Quick Loans Vs Affordable Loans

quick loans

How much are you willing to pay for a loan?

Bobola needs approximately N300,000 to complete the purchase for a 2012 Toyota Camry. He has saved up for the past year, but he must make the payment within a week, or he loses the sweetest deal he has found. His sister just got married so she is too busy dodging calls for balance payments from her vendors to even talk to him. His parents already offered him a 2008 Toyota Camry – read Muscle – that he has refused; they will not be indulging any excesses from him. He would rather not borrow from friends because he has already bragged about ownership at their last hangout. What to do?

One morning, he is staring out the window of his colleague’s vehicle trying to ignore the kicks in the back of the chair from her 3-year-old son. Right on the Lekki-Ikoyi link bridge he sees an ad on those fancy digital billboards with the words: Up to N4M from 3 to 12 months… no collateral… receive instant value… apply now. He quickly sits up and thinks to himself, “Perfect!!!”

He pulls out his phone and looks the company up right quick. He can barely contain his excitement as he punches in N400,000 so he can have some spare change to settle other things. He picks a payback period of 9 months, doing the quick math in his head of about N45,000 per month. The next thing he sees when he clicks ‘Enter’ shocks him. Over 9 months, he will pay back approximately N57,000 per month totaling N516,231.

He can’t believe his eyes; almost 29% interest rate. How can this be? So, he starts to dig until he comes across FINT – recommended by an existing subscriber on the peer-to-peer lending platform. He looks around on the borrower side of things and sees that he can get a loan of the same amount and pay back over a 6-months period. If he gets a loan and pays back at 2% per month (12% for 6 months), he will pay N74,666 per month totaling N448,000 for 6 months (he saves N68,231).

What has happened here? The battle of quick loans vs affordable loans. With quick loans, you enjoy instant value and essentially no credit checks. All you must do is make a request, maybe authorize a direct debit on your account on the repayment date and you’re good to go. With affordable loans, you will likely have to undergo some checks to determine that you are indeed creditworthy, especially when its other people’s money that will be lent out to you. Certainly, they both have their benefits; one will just cost you more than the other 9 times out of 10.

You’re probably wondering why the cost is different. We believe it’s an issue of risk. If the lender is going to take the risk on you that you will indeed have funds in the account once repayment day comes based on virtually no history or evidence, you need to be prepared to pay a premium for that. Whereas, with more affordable loans, the necessary due diligence has been taken care of.

The question now is: would you rather have quick but pricey cash or simply affordable cash?

To apply for an affordable loan from FINT simply click HERE

 

You may also want to read Ask Yourself These 5 Questions Before You Borrow.

63 Comments
  1. i will like to request a loan that i can pay in 12month am a business owner pls reply to this mail if possible i can get loan pls i need to boost my business before printing season start pls reply to this mail or call my line sir/ma :- xxxxxxxx pls i will be glad to hear back from u

  2. Affordable loans are better. But sometimes i wonder if the criteria used for online checks are objective enough. Potential borrowers get turned down within 5 minutes just by completing an online check.

  3. Mere looking at this issue not really complicating because I have offered loan from different loan scheme of which i committed to their payment when due. So therefore, would appreciate it if u can actually grant my request on quick loan not affordable loan.
    Thank you.

  4. Quick loan is better. Some have poor financial history due to slow progress in business and they need money to diversify into something more viable that will enable him pay back with ease and have improvement in his finances but he gets denied because his financial history shows he is not credit worthy. This makes the rich to get richer and the poor has no chance of coming out of poverty. Come up with a system that gives financial support to customers with viable business plans and your brand will be highly appreciated and the quality of life will improve for many.

  5. I needed a loan but I don’t have your requirements and dt is I couldn’t complete the form. I needed #400,000 to start a business.

