Surviving The 90Days Of January

JanuaryThank you for an awesome 2022, and we welcome you to a new year of huge wins and accomplishments!

At Credit Direct, we are excited that you have another year to build and grow financially with us. We have quite a lot to unveil to you this year and we honestly can’t wait. We at CDL live to make your life easier and to help you find some more happiness in your every day.

And with that welcome to January; the month with several months. January popularly known as the toughest month of the year is notorious for being the longest month for so many, especially salary earners.

Of course, January isn’t regarded as the longest month because it magically has more than 31 days simply because it comes immediately after the festive season. We all went all out in December from the parties to concerts and raves, we took the phrase “You only live once” to a new height and now most people will experience what is called a “spending hangover” during this period.

Don’t worry, during the holidays I took time to actually look for ways in which January can be easier for us all. You are welcome!

Let’s get started.

  • Be Accountable; Now trust me, no matter how little you might have, it’s actually enough to carry you through January. All you need to do is actually become more accountable for your spending and cut down on excesses. Now is not the time to engage those New Year sales on IG. It might seem like a good deal now but the truth is, there’ll always be sales.
  • Budget and allocate: Now is actually a great time to sit back and take a moment to set some good financial goals that would help you achieve your overall goal for the year. Building up a budget cannot be overemphasized as it would cost to achieve your small and large goals. Budgeting would help you manage your money, limit impulsive splurges and excesses, and help you achieve your overall goal.
  • Who doesn’t love DIYs: DIY – Do it yourself! A secret most people don’t know is that January is the ultimate DIY season. There’s no better time to become creative with how you spend and the things you spend on. From food to repairs to outfits to even laundry, as long as it’s within your ability, then take control. What’s that saying again? There’s food at home.
  • Educate yourself: It’s the beginning of a new year so there’s no better time to learn how to achieve more with your money. Learn from successful people who have mastered the art of making their money work for them.
  • Seek help: In reality, not everyone would be able to tide through this month without external help. But that should not become an issue if you find yourself in this category as Credit Direct will always be by your side. We offer personal loans with competitive interest rates to help salary earners sort the bills when they become overwhelming.

Now, let’s go conquer January and the year at large together! Cheers to a joyful and healthy 2023 for you and your loved ones.

For Quick access to loans click www.creditdirect.ng

 

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.

To get a loan, you can simply click www.creditdirect.ng and we would reach out to you immediately.

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Surviving A Turbulent Financial Environment – Lending As A Gateway Part 2

Surviving A Turbulent Financial Environment

Surviving A Turbulent Financial Environment

In Surviving A Turbulent Financial Environment, we had previously broken down how one can survive a financially turbulent environment with an emphasis on lending as a gateway to prevailing. However this week we will be looking at the other 4 survival and recovery steps.

Manage costs

Attention needs to be paid to costs and in turn, a strategic approach is a necessary response. During turbulent times, people often resort to impulsive, top-down and arbitrary cost reduction that have unanticipated and perverse results. Sometimes these actions just shift costs rather than eliminate them altogether. The savings are deceptive. At its simplest, strategic cost management is about identifying specific areas within your lifestyle that diminish the economic value. The next step is to redeploy these resources or eliminate them from your life entirely.

Deal with debt

The primary reason inflation is bad for debt is that it triggers a rise in interest rates. With prices for almost every good and service rising, there’s less money left to cover debt payments. As an ever-greater portion of your budget consumes essentials like food, energy, and rent, tackling debt becomes increasingly difficult. If prices for basic living expenses exceed your income, you’ll have little choice but to borrow more money to make up the difference. As a result, you’ll take more time to repay your debt. Below are some tips for managing your debt as inflation rises:

  • Prioritize paying down high-interest debt first.
  • Cut back on discretionary spending.
  • Cash in your savings to help pay for daily expenses
  • Find a side hustle to earn extra income

Managing risk in uncertain times (Business-wise)

Now more than ever, people need to understand their current and potential risk exposures and give them a high strategic priority. As recent market events have highlighted, treating risk management as just another process is not tenable. Here are some things to do now, especially with your business;

  • Don’t drop the risk ball; when times get tough, risk management too often falls off the agenda. This can be a vital mistake. Turbulent times require the evaluation of any dedicated risk management to consider if they need additional powers and resources.
  • Review the changing conditions; with market conditions changing so rapidly, it is essential to review your business’s existing risk profile and consider how it can be adapted.
  • Ensure an integrated approach; Risk management processes are strongest when they are linked to company strategy and embedded in the operations of the business, enabling insights and best practices to be shared.

 Prepare for growth

Now is the time to take stock of prevailing conditions, exploit rare opportunities and maximize competitive advantage. The best opportunities often arise during downturns when distressed sellers are forced to offload valuable assets at bargain prices. As it is often said, companies make money when they buy, not when they sell, reflecting the importance of acquisition pricing.

Things to do now

  • Scan for opportunities
  • Consider new or emerging markets
  • Keep a focus on innovation
  • Consider new competitive advantages
  • Keep to the strategy

Inflation is an unavoidable phase that affects almost all countries at some point and the best solution is to always be prepared. Tempting as it may be to fall back and put your goals on a halt due to the current financial situation, now is not the time. Be sure to stick to your growth strategy and approach with a well-thought-out plan. And when the need for that extra cash boost arises, you can count on us for quick no collateral loans of up to N2.5million.

To access a quick loan, log on to www.creditdirect.ng we provide financial services that enables your peace of mind.

For other embedded loans you can click on www.cdlpay.creditdirect.ng and get lifestyle or commercial assets in time.

SURVIVING A TURBULENT FINANCIAL ENVIRONMENT- LENDING AS A GATEWAY TO PREVAILING

How to survive financial turbulence

As the curtains draw to a close in 2022, the likely depth and duration of the economic downturn remain unclear. Inflation is coming for everything we hold dear and it seems scary times are up ahead. What’s a turbulent financial environment you may wonder? Financial turbulence is a condition in which asset prices, given their historical patterns of behavior, behave in an uncharacteristic fashion, including extreme price moves, decoupling of correlated assets, and convergence of uncorrelated assets.

Wherever you are in the world, the current inflation and its impact on the global economy are dominating headlines. It’s likely dominating your life, too. Periods of financial turbulence relate to heightened uncertainty and volatility in financial markets, and some of those periods can trigger financial crises. Nigeria’s economy is even worse hit and has been struggling to recover fully from the economic recession it is currently in.

Nigeria’s inflation rate surged to 20.52% in August, the highest since September 2005. The inflation figure rose from 19.64% recorded in July according to reports from the NBS. The new inflation rate raises concerns in Africa’s biggest economy, placing pressure on the apex bank to increase interest rates. The report added that food inflation rose to 23.12 per cent in August 2022 on a year-on-year basis, representing a 2.82 per cent increase when compared to 20.30 per cent in August 2021.

 

How Can Lending Help?

Research has shown 6 survival and recovery steps in a turbulent financial environment which include;

  • Cash is king.
  • Manage costs.
  • Deal with debt.
  • Managing risk in uncertain times.
  • Prepare for growth.

  Read more

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.

Read more

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.

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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.