How to Apply for Loan without interest in Nigeria
Loan giving has been a major financial business in Nigeria due to the interest rates that is Alwys added to it and many financial organizations are coming up with different loans offers however many prospective customers does not pay attention to the interest rates which is very bad for repayment
Firstly before taking a loan you need to consider the interest rate.
How much are you paying as interest on the loan you want to take. It could be 15%,25% or even 40%
We can conclude that 15% loan interest is better compared to 40% and that is why you need to take your time to consider this interests rate and delay your rush to take loan.
The repayment time-line : Many organizations offer different payments plan. Some are shorter and some anlrw longer however the most important thing is to consider your cash inflow so as to decide the number of months you need to pay back your loan.
Beware of mobile App loan.
There are many mobile app that promise to give you loan however the apps does not reveal All the terms and condition of the loan and many of them don’t give loan as promised.
Firstly, most of them give loan with a payment plan of 2 or 1 week.
A loan of 1 or 2 weeks maybe too. Short and you need to be sure before you deep your legs into their loan.
Too little loan: Many of this mobile app loan giver Alwys promise to give large loans but it will end up giving out a loan that will not be sufficient to cater for your immediate needs.
Failed loan : After passing through the rigorous stress of registering on the mobile app, providing required details many of this mobile app Alwys default in issuance of loan while.
You can wait for months without getting 1 kobo from Them.
So… At this junction you are more interested on how to get Loan quickly with less or no interest in Nigeria.
Some financial institution and business association issue loan without collateral to all their member.
However you must have been a member for some months or years before you can request for a loan without interest and this organization will also request for a monthly contribution to accept your membership
Loans from friends and family : we all have friends and family who have idle money in their bank account and will be ready to give it out for use however this will only be possible if you are trustworthy and does not default on repayment.
A family or friend who has borrowed you in the past and your failure to repay back will Never trust you with 1kobo.
Money lend to you by family and friends will not carry any interest and paying back at the agreed time will build you a good credit score.
If you need list of organizations that give out loan without interest, drop your comment below