A personal loan is money borrowed from a lender i.e. a bank or financial services provider (like Page Financials), for personal use. It is a loan based on the borrower's ability and promise to pay it back. There is no collateral attached to it, which means if you default on repaying the loan, the lender cannot seize your property or car to recoup the loss of your non-payment. However, other recourse actions can be taken against you when you default on your loan, this can range from presenting your guarantor's cheque to claim outstanding balance on the loan, reporting the loan as non-performing to Credit Bureaus, reporting to your employers or taking legal action against you.
This is a written agreement between borrower (you) and lender (Page Financials), detailing the terms and conditions of the loan and the repayment of the loan. Please refer to the Provisional Offer Letter.
Loan Repayment Amount:
TThe amount of money due to be paid back monthly according toyour loan agreement. This includes management fee, interest and a portion of principal.
The period of time set aside for a borrower to back pay the loan. Loan tenor can range from 3 - 10 months.
This is the percentage charged for the loan or use of the money being borrowed. The interest rate charged is the percentage of the total amount loaned or borrowed.
A record of one's ability to pay due obligations. It is a collection of how long the debt was held, how much was owed and how well one paid back the loan. A good performance on your credit history report is a good start to getting your loan approved easily.
This is an account opened after the conclusion of the Loan Agreement. The account is used to track the repayments made and the outstanding balance on the loan online.
It is a one-off fee payment for the processing and administration of the loan you have applied for and its incorporated into the loan repayment amount. It includes insurance fee and VAT and the borrower usually pays this.
This is a straightforward approval process that can be done online or over the phone after you have provided information about your current financial situation. Once you have pre-qualified, you will receive a Provisional Offer Letter in your mail.
Armed with the necessary loan terminology you can take the next step in making your personal loan application. Apply Now for a Page Financials Loan today!
How much can I borrow?Our minimum loan amount is N200, 000 and the upper limit for a new customer is N1, 000, 000, while for existing customers is up to N2, 500,000.00. Both depend on borrower’s capacity to repay assessed based on verifiable income level and other selection criteria.
How do I make repayments on my loan?You can make repayments via three different channels depending on which is convenient: NUBAN Cheques, Online Payments and POS.
What is Online banking?Online banking is a real time solution that enables you to access your account 24 hours a day, 7 days a week.
What does DDM mean?It is a convenient way of making your payment without having your cheque presented, for loan repayment or Target Savings contribution.
What is the minimum amount I can save with Page?The minimum amount is N10, 000.00
What is the minimum amount I can fix with Page?The minimum amount is N200, 000.00
What is Confidence Rating?This is a scheme by Page to reward its customers as part of the relationship experience with us.