5 reasons you should never take out a quick loan

5 reasons you should never take out a quick loan

The fact that you don’t need to have a collateral before you can access a quick loan makes it seem too good to be true.

A quick loan could be a good option when you want to make large purchases you currently cannot afford, such as a new apartment, a new car or a new device. But you shouldn’t take advantage of the freedom afforded by a Quick Loan. For all its advantages, a Quick Loan can land you in trouble if you get careless.

So, for all the good reasons you can take a quick loan, here are some reasons you should never take out a loan for.

1. Do not take a quick loan if you can save the money:

If you can save up the same amount you want to apply for, especially if it isn’t an urgent need, then you are better off not getting the loan. This will help you avoid the interest that comes with repaying a quick loan.

2. Do not take a quick loan for speculative activities:

Don’t trade stocks with a quick loan.

It might sound like a good idea to get a quick loan to invest in the stock market or the cryptocurrency market. Of course, you hope for rich returns, but what if you lose your money? Things will definitely get ugly for you if that happens. For speculative activities, it’s best to use the money you’ve put aside rather than taking a quick loan, as that reduces the risk involved. You may not be able to meet up repayment terms and tenure because of its short term nature.

3. Do not take a quick loan for shopping:

Quick loans are a great way to make large purchases you cannot afford. But they are terrible for things as trifle as shopping. Remember that you have to pay back very quickly whatever amount you borrow with an interest.

4. Do not take a quick loan for throwing party and other social functions:

Social functions and “Owanbe parties” are purely recreational activities. They are large, grandiose parties thrown by Nigerians anywhere in the world, that involves a lot of food, dancing, loud music, and spraying money. You must have either thrown an Owambe or been to one. Taking a quick loan to fund one is a bit of terrible financial advice. It’s better that you save up for it than to get a quick loan for it.

5. Don’t take a quick loan to pay for rent your paycheck cannot maintain:

If your current paycheck cannot service and maintain the new house you want to get a quick loan for, you should probably not take a loan for it. While some quick loans are salary-based, you should be sure that whatever amount you plan to take out is not more than 50% of your salary.

Making a quick loan work for your situation requires an appraisal of your current financial status. Assessing your financial situation, the repayment terms of the loan and the interest rate will help you make smarter money decisions.

We are a financial solutions brokerage company that seeks to inform and educate individuals and small  businesses about quick loan opportunities to help them take informed decisions. We are neither staffers nor stakeholder in this loan agency. Book A Call TODAY and speak with one of our Consultants for more information! Call or Whatsapp +234 (0)803 385 7245.

Do remember to give us a feedback about your quick loan experience after the lending process is executed.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.


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