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#1 » by Erudite (f) (β1011) » August 20th, 2019, 11:16 pm

We are gradually entering the era I personally termed Credit Age in Nigeria. This is the era when it's quite easy to get anything on credit - including money.

Banks now have realised that to continue making profit, they must lend! Even before banks realised that, many small companies like Paylater, Branch, etc have made access to loans easy and fast to Nigerians. Good initiative. But at great rates.
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Now banks have joined the train. Even some Z banks that traditionally are risk-aversedare now selling loans like pure water to all and sundries.

To compliment the finance credits, goods and services are gradually easy to access on credit. It's the Credit Age.

But loans and credits are not free. They come at a great cost called Interest Rates. As a consumer, you must be able to analyse and count the costs of these interest rates so as to be sure the credit or loan you are taking is not going to have more damage on you than any benefits at all.

Not all credits are good!
I have seen businesses go bankrupt due to excessively high cost of fund. When you take a loan that is too costly, then whatever you take the loan for will surfer for it. Not all loans are good! Some are meant to kill.

Nigeria interest rate is too high.
Interest rate in Nigeria is still beyond single digit. That's too bad. Bank loans nowadays have interest rates of about 24%! That's killing. When we have countries enjoying 4%!

With these in mind, you agree with me that before you take any credit or loan, understanding and critical analysis are needed in order to be sure you are not entering into a contract that will have more demerits than merits - if any.

So, in this thread, I will endeavour to share with you safe ways to make great credit decisions. What to look out for. What rates are unreasonable. And why you must not jump at any credit that comes your way.

Especially bank loans. Now almost all banks are marketing retail loans. Be careful!

They come at great costs.

Just follow this thread as I share some basics of credit with you. Especially how you can avoid any loan that has the tendency of making you labour for the lender till you depart!

Stay tuned.


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(4 Likes)   eMade, Erudite, Jegz, NiceGuy liked this topic.
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#2 » by Hotsaint VIP (β4011) » August 21st, 2019, 9:02 am

Educative and helpful
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