Money Moves

3 common misconceptions about loans


Everybody has taken a loan at some point in their lives. The ‘’weekend cash’’ you borrowed from a friend, asking mom for ‘help’, the colleague you asked to quickly “spot” you, those are all loans. Situations that require you to take a quick loan are bound to happen and that’s why it is important to dispel the common misconceptions around taking loans.  

Myth #1: All loan services are the same.

Definitely not true as loaners operate differently depending on what their business objective is. Some offer a wider range than others; interest rates differ and conditions required to qualify vary. Some loan companies require collateral while others take time processing your application prior to your getting the money.

At kwikmoney, our objective is to give Nigerians access to quick loans without collateral or guarantor, at a competitive interest rate and no hidden charges.

Myth #2: You have to be employed to get a loan

Having a steady stream of income is definitely an advantage but it not having one doesn’t disqualify you from getting a loan. Emergencies happen to everyone, so why should taking a loan be open to only the formally employed? Loaning and paying back builds up your credit score and increases lenders’ trust in you – so you can request bigger loans. 

In order to qualify for a kwikmoney loan, you must be at least 18 years of age and must have actively been using your phone or your bank account for the last 90 days.

Myth #3: Applying for a loan is a lot of work and confusing

It is understandable why people have this notion. If you’ve ever taken a loan from the bank, the process can be so convoluted and there is a lot of paperwork involved. This often discourages people from taking further loans. However, kwikmoney operates differently. They distill the process making it very easy for anyone to access a loan. 

It is important for us that people quickly get access to money they request. Applying for a loan with kwikmoney is so simple, all you have to do is visit or dial *561#. You don’t have to speak to customer service, no guarantor needed, no paperwork, all you need is your bank account and BVN. Leave a comment with something about loans you thought to be true.