10 Valuable Tips to Have Before, After Applying Loan on OPesa App

 There is nothing as sweet and enjoyable as when one is spending some borrowed money right, left and centre. And why not? It ought to be an enjoyable experience as once the money is loaned to you, it becomes yours as long as you maintain that momentum to repayment time.

Similarly, if you have borrowed the money because of an excruciating need, you ought to be glad that someone was there for you during that pressing moment.

But as we all know, regardless of the borrowing reason, it is hardly the case during repayment. The problem mostly arises when the repayment time knocks in, and you have got nothing to repay the loan with because once you fixed the need that had led you to borrow, you deliberately decided to forget about the loan.

I say deliberately because how else can you explain it? You were conscious of why you needed the loan and when spending the same.

But come repayment time, and the creditor comes calling in order for you to meet your part of the bargain, it is like you are caught off-guard. You act like someone who is unaware of the loan. 

Worse still, you even want to think, treat and sometimes portray the creditor as one who is unreasonable and not understanding. But where are you, the borrower, in all this?

To avoid such situations, OPesa loan app encourages all its existing and potential users to acquaint themselves with the following guidelines contained in its Financial Literacy Programme, before applying for any loan amount from the app.

1. Before Borrowing

-Make sure you understand exactly what it means if you borrow money.
-Ask the creditor to give you all the information.
-Ask the creditor to give you all the information in language that you can understand.
-Ask what the interest rate is and work out what this means for you.
- Compare interest rates.
- Understand all the terms and conditions.
- Remember that interest rates could change, and your instalment could increase.
- Calculate extra costs like administration fees into your installment.

2. After Borrowing

- Remember it is cheaper to repay loans over a shorter period so, pay your debts on time.
- If you cannot repay on time for whatever reason, inform your creditor in advance and agree on a new arrangement with them.
- Last but not the least, never give your details over the phone unless you called the person or know exactly who you are talking to.