3 Steps To Getting Financial Aid In The Face Of A Pandemic
posted on Sep 17, 2020 | 536 likes
Your guide to getting financial support post COVID-19
The pandemic has left unpleasant financial surprises springing up rapidly.
We’ve all been impacted one way of other, whether it’s a recent job loss, a medical claim you never expected, relocation, reduced sale, closure of a stream of income, or a major home repair, having to face an unexpected financial expense can quickly create a sense of uncertainty and stress – especially during a pandemic when there is not much options out there.
However, if you know where to look and have the right information, you can access funds to get ahead of your financial needs.
Although the economic and business landscape have been greatly impacted by the pandemic, the basic principles of lending and borrowing has not changed.
A lender must be certain that he can recover his funds from the borrow before they can issue such loan, and the borrower must ensure that they have the right information and are qualified to receive support from the institutions they are approaching.
In this post, we have identified three steps that you can follow to get access to financial support anytime – even during a pandemic.
Maintain A Clean Record
If you are approaching a friend for a quick loan, you must of course not already owe that friend. No lender will be willing to lend to someone who doesn’t pay back debts they owe.
So, the first step to accessing funds from anywhere is by keeping a clean record of your financial history.
Some people actually believe that they can borrow from Bank A, default in the repayments, and proceed to borrow from Bank B. Unfortunately, that can’t happen anymore.
With the unification of the financial services ecosystem, where financial institutions communicate with credit bureaus using customers information like BVN, it is now very easy to see a customer’s credit history will all available financial institutions.
So, if you ever want to get access to a loan now or in the future, make sure that you fulfill your obligations to any lender that provides a facility to you.
Know The Options Available To You
Another popular mistake a lot of people make is to fixate their thoughts on one particular place where they can access funds, but in reality, there are a lot of options available to you.
You can begin from evaluating your savings account, then proceed to family and friends, and then to cooperative societies where you belong, and then to financial institutions, and many more.
Taking a loan doesn’t always have to be from a bank or financial institution, for some smaller amounts, an informal source might be your best option, while for larger amounts that would require a longer time to repay, you can approach financial institutions.
The goal is here is to understand the sources available to you and determine which one is best suited for the occasion.
Get Funds Faster With Page Financials
After evaluating the options available to you and deciding that a loan company is best for your need, which loan company do you trust to come through for you – on time?
The truth is; many people are under the impression that getting a personal loan in Nigeria is a lot difficult.
Repayment for this loan is spread between 3 to 12 months so you can relax and repay conveniently while still maintaining other aspects of your life - just fine.
The times may be tough, the economy may be unstable, lenders may be shutting their doors to giving out loans at this time due to high economic uncertainty, there may be a pandemic to deal with, but with the right information like what we’re shared in this post, you can cut through the huddles and get financial support in less than 3 hours to solve your needs.