Like many people in Nigeria, it is normal that at some point or situation in your life you find yourself in the need to buy, acquire or pay for something for which you do not have enough physical savings in your possession. And for this the loans were created. However, contracting a loan or credit is not a task to be taken lightly, since it can cause us a headache if we do not act properly .
For this reason, at feminaust.org we are going to provide you with a series of tips below for you to take into account before requesting a loan, and so that you have the maximum facilities and information at your fingertips. Keep reading and find out everything!
- 1 1. Do not go to the most comfortable. Rate more options
- 2 2. Compare, it's the best way to save
- 3 3. Do not skip the conditions of the contract
- 4 4. Don't skip the conditions imposed
- 5 5. Take stock of your financial situation
- 6 6. Ask yourself if it is absolutely necessary to apply for that loan
- 7 7. Be realistic and don't hire more money than necessary
- 8 8. How much and when are very important
- 9 9. Have all your papers in order
- 10 10. Always be on time for payments
1. Do not go to the most comfortable. Rate more options
You may be a person who does not like to get out of their comfort zone. But on occasions like this, where requesting a loan is not free (unless the entity with which you request this, has some type of promotion or offer), it would be good if you had a wide range of options to choose which is the which best suits you .
To begin with, you must think that there is not only the option of going to your bank. Today there are online platforms, a type of finance company specialized in this type of product, which has a wide variety of credits and quick loans . You just have to go around the net to see which one or which of all these entities offer what you are looking for.
2. Compare, it is the best way to save
If you are a regular user of our website and our advice, you will know more than enough that “comparing” is one of our best advice when it comes to saving and getting the best possible loan in relation to our needs.
So that you know what you are facing, you must keep in mind all the possible options. In the first place, you must be clear about how much money you need, in order to be able to discard some entities or others (since not all financial companies work with the same minimum and maximum money).
With these discards made and with knowledge of the options that serve you, you must know both the requirements that are demanded of you from the entity (such as that you have a certain age, that you have a bank account, ownership of a telephone line, etc.). Of course, it is also analyzed in this step that we may have outstanding debts, since we would have to contract loans with the Nigerian Financial Authority .
But you don't only have to value these points. You also have to think about the situation in which you find yourself, and if it is compatible with what these entities offer and allow : especially if, as we mentioned, we have pending defaults, or we want to contract large amounts of capital.
And the thing is, another aspect to take into account is that there are mini-loan platforms that have limitations in the maximum to be listed for first clients.
As soon as you take into account these latest appraisals, and keep those financial ones that adapt to your needs and that approve your current situation, you will only have to choose which of them is the one with the best offer, to be able to make your request for loan with her.
3. Do not skip the conditions of the contract
We have already commented on it in the previous point. We must bear in mind those terms and conditions imposed by the financial entity in question in the contract that it presents to the user interested in the loan. Why? Because the breach of any of the clauses of the same can lead to a serious increase in the final price of the credit .
In case you have any kind of doubt, you can always contact the customer service of the entity in question so that they can resolve your questions, and do not commit a mistake due to ignorance. We recommend, so that you can feel more secure with the contract, that you request all the relevant information in writing . In this way, if you have any inconvenience, you can make sure quickly.
4. Don't skip the imposed conditions
We want to place a strong emphasis on this point that, although we have addressed it in some of the previous points, it is really important and deserves its own epigraph.
Before accepting any contract, check the fine print and not so small. Each entity has its own conditions, with which they are strictly rigorous with their users when enforcing them.
And it is that, a client of a financial institution is not only exposed to the final price of his credit being significantly more expensive with the breach of any of its clauses. But it can even take legal measures and enter the user's personal data in a file or delinquency list . That in the long run, it can pose some kind of problem if you want to buy or finance something.
5. Take stock of your financial situation
This point is one of the most important pillars that we must take into account when applying for a credit or loan, and it is that depending on the result we obtain from this analysis of our financial or economic situation, we can adapt in one way or another to hiring a credit product . Why?
