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POPULAR LOAN MISTAKES PEOPLE MAKE

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3 years ago

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POPULAR LOAN MISTAKES PEOPLE MAKE

POPULAR LOAN MISTAKES PEOPLE MAKE

If we are to be factual as human beings, we have all made some sort of mistakes in different aspects of our life. Making mistakes are part of our life’s journey and experiences. Though there’s a popular conception that mistakes help us as humans to do better, grow, and learn the important things in life, financial mistakes can be considered different as they usually lead to loss of significant amount of funds. That’s an expensive means to learn a lesson, if you ask me.

Ranging from how funds are managed, invested or saved, the financial aspect of our lives are vulnerable to a series of mistakes which may be damaging at times when one is not careful. The mere process of making up your mind and applying for personal loans can be filled with doubts and different challenges that could eventually result in loss of funds.

While what you have read so far might be a cause of concern for you, you don’t really have to be. Here, we will enlighten you on few of the most common mistakes people fall into when taking a personal loan, and the best practices that will help you avoid such mistakes when you decide to take a personal loan yourself in the future.

POPULAR LOAN MISTAKES PEOPLE MAKE

Are you an individual that is considering to apply for a personal loan, invest some time to learn for the experiences and mistakes and you might be able to save yourself from expensive consequences in cash.

  1. Poor or Lack of Research

A lot of people do not like to put in the work when it comes to important steps such as taking a personal loan. Without it, you have set yourself up for a losing position due to a lack of preparation and knowledge regarding the loan you want to take. Investing some time to research about the loan you are about to take can be the difference between saving you money or losing a lot.

There are so many financial instructions and Fintechs available at your disposal, a situation that may be overwhelming for most. Most people just decide to go for any personal loan offer due to their negligence and willingness to research the best options from the several ones available. Randomly choosing the loan option that you find is the first mistake you should avoid, as it usually does not end well. Rather, sacrifice some time to investigate and do some digging about the options you have. Doing this will help you turn the massive number of options available for you to an advantage.

When looking for the right lender, you need to be well prepared to check your options, screen their terms and conditions, interest rates, loan fees, repayment options, and other vital parameters. Each lender have varying terms, so taking time to carefully screen these terms will ensure you don’t go for bad options.

For those who will find the research process difficult, you can use the services of a financial adviser for analysis and recommendations concerning the loan options you have come across. We all know that time is money, but investing a little of it will do you a whole lot of good over time.

  1. Choosing the high-interest rate option

The financial industry in Nigeria is so competitive, and each bank or lender offer lesser fees in order to attract more customers. While competitive prices, terms and conditions, and other incentives may look very enticing on the outside, it is always wrong move to go for options with high interest rates. Most lenders use these extras for customers to easily lose sight of the amount you will repay at the end of the loan term.

When looking for the ideal personal loan, it is best to ponder on what needs you will use it to satisfy. Are you taking the loan to consolidate your personal debts? Buying the dream house? Having that great wedding? Immediately you identify the needs you want to satisfy, you can assess the loan that suits your needs while offering a good interest rate.

Also, you should consider whether a secured finance (using collateral) or an unsecured loan (without collateral) is comfortable for you. Whatever you decide to do, keep in mind that there is always a better rate for you if you can invest time to find it.

Migo is the answer to your search for the best loan rates in the Nigerian financial market today. You don’t need to look any further, as we provide our users with the most enticing packages in terms of interest rates on personal loans. Because we know how these loans could help you offset your immediate expenses, providing the right interest rates will ensure you can comfortably repay in due time.

  1. Negligence of Credit Score

Credit score is a very important factor when it comes to acquiring personal loans. It determines an individual’s eligibility to acquire a loan based on their credit history and performance. While your credit score will determine if you can or cannot acquire a personal loan from a lender, it also has a role to play in helping you secure a lower interest rate.

Although a number of financial institutions offer loans for people with a bad credit score, it is good practice to always check your credit score before tendering an application. For individuals who have a good credit score, you can be assured of a seamless credit application process. However, those with poor credit scores will usually be met with a tougher time when applying for a loan.

