Let us first start by defining what a personal loan is and then we can properly delve into the loan expectations vs reality. Personal loans are loans you take if you need extra cash to consolidate debt or cover unexpected expenses. They can be a good option for when you need cash specifically for things like health, car repair, small scale business, cash advance before your payday and any other little emergency that may pop up.
I cannot get a personal loan because I do not have a guarantor or collateral.
The beauty of QuickCheck is that we provide collateral-free free loans! All you need to do to get a loan is to download our app, fill in your profile, make a request and boom – you get credited in minutes! You are not required to provide any form of collateral or bring forth a guarantor.
It takes a long time for my loan to get approved.
The QuickCheck app was specifically designed to solve the difficulties Nigerians face in seeking access to credit – one of which is time constraint. We understand that you need money and you need it right now and as such, our loan approval and disbursement take place in literal minutes. We are driven by the relentless pace of innovation – we see challenges every day and we want to solve them and improve people’s lives.
My credit score is not determined by my repayment.
The truth is that your repayment time is just one of the many factors that determine your credit score and your ability to get a loan. Bad scores can make you miss out entirely on getting a loan or limit you from accessing higher loan amounts. At the end, it all boils down to good financial habits.
Loans will be approved if all details are filled correctly.
While this does affect the approval of your loan, it does not guarantee that your loan will be approved. As mentioned earlier, our credit scoring models factor in a number of criteria that determines your eligibility to receive a loan.
After the first instalment payment for an overdue loan, interest should stop running. Preliminary notices are sent mentioning the amount overdue with the interest accrued.
The reality is that until your loan is fully repaid, interest will continue to run.
Never taken a loan from us? Why not get started here and we can guarantee you an easy, breezy process that’ll get you the cash you need in just minutes!
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