Connect with us

Business

7 Best Loan Apps of 2021

Avatar

Published

on

The inconveniences associated with accessing loans from the bank can be avoided, all thanks to the ever innovative financial technologies available today. Loan apps reduce and even eliminate the inconveniences of accessing money from traditional financial institutions such as time wastage, request for collateral and other securities.

With loan apps, anyone and everyone can access loans at any time of the day for emergencies such as bill payments, subscription renewals, school fees, even medical supplies. This article reviews 7 vest loan apps out there which anyone including you can use to access loans right now.

loans apps in nigeria

7 Best Loan Apps of 2021

Below are the 7 best loan apps of 2021:

1) Fair Money

Fair money does not demand collateral neither does it demand any processing fee. It offers loan from #1500 to #500,000. Fair Money interest rate ranges from 10% to 30%. With Fair Money, loans can be repaid by installments. All that is required to obtain a loan from Fair Money loan app is information about your education, your work details, your bank details, and your bio-data. only requires has an impressive rating of 4.4 out of 5.0 on Google play store. Hence, it is a highly-recommended loan app which you can try today.

2) Carbon

Formerly known as Paylater, Carbon app offers loans to interested customers from #1500 to #1,000,000 with interest rate between 1% and 12%. Carbon loan app offers loans without demanding any collateral. The interesting thing about Carbon loan app is that it rewards users for every bank transaction made with the app. What more? With Carbon loan app, you are offered cashbacks. These are subsidies provide to customers who repay their loan on time as a way of encouraging early loan repayment on the app.

3) Renmoney

Formerly known as Rencredits, Renmoney lends to people of 25 years of age and above. To get a loan on Renmoney, you must have a verifiable source of income as well as an active account with a commercial Bank in Nigeria. Renmoney offer loans ranging from fifty thousand naira to six million naira. You can repay your loan in a month or by installments in 12 months. Renmoney interest rate ranges from 9.8% to 40%.

4) Palmcredit

Palmcredit is owned by Transsnet, a subsidiary of Transsion Holders. This loan company is popular because it offers low interest rates ranging from 14% to 24%. Palmcredit offers loans from #2000 to #100,000. Anyone can get a loan on Palmcredit loan app without any collateral. All that is required is for the user to download the Palmcredit loan app app from the Google play store, install on his/her phone, set it up and apply for loan with the app. It’s that simple.

5) Okash

Okash is a subsidiary of Opay. They offer loans up to #50,000 with yearly interest up to 36%. Their loan approval process is really fast and requires no collateral.

6) Branch Loan

Branch is an online platform that makes it easy for people to access a loan anytime and anywhere. All it requires for you to access loans from Branch loan app is your phone number, your bank verification number, and your bank account number. Branch offers loans ranging from #1000 to #200,000, their loan amounts increase depending on how fast you repay your loan. Interest rates range from 14% to 28%.

7) Kia Kia Loan

Kia Kia is a pidgin phrase interpreted “quick, quick” or “quickly”. True to their name, Kia Kia Loan process their loan application with incredible speed. They enable peer-to- peer donation of loan. Kia Kia loan does not require documents or credentials. However, they employ chatbot in their services which requires your Email address.

Conclusion

Loan apps give a faster and easier approach to accessing loans. All you need to do is download these apps, give your details and access loans for your projects. Having gone through these 7 best loan apps of 2021, it’s easier and more convenient for you to apply for your loans now.

Comments

comments

Ekemini Ekpo is a professional Blogger, Research Analyst, Internet Marketer, and Tutor. He is passionate about Business, Investment, Entrepreneurship, Finance, and Personal development.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

5 Mistakes that Can Sabotage Your Business Credit Score

Avatar

Published

on

Business credit score is an indication of the ability of a business to repay loans as at when due. An excellent business credit score enhances your chance of expanding your business and being on track for exponential growth. You’re able to afford the necessary expenses of your business if you maintain a decent credit score.

However, there are mistakes than will sabotage your business credit. Sabotaging your credit score will disqualify you from accessing loans from credit companies, this might negatively affect your business. Avoiding these mistakes will improve your business credit scores.

5 Mistakes that Can Sabotage your Business Credit Score and How to Avoid Them

1) Inconsistency in Business Account Details.

Inconsistency in account details like email addresses, web addresses, records, taxes, etc. are mistakes that can sabotage your business credit score. These inconsistencies open up gaps which make businesses to be perceived as being non-credible. Whenever credit agencies and trade credit vendors notice these discrepancies in details, they withdraw from lending money to such a business.

2) Not Maintaining a Positive Cash Flow

A business that is unable to maintain a free cash flow (available money a company has to pay investors their dividends, when repay their creditors) and a positive cash flow (having more money coming in than going out) will earn low credit scores. It is pertinent to maintain a positive cash flow as a business owner; it communicates the value and stability of your company.

