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Finance Questions, Loans, Insurance & Investment Advice Latest Questions

Lens
LensKnowledge Seeker
Asked: September 8, 2023In:

There’s a lot of risk and benefits in taking out loans and we can decide to take students loans, mortgage loans, etc.

There’s a lot of risk and benefits in taking out loans and we can decide to take students loans, mortgage loans, etc.

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  1. Suba
    Suba Knowledge Seeker

    There are many benefits that you can get when you take out a loan in any form, be it a student loan, mortgage loan, bank business loan or online loan. Firstly, you can finance your short-term needs such as paying college fees, owning a house with a mortgage loan, building a business if you take outRead more

    There are many benefits that you can get when you take out a loan in any form, be it a student loan, mortgage loan, bank business loan or online loan. Firstly, you can finance your short-term needs such as paying college fees, owning a house with a mortgage loan, building a business if you take out a business capital loan. The disadvantages of taking a loan are that you have to pay installments and interest, fines if you pay late, the mental burden of finding a source of money to pay debts, etc.

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Augusta
AugustaEnlightened Mentor
Asked: August 16, 2023In:

A lot of times what keep people in debt is borrowing. When you source and get loans that comes with high interest it might just be difficult to pay off as you anticipated. It is better to go for loans ...Read more

A lot of times what keep people in debt is borrowing. When you source and get loans that comes with high interest it might just be difficult to pay off as you anticipated. It is better to go for loans with low interest. Where can one source for this kind of loan?

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  1. Avarose
    Avarose Enlightened Mentor

    One of the best places to look is credit unions. They’re not-for-profit, so they usually offer much lower rates than banks. You’ll need to become a member, but that’s usually cheap and easy, and the savings can be well worth it. Another option is to check online lenders like SoFi, LendingClub, or UpRead more

    One of the best places to look is credit unions. They’re not-for-profit, so they usually offer much lower rates than banks. You’ll need to become a member, but that’s usually cheap and easy, and the savings can be well worth it.

    Another option is to check online lenders like SoFi, LendingClub, or Upstart. Some of them give decent rates, especially if you’ve got good credit. Just be sure to compare offers and always read the fine print some hide fees or conditions that can raise the cost.

    Government loan programs and nonprofits (like CDFIs) also offer fair, low-interest loans especially for small businesses or people with lower income. These take more effort to find, but they can be a real lifeline if you qualify.

    If you’re employed, it’s worth checking whether your company offers payroll advances or employee loans. Some employers have low- or no-interest programs that many people don’t even know about.

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Allison
AllisonKnowledge Seeker
Asked: September 11, 2023In:

Many people still struggle 0n getting the best loan app to collect loan, but to no avail. Have you applied for an online loan before? Which loan app will you recommend?

Many people still struggle 0n getting the best loan app to collect loan, but to no avail. Have you applied for an online loan before? Which loan app will you recommend?

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  1. spencer
    spencer Enlightened Mentor

    This is going to be hard because I don't know the country you live in and how easy loan is accessible from your country, also I don't know your credit score so it's pretty hard to figure out, but a hack I think would work is to go on play store and type in loan apps. It will give you a feedback of mRead more

    This is going to be hard because I don’t know the country you live in and how easy loan is accessible from your country, also I don’t know your credit score so it’s pretty hard to figure out, but a hack I think would work is to go on play store and type in loan apps.

    It will give you a feedback of many loan apps that you can use to secure easy loans, in my country there are a lot of these sort of companies.

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Mika
MikaExpert Mind
Asked: September 4, 2023In:

It is very common for banks to increase interest rate, what should you do when your bank increases interest rate on your existing loan?

It is very common for banks to increase interest rate, what should you do when your bank increases interest rate on your existing loan?

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  1. Suba
    Suba Knowledge Seeker

    When the bank raises the interest rate on your loan, it means that the interest rate increase occurs nationally under the provisions of the central bank. So you can't complain about the increase in interest rates, but what you need to do is if the loan is consumptive and the amount is relatively smaRead more

    When the bank raises the interest rate on your loan, it means that the interest rate increase occurs nationally under the provisions of the central bank. So you can’t complain about the increase in interest rates, but what you need to do is if the loan is consumptive and the amount is relatively small, you can immediately pay off your loan. Don’t take another loan to pay off the previous loan, Make spending savings.

