How to get a Personal Loan!
Personal loans are great, right? They offer sizeable amounts of money to help us achieve our life goals like getting an education, buying a car, renovating a home, or even paying the rent – but it’s important to understand the different aspects of a personal loan, as well as it’s requirements, so you can ensure you get the best personal loan possible, for you. There are a few important steps to go through when considering one, and we’re going to be breaking them down below.
Find how much you can borrow with Personal Loan Calculator?
Although we give loans of up to N6m with up to 12 months repayment, how much you should take may differ. You can use our Personal Loan calculator to find out your possible repayment terms i.e repayment tenure, frequency & interest rates by clicking this button. Once you find out how much you should take, the next step is to confirm that you qualify.
Your Eligibility – How much do you qualify for?
While loan calculators are great for giving you an idea of your possible Loan rates, tenures and repayment frequency, the actual loan terms you receive and your approval itself are based on other key factors. See them below:
1. Age: You must be between 18 – 59 years old to access a Personal Loan from us.
2. Location: You have to live or work in the cities we operate in.
3. Income: We’ll require a verifiable source of income to consider you for a Personal Loan. This helps us determine your suitability to repay a loan if offered.
4. Debt to Income Ratio: This ratio, in easy terms, measures how much of your income is being used to service debts. This helps us determine how well you can repay a loan, if offered.
5. Credit History – This is basically your repayment report card! It shows how well you’ve repaid past or running loans, and it is accessible to all personal loan companies licensed by the CBN! All this to say – Pay off outstanding loans, and do it on time, to improve your credit score!
Can you get a Personal Loan with Bad Credit?
Many people think the only benefit of an instant cash loan is speed and while that’s true, there’s so much more. Here are a few reasons why you should apply for an instant cash loan with Renmoney today.
The Documents needed to get a Personal Loan?
The final step before you apply for a Personal Loan, is to make sure you have the right documents needed to secure your application. They aren’t too much, and some of these can be provided by your Bank, with your consent. Take a look at the requirements below.
1. Government-Issued ID: A valid form of identification such as your National ID, Driver’s License, or International Passport
2. Utility Bill: A recent utility bill (not older than three months) as proof of your address
3. Bank Statement: A 6-month bank statement from an active account that receives your income.
PS: Income is important, but so is cash flow. You get extra points if your statement displays enough cash flow to meet your targeted repayment frequency i.e Monthly repayments versus weekly repayments. So make sure your chosen statement fits the bill!
Ready to Apply for a Personal Loan?
With your documents ready, and all the boxes above ticked, you are now ready to apply for a Personal Loan. Now, visit our online application by clicking here or call 0700 5000 500 to apply!.
If you need help, we’re just a call away (0700 5000 500) or you can chat with us at [email protected] or on renmoney.com to lodge complaints or enquiries. We hope you get the offer you want to do more with money! Cheers.