  6. That’s a good idea from fint if fint can meet such a need then it’s going to be the best lending platform the ideal for the best delivery to effect good response from client is a quick and affordable loan trust me the money will be payback on time if it meets the immediate need for loan quickly

  7. I have never been given loan and I cant comment, well despite all trial its not going.
    1. Quick loan maybe all I need at a time to solve a problem but not affordable because I might be having an income month end that is surplus
    2. Affordable might be am short for a while and need to carry out a project so I don’t need quick loan but affordable loan.

    situation will determinate what you want

  8. my name is noah ismaila abayomi i work with xxx hospital limited xxx owodunni ikeja have had about fint loan but i dont know how to go about it bcus i need loan my phone num is xxxxxx

  9. Like you have put above both might be good but has side effect. As for me I will rather go for affordable one with limited rates rather than do the high interest because they offered more period for repayment which is something people are not seeing from right angle that is also a means of generating more fund from the borrowers.

  10. If you borrow any money from your company and I won’t disappoint you and I promise to pay back on time

  11. Good evening FINT
    Thanks for this opportunity, if its going to be for real, I would rather go for the Quick loan. Because I ‘m in need of it badly right now.
    Thanks.

    1. Hello Olawunmi,

      Kindly be informed that the interest rate and total paybacks of a loan amount are calculated after taking a Risk Assessment Test online upon applying for a loan on our platform; the result of the test determines the best rates for you.

      The interest rates are always displayed after taking the test and every borrower can view it before proceeding to apply for their loan.

      Please note that the interest rates differ depending on the answers provided by each borrower while taking the test.

      Should you require more information on our services, you may also reach us via phone call or Whatsapp on this phone number – 09082925456.

      Cheers.

    1. Hello Kalu,

      Thank you for your interest in our service.

      Please be informed that you can apply by visiting our website – http://www.fint.ng

      Also note that for you to be eligible, you must live and work in Lagos state, have a National form of ID and employed (Salary Earner).

      Please note that upon passing the Risk Assessment, a borrower is required to upload the following files to his/her account for verification:

      A form of ID(National I.D Card (not slip), Voters Card (not Slip), Driver licence or International Passport.)
      Bank account statement for the last 6 months (salary account)
      Employment Offer Letter.
      A recent utility Bill (not older than the last 3 months)

      To learn how to upload the required files, please click here – https://bit.ly/2O5uYVE

      For further inquiries about services, Kindly message us on our Whatsapp channel (09082925456).

      Cheers.

    1. Hello Nathaniel,

      Please forward your borrower ID to our Whatsapp channel by clicking here – https://wa.me/2349082925456

      This will enable us to confirm why your loan application was declined.

      You may also check your email as we always update our clients about their loan via their email inbox.

      Cheers.

  12. How can I access a loan of #200k but u am not a civil servant and u lived in Ogun State. I am so much in need of this loan for an urgent backup of my program. How can you help me with this soft loan and more so, I would like your company to have a Branch in Abeokuta, people needed your services here. 07056508021, that’s my number.

    1. Hello Akinsanya,

      Thank you for your interest in our service.

      Kindly be informed that we are currently only giving loans to salary earners living and working in Lagos state.

      Rest assured that once our services have been extended to business owners and other states, we will communicate this via our various social media channels.

      Cheers.

    1. Hello Josu,

      Thank you for contacting FINT.

      To get started with your loan application, first of all, you have to be a salary earner that lives and work in Lagos state.

      Also, the below documents will be uploaded into your account after you pass a risk assessment test.

      This test is taken by every borrower that proceeds to apply for a loan on our platform.

      A borrower can apply for a minimum of N20,000 and a maximum of N1,000,000 and also, the repayment duration is either 3, 6 or 12 months.

      It is only after you pass the test that you can pay your verification fee of N3,000 and proceed to upload the below documents:

      A form of ID(National I.D Card, Voters Card (not Slip), Driver licence or International Passport.)
      Bank statement for the last 6 months (salary account) and also your personal account statement in a case where your salary is immediately transferred out after you receive it.
      Employment Offer Letter.
      A recent utility bill (Not later than the last 3 months)

      Once we receive your loan application, we go ahead to verify your physical locations (Home and Office) and this process takes 2 – 5 working days.

      After your verification, your documents will also be verified and once they all check out, your loan will be approved.

      Immediately your loan is approved, it’ll be made visible on our platform and lenders can then start funding your loan.

      Upon complete funding, you’ll get a notification to disburse your loan.

