Quite honestly, everyone wants their loan approved but not everyone gets their loan approved. But that doesn’t have to be you, with these 5 hacks you’ll have your loan secured with ease.
Let’s get started!


## Check your credit score
Are there really any loan problems you may have that don’t involve your credit score? The answer is yes but in regards to ‘getting’ a loan, your credit score may be the biggest contributing factor to why you were declined.
So before you get subjected to rejection from your lender, check out what your credit score might state before going ahead to apply for that loan. When you do this you can easily identify any issue or error that may cause your loan application to get rejected and take steps to correct them.


## Provide accurate information
It may seem too tempting to provide false information when asked, to make yourself seem more eligible for a loan but all that does is make you get rejected a lot faster.
Digital lenders use automated algorithms to process loan applications which rely on accurate data that is also consistent. Providing false or ‘slightly altered’ data can result in your loan application being rejected or delayed. Lies and technology are a bad mix.


So your best bet is to provide information that is accurate and consistent so your loans can be processed and approved faster.


## Reduce your debt-to-income ratio
A high debt-to-income ratio may indicate that you have too much debt in contrast to your income, which can lower your chances of getting approved for a loan.
Lenders also use your debt-to-income to determine the loan amount you would be eligible to receive. You stand the risk of only being approved for a smaller loan regardless of what you want if your debt-to-income ratio is too high.
Reducing your debt-to-income ratio by paying off all existing debts before applying for a new loan can greatly improve your chances of being approved for a loan by a digital lender. Read more about your debt-to-income ratio and its impact on your loan application process.


## Build your credit history
If you don’t have much of a credit history, now is the time to fix that. Consider taking out a small loan and making regular on-time payments to build up your credit history.
People who have no credit history, have no credit record and as such, have no credit score and lenders consider a lack of a credit history a big risk, as they have no way of knowing if the individual asking for a loan is creditworthy.
A good credit history is a sign of creditworthiness, so take out some time to build one and your loan approval chances will be improved. You’re welcome!


## Research loan options
Another hack that would increase your loan approval chances is dependent on you. We’ll tell you how…
In order to get a better idea of the loan product fit for you, you ought to do proper research on the loan options made available by your prospective lender. This helps you pick a loan option that is already tailored to your specific needs and qualification, making your loan approval all that much faster.
Remember, proper research of your prospective lender will save you from so many troubles!


If these hacks have been helpful to you — please share with your family, friends and even foes. Don’t forget to send us a message at hello@snapcash.ng and let’s get you started on your loan application process!


Do you want your loan approved? Try these 5 hacks!

Small loans are a financial tool for many Nigerians, providing quick access to funds when emergencies arise. However, misconceptions about small loans prevent some people from taking advantage of them. 

In this article, we’ll debunk some of the most common myths surrounding small loans in Nigeria and shed light on their true benefits. If you’ve been hesitant to take out a loan from a quick loan app in Nigeria, read on to separate fact from fiction.

## Myth 1: Small Loans Are Only for People in Financial Trouble
One of the most widespread misconceptions about small loans is that they are only for individuals who are struggling financially. While it is true that people in urgent need often rely on emergency loans in Nigeria, [small loans](https://snapcash.ng/blog/why-small-loans-are-better-than-payday-loans-for-short-term-financial-needs) are also used by financially stable individuals who need quick cash for various reasons.

For example, many entrepreneurs use small loans to fund short-term business needs, cover operational expenses, or seize business opportunities. Likewise, salaried individuals may use small loans to bridge the gap between paydays or finance important but unexpected costs. In reality, small loans provide financial flexibility and convenience, making them useful for anyone, not just those facing financial difficulties.

## Myth 2: Small Loans Come with Extremely High-Interest Rates
Another common myth is that small loans come with unreasonably high-interest rates. In some cases, this is not entirely true, some lenders charge high interest due to the short-term nature of these loans and the convenience they offer.

However, reputable quick loan apps in Nigeria like [SnapCash](https://snapcash.ng/) provide competitive and transparent interest rates with no hidden charges. Borrowers who repay their loans on time may even qualify for lower rates in subsequent loan applications.

