Frequently Ask Questions
You can opt for a personal loan when you need to borrow money for personal reasons such as home renovation, debt consolidation, medical expenses, education expenses, or any other personal expenses.
Personal loan can be a useful tool for managing your finances and achieving your financial goals. However, it is important to carefully consider your financial situation and ensure that you can afford to repay the loan before applying.
For personal loans, the minimum loan amount D25000, while the maximum loan amount is D100,000 or more. For mortgage loans, the minimum loan amount is D50,000 to D100,000, while the maximum loan is D1000,000 or more.
The tenure options for a personal loan can vary depending on the lender and the loan amount. In general, most lenders offer tenure options ranging from 1 year to 5 years for personal loans. However, some lenders may offer longer tenures of up to 7 or 10 years, especially for larger loan amounts.
Before applying for a personal loan, it’s important to know your credit score. Your credit score will determine whether you’re eligible for a loan and the interest rate you’ll receive with a very favorable payment plan.
Determine the amount owed: First, you need to know the exact amount you owe. This could be done by reviewing your account statements or contacting your creditor directly.
To check the status of your refund, you need to contact the organization or agency that issued your refund. Depending on the type of refund you are expecting, you may need to contact different organizations.
The installment period can vary depending on the terms of the loan or payment plan. For example, a car loan may have an installment period of five years, meaning the borrower agrees to make monthly payments over five years to repay the loan in full. A mortgage loan may have an installment period of 15 or 30 years, depending on the terms of the loan agreement.
To become eligible for a loan, you generally need to meet certain requirements set by the lender. Here are some common factors that lenders consider when determining loan eligibility.