First of all, we must weigh what are the expenses we have on a monthly basis . And divide them into fixed expenses (food, rent, mortgage, water, etc.) and into secondary expenses (leisure time that we can do throughout the month). Once we have these expenses calculated we will have to subtract them from our income, to know how much money we would have left per month to be able to face a loan.
But not all that remaining money can be focused on paying our credit. Since if any type of unforeseen or emergency arises where we need to dip into part of our money, we should be able to do so , without resorting to skipping the term of a payment on our loan.
By this we do not mean that you have to save a very high amount of money for emergencies. Think that emergencies do not happen on a regular basis. But if it is convenient to have a reserved amount, in case the situation requires it.Advertising
6. Ask yourself if it is absolutely necessary to apply for that loan
You should seriously ask yourself this question. Many times we believe that we have no other option than to hire a credit product, but is it really necessary?
- We always advise you not to use this type of credit or loan to pay more debts, as the shot can turn against you . Well, in case you miss one of the scheduled deadlines, you are late, etc. your debt may increase and seriously aggravate your financial situation.
- If you are going to use it to buy a product that comes out of your savings (prior to a credit application) think about whether this expense is really necessary, and it is not an impulsive purchase .
- Avoid contracting loans and credits for gambling purposes such as casinos, slots or card games in which large amounts of money are played .
7. Be realistic and don't hire more money than necessary
Not many years ago, when a user of a bank came to your office to request a loan, the bank ended up offering more than expected. However, we all know the situation to which these bad actions led.
Nowadays, the flexibility of banks may have been tightened with loans, and that online financial institutions have their credit ceilings very well established. Therefore, it is up to the user to continue with the responsibility of being cautious in terms of money figures that are requested.
Be aware that requesting a loan is a contract that is made with an entity (financial or bank) and that it has to be met and returned with its conditions.
Don't ask for more money than you need, and don't try to live beyond your means. You must be realistic and responsible in these situations.
8. How much and when are very important
It is clear that neither one person wants the same amount of money as another, nor that he can return it in the same period of time. However, why do we say that these two factors are important when applying for a loan?
First of all, you must bear in mind that common sense is advisable not to ask for more money than you need. As we talked before, unless the entity or bank in question has some type of promotion in which they do not charge you commissions, the more money you ask, the more interest (proportionally, of course) you will have to request.
In addition, these interests have a direct relationship with the period of time that is requested to return it. And the more time you need, the more expensive you will end up with the loan you want . Therefore, it is very important that you take stock of your expenses and income, as we mentioned before, so that you are very clear about how much money you could be able to pay monthly (as a fee), in order to pay off the credit as soon as possible.
9. Have all your papers in order
Although today there are many entities that make it easier for you to hire a loan or mini-credit without paperwork or almost any requirements, it is true that a minimum of documentation is always needed to present in these processes.
For this reason, we recommend that before getting down to work with the initiation of the relevant procedures to the application process, check that you have all the documentation that they require at hand and up to date . That is to say, updated (as if you do not have the expired DNI or NIE, for example).
10. Always be on time for payments
You may see punctuality or paying when you owe as something normal, and that it falls within your way of being. But you must bear in mind that if while paying a credit or loan, for whatever reason, you delay in paying it, the consequences can be quite harmful for you .
When signing the contract with the entity in question, always check and take into account the section in which they explain the penalty for non-payment or delay. There are entities that can grant you an extension, or a postponement of the fee (sometimes it involves a series of extra interests and commissions), but there are others that do not even offer that possibility.
In the event that you are not granted this extension, or that your entity does not directly have this option, you should bear in mind that you will have to pay an extra commission for the delay. If it was not only a delay, and you did not pay the fee that corresponds to you directly, the entity can take more serious legal measures, which can harm you in the short and long term, such as entering your personal data in a delinquency list such as Nigerian Financial Authority, and claim the money that you have left to pay them through the courts. If this is your case, our comparison of fast loans with Nigerian Financial Authority may be useful to you.