Personal loans are good for a variety of purposes—from consolidating debt to solving a myriad of pressing issues. They are personal, which means your reasons are yours.
Do you remember the first time you needed more money than you had? Borrowing money then was not as easy as it is now. You probably would have run to family members or friends which usually meant nothing was certain, or apply for a bank loan, which was a very tedious process, hard to get – especially if you do not have an enviable collateral in choice locations, or know someone in top management position in the banks to stand as a guarantor.
The situation is completely different now. There are financial services providers like Page Financials who have changed the game entirely, they have not only disrupted the borrowing and lending ecosystem but have also shaped how even the banks respond to providing these services today.
With the intervention of Page Financials, a leading financial services provider, anybody with a verifiable and consistent income, that meets a few other criteria – like having a good credit history – can now easily get a personal loan from the comfort of their home.
If you are still thinking about whether or not to consider a personal loan, we have highlighted 5 reasons why customers usually resort to getting a personal loan.
1. Cash emergencies
If you need money right away to cover bills, an emergency cost or something else that needs immediate attention, you can take out a personal loan. Page Financials provide online applications that allow you to complete application conveniently in minutes. You could receive funding immediately as well, depending on your past credit history and the information you have provided.
You can use a personal loan to cover emergencies like:
- Paying past-due home payments and utilities
- Medical bills
- Funeral expenses
- An unexpected car repair or purchase
What you can do with a personal loan is limitless, and as established earlier, it is personal to you.
2. Debt consolidation
One of the popular reasons to get a personal loan from Page is for debt consolidation. If you have existing facilities with different lenders, you’d agree that managing multiple loans from several lenders can prove to be challenging. Missing on payments can result in negatively impacting your credit score. Availing a personal loan in such a situation can save you from financial distress. All you require to do is approach Page and state that you have some other loans elsewhere and would like to consolidate different payments into one debt with the help of a loan. This method offers several benefits that include enjoying an overall lower rate of interest which can help in reducing the timeframe required to pay-off your loan.
3. Rent, home improvement and repairs
Whether you want to renew your rent or looking to move to a more befitting neighborhood, or simply looking to upgrade your apartment and fix some repairs, a personal loan is a great way to cover the costs conveniently. The urgencies that come with meeting these needs are usually unprecedented which is why a personal loan may be your surest way to meet up with the deadline. Failure to meet up with rent on time for example will lead to series of embarrassments from your landlord, and…you don’t what that. In the same vein, if you see a new apartment that you love and fail to make payment on time, the house goes to someone else that has cash at hand. This is why speed and convenience are of essence when it comes to personal loans and part of the USPs at Page Financials, you can access a loan and get support anytime whether it’s 2 am or 2 pm so you don’t have to miss any opportunity again.
4. Vehicle financing
Auto loans are available if you’re looking to buy or lease a car, but personal loans are also available to finance any need you may have – including a vehicle financing. Another great reason why you should consider a personal loan rather than going for an Auto loans are secured loans and use your vehicle as collateral. If you’re worried about missing payments and your car getting repossessed, a personal loan might be a better option for you.
5. Starting/expanding your business
Side hustles are very popular these days, and are a great way to test the entrepreneurial waters. If you have one, or you are thinking of starting one, you are going to need some funds to run or expand it. Channeling extra funds into your side hustle can help you take it to the next level. But if you don’t have the money you need now, taking out a personal loan for your side business may help. Getting an outright business loan would normally require some sort of security or collateral – which most startups don’t have, which is why taking a personal loan as a salary earner – to fund your side business, would be a smart thing to do. Personal loans may be well-suited for side hustles because they are often smaller than typical business loans and don’t require a high level of collateral or profitability. All you need is a proven source of income — and that can come from your current day job.
What to consider when considering a personal loan
Applying for a Page Loan is super easy, everything happens online and you don’t need to visit their office.
The application process is in stages, at each stage, you’ll supply relevant information that helps make a decision to approve your loan. (See requirements for each category below).
You can upload all the documents online while filling the form so you do not have to worry about carrying files from one office(er) to another.
The first stage you will encounter while filling the application form is the BVN and IPPIS verification phase. You will be required to provide these details to help us to verify your identity and financial standing.
Loan requirements for private sector employees
To be considered eligible for a loan as a private sector employee, it is required that:
- You earn a monthly salary (minimum 150k monthly)
- You have up to 6-months’ salary account statement
- You live/work in Lagos or Ibadan (bankers nationwide can apply)
- You have a valid work ID from where you work or an evidence of employment or promotion
- You have a BVN that is actively connected to your working mobile number
Some of the items above will be retrieved automatically when you begin the application, it usually takes customers less than 3 minutes to complete the application if they have the requirements ready. To apply as a private sector employee click here.
Loan requirements for public sector employees:
To be considered eligible for a loan as a Federal Government Civil Servant, it is required that:
- You have your work ID
- You have a valid Government issued ID
- You have at least 3 months’ payslips
- You will present a signed letter of authority to debit (the letter is available for download on our website).
To apply as a public sector employee, click here.
Reasons to avoid a personal loan
While personal loans can be a saving grace in times of great need, there are some instances you should avoid borrowing money. Consider avoiding a personal loan if:
- You can’t afford it: Borrowing money in the short term is one thing, but remember you’ll still need to pay it back. If you can’t afford monthly payments for your new personal loan, consider skipping it.
- You don’t need it: If you’re taking out a personal loan to cover the cost of something you don’t need in the immediate future, think about putting it off until you have more cash on hand.
The Page customer service is available 24/7 to answer any questions you may have. You can contact Page via a number of channels viz; Live Chat on the Page Mobile App, Live Chat on the website (Pagefinancials.com), social media accounts (@pagefinancials), Google chat (on Search Result Page).