5 Things to Consider When Choosing a Loan Company in Nigeria

posted on Oct 15, 2021 |   329 likes

The decision to take a loan requires careful consideration and planning else you would find yourself in an unplanned debt loop.

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Sometimes life throws us a curveball. Just when we think we have it under control, unexpected expenses creep up on us.

Whether it’s a medical emergency, home renovations, school fees, or just trying to grab an opportunity fast, we all would need some extra cash at some point.

But what do you do when you lack the funds to finance these projects? You opt for a quick loan, right?

Read this before you take that loan.

The decision to take a loan requires careful consideration and planning else you would find yourself in an unplanned debt loop.

With the wide range of lenders to choose from, it has never been easier to access a loan in Nigeria today. Looking for a reputable lender can seem like a lot of hard work when you can just go for the easy option.

You often end up making a wrong pick and setting yourself up for some rude awakenings.

Whether this is your first loan or your twenty-first, we will show you 5 things to consider when choosing a lender to finance your needs without worries.

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Credibility

This is the most important factor to consider when choosing a loan company in Nigeria. You want to go for a lender that has shown notable years of experience in lending and can guide you throughout your application process.

Reputable lenders like Page Financials are transparent enough to explain the terms and conditions of their loans to you.

They also provide reviews and testimonials to further demonstrate their level of credibility and experience in the sector.

Rates and other charges

While lower interest rates can be a selling point for most lenders in Nigeria, this might be a ploy to attract borrowers, while in the real sense, the cost of the loan is higher.

Don’t rush into signing any offer. Take your time to calculate the cost of the loan. A good loan company should disclose all the information early enough to guide you into making a decision.

If you suspect the possibility of other costs being concealed, don’t sign the offer.  

At Page financials, their rates are straightforward and properly represented in their offer letter. The best part is, you don’t need to worry about extra costs or hidden charges.

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Repayment terms and flexibility

This includes the repayment tenor, amount, and conditions for liquidation. The loan offer should highlight these details.

Let us mention at this point that while a company may not change its terms and conditions of service, your financial capacity should guide you in choosing the perfect repayment terms for you.

You should also consider the cost of early payments (liquidation). Unfortunately, some lenders charge a penal fee for paying off your loan early. However, with Page Financials, rest assured there are no extra charges incurred at the point of liquidation.

Customer Support and response time

Support is crucial in any financial relationship. The last thing you need at the point of inquiry or application is unresponsive customer service. 

You would always have questions and need clarification, imagine waiting for hours to get support especially when time is of the essence? It’s frustrating, to say the least.

Response time here could also mean how long it takes to treat a loan application. Confirm with the lender how long it would take to process your application. If it is not within your preferred timing then you should source the funds elsewhere.

Lenders like Page financials, pride themselves on timely delivery and efficient customer support. If you need urgent funding, you should contact them.

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Confidentiality

This is yet another vital factor to consider when choosing a loan company in Nigeria. How is the data you provided them handled? How do they handle defaulters?

It is no news that some lenders send threatening messages to people in your inner circle, informing them of your debts. Is this something you want?

Reputable lenders like Page financial treat your request and data with the utmost confidentiality. In the case of default, they apply only legal means available to them by the law.

Is taking a loan worth it?

You might indeed be able to get support from friends and family, but with the present economy, the reality is that it might be difficult to secure adequate support from them as they also have their needs.

To avoid being disappointed, lose urgent opportunities, get embarrassed, or watch your children stay away from school, a smart decision would be to take a loan from a trustworthy financial institution.

You can get all details about the loans when you visit Pagefinancials.com

For further inquiries, you can send an email to customer@pagefinancials.com or contact customer service on 017007243 for assistance