Saturday, 15 August 2020





Financial security is the peace of mind you feel knowing you don’t have to worry about basic needs of life. It’s having the capacity to be in good and secured stead to comfortably say you can withstand any emergency life throws your way. 

Every human will thrive knowing that challenges can be surmounted with ease but as recent as the existing year, if there’s anything of value to learn, life is unpredictable and good can go bad in a second.


 Covid19 was never an expected outbreak but the virus has held the whole human race captive with its pandemic nature and aside the health implication with thousands of deaths the world over, financial institutions and capacity has been badly hit.


Job loss, business closure, and reduced working capacity has led to reduction in output and also gains. Sufficiency is no longer reliable as sources of income that was stable is no longer guaranteed. With all these factors, financial state and capabilities have suffered majorly with a lot of people having to cut down on means and expenses and in some cases the need to seek loans to enable sustainability or survival now a new reality as presented by current clime. 


With the new financial reality in mind, here are tips on what to consider before securing a loan.


Five things to consider before securing a loan


1) Right lender


With different financial loan institutions or outlets out there willing to offer loans, it’s important to find the right lender. At a critical time such as this, securing a loan can come at a big risk and cost. it’s therefore important to get it from a source that will provide ease and acceptable terms. It could be from a friend, family, community fund, micro finance bank, etc Ensure you secure the loan from a lender willing to give you the best possible conditions and a well laid out repayment plan. 



2) Do your homework 


Research is key. Do your homework and be well informed. Ensure whatever you’re using the money borrowed for has a realist means of repayment. Look at the viability, the prospects and guarantees that after lending, you stand a realistic chance of paying back as at when due. 



3) work out what’s realistic 


It’s advisable to detach emotions from lending. Be truthful to yourself and draw out a realistic plan that will ensure the loan gotten can be paid back. Assumptions and presumptions are usually not the way to go. Do not make false forecast and insinuations. Ensure whatever idea or plan is based on facts and figures. 



4) Credit history 

Having a good sense of your credit history is also very important. Know your cash flow. Be certain of what is coming in and going out. Have the knowledge of precision in terms of what you’re able to get and as at when to ensure you’re properly guided in drawing out a good financial strategy.



5) Exit strategy 


Having an exit strategy is essential. So before you lend that money, be sure you have a means in place as a backup plan for repayment. Calculations and permutations may go wrong due to unforeseen circumstances and ever changing dynamics of global financial state. To avoid reposition or other means of financial entanglement, it’s advisable to have an exit strategy in case of a lock jam. This way you can be sure you have a well laid out method of payment. It could be asset, bonds or an investment. It’s paramount to have an exit strategy. 



Financial strain may not be the sole purpose for lending but whatever is the reason, it’s important to consider these five tips when considering securing a loan.

Kofoworola Kayode Johnson

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