Business Credit Score

3) Irregular Deposits

Inconsistent deposits reduce a company’s rating and chance to get business loans. It is really important for a business to be making consistent bank deposits. Also it is critically important that the rate of deposits should be significantly higher than that of withdrawals.

4) Slacking on Loan Repayments

The history of payments of your past loans is a key factor in determining your credit score. This has to do with the promptness of your loans repayment – how early you repay or how late you repay your loans. To maintain a good credit score for your business, please endeavor to keep repay your past loans on time or as at when due. Failure to repay your loan on time can drastically reduce your credit score which is not good for your business. As much as possible, avoid missing any payments date as this can have a significant impact on your credit score.

Inability to keep up with your credit card payments can sabotage your credit score. Payment history is one of the most important factors considered in loaning money, thus, it’s needful to set up automatic payment in order to prevent delay in payments. Paying your loans much longer than your due date will attract a low credit score to your business by business credit agencies.

Where you forget or you are unable to repay your loan, kindly contact your creditors and ask for an extension of repayment date and/or time. This way, you save you and your business the risk of being in the black book of your creditors and the Credit bureau. Besides, it helps to prevent your credit score from dropping and going low.

5) Being in Debt

This is a costly mistake that can affect a business’s credit score. A business in debt will find it difficult to access loans. To avoid debt, ensure you pay your vendors on time and clear your outstanding debts.

Conclusion

There are numerous advantages of a good business credit score. One of the notable advantages is low interest rates on business loans. Besides, with a good credit score, you enjoy almost instant financing for your business whenever you run out of cash. Besides, with a good score you are qualified for low insurance premiums and higher credit limits, and an open access to several credit opportunities from financial house, credit lenders and vendors.

It is really important to constantly monitor your credit history, ensure your account details tally, maintain a positive cash flow and keep up with early payment of loans to avoid sabotaging your business credit score. Do not forget to clear your debts as failure to do this can sabotage your credit score history.

Comments

comments

Continue Reading

Business

6 Tips for Small Businesses Before Making a Business Partnership

Avatar

Published

on

The next line of action an entrepreneur especially someone running a small business considers to boost his/her business is partnership. This is because the main goal of every business is to make money and business partnership can offer a great deal of that.

Starting a business gives the business owner the power to choose the people he/she is willing to work with. Making the right business partnership decisions has the potential of escalating the profits and scope of a business almost overnight. However, partnering with individuals, brands or companies without the proper guide or information do not guarantee 100% profit.

There are things you should take into consideration before you go into business partnership (s). These things can make or break your business hence it is important to take note of them ahead of time.

I implore you to take your time and consider the points I am about to share with you if you truly value your business and intend to maximize your business partnership(s) and get full returns on your investment.

Useful Tips Small Businesses Should Consider Before Going Into A Business Partnership

  1. Be Clears With Your Motive(s).

When you are starting a business partnership, it is important that you have thorough understanding of your reasons for going into the business.

You should clearly define your motivation for the business venture which is to say what you hope to get out of the relationship. There should be a clear reason behind your quest for business partnership instead of running the business alone. Is it to increase your business’ income, to add more value to your products or to reach out to a greater audience?

You must have a firm reason behind your need for business partnership and why it is necessary. Be clear about your motivations or intention behind the partnership and make it clear to your prospective business partner. This will help to steer your small business partnership in the same direction.

  1. Choose A Partner With Complementary Skills.

You can’t have a partner that has the same strength as you. You have to double the power of your startup team right off the bat. For example, a shy tech expert who wants to start an Internet business would do well to find a partner with sales, marketing, and people skills. This way, both partners can focus on doing what they enjoy and are good at. So, partner someone, a company or a group with skills that are complementary to yours.

business partnership

Business partners dialogue how to move the business forward.

  1. Discuss the Long-Term Vision of the Business With Your Partner.

You have found a complementary partner, what next? Strategic business partnerships are in many ways like a marriage, and both parties must be committed to the growth and long-term development if it’s going to work. From the onset of the partnership, express your expectations and sign contracts with one another so that trust is established.

  1. Define The Job Roles Of Each Partner.

Having strategized and established a vision for the business, you proceed to discuss roles differentiations between you and your business partner(s). That is, what roles will each partner play? This is a keen move to eliminate any confusion on what each partner’s duties will be.

A business partnership is bound to fall apart soon after it is formed when one partner believes the other should be performing certain tasks other than the ones he or she is performing.

To avoid this confusion, prepare a written document with your partner stating the roles each individual plays so it can always be referred to when the need arises.

  1. Devise A Way to Measure Each Partner’s Contributions.

There will be times when partnerships experience stress and at that time one party may be tempted to assume that the other party is not pulling in the much-needed weight. To avoid mounting resentment, define clear and objective performance indicators from the beginning to measure each of your contributions to the business’s success. This way, if one or the other of you fails to meet up with his/her end, you can have a level-headed conversation based on facts instead of feelings and thoughts.