  1. Poor Loan Repayment Practices

Acquiring a loan successfully does not mean the end of the process. You are required to make loan repayments at the agreed time. As simple as this may seem to most people, it is quite easy to forget about your loan repayment dates.

First time lenders are the ones usually culpable of this mistake. While missing your loan repayment dates seem like an innocent mistake, they have a detrimental effect on your credit score, as missed payments are recorded in your credit history. As a result, you will find it more difficult to secure a personal loan in the future, even with another lender.

Individuals who do great in managing their utility bills are more likely to perform excellently with loan repayments. To make loan repayments easier for you, you can simply set a reminder on your calendar app of your smartphone. Also, you can make a scheduled transfer of the repayment amount through your banking app so that repayments are executed automatically.

  1. Poor Budget Considerations.

Have you made the necessary plans on what to use acquired loans for? Are you sorting your medical bills, rents, or buying a car? Personal loans provide you a way out of emergency situations and helps satisfy an urgent need, but you are also left with an outstanding debt with interest to repay.

While easy as it is to be overwhelmed by the loan application process, have you asked yourself the most important question: How will I repay the loan?.

Taking loans that are bigger than what you can afford especially within the loan term can lead to a mismanagement of your expenses. Rather, make an assessment of your budget, factor in the repayment and compare the numbers involved. If your loan application goes through, will your assessment keep you above water? Or will you be overwhelmed?.

In the best case scenario, personal loan repayments should never exceed 25% of your income. In a case where it exceeds this mark, it is important to source other alternatives you can acquire the money. You might as well create a savings account where you can save some money towards specific goals.

Final Thoughts

Mistakes have been made, so you wouldn’t have to go through what others have been through. While mistakes are part of our lives, money and loans are ones you don’t want to make mistakes in before learning your lessons. Investing time to do adequate research, analyzing your credit score, and budgeting for repayments ensure you have a seamless loan application and repayment process. As a result, you will love a happy financial life.

If you need the best loan offers in the Nigerian financial industry, Migo is the ideal option for you. Whether you are looking for personal loans or business loans, we offer the best options in terms of interest rates, repayment options, repayment terms, and so on. With an operational model that is centered around customers, we create the ideal system for customers to enjoy an easier financial life while they sort out their own needs. Reach out to us for your personal loan needs today, and be assured you will not run the risk of running into any of the loan mistakes outlined here.

 

Read More:

HOW TO IMPROVE THE CHANCES OF GETTING YOUR LOAN APPROVED

 

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BANKING

Network International appointed as Payment Processing Partner by MTN Group Fintech

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2 weeks ago

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Network International appointed as Payment Processing Partner by MTN Group Fintech

Network International (Network) (www.Network.ae), a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor – Issuing partner for MTN Group Fintech, Africa’s leading mobile financial services provider. This partnership marks a significant extension of Network’s portfolio of issuer processing collaborations throughout the African continent.

Network International appointed as Payment Processing Partner by MTN Group Fintech

Network International appointed as Payment Processing Partner by MTN Group Fintech

With a footprint spanning over 50 countries and serving over 250 financial institutions, Network International brings its expertise to this partnership which will enhance MTN Fintech’s cutting-edge mobile services and provide even greater value to stakeholders and customers across Africa.

The partnership will focus on rolling out card issuance products across key MTN Fintech markets, starting with Rwanda which is already operational. Soon   Uganda, Ivory Coast, and Nigeria will also be covered under this collaboration.  Network International will provide a comprehensive range of services, including transaction processing, card management and online fraud prevention. MTN Fintech users will benefit from a seamless experience accessing both traditional mobile services and innovative digital payment solutions.

Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing at Network International commented: “Our collaboration with MTN Group Fintech marks a major milestone for our outsourced payments services in Africa. It demonstrates our ability to successfully serve Mobile Network Operators (MNOs) via our fully-fledged processing solutions and our continued dedication and commitment to the African region. We are excited to support MTN Group Fintech’s growth strategy, and its business development plans across the continent.”  

