3 Mistakes you should avoid when applying for loanReading Time: 2 minutes
It’s a no-brainer than everyone makes mistake. But there are situations when your margin of error should be very small, if possible zero – applying for loan is one of them. Over time, we have received and had to turn down a lot of loan applications bridled with avoidable errors. While our mission is to help as many MSMEs as possible, we run a business model that revolves around credibility and transparency. As such, we only give out loans to deserving customers which we ascertain through loan applications.
Nonetheless, we understand how disheartening it could be having your loan application turned down. To help improve your chances of getting your loan application approved, we have come up with three major mistakes you should avoid when applying for loan:
- Requesting unrealistic amount
Our loan application system is automated and only accepts loan requests that are realistic based on each customer’s financial capabilities. If you earn #30,000 monthly and live in Abuja, it’s most likely that all of your earnings will go to catering for your needs during each month. As such, you may likely have your loan request of #10,000 and above turned down. Usually, our system sends you a counter offer that is much lower than the amount your initially requested. You may however decide to turn it down if it is below what you need.
- Submitting wrong details
We try to verify as much as we can who we give out our loans. Submitting the wrong information with the idea of manipulating the system actually hurts your application. Something as minute as spelling your name incorrectly and having discrepancies in your age may cause your application being rejected. In addition, if you would be submitting your bank statement, make sure that you do not falsify any of the details. Doing this not only hurts your chances of approval, but may also lead to your account being banned from our platform.
- Ignoring the terms and conditions
Reading through the T&C is one task a lot of people hate. But always avoid the temptation to tick the accept button without really reading all the details. The T&C will give you a detailed idea of everything about the loan agreement including the applicable charges, interest rate and expected date of repayment. All of these details are binding to you and cannot be modified once you accept them.
Need assistance for your loan Application? Our customer agents are a click away. Call 08092245588, 09055111140 OR 08093078377.