  1. Make Provision For The Demise/Exit of a Partner.

What happens if one partner is deceased or wants to leave the partnership? To manage these situations you need a buy/sell agreement document.  This establishes a method by which the partnership interest can be valued and the interest purchased either by the partnership or individual partners. In addition, it will do you extremely good to develop an exit strategy. Like a prenuptial agreement, an exit strategy should clarify what will happen to the business’s real and intellectual properties should the partnership come to dissolution.

Conclusion

Great businesses are founded on great partnerships. But great businesses can also be destroyed by bad partnerships. Small business partnerships can be harmonious, mutually beneficial relationships that help propel a business forward. You should endeavor to choose a business partner just as carefully as you’d choose a romantic partner. This could be someone you spend the rest of your life working with, so don’t go into it loosely.

Have you analyzed these tips? If you have carefully done that, you can finally say “I do” to that business partnership and go ahead to execute it.

Comments

comments

Continue Reading

Business

4 Reasons Why Your Website Is Not Making Money In Nigeria

Avatar

Published

on

With the increase in online transactions in Nigeria today and increased internet coverage and usage, it is expected that the average website in Nigeria should make a sizeable amount of money daily.

However, this is not so.

Most websites these days still operate like traditional offline businesses with a beggary look and operation. Rather than serve as a cash-spitting machine for the owners, most websites in Nigeria take more money from the business than they give. This makes it appear like owning and operating a website in Nigeria is unprofitable and mediocre endeavor. It is not supposed to be this way.

If you are an entrepreneur in Nigeria with a website which is not making money or as much money as it should, this article is for you. Read this to the end to find out the 4 reasons why your website is not making money in Nigeria and how to fix it.

The 4 Key Reasons Why Your Website Is Not Making Money in Nigeria as It Should and How to Reverse This

1.     Your Homepage is Not Friendly, Lacks Call-To-Action (CTA) Features

The reason why most websites don’t make sales (as much as they should) is the lack of an attractive, enticing, welcoming, and customer-friendly homepage. If your website cannot ignite a visitors interest to do business with you (on the first, second or third visit), don’t expect to make (much) sales from it. Your website can bring you money if you can influence your visitors buying decisions as soon as they land on your website.

Even if visitors to your site don’t buy on the first visit, at least your homepage should have an offer (i.e. a lead magnet) to wet their appetite and convert them into subscribers who may likely buy in the future. This is how most smart businesses make money from their websites. If your website is not designed this way, the chances of you making money from it are very slim.

To fix this, kindly redesign your homepage with clear Call-To-Action (CTA) button or form with an offer to collect visitors information for (email) marketing and re-marketing. Doing these will greatly improve sales and income from your website in a short time.

Why Your Website Is Not Making Money

Why Your Website Is Not Making Money and How to Reverse This

2.     You Are Not Selling Anything!

Damn it! How can you expect money from your website when there is nothing on it for someone to buy? When it is not clear that you are selling, how and why do you want people to give you money? When you are not selling anything on your website, it suggests that you don’t need money and people won’t force money on you.

So, if you need money from your website, sell something on it. In fact, sell things! You don’t have to create everything you sell. You can sell other people’s products and earn commissions ding so if your product is not yet ready. This is called affiliate marketing. You may incorporate an ecommerce section on your website to sell a physical or electronically deliverable product (related to) on your niche.

3.     You Are Promoting Too Many Things Too Soon

A website may be well-designed but lacks an orderly sales sequence. This will leave visitors to your website confused and overwhelmed. You can’t expect a new visitor to your website to buy all your products at once on one page, in one day.

Who does that?!

This is the bad marketing practice. Doing this makes the visitor a victim of offers’ overload and he/she may leave angrily without making a purchase.

Rather than commit this marketing felony on your website, place single and unique outstanding Call-To-Action messages on your website pages. This will help your visitors to make a quick buying decision.

4.     You Are Selling Features Not Solutions (Benefits)

An entrepreneur’s primary responsibility is to sell benefits not features. However, many websites waste too much time on preaching about the features of their products and pay little to no time talking of the benefits.

That’s stupidity!

No one wants to buy your shiny shoes because it’s shiny without solving a peculiar need. But anyone will buy your shiny shoes if he/she perceives the benefits it has compared to other shoes.

So, sell solutions not features; let the visitor know why he/she should buy what you sell and why that should be done immediately. You may include urgency in your sales’ copies to incentivize your prospects to take prompt action. Beside doing so in writing, you may go a step further to place a timer on the offer’s page to boost urgency in the prospect.

That’s how smart website owners make money from their websites.

So…

The question now is, “are you smart enough to take your piece of the cake from the market?”

Or, are you still doing things the old-fashioned way and expect your website to make sales without positioning it to do so?

The reason why your website is not making money as it should is because you have been doing so many things wrongly with or without you knowing it.

Now you know; the ball is in your court. Go back and apply the pieces of advice I just shared with you in this article to your website and watch it make you money in a matter of days.

Comments

comments

Continue Reading

Trending