Tag: lenders

1-Mar

What you need to know about Personal loans

What you need to know about Personal loans

Personal loans are one of many types of loans you can use to borrow money. These loans are typically general purpose loans that you can use at your discretion for things like consolidating debt or paying for an unexpected expense or small home improvement project. Personal loans are often more difficult to get and have strict qualification requirements. If you’re thinking about borrowing a personal loan, here are some things you know.

A personal loan means that you are not required to use an asset as collateral. If you default on a personal loan, the lender can’t automatically take a piece of your property as payment for the loan. This is one of the reasons personal loans are more difficult to get. The lender doesn’t have any asset to seize if you can’t make loan payments anymore. Even though the lender can’t automatically take your house or car, it can take other collection actions. This includes reporting late payments to the credit bureaus, hiring a collection agency, and filing a lawsuit against you.

Personal loans have a fixed amount.

The amount of personal loans ranges anywhere from ₦50,000 to ₦5,000,000 and depends on the lender, your income, and your credit rating. Unlike credit cards, personal loans are a one- time loan. You can’t borrow from the loan over and over the way you can with a revolving credit card balance. Payments toward the loan reduce the balance but do not open up available credit that you can borrow again.

Once you pay off the loan, the account is closed. If you need to borrow again, you’ll have to reapply.

Personal loans usually have fixed interest rates.

The interest rate is locked and doesn’t change for the life of the loan. Like the loan amount, interest rates on personal loans are based on credit rating. Generally, the better your credit score, the lower your interest rate. Lower interest rates are ideal because it means you pay a lower cost for borrowing the loan. Some personal loans come with a variable interest rate that changes periodically. The drawback of a variable interest rate is that your payments can fluctuate as your rate changes making it harder to budget for your loan payments

Personal loans a fixed repayment period.

You have a set period of time to repay your personal loan. Loan periods are stated in months, e.g. 6, 12, 24, 36, 48, and 60. Longer repayment periods lower your monthly loan repayment, but they also mean you pay more in interest than if you had a shorter repayment period. Your interest rate may also be tied to your repayment period. For example, you may have a lower interest rate with shorter repayment periods. Longer repayment periods also mean you’ll be paying on the loan for a longer period of time.

Beware of scams.

Watch out for scams, particularly if you’re shopping for a lender who’ll approve you with a bad credit history. Avoid any lender that guarantees approval without checking your credit history or who asks you to send money (especially via Electronic transfer or a cash send) to secure the loan.

Bottom Line

A Personal Loan is a great way of overcoming periods of financial strain and can be a reliable way to cover all sorts of expenses. Whether you need it to pay for that sophisticated wedding planning and co-ordination service for your spectacular wedding in Lagos or you want to buy that hardwood Directors Chair and Morris chairs that you have always dreamed of. So, if you’re planning to take a Personal Loan, these are some of the things that you need to keep in mind. Also, ensure that you choose the right amount and time period to repay the loan before approaching a Personal Loan.

Article credit to jpmoney

1-Mar

What You Should Know Before Taking A Bank Loan

What You Should Know Before Taking A Bank Loan

Most people agree that an online loan can be a good idea if you’re in need of extra money or if you need to consolidate debts.

Today, the majority of people have a loan or some form of credit with a financial institution, and a bank loan is one of the quickest and most easily accessible ways to secure funds.

If you’re currently exploring your personal loan options and wish to avoid problems caused by high interest rates or the problems inherited if you’re unable to meet the legal obligations of a loan, there are several things you should keep in mind.

Make Your Calculations Carefully

Most loan calculations are made by financial institutions, however, when exploring loan options you should always do your own calculations in addition to any expert advice you may receive.

Although banks accept gearing up to 60% of revenue, it’s always best to look for a bank loan with a lower percentage that allows you to make repayments comfortably and still enjoy your life.

Keep Your Eye On The Contract

Always read the fine print. The details in your contract are very important. Before you sign your loan contract, make sure you’ve read it carefully. Twice.

Each clause and each point can make a difference between a loan that is easy to manage or one that is complicated and may later cause problems.

