weaken your score. Try to space out your applications to avoid this.
  3. When you travel out of Nigeria and you do receive a credit card from your bank, be sure to use it wisely and within limits. Using the credit card within limits and ensuring timely payment of the bills will positively impact your credit score.
  4. Check your credit score regularly: This helps to know how well or how terribly you’re doing at managing your credit.  It can also help you to identify any inaccurate or incorrect information and rectify it.

How to check your credit score

Every Nigerian is entitled to one free Credit report every year from any registered Nigerian Credit Bureau. To get a free credit report in Nigeria, use any of the following sources:

  1. Dial the USSD code *565*8# on your mobile phone to get instant Credit reports from CRC Credit Bureau.  This service is currently available to MTN subscribers only
  2. Get a free credit report from a reputable credit institution in Nigeria. You only get one free report per month.

Who Can See Your Credit Report?

Fortunately, not everyone can see your credit score. In actual fact, there’s a short list of people or entities that can access your credit report and these people or organizations must have what is known as a “permissible purpose”, which includes.

  • An applicant or a guarantor for credit
  • Review, renew, restructure or monitor credits
  • Employment checks
  • Prospective tenants
  • Underwrite, review, or renew insurance policies or analyze insurance claims
  • Application for credit contracts or other post-paid services
  • Debt collection, enforcement of a monetary judgment or enforcement of any other debt
  • Carry out KYC checks on any person for any permissible purposes
  • Directive of a regulatory authority or a public body
  • Compliance with a court order

People who can see your credit score include;

  • Banks, specialized banks, and other financial institutions

To ensure you have a decent and healthy credit score, please be judicious to your financial obligations in terms of loan repayments and others. This gives you a good score and gives you leverage.

How to identify a Lagosian

Hello Fam, how has your week been? Have you gotten over the sallah holiday fever? From those who were magnanimous to share their stories, we know those who hopped from party to party eating up all available fried ram meat that has either fallen from the cooler or still steaming out of the hot bubbly oil that begs for help from the fire done beneath. This made up part of the story we heard over and over as we resumed. Some people came to work with paper wraps of fried meat, cold, hot, warm and some half eaten.

Back to our topic, what really makes us Lagosians?  Could it be our culture? The traffic? The noisy streets? The massive yellow-coloured vehicles beneath the bridge? Or the serene neighborhood of the elites?

well maybe, just maybe, but nothing defines us like our attitude. Lagosians are outstanding, bold, courageous, fierce, amazing, talented, and resilient people.

Who else can struggle in traffic over a tiny space yet lend the next person a fire extinguisher when his car has a spark?

Who can sit together in church yet shout on each other in traffic just after the service is over?

Do you know anyone who can turn a bad situation into a contagious laugh?
Tell me who else can look at an impossible circumstance, and say bring it on?

Let us say it to you clearly….. Only Lagosians!

For sure, we can’t find a better way to brag or amplify our pride than to share with you the most convenient consumer lending company in Nigeria, Credit Direct Limited is made in Nigeria, born in Lagos and available for working class Nigerian.

For our civil servants especially the federal government employees, we have bespoke product targeted at enabling your peace of mind.

What are you waiting for, log on to our website www.creditdirect.ng and apply for a loan. You can also chat us on WhatsApp +2349070309430 or send us an email contact@creditdirect.ng

Repositioning Your Business Post Covid-19

As the government and economy adapts to the impact of Covid-19, SMEs must implement strategies to help secure firm footings and prepare for post-COVID economic conditions, the future of work, and long-term sustainability.

SMEs and large enterprises have experienced various forms of contraction, in some cases, closure of the businesses. Many companies had thrived on an existing modus operandi and were not prepared for the impacts of the pandemic. However, the lockdown and the emergence of social distancing has caused businesses to incorporate innovative working arrangements like remote working, online services as well as sequenced attendance

It is no news that SMEs in Nigeria contribute a whopping 48% to our national GDP, account for 96% of businesses, and provide for 84% of the employment of our citizens. With a total number of about 17.4 million, they account for about 50% of industrial jobs and nearly 90% of the manufacturing sector, in terms of the number of enterprises.

Covid-19 may have proven disastrous for your business, (as it has for many others). Getting up and running again may seem like an impossible challenge, but coming back from the brink is possible. Here are some ways you can reposition your business post-COVID-19.

Build Your Online Presence.

Many businesses that did not have an online presence practically crashed during the lockdown which brought a halt to movement and large gatherings. This caused many businesses that existed mainly on physical interactions to pack up.

The world has moved online, and the emergence of digital dominance has made it necessary for more people to rely on the internet to look for the products and services that they need. Any business that does not effectively use this platform risks losing new lucrative opportunities. Business owners must learn that it is a huge travesty to plan your strategy without having an online presence.

Review & Strategize
Your business model may have worked perfectly fine pre-COVID-19 but coming out of it may mean you have to do some fine-tuning. Specifically, you may need to consider how your business can pivot to adjust to a new normal.

Flexibility is one of the keys to thriving after the transition. Understand that the pandemic has affected the world economically and otherwise. Hence, it is crucial to adapt to the changes by inculcating new plans, being versatile and multifaceted rather than being inappropriately unbending.

When going over your business plan and business model, clarify your business’s strengths and weaknesses, consider what was working before that may not work as well now, and see where you can adjust or improve to remain competitive. Ensure to revisit your business goals to make sure they’re S.M.A.R.T, given the current circumstances.

Develop a Contingency Plan

While restrictions may have recently been lessened somewhat, it’s important to remember that we’re still in the middle of a pandemic, as a cure is yet to be uncovered. Therefore, it’s important to prepare just in case the worst-case scenario happens and there happens to be another wave of the pandemic just around the corner.

You can never over-prepare in business, after all, so make sure you have fail-safe strategies developed and at hand just in case. Whether it be a hands-free delivery system, the use of local suppliers to avoid contamination, or an entirely new service, take time now to think about how you can keep your business safe should a second wave come.

Revise your  budget to account for New Spending

Coming out of the COVID-19 pandemic, you may have to spend money before you can make money.

For instance, you may need to spend money on hiring and training new employees or rehiring ones you had to lay off. You can however train the available staff. Inventory may need to be purchased, and you might have to rev up your advertising budget again to start building fresh buzz. I would downplay spending on Advertising for now as you can leverage social media at a low cost to give you a higher impact before you launch with a bigger spend. Since the new normal has gone digital, it would be profitable to maximize your budget.

As part of your recovery plan, you should have a clear idea of what you need to be budgeting for and what you can cut to make the most of the revenue you do have coming in.

An extreme step you could take during this time is deferring paying yourself a salary or taking a pay cut. This is believing that you have isolated your personal finances from your business. Once this has been done, you would conveniently track your expense and align with your goals. Remember without proper accounting you would not be able to get loans or contracts.

Diversify

Companies grow faster when they have an array of products, businesses soon come to maturity at some point, and after that, the decline sets in. We have seen companies boom and crash all because they focused on only a mono-product. By the time competition comes in, they cannot sustain the pressure that comes with competition. This is not to say there is anything wrong with specializing in a product, there is a need to improve, expand and grow within your industry. Gaining more grounds with varied products would help the company in times of uncertainty.

Whatever you do, remember you must be sustainable to succeed. You can outsource some functions of your business if it would be cheaper and more convenient. By doing this, you would save overhead costs and other expenses that would have drained your profit.