Cedric N’guessan, Executive for Payment and E-commerce at MTN Group Fintech added, “This collaboration with Network International is pivotal in enhancing financial inclusion across Africa and beyond. It enables our customers to actively engage in the global economy, aligning perfectly with our strategic goals alongside Mastercard to broaden access to digital financial services across the continent.” Read More (https://apo-opa.co/43aKuII)

MTN Group provides voice, data, fintech, enterprise wholesale and API services to more than 288 million customers in 14 African markets.

Distributed by APO Group on behalf of Network International.
About MTN Group Fintech:
MTN Fintech, the platform business of MTN Group, is dedicated to revolutionising global financial services through innovative digital technology solutions. Leveraging MTN’s extensive reach and expertise in telecommunications, MTN Fintech is committed to advancing financial inclusion for all and empowering communities in Africa. With a primary focus on pioneering mobile financial services, digital payments, e-commerce, short-term insurance, and remittance capabilities, MTN Fintech strives to establish seamless, accessible, and secure financial ecosystems that shape the future of digital finance.

About Network International:
Network International is the Middle East and Africa’s largest and leading digital payments company. Our purpose is to help businesses and economies grow by simplifying payments and commerce. We operate in 50+ countries serving governments, banks, fintechs, merchants and public sector companies. We have 2,000+ employees based in our markets serving over 250 financial institutions and 130,000+ merchants.

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BANKING

Prosperavest ESG LTD Launches “eNsc” – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World Asset Investments

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Prosperavest ESG LTD Launches eNsc – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World Asset Investments

Prosperavest ESG LTD, is thrilled to announce the launch of eNsc, a Nigerian Naira-referenced stablecoin pegged 1:1 to the Nigerian Naira. Built on the high-speed Lisk 2.0 Blockchain, eNsc combines monetary stability with blockchain innovation, allowing global investors to securely access tokenized high-yield opportunities like Nigerian Treasury Bills  while adhering to regulatory standards.

Prosperavest ESG LTD Launches eNsc – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World Asset Investments

Prosperavest ESG LTD Launches eNsc – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World Asset Investments

Bridging Stability and Innovation

eNsc merges monetary stability with blockchain efficiency, operating within Nigeria’s robust regulatory framework led by the Securities and Exchange Commission (SEC) Nigeria. The SEC has prioritized creating a safe, transparent environment for blockchain innovation, exemplified by its Virtual Assets Regulatory Framework. These guidelines ensure market integrity, investor protection, and alignment with global standards—principles at the core of Prosperavest ESG’s operations.

“Our vision is to bring the Naira on-chain and democratize access to low-risk, high-return opportunities while upholding rigorous regulatory compliance. eNsc is more than a stablecoin—it’s a gateway to financial inclusion, blending the trust of traditional finance with the agility of blockchain.”— RaheemAnikulapo Ibrahim, CEO, Prosperavest ESG LTD

Prosperavest ESG LTD Launches “eNsc” – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World

Prosperavest ESG LTD Launches “eNsc” – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World

Key Features of eNsc

  • 1:1 Naira Peg: Backed by reserves held in regulated institutions, eNsc ensures stability and direct convertibility with the Nigerian Naira.
  • Lisk 2.0 Blockchain: Fast transactions, low fees, and interoperability with decentralized applications (dApps) ensure seamless integration into digital ecosystems.
  • Compliance Assurance: Built with robust AML protocols, transparent reserve audits, and adherence to Nigerian Securities and Exchange Commission’s (SEC) regulations.
  • Exclusive Cashback Rewards: For a limited time, users who convert a minimum of $50 via the eNsc Converter at app.prosperavest.com will receive cashback rewards, rewarding early adopters of this groundbreaking stablecoin.

 

Unlocking Global Investment Opportunities

By tokenizing Nigerian Treasury Bills, eNsc removes geographic and financial barriers, enabling fractional ownership and instant cross-border settlements. This innovation aligns with Nigeria’s growing prominence in Africa’s digital economy, offering investors exposure to stable, yield-generating assets.

A Commitment to Safe, Transparent Finance

SEC Nigeria: Championing Safe Innovation

The SEC has been instrumental in fostering a safe, transparent, and innovation-friendly regulatory environment for blockchain and virtual assets, implementing robust frameworks such as the Virtual Assets Regulatory Framework. Their proactive approach ensures investor protection, market integrity, and alignment with global best practices—a commitment Prosperavest ESG proudly upholds.