The Loan Period Is Very Important

When exploring bank loan options, the loan period is one crucial element. For a mortgage, the loan period may be up to 30 years, while for a personal loan, the loan period may be just five years.

It’s always better to secure a loan for a shorter period, however, the loan period should be long enough that it’s comfortable for you to make repayments and pay off the entire amount.

Explore Your Options

 

Last but not least, read as much information as you can. Ask friends about their loan experiences. Carefully shop around and explore offers from different banks so you can make the best choice.

There are plenty of banks that offer great deals, but there are many bad offers out there which can cause a headache down the track. Be informed.

A New Alternative

More and more people are looking to take the stress out of borrowing by applying for an online loan. The majority of online lenders offer a quick and easy way to apply from the comfort of your home, any time. Many lenders also have very competitive rates and terms that rival some of the biggest traditional financial institutions. If you’re looking for a fast online loan, an Entourage Loans can be a great way to start.

Our application process is fast, easy, and free. In just 10 minutes, you’ll have a decision from our automated system with amounts between 50,000 to 5,000,000. Borrow for up to 2 years, making each payment affordable and easy to manage.

So, how can we help fund your passion?


I recommend you to reach out to find out how to never stress about money again. 

1-Mar

Every Money Problem Has A Solution: 4 Ways To Take Your Power Back

Every Money Problem Has A Solution: 4 Ways To Take Your Power Back

“Is this situation going to matter a year from now? If not, it’s not worth worrying about.”

– Angela Orr

We’ve all been there.

Regardless of the specifics, we all have found ourselves in a difficult financial situation, and have had the drama and emotion follow us around like a bad storm.

Suddenly, we feel overwhelmed and our worries become magnified. That’s the biggest issue with financial difficulties. Often, we tend to think our problems are bigger than what they are.

Whatever problem you are currently experiencing with finances, the most powerful remedy is to be in control.

Over the course of my life, I’ve collected my go-to methods for getting things back in control. Here’s my financial recovery top four:

1) Get Some Perspective

Get Some Perspective

First, it’s important to take a step back and get some perspective.

Look at the situation objectively as if you were the third person, and then ask just how serious this problem is.

Is it life threatening? No.

Will things always be this way and will I feel this stressed forever? No.

Will this matter in a week, a couple of months, or a year from now? Probably not.

Are there solutions available? Yes.

2) Empowering Action

Empowering Action

Deciding, being proactive, and taking action are all powerful ways to combat negative thoughts or feelings. When we feel like we are in control of our lives, we feel more positive.

By acting, we can replace a negative with a positive. But before taking any action, it’s important that we are doing it from a calm and centred mental state and not simply reacting out of emotion.

Not having access to money can make us feel powerless, and that our opportunities are limited. While money isn’t a true source of happiness (trust me on this one), it can empower us and help us to create more opportunities.

Securing a loan to get your car fixed, for example, can lead you to feel mobile and, therefore, in control again. Securing a short term loan to pay off those pesky bills and putting an end to those scary “reminder notices” can ease your worries.

3) You’re Not Alone

You're Not Alone

It probably comes as no surprise to learn that lack of finances is the leading cause of stress in Nigeria. In fact, financial worries often impact other very important parts of our lives such as our relationships.

Therefore, it can be helpful to remember that whatever frustrations you may be feeling about money, you are not alone. Your situation, as difficult as it may feel, is not unique and can be solved.

4) There’s Always A Solution

There's Always A Solution

So, if it’s to get a car back on the road, purchasing a transit pass so getting to work becomes easier, or securing the funds to fly across the country for an important job interview, having access to money is a liberating feeling.

If you are considering a short term loan to get back in control and to create more opportunities, we’re here to help give you some peace of mind.

Our mission is simple – to provide the best, fastest, and most user-friendly lending services available 24/7. You can apply for an online loan in just minutes and receive the money you need within one day. It’s that simple.

“Don’t sweat the small stuff…and it’s all small stuff.”

– Richard Carlson

1-May

Top 10 Questions To Ask Lenders

Lily Hunter
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