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Allison
Poll
AllisonKnowledge Seeker
Asked: August 18, 2023In:

I borrowed 50 thousand naira from a friend of mine. I promised to return the money today, and as I’m writing this post now, i have only 30 thousand with me guys. What should i do to clear this debts? ...Read more

I borrowed 50 thousand naira from a friend of mine. I promised to return the money today, and as I’m writing this post now, i have only 30 thousand with me guys. What should i do to clear this debts? I was thinking of collecting loan of 20 thousand to settle the debts. What should i do? Should i tell him to extend the loan period, or collect another loan to settle the debts?

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Poll Results

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Participate in Poll, Choose Your Answer.

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  1. Carpon
    Carpon Expert Mind Hustler

    This would really depend on so many things but of course generally it is not advisable for you to go into another loan or debt so that you can pay another In a situation whereby you have to pay for  a loan because it is due and you have no money at that point then you can go ahead and collect loan wRead more

    This would really depend on so many things but of course generally it is not advisable for you to go into another loan or debt so that you can pay another

    In a situation whereby you have to pay for  a loan because it is due and you have no money at that point then you can go ahead and collect loan when you are expecting something sooner

    Otherwise it won’t really be a nice idea going ahead to get another loan so as to pay another,it will become a vicious cycle

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Precious
PreciousKnowledge Seeker
Asked: September 4, 2023In:

I’m still wondering why Minor people will want to apply for a loan when they’re under age, is it possible for minor to apply for a loan? What is the reason why Minor will want to apply for a loan? More thought ...Read more

I’m still wondering why Minor people will want to apply for a loan when they’re under age, is it possible for minor to apply for a loan?

What is the reason why Minor will want to apply for a loan?

More thought on this guys.

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  1. Augusta
    Augusta Enlightened Mentor

    No. I don't think a minor can gets a loan especially here in Nigeria . A loan is a contract between the borrower and the lender. Minors cannot enter into legally binding contract In fact, Most lenders prevent anyone under 18 from applying for fast loan money. However, you may encounter a situation tRead more

    No. I don’t think a minor can gets a loan especially here in Nigeria . A loan is a contract between the borrower and the lender. Minors cannot enter into legally binding contract

    In fact, Most lenders prevent anyone under 18 from applying for fast loan money. However, you may encounter a situation that requires a significant amount of money which would not sit well with the lender

    I think the minimum age to get a Personal Loan is 18 years during loan application. The maximum Personal Loan age limit is 60 years during loan closure. Though most of these lenders set the minimum age to at least 21. However, a few banks offer loans for 18 year olds, if they are earning a certain amount of income.

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spencer
spencerEnlightened Mentor
Asked: May 19, 2024In:

As a student in university, is it advisable to use a loan in paying university fees, if yes, what are repercussions of that, how long is the pay back tenure for such loans?

As a student in university, is it advisable to use a loan in paying university fees, if yes, what are repercussions of that, how long is the pay back tenure for such loans?

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  1. Aphodia
    Aphodia Active Contributor I am a student

    When you are in a very critical situation, taking a loan to pay for your school fees is not wrong. Fortunately, the government has provided an education loan( NELFUND)for student. The NELFUND will pay for your school fees. They will also pay you some amount of money every month as monthly upkeep. FoRead more

    When you are in a very critical situation, taking a loan to pay for your school fees is not wrong.

    Fortunately, the government has provided an education loan( NELFUND)for student. The NELFUND will pay for your school fees. They will also pay you some amount of money every month as monthly upkeep.

    For you to be a beneficiary, you need to create a profile and then upload your required documents and bank details, upon approval, you’ll be able to receive the benefits.

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Svishok
SvishokExpert Mind
Asked: August 10, 2023In:

Getting a car loan involves careful consideration. Shop around for the best interest rates and loan terms. Your credit score influences the rate you’ll receive, so review your credit report for accuracy before applying. Consider a pre-approved loan to set ...Read more

Getting a car loan involves careful consideration. Shop around for the best interest rates and loan terms. Your credit score influences the rate you’ll receive, so review your credit report for accuracy before applying. Consider a pre-approved loan to set your budget before car shopping. Understand the difference between dealer financing and securing a loan from a bank or credit union. Negotiate not just the car’s price, but also the financing terms. Be cautious of add-ons and extended warranties that can increase the loan amount. Review the loan agreement thoroughly before signing. With the right approach, you can secure a car loan that aligns with your financial goals.

