Financial products

A line of credit is a flexible way to borrow money when you don’t need it all at once. It’s different from a loan – you can borrow, repay, and borrow again, like a financial safety net. Here’s how it works and when it makes sense.

✅ 5 Key Facts About Lines of Credit:

1. You get approved for a maximum amount, but only pay interest on what you actually use.
2. It’s reusable — repay what you used, and the money becomes available again.
3. Interest rates are often lower than credit cards, but higher than personal loans.
4. It’s great for irregular expenses — home repairs, business costs, or school fees.
5. You need good credit to qualify, and repayment discipline is key.

👉 A line of credit gives you borrowing power on standby — just don’t treat it like free money.

• ETF means Exchange-Traded Fund — don’t worry, it’s simple.
• It’s like a basket with many stocks inside, not just one.
• You can buy or sell ETFs on the stock market easily.
• Good way to invest in many things at once with less risk.

👉 An ETF is an easy way to own a piece of many companies.

• A bond is when you lend your money to a company or government.
• They pay you back later — with extra money called interest.
• Bonds are safer than stocks, but they usually grow slower.
• Good for people who want steady and safe income

👉 A bond is a loan you give — and they pay you for it.

• An investment account is where you keep money that grows over time.
• You can buy things like stocks, bonds, or funds inside it.
• Some accounts let you start with little money — even $10.
• Your money can grow — but there is always some risk.

👉 An investment account is a place to grow your future money.

If you’re just starting your credit journey or trying to recover from past mistakes, a secured credit card can be your way forward. It’s safe, simple, and designed to help you build trust with lenders.

• A secured credit card requires a refundable deposit, often equal to your credit limit. For example, a ₦50,000 deposit usually gives you a ₦50,000 credit line.
• It’s designed for people with no credit or low credit scores — and helps you build or repair credit over time.
• Your payments are reported to credit bureaus. Using the card responsibly — staying under the limit and paying on time — gradually improves your credit profile.
• Use it for everyday purchases, but stay disciplined. Never spend more than you can repay.
• Always pay the full balance each month. This avoids interest charges and shows you’re managing credit wisely.
• After 6–12 months of good usage, some banks may upgrade you to an unsecured credit card — no deposit required

👉 A secured credit card is your stepping stone to bigger financial opportunities.

• A mortgage is a loan you use to buy property, like a house or apartment.
• You usually pay it back over 15–30 years with monthly payments.
• If you don’t pay, the bank can take back the house (called foreclosure).
• Fixed-rate mortgages lock your rate; variable ones can change over time.
• 👉 A mortgage makes homeownership possible — but only with careful planning.

• A credit builder app helps you build a credit history — even if you’ve never had a loan or card.
• You “borrow” a small amount held in a savings account — then repay it monthly.
• Each payment is reported to credit bureaus — boosting your credit score over time.
• Great for first-timers, gig workers, or anyone rejected by regular banks.

👉 A credit builder app turns small steps into long-term financial trust.

• A credit card lets you borrow money from a bank to pay for things, up to a limit.
• If you pay the full amount every month, you may avoid interest.
• If you only pay a little, interest adds up fast — and it’s expensive.
• Best used for emergencies or planned purchases — not for “vibes and impulse.”
• Read terms and conditions precisely, the devil is in the details.

👉 A credit card is a useful tool — or a dangerous trap, if you don’t use it right.

• A digital wallet is an app or platform that stores your money on your phone.
• You can pay bills, send money, or buy things — without needing cash or a card.
• Some wallets let you earn cashback or rewards on spending.
• Always use a secure PIN and never share login info — scammers love sloppy users

👉 A digital wallet keeps your money where your phone is — safe, fast, and cash-free.