“Our compliance and cooperation with regulators is non-negotiable,” added RaheemAnikulapo Ibrahim. “Trust is the cornerstone of financial innovation every aspect of eNsc—from its technical infrastructure to reserve management—is designed to exceed SEC standards, fostering trust in Nigeria’s digital future

 

Join the Future of Asset Tokenization

eNsc is now live on the Lisk 2.0 Blockchain. Institutions, developers, and investors are invited to:

Explore eNsc at https://prosperavest.com .

Participate in the cashback reward program by converting a minimum of $50 on the eNsc Converter: app.prosperavest.com.

Disclaimer

This announcement is for informational purposes only and not financial or legal advice. Digital asset investments carry risks, including volatility and potential loss. Investors are responsible for their decisions. ProsperaVest ESG Ltd remains committed to SEC compliance and will provide updates on approval status.

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Bitcoin

IUX Wins Best Trading Technology Provider 2025 Award at BrokersView, Setting New Standards with Next-Gen Trade

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3 weeks ago

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IUX Wins Best Trading Technology Provider 2025 Award at BrokersView, Setting New Standards with Next-Gen Trade

IUX, a globally recognized online CFD trading service provider, has been honored with the prestigious “Best Trading Technology Provider” award at the 2025 BrokersView Award for Brokers with Outstanding Assessment. This recognition solidifies IUX’s standing as a leader in the online CFD trading industry, highlighting its dedication to innovation, user-centric design, and cutting-edge technology—exemplified through its groundbreaking Next-Gen Trade initiative.

IUX Wins Best Trading Technology Provider 2025 Award at BrokersView, Setting New Standards with Next-Gen Trade

IUX Wins Best Trading Technology Provider 2025 Award at BrokersView, Setting New Standards with Next-Gen Trade

About the BrokersView Awards

The BrokersView Awards are among the most respected in the trading industry, recognizing brokers that demonstrate outstanding performance, transparency, and technological innovation. The Best Trading Technology Provider award is presented to brokers that go beyond industry standards to offer exceptional trading platforms with advanced features, robust execution speeds, and user-friendly interfaces.

 

IUX’s win reflects its relentless commitment to providing traders with superior trading tools and an optimized platform, setting a benchmark for excellence in the CFD trading sector.

 

“We are deeply honored to receive this recognition from BrokersView,” said an IUX spokesperson. “This award highlights the hard work and dedication of our team in creating a platform that empowers traders globally. We will continue to drive innovation and deliver exceptional value to our users.”

 

Next-Gen Trade: Powering IUX’s Award-Winning Technology

A significant factor in IUX’s recent success has been the launch of Next-Gen Trade, a comprehensive initiative aimed at redefining the trading experience. This customer-focused project delivers cutting-edge technology and empowers traders with tools designed for speed, stability, and precision.

 

Core Features of Next-Gen Trade:

  • Ultra-Fast Execution: Trades executed in as fast as 30 milliseconds, giving traders an edge in volatile markets.
  • Consistent Spreads: Advanced spread management technology ensures stable spreads, even during major market events.
  • Customer-Oriented Features: Tools and resources tailored to help traders navigate complex markets with ease.

Next-Gen Trade exemplifies IUX’s commitment to enhancing the trading experience, directly contributing to the platform’s recognition as Best Trading Technology Provider.

 

Looking Ahead

The Best Trading Technology Provider 2025 award represents a significant milestone for IUX but is just one step in the company’s journey. IUX remains committed to continuous innovation, focusing on enhancing the trading experience for its global user base through further advancements in initiatives like Next-Gen Trade.

 

Discover More

  • Learn about IUX’s advanced trading solutions: Visit IUX

 

About IUX

IUX, operated by IUX Markets Limited, is a leading online CFD trading broker —IUX is committed to providing a secure, transparent, and user-focused trading experience to traders worldwide.

 

Disclaimer

Trading CFDs involves significant risk of loss and is not suitable for all investors. Ensure you fully understand the risks involved before trading.

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