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BEFORE TAKING THE LOAN

1. Borrow only for the right reasons

Personal loans are useful for short-term needs. Borrowing for the sake of luxury is nearly always a red flag... Of course, the rules may be different when you’re a billionaire. But for everyone else, It is important that you carefully evaluate your reasons for borrowing and whether it is your sole alternative for raising funds.

A good reason to borrow is to invest in a business that can make money, buy a car to ease your mobility, and so on. Other reasons could be for academic purposes or health emergencies. Avoid borrowing to buy the latest fashion items or other liabilities.

2. Don’t bite more than is necessary

Only borrow what you need.

Just because your loan facilitator gives you a huge credit line doesn’t mean you should max it out every time. If you need ₦50,000 but the loan company says you can borrow up to ₦75,000, stick to ₦50,000.

Yes, I understand this may be difficult but it’s an important step to managing your loan.

3. Read the fine print

Unlike installing computer software where most of us hardly read the terms and conditions, always read in-between the lines before taking any loan.

With how accessible personal loans are these days, it is easy to fall into the temptation of accepting all terms without reading through them.

Some loan companies insert terms in-between lines that may not be best for you, while others use bogus language and lawyer-speak to mask their true intent; your duty is to be sure you fully understand all terms and conditions before committing.

4. Choose the right lending company

Following the above point, you have to review different loan companies and their terms before choosing the right one for you.

Don’t rush to install every loan app on your smartphone and start accessing loans without doing your due diligence. Just recently, it was discovered some loan apps were backed by international loan shark rings preying on unsuspecting borrowers.

After taking the loan

Now that you’ve taken the loan, here are some actionable tips to manage and repay it.

1. Monitor your cash flow

Keep a close eye on your income and expenses. Maintaining meticulous records will enable you to allocate a specific percentage of your earnings toward loan repayment.

This practice ensures that you prioritize the loan and make consistent progress.

2. Get your finances in order, cut expenses

If you haven't been financially prudent in the past, it's time to make a change. In order to repay the loan and escape the burden of debt, it is necessary to cut down on unnecessary expenditures.

By eliminating non-essential spending, you can avoid diverting the loan funds towards unimportant purposes and focus on repayment.

3. Pay on time

Defaulting on loan repayment dates will only make things more difficult for you. It also affects your credit score which means you may find it harder to access loans in the future.

You can automate loan repayments by setting direct debits from your bank account. This way your bank debits you every month to pay the loan so you don’t have to do it manually.

4. Pay above your minimum

Take advantage of any extra funds you have to pay above your minimum payments. This can help you pay off the loan faster and be debt free.

5. Prioritize your debts

Evaluate your outstanding loans and prioritize them based on their interest rates. It is advisable to focus on paying off high-interest loans first. By tackling these loans early on, you can prevent interest from accruing over a longer period, ultimately saving you money in the long run.

6. Seek professional help

Talk to a financial advisor or other professionals to help you navigate your debts. Professionals are well-trained and can chart a feasible repayment plan and then be your accountability partner to pay loans off.

You've made it through the week, so pamper yourself and have a fantastic weekend

Make plan while the day is still bright

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