      Upon disbursement of your loan, you are to pay an 8% commission fee for the success of your loan application.

      If you meet the above criteria, please visit our website – http://www.fint.ng and get started.

      To learn more, please visit – https://fint.ng/learn/

      For further inquiries about services, Kindly message us on our Whatsapp channel (09082925456).

      Cheers.

    1. Hello Bennard,

      Thank you for contacting FINT.

      To get started with your loan application, first of all, you have to be a salary earner that lives and work in Lagos state.

      Also, the below documents will be uploaded into your account after you pass a risk assessment test.

      This test is taken by every borrower that proceeds to apply for a loan on our platform.

      A borrower can apply for a minimum of N20,000 and a maximum of N1,000,000 and also, the repayment duration is either 3, 6 or 12 months.

      It is only after you pass the test that you can pay your verification fee of N3,000 and proceed to upload the below documents:

      A form of ID(National I.D Card, Voters Card (not Slip), Driver licence or International Passport.)
      Bank statement for the last 6 months (salary account) and also your personal account statement in a case where your salary is immediately transferred out after you receive it.
      Employment Offer Letter.
      A recent utility bill (Not later than the last 3 months)

      Once we receive your loan application, we go ahead to verify your physical locations (Home and Office) and this process takes 2 – 5 working days.

      After your verification, your documents will also be verified and once they all check out, your loan will be approved.

      Immediately your loan is approved, it’ll be made visible on our platform and lenders can then start funding your loan.

      Upon complete funding, you’ll get a notification to disburse your loan.

      Upon disbursement of your loan, you are to pay an 8% commission fee for the success of your loan application.

      If you meet the above criteria, please visit our website – http://www.fint.ng and get started.

      To learn more, please visit – https://fint.ng/learn/

      For further inquiries about services, Kindly message us on our Whatsapp channel (09082925456).

      Cheers.

  13. Good I HV registered since last yr even had paid 2000 reg. Fees but yet to apply bcos of d bank statement DAT was requested, not dat I don’t hv but I am still paying some loan somewhere but if dat can’t disturb me maybe I can apply for small loan from ur side like 100k to pay back in 9 months if it is possible

    1. Hello Ayodele,

      Please be informed that you can apply for a loan on FINT, even with your current loan elsewhere.

      However, we will be verifying your bank statement to confirm how possible it’ll be for you to repay your loan with us putting into consideration, the other loan.

      Your loan will only be approved once we are able to confirm that you can comfortably repay your loans.

      For further inquiries, please reach us via Whatsapp by clicking here – https://wa.me/2349082925456

      Cheers.

    1. Hello Okpala,

      Thank you for contacting FINT.

      To get started with your loan application, first of all, you have to be a salary earner that lives and work in Lagos state.

      Also, the below documents will be uploaded into your account after you pass a risk assessment test.

      This test is taken by every borrower that proceeds to apply for a loan on our platform.

      A borrower can apply for a minimum of N20,000 and a maximum of N1,000,000 and also, the repayment duration is either 3, 6 or 12 months.

      It is only after you pass the test that you can pay your verification fee of N3,000 and proceed to upload the below documents:

      A form of ID(National I.D Card, Voters Card (not Slip), Driver licence or International Passport.)
      Bank statement for the last 6 months (salary account) and also your personal account statement in a case where your salary is immediately transferred out after you receive it.
      Employment Offer Letter.
      A recent utility bill (Not later than the last 3 months)

      Once we receive your loan application, we go ahead to verify your physical locations (Home and Office) and this process takes 2 – 5 working days.

      After your verification, your documents will also be verified and once they all check out, your loan will be approved.

      Immediately your loan is approved, it’ll be made visible on our platform and lenders can then start funding your loan.

      Upon complete funding, you’ll get a notification to disburse your loan.

      Upon disbursement of your loan, you are to pay an 8% commission fee for the success of your loan application.

      If you meet the above criteria, please visit our website – http://www.fint.ng and get started.

      To learn more, please visit – https://fint.ng/learn/

      For further inquiries about services, Kindly message us on our Whatsapp channel (09082925456).

