Basic Loan Application Checklist

Recent happenings have shown that most people are not well informed about loan applications. Many request a loan without knowing what exactly is expected of them.

Loans differ from creditor to creditor which means that the terms and conditions attached won’t be uniform. These terms differ in interest rate, repayment period, and collateral. With the recent happenings of people who borrowed from certain creditors but end up with humiliation and threats by these people. Can you relate to this?

But when you know what to expect generally when a loan application is concerned, you can ask the right questions that would inform your loaning process.

Interest rate: The interest rate is simply the cost of borrowing. You need to be aware of how much you are being charged for borrowing a certain amount, this is mostly stated in %. Don’t be too pressured to apply for a loan just because of the needs at hand because, in the long run, you may come to discover that the finance cost requested for that amount is unreasonable and then regret such a decision.

Testimonials: Are there any references that portray this creditor as good or bad? You wouldn’t want to be a debtor to a person or platform that is known to be vicious to its debtors, or do you? Ask around, look it up online, ask about them on social media. Make sure you’ve some convictions that you are covered before you end up in a mess of them sending implicating messages to your contacts or begin threatening you. Beware because a lot of such platforms are out there who woo customers to apply for loans at a no collateral basis but turn back to make life miserable for them.

Repayment plan: What is the repayment plan like? Is it something that is feasible with your earnings? Never get pressured to take a loan without a repayment plan. When you receive the information about how the loan ought to be repaid, it would be safer for you to recreate yours that you’ll work with. And this recreated repayment plan, ensure you make yours earlier than that which was given to you so that you can ensure each payment as at when due without defaulting.

Penalty: What do you stand to lose by borrowing from them? This is a very important question to be answered. You must know the implications involved peradventure unseen circumstances surface and disrupt your repayment plan. What odds would be against you? Knowledge of these would help configure your mind when collecting the loan or otherwise, help reject a loan offer.

Applying for loans is never a bad idea but could become a regrettable one if the lists were not properly checked. One place you can rest assured when applying for a loan is with us. Conveniently apply for our loan facility at a reasonable interest rate.

Simply call 07000330330 or send a WhatsApp message to 08055100010 with your enquiries and we would be glad to help you.