Finance

Five Tips for Taking a Personal Loan

The word “Loan” has always been considered a scary term for many but with the revolving advantages it has in the 21st Century it has become a welcomed one. Taking a loan should not turn out to be a bad decision if you have a clear point of reference of who, why and when you need a Personal loan. It is also relative to where you can get a loan and how you can get one. With the five wisdom tips presented before you, you will come to understand the revolving advantages of a Personal Loan.

–          Who?

Tip 2Who is qualified for a Personal Loan? Howbeit easy it might seem to come to a decision of who is qualified to apply for a loan, it can also get a bit tricky. The aftermath of applying for a loan if you do not qualify is either rejection, regret or referral. Financial institutions have different qualifications for a loan. For some, you can only get a loan if you are a salary earner between 21 and 58 years with a pension account or tax ID; have a valid proof of Identification and a recent utility bill or a strong guarantor that can stand in for you.

–          Why?

Tip 5Why should you apply for a Personal Loan? The question here is, why not? Remember those personal issues you have to resolve urgently like an unexpected medical bill, school fees, house rent or those household items you have been craving to purchase? Well, a Personal Loan is the answer to that. It is very easy to decide your friend will lend it to you but what guarantee do you have that he/she would not call you up the next day complaining about why they need the money back.

A personal Loan has its perks, repayment is usually through a fixed amount installment over a fixed term. Although the interest rate is considered higher than a business loan, with the right financial advice, you get the best interest rate for yourself.

–          When?

th (1)When should you apply for a Personal Loan? If it affects your financial future in a positive way. It is advisable you apply when you have decided what you intend to use the money for and when you intend to complete the repayment. You have to be certain that a personal loan taken is the right solution for your situation. If you want to invest in your business then take up a business loan. Personal loans are faster and easier to get, the repayment plan varies and can be paid back over 6-8 month.

If you have a personal problem that needs immediate attention, then right now is the time to start making that call to a financial institution.

–          Where?

th (4)Where can you apply for a personal loan? A CBN (Central Bank of Nigeria) Licensed Financial Institution is the best place to run to when in need of financial relief. Without much consideration of where to obtain a legit loan, you can become a victim to fraudsters. The top three best places to seek a loan is a bank, a credit union and a non-banking financial organization, e.g Rosabon Financial Service.

–          How?

Tip 3How to apply for a loan? Have a look-see at the loan prequalification calculator and determine if you qualify to take a loan. The next step is to gather all the necessary documentation, as mentioned in the ‘who’ clause and ensure the validity of each document. Conduct a research on the best interest rate there is in the financial market –

 

At Rosabon Financial Services, we assure you of the most affordable interest rate while giving you an easy and flexible repayment pattern.  

Note: Do not get a loan simply because you pass the ‘who’ test but carry out more research and come to a decision after you have passed all the tests.

 

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