      Cheers.

    1. Yes, we agree. You need to earn income before investing, but you need to be conscious about investing otherwise you spend all you earn

  14. The rate (2%) seems good and affordable.
    The issue is the turn around time and do you do same day disbursement ?
    I keep getting trying to access it but your FINT score and the request to pay for some risk assessment score or so (can’t even remember the terminology).

    Having gotten the FINT score, with a C score, do i qualify for a loan from you? Or is the assessment procedure still not concluded. ?

    1. Hello Mohammed,

      We are pleased to inform you that you passed the risk assessment test.

      You may now proceed to pay the verification fee of N3000 which covers the cost of physically verifying your addresses and also the verification of your documents.

      Also, verification takes 2 – 5 working days after which, loans are approved.

      For further information about our service, please click here – https://wa.me/2349082925456 to be directed to our WhatsApp channel.

      Cheers.

    1. Hello Justina,

      Thank you for contacting FINT.

      To get started with your loan application, first of all, you have to be a salary earner that lives and work in Lagos state.

      Also, the below documents will be uploaded into your account after you pass a risk assessment test.

      This test is taken by every borrower that proceeds to apply for a loan on our platform.

      A borrower can apply for a minimum of N20,000 and a maximum of N1,000,000 and also, the repayment duration is either 3, 6 or 12 months.

      It is only after you pass the test that you can pay your verification fee of N3,000 and proceed to upload the below documents:

      A form of ID(National I.D Card, Voters Card (not Slip), Driver licence or International Passport.)
      Bank statement for the last 6 months (salary account) and also your personal account statement in a case where your salary is immediately transferred out after you receive it.
      Employment Offer Letter.
      A recent utility bill (Not later than the last 3 months)

      Once we receive your loan application, we go ahead to verify your physical locations (Home and Office) and this process takes 2 – 5 working days.

      After your verification, your documents will also be verified and once they all check out, your loan will be approved.

      Immediately your loan is approved, it’ll be made visible on our platform and lenders can then start funding your loan.

      Upon complete funding, you’ll get a notification to disburse your loan.

      Upon disbursement of your loan, you are to pay an 8% commission fee for the success of your loan application.

      If you meet the above criteria, please visit our website – http://www.fint.ng and get started.

      To learn more, please visit – https://fint.ng/learn/

      For further inquiries about services, Kindly message us on our Whatsapp channel by clicking here – https://wa.me/2349082925456

      Cheers.

    1. Hello Frank,

      Thank you for contacting FINT.

      To get started with your loan application, first of all, you have to be a salary earner that lives and work in Lagos state.

      Also, the below documents will be uploaded into your account after you pass a risk assessment test.

      This test is taken by every borrower that proceeds to apply for a loan on our platform.

      A borrower can apply for a minimum of N20,000 and a maximum of N1,000,000 and also, the repayment duration is either 3, 6 or 12 months.

      It is only after you pass the test that you can pay your verification fee of N3,000 and proceed to upload the below documents:

      A form of ID(National I.D Card, Voters Card (not Slip), Driver licence or International Passport.)
      Bank statement for the last 6 months (salary account) and also your personal account statement in a case where your salary is immediately transferred out after you receive it.
      Employment Offer Letter.
      A recent utility bill (Not later than the last 3 months)

      Once we receive your loan application, we go ahead to verify your physical locations (Home and Office) and this process takes 2 – 5 working days.

      After your verification, your documents will also be verified and once they all check out, your loan will be approved.

      Immediately your loan is approved, it’ll be made visible on our platform and lenders can then start funding your loan.

      Upon complete funding, you’ll get a notification to disburse your loan.

      Upon disbursement of your loan, you are to pay an 8% commission fee for the success of your loan application.

      If you meet the above criteria, please visit our website – http://www.fint.ng and get started.

      To learn more, please visit – https://fint.ng/learn/

      For further inquiries about services, Kindly message us on our Whatsapp channel (09082925456).

      Cheers.

  15. Ego
    Fint is doing a great job. So sad you’re not review the business class loan aspect.
    Hopefully fint will have a second thought in the near future
    Rebecca Phillips

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