One of the advantages of this jet age is that everything you need could be accessed on the internet; just about anything you need is just one click away. Instant online loans in Nigeria are just another example of the world digitizing itself. With the advent of instant online loans in Nigeria, one can easily get a loan in as little as 10 minutes or more, I mean, isn’t that why it is called “instant”? But there are several myths surrounding instant online loans in Nigeria and we’re going to debunk a few.
- LOW INTEREST RATE
It is also widely believed that instant online loans in Nigeria give high rates of interest. There is by no means a fixed rate of interest in instant online banking, and as such, just like when shopping for commodities, you can check other companies and other service providers to see if you like the interest rate. Now when compared to traditional loans the interest rate is a bit higher because unsecured loans have a higher risk but they’re not considerably higher that it’s back-breaking and unaffordable.
- HIDDEN CHARGES
In most cases, this is actually completely untrue. Most of the leading names in instant online loans in Nigeria try to maintain complete transparency in the transactions. They inform you about the interest rate and any other fee you have to pay, you are well aware of what you are going into before you begin. So, at every point in time, you know exactly how much you will have to pay, if and only if you are asked to pay any charge. In most cases, there are no hidden fees in instant online loans in Nigeria.
- POOR CUSTOMER CARE
Again this is a case of unfair generalization. In some cases, yes there are some companies that will have poor customer care. But most of the big companies and the leading names in lending instant online loans in Nigeria have customer support and up to par with banks and telecommunications companies to minimum name a few. These customer care agents address every possible question you would have answered before or after taking a loan at the minimum possible time. Companies that fall short of this through this alone disadvantage it is by no way a universal truth.
- ONE LOAN AT A TIME
This is simply untrue although it is widely believed. It is also ill-advised, so unless you have the capacity to repay your loans on time it is not advised to take more than one loan at a time. But it is completely possible if your fiscal capacity makes you able to afford it.
- ALL ONLINE LENDERS ARE THE SAME
Common! All animals are equal, but some are more equal than the others. All online lenders cannot be equal, they may offer the same services, yes, but you should not expect them to be the same in all aspects. Some will be more expensive than the others. Some will offer loans on conditions that cannot be met by everyone and some are just out there to prey on you. Do your research and find out the best and legitimate one before doing business with them.
- YOU MUST BE A HIGH INCOME EARNER
If anyone has told you that you must be a high income earner before you receive instant online loans in Nigeria, that person lied to you. You can be granted access to instant online loans in Nigeria regardless of how high or low you earn. A lot of instant online loan providers do not need or request to know how much you earn; they just need proof of bank statement showing you have a stable income that can guarantee that you will not default in your loan repayment.
- ONLY BANKS GIVE LOANS
Because you grew up knowing you can only have access to loans from banks does not mean you should continue with that mindset. Wake up and smell the coffee, it is the twenty first century and in this century, you can get loans from anywhere including online. If your favourite bank rejected your loan application, you can always get that loan you need from instant online loans providers in Nigeria and at a far lesser rate and ease of payment compared to your favourite bank.
- REGISTRATION IS BOTHERSOME
Are we still talking about instant online loans in Nigeria? The time it would take you to create an account on social media is the same time it would take you to register for an instant online loan in Nigeria. So how bothersome is that?
- ONLY SALARY EARNERS ARE ELIGIBLE
At this stage, you should not be saying this. As long as you have a source of income and can pay back your loan, you are eligible. Artisan, businessmen and women, petty traders just about anybody is eligible for instant online loans in Nigeria as long as you will not default in loan repayment.
- BORROWERS ARE TRAPPED FOREVER
Pay your loan right on time and you will not be in debt. The only time you can be trapped is when you refuse to pay back your loan. Most providers of instant online loans in Nigeria demand repayment of loans in instalments which can extend for 2 to 4 weeks and if you can afford to pay all at once, that is also a good idea.
- LENDERS TARGET POOR PEOPLE
This is not only false but also funny. No provider of instant online loans in Nigeria would want to attract people that will not be able to pay back their loans. If they do that they end up losing. They’re in the business of making life easier for the populace and not ruining people’s lives.
- INVOLVES A LOT OF DOCUMENTATION
This is also false. At most, an instant online loan company will ask for your bank statement and again, this is to prove that you can pay back the loan you are applying for. In most cases providers of instant online loans in Nigeria do not require any documents.
- INSTANT ONLINE LOANS ARE EXPENSIVE
Guess what? When compared to their physical counterparts, instant online loans in Nigeria are less expensive. Do we talk about in terms of rate of interest or requirements or repayment plan? Not to mention the collateral that must be submitted before approval of loans.
- ONLINE LOANS ARE NOT AS FAST
When you are dealing with instant online loans in Nigeria, the last thing you should worry about is not getting your money immediately. If your loan is approved, you can have your money chilling in your account as soon as thirty minutes or at most, hours after application. Now, that is fast compared to your traditional bank loans that take up to a week or several weeks before approval even after submitting your great-grand mother’s birth certificate.
- YOU HAVE TO GO TO THEIR OFFICE
The reason it is called online is that the instant online loans can be accessed and done online without you needing to go to their office. You can request for loans from your toilet seat and get your money before you are done or while having a bath (provided your phone is waterproof).
- ONLINE LOAN APPLICATIONS ARE CONFUSING
You probably have more than one social media account and chances are that you filled them out yourself. Great, that is about the same process it takes to fill out an instant online loan application in Nigeria. The difference is just that instead of uploading a profile picture, you upload your banking information. It takes less time than it would take you to watch a YouTube video.
- LONG APPROVAL PERIOD
If you applied for an instant online loan in Nigeria before you started reading this, you would have received your alert before you got to this point.