If you are looking to get loans in Nigeria, then this article is for you. Unlike the developed countries, actually knowing your credit score in Nigeria is not so easy.
It is safe therefore to say that everyone in Nigeria has a good credit score until they don’t anymore. So what exactly reduces people’s credit scores and affects their ability to access better loans?
How To Get A Good Credit Score On Nigerian Loan Apps
There are a good number of loan apps in Nigeria like the Migo Loan app, and they have their different advantages and disadvantages. I am not here to compare or give my reviews, and we’ll be going straight to the point.
Why do people want good credit scores? The simple answer is, so they can access better loans. That’s all, how can you improve yours?
We will be seeing them below:-
Pay off loans on time
Sometimes we get tempted to sort out the less important bills late, and unfortunately, they count for us. If you get a loan from an app, make sure you pay it off before the deadline and they will be glad to make you a customer the next time.
Be specific while entering your address
Don’t just tell them you are living in Ikeja, Lagos, especially as a beginner. Make sure you put a house address, with the street, zip code and everything else.
Let it be as long as possible too.
Include family in next of kin if they’ll be accessing your contacts
Most Nigerian loan apps will access your contacts, so make sure you save numbers as mommy, daddy, aunt, uncle, sister or any other thing that show this person is your family.
They need all those things when they want to begin their regular ‘defamation’.
Be careful when entering salary
While selecting salary, understand that it shouldn’t be far above minimum wage. ₦40,000, for instance, is okay for Nigerians and most people will find it cool putting ₦200,000 since normally someone with the latter will find it easier paying off a loan.
Input only genuine means of verification
Whether voters card, national ID card, NIN, BVN or any other things, just make sure they’re genuine. If you don’t trust an app to give them this data, simply go to the next.
Remember we are talking about money here and any sneaky information might sound suspicious to whoever is verifying those data.
Avoid getting indebted in any other loaning platforms
They have a way of informing other platforms who are owing them and trust me, it’ll affect the next. If you are owing one, why do you think you won’t owe the next?
Clear off your debts on the first apps before proceeding to the next, and make sure you do that on time and clear any single kobo debts.
Someone got banned from a particular loaning app before he paid off his debts and missed ₦200, which was a charge. It affected his credit score as well and ability to get loans from other apps.
If you can’t work with loan apps, you can check out the CBN loans, Access Bank loans and the GTB Salary Advance loan. They won’t defame you, and their interest rates are quite sensible too!
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