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  1. yusra
    yusra Trusted Adviser

    Here are some tips for getting the best rates and terms when taking out a car loan: Check your credit - A score of at least 700 will get you better rates. Review your report for errors beforehand. Get pre-approved - Compare rates from banks, credit unions, and dealership financing before you shop. TRead more

    Here are some tips for getting the best rates and terms when taking out a car loan:

    • Check your credit – A score of at least 700 will get you better rates. Review your report for errors beforehand.
    • Get pre-approved – Compare rates from banks, credit unions, and dealership financing before you shop. This establishes bargaining power.
    • Negotiate the car price first – Secure the best purchase price on the car itself before discussing financing.
    • Compare loan terms – Evaluate both APR and total interest paid over the loan term, not just monthly payments. Include fees.
    • Ask about discounts – Many lenders offer reductions for things like autopay, loyalty programs, or new customer perks.
    • Make a larger downpayment if possible – This reduces the borrowed amount so you pay less interest overall.
    • Opt for shorter loan terms – Taking a 3 year vs 5 year loan means you pay less interest, despite the higher monthly payment.
    • Avoid options that increase interest like extended warranties rolled into the loan.
    • Refinance if rates drop – Monitor for lower rates that could merit refinancing for savings.

    Shop multiple lenders and negotiate the best rate possible based on your credit strength. Carefully reviewing loan terms protects your wallet.

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Crystal
CrystalKnowledge Seeker
Asked: August 21, 2023In:

Can you loan money to invest in cryptocurrency ? For my own view, I can’t advice anyone to startup cryptocurrency business with loans. But what you should consider is, Before taking on debt to invest, ensure you have a strong understanding of ...Read more

Can you loan money to invest in cryptocurrency ?

For my own view, I can’t advice anyone to startup cryptocurrency business with loans.

But what you should consider is, Before taking on debt to invest, ensure you have a strong understanding of the investments you’re considering.

I will really appreciated your opinion concerning this topic.

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  1. Suba
    Best Answer
    Suba Knowledge Seeker

    Cryptocurrency is a high-risk investment instrument, so it is not recommended for beginners to loan money to invest in crypto. Instead, investing in crypto must use idle money, so it doesn't disrupt the personal financial system. Even though there are also professional investors who take loans to inRead more

    Cryptocurrency is a high-risk investment instrument, so it is not recommended for beginners to loan money to invest in crypto. Instead, investing in crypto must use idle money, so it doesn’t disrupt the personal financial system. Even though there are also professional investors who take loans to invest in short-term crypto, they already have experience and qualified skills. So the conclusion depends on one’s skills and experience to take loan money and invest in crypto.

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Abbylove
AbbyloveActive Contributor
Asked: August 30, 2023In:

Yes, personal loans typically come with fees that borrowers need to be aware of. These fees can vary depending on the lender, the type of personal loan, and your creditworthiness. Here are some common fees associated with personal loans:   Origination Fee: ...Read more

Yes, personal loans typically come with fees that borrowers need to be aware of. These fees can vary depending on the lender, the type of personal loan, and your creditworthiness. Here are some common fees associated with personal loans:

 

Origination Fee: This fee is charged by the lender to cover the cost of processing the loan application and disbursing the funds. It’s usually a percentage of the loan amount and is deducted from the loan proceeds. Origination fees can range from 1% to 8% or more of the loan amount.

Application Fee: Some lenders might charge an upfront fee just for processing your loan application. Not all lenders charge application fees, but it’s important to check before applying.

Late Payment Fee: If you miss a payment or pay late, you could be charged a fee. This fee is intended to cover the cost of processing the late payment.

Prepayment Penalty: Some lenders impose a fee if you decide to pay off your loan early. This is because lenders make money from the interest you pay over the life of the loan, so paying off the loan early means they receive less interest.

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  1. Mika
    Mika Expert Mind

    No matter what kind of loan you are applying for, either it is a personal loan, a business loan, or a house loan, you will have to pay fees. There are different kinds of fees associated with a loan and the basic fees is service charge. Banks and financial institutions charge service fees which startRead more

    No matter what kind of loan you are applying for, either it is a personal loan, a business loan, or a house loan, you will have to pay fees. There are different kinds of fees associated with a loan and the basic fees is service charge. Banks and financial institutions charge service fees which starts from 1 percent and con go as high as 3 percent.

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