Financial advice

Before you apply for a loan, make sure you meet the basic requirements. Lenders use specific criteria to decide if you’re a reliable borrower. Knowing where you stand helps you avoid rejections — and protects your credit record.

Here’s what to check before applying:

• Verify your income. Lenders want stable, verifiable income. Be ready to show payslips, bank statements, or business earnings. If your income is irregular, average it over the last 3–6 months.
• Know your debt-to-income ratio (DTI). Total monthly debt payments should ideally be under 40% of your income. If you’re already repaying multiple loans, your chances drop.
• Check your credit score. Even a short credit history helps. Scores above 600 are usually acceptable; over 700 is strong. Pay past loans and bills on time to build your profile.
• Avoid too many recent loan applications. Every loan application may trigger a credit check. Too many in a short time signal desperation and can lower your score.
• Use pre-eligibility tools. Many lenders offer free online loan checks with no impact on your credit. Use these tools to see your chances before applying officially.
• Match the loan to your profile. Don’t apply for ₦2M if your monthly income is ₦50,000. Choose offers aligned with your earnings and repayment ability.
• Check basic age and ID requirements. Most lenders require you to be at least 18–21 years old, with valid ID and a functioning bank account.

Loan eligibility isn’t guesswork — it’s measurable. Check these points first, and you’ll increase your chances of approval without harming your credit.

• Borrow only what you truly need — not “just in case” money.
• Always pay on time — late payments hurt your score fast.
• Don’t take multiple loans at once — it signals risk.
• Avoid borrowing cash just to repay another loan — that’s a warning sign.

👉 Safe borrowing means using credit with a clear plan — not as a quick fix.

• Social media shows the highlights, not the credit card bills.
• The journey to finances is personal — goal is more important than gossip.
• Focus on your progress: what you’ve paid off, saved, or learned.
• Comparing is harmful: track your results— not someone else’s lifestyle.
• 👉 Comparison steals joy — and often your budget.

• Just because you earn more doesn’t mean you should spend more.
• Upgrade slowly – not every raise means a new phone or bigger rent.
• Save or invest the “extra” before you adjust your lifestyle.
• Compare progress, not purchases – wealth ≠ display.

👉 The smartest flex is financial peace, not monthly stress.

• Remind yourself why — is it a house, peace of mind, freedom?
• Keep goals visible — on your phone wallpaper or bathroom mirror.
• Automate savings — remove temptation before it hits your hand.
• Don’t quit if you slip — restart, don’t restart from scratch.

👉 Progress is still progress — even if it’s not perfect.

• Pick the right time for money conversations – not during a fight, a meal, or a wedding.
• Use “I” statements: “I feel stressed about bills” vs. “You waste money.”
• Talk about goals, not blame – like saving for rent or kids’ school.
• Be ready to listen – money talk goes both ways.

👉 Honest money talks save relationships and bank accounts.

Pause before spending your bonus – excitement is not a financial plan.
Split it: 50% save or invest, 30% for needs, 20% for guilt-free fun.
Pay off part of any debt – even small payments reduce future stress.
Use some for future you – emergency fund, retirement, or training.

👉 A bonus is a boost – not an excuse to break your budget.