LOANS: THE MYTH, THE LIES, AND THE FACTS!

LOANS: THE MYTH, THE LIES, AND THE FACTS!featured image

“Loans are taken by irresponsible and greedy people”. This is a statement we must have come across at one point in our lives. It has been repeated so often that to some people it has started to sound like the truth. Anyway, before we get ahead of ourselves, let me introduce you to the FairMoney blog, and this is the 1st episode of our FairMoney blog series. Welcome!

Now back to loans… Contrary to what some people will say, loans are positive credit facilities that have been known to launch business empires, save people from avoidable embarrassments and help individuals in delicate situations get their lives back on track. So it is surprising why anyone would have any bad thing to say about loans. 

THE MYTH

The belief of many is that loans are taken by people who live beyond their means, the posers and the greedy! This belief is very far from the truth. I like to see loans as advance payments of monies I am going to own.  Funny, but if you look at it in detail, it is receiving money earlier than its expected date. This allows you to seize opportunities that could have slipped by if you didn’t have the financial capabilities.

THE LIES

When it comes to loans, the lies can go on for days! I say lies, some say misconceptions, but all together, the followings ideas of loans are false:

  1. Loans take a very long time to process: In this day and age with the rise of digital banks like FairMoney Microfinance Bank, loans are quick and can be approved in only 5 minutes.
  2. Loans are only accessible to salary earners: You hear people chant out loud that only salary earners can collect loans. This statement is very wrong as loans have become accessible to everyone. From salary earners, entrepreneurs to small business starters, everyone can access a loan. All you need is a smartphone and the FairMoney App, and you are 5 minutes away from getting a loan.
  3. You need collateral to get a loan: Once again, Digital banks like FairMoney Microfinance Bank have debunked this lie. Now with no collateral whatsoever, you can get a loan in no time.
  4. The Interest rates are out of this world: This is a very subjective statement! Loans interest has always been allocated with respect to the tenure of the loan. With this in mind, digital banks who don’t require collaterals and long paperwork now give out loans at very competitive rates in comparison to traditional banks. FairMoney offers loans with interest rates ranging from 0% to 30% monthly. 

THE FACTS
Now you know what not to believe, here are facts about loans you should believe!

Loans are great, but can be dangerous when gotten from the wrong source like loan sharks. You should get your loan from an accredited lending company, preferably a bank like FairMoney Microfinance Bank. When you use FairMoney Microfinance Bank, you will be able to access quick loans from the convenience of your phone.

One loan doesn’t have to stop you from accessing other loans. At FairMoney, loans come with a loan top-up option to help you access more funds even when you are presently servicing a loan. To make loan repayment more comfortable, FairMoney introduced a feature called loan extension where you can extend your loan to give you more time for repayment.
Getting a loan from FairMoney is fast, secure and accessible to salary earners, small & medium businesses, and every other person.

I’m sure your perception about loans has totally flipped! So, when you need quick financial aid, rush to the FairMoney App to get quick loans. That’s all for the first episode of the FairMoney blog series. Until next time, take care and stay safe!