How to compare Loans from different Lenders in Nigeria
- on May 20, 2023
Taking of Loans in Nigeria comes with different options that borrowers can choose from. Knowing the best out of these options may be a difficult task that’s why this article is composed to help you choose the best lender that’ll just suit your finances.
Comparing Loans from Nigeria Lenders is what we’re going to be discussing in this article. Meanwhile before you can compare loans in Nigeria, you’ll first need to meet those lender requirement of loan application. After that, you’ll be able to choose what works best for you.
why should I compare Loans in Nigeria?
It’s important to know that each respective Lenders have their own terms and conditions that guides their Loans. So, you’ll rarely see a lender imposing specific rate on Loan, lenders only set a ceiling that allow borrowers to get the best loan offers that’ll work for them, and won’t trap them into the endless loop of interest that will be difficult to pay up.
Due to this, you can just compare Loans from different Lenders by using the Loan Comparison Engine and choose what best meets your financial needs at that time before proceeding to apply. To use the Loan comparison engine, supply a few details, and the software presents the most favorable loan options with the lowest interest to you.
Factors to consider when comparing Loans from different Lenders in Nigeria.
To compare Loans manually in Nigeria from different Lenders, here are the terms of loan to consider before apply.
- Collateral: Most lenders prefer to include collateral to their loans so that the loan can be secure. Unlike unsecure where borrowers don’t have to worry about losing an asset. Generally, a secured loan usually comes with lower interest rates than unsecured loans.
- APR and Interest Rate: Interest rate is the extra money you’ll be paying on your Loan. While the APR is the amount of interest per annual. However, the most important here is to keep an eye out for the interest types, be it variable or fixed.
- Fees: There are a some factors of fees you should consider when comparing loans from different lenders in Nigeria. It includes the origination fee which a lender charges for processing your loan, the prepayment penalty that kicks in when you pay off your loan early, late payment fee for when you don’t meet up, and insufficient fund fee when your account is always low. Insufficient fund means the borrower cannot deduct the regular regular repayments from your account, as agreed.
Other factors to consider when comparing loans from different lenders are;
- Total Loan Amount
- Loan Term
- Repayment Schedule
- Payment Method
How can I compare Loans from different Lenders?
Follow this process to compare loans from different Lenders in Nigeria.
- Go-to borrowers.loanspot.africa, a loan comparison website in Africa
- Choose Loan type you intended to borrow (e.g business or individual) and tap on “Search for Loan”
- Next, Sign up an account and complete your KYC
- Filling in the details of your earnings and incomes
- After completing these processes, the system will systematically generate the best loan options available that suit your financial needs.
It’s a good idea to compare loans from different lenders before apply for loan so that you won’t fall into some lender’s loop that’ll be difficult to get out from. Especially in Nigeria, many lenders are imposing sweet interest rate on their loans, meanwhile the hidden terms and conditions applied to it are unbearable.
Due to these, it’s advisable to compare loans from different lenders before obtaining loan. Besides, comparing loan offers is always the best way to pick what’s best for you.
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