To avoid high-interest loans, borrowers should always compare different lenders and read the terms and conditions before accepting a loan. Choosing a reliable lender ensures that you get fair rates and manageable repayment terms.

## Myth 3: It’s Difficult to Qualify for a Small Loan
Many people assume that getting approved for a small loan requires a complicated application process with numerous paperwork requirements. This may have been true in the past, but digital lending platforms have revolutionized the industry.

Today, applying for a loan through a quick loan app in Nigeria is fast and straightforward. Most digital lenders require only basic information such as your BVN (Bank Verification Number), a valid ID, and proof of income. The approval process is automated, and funds can be disbursed within minutes once approved.

Even if you don’t have a perfect credit score, you can still qualify for a loan. Lenders assess factors such as repayment history and income stability rather than just credit scores alone.

## Myth 4: Small Loans Negatively Impact Your Credit Score
Some people believe that taking a small loan will harm their credit score. This is only true if you fail to repay your loan on time. In fact, responsible borrowing and timely repayments can actually improve your credit score over time.

Many lenders report repayment behavior to credit bureaus, meaning that consistently repaying loans on time can help build a positive credit history. This, in turn, makes it easier for you to qualify for larger financial opportunities in the future, such as car loans or mortgages.

On the other hand, defaulting on a loan or making late payments can hurt your credit score and reduce your chances of qualifying for future loans. If you use emergency loans in Nigeria wisely and repay them on schedule, they can be a great tool for financial growth.

## Myth 5: Loan Apps Are Not Secure
With the rise of digital lending, there have been concerns about the security and reliability of loan apps. While it is true that some fraudulent loan apps exist, many reputable loan providers follow strict security protocols to protect their users’ data.

Before applying for a loan, always ensure that the lender is licensed and registered with relevant financial authorities. Reputable platforms use encrypted technology to secure customer information and provide a safe borrowing experience. Reading reviews and checking for proper certifications can help you choose a trustworthy lender.

## Myth 6: Once You Take a Loan, You Get Stuck in a Debt Cycle
Another common misconception is that taking a small loan will trap borrowers in an endless cycle of debt. This only happens when loans are mismanaged.

A well-planned loan can actually help you manage your finances more efficiently. For instance, a well-timed loan can prevent you from missing out on a profitable business opportunity or help you cover urgent expenses without dipping into your savings.

The key to avoiding debt problems is responsible borrowing. Only take loans, when necessary, ensure you understand the repayment terms, and always repay on time to avoid accumulating extra charges.

## Myth 7: You Can’t Borrow Money Immediately
Some people believe that getting a loan is a long, drawn-out process that takes days or even weeks. While this might have been the case in the past, digital lending has changed everything.

With modern quick loan apps in Nigeria, you can borrow money immediately, often in just a few minutes. Once your application is approved, the funds are sent directly to your bank account, allowing you to address urgent financial needs without delay. This convenience makes small loans a reliable solution for time-sensitive expenses.

## Final Thoughts
Understanding the truth behind these myths can help you make informed financial decisions and use loans responsibly. If you need fast financial support, choosing a reliable and transparent lender can make all the difference. Don’t let myths hold you back if you need a quick financial boost, borrow money immediately with confidence! For further questions and assistance send us a message at hello@snapcash.ng.


Top Myths About Small Loans in Nigeria Debunked

Hello Rockstar!!


How’s the economy at your end? We understand these days might be tougher than others and we thought to bring some light to the beginning of the tunnel.
If you ever get stuck in a situation where you need that extra help to fulfill your loan obligation, you can always turn to family and friends to help (well, those that have money to spare) and as such we give you 3 ways your friends and family members can help you pay back your loan with SnapCash.


## Direct transfer
When you are in need of money to pay back your loan and have had a nice long discussion with that Uncle (or friend) that wants to help, you can send them your bank account details so that they can directly send you the money.
From there you can now wire the pending loan amount to your SnapCash virtual account. This is everyone’s choicest method, the individual gets in touch with a friend or family member who’s kind enough to offer help, and they send the money to them so that the individual can make the payments themself.


## Share your SnapCash virtual wallet
This method can work well alongside direct transfer. Instead of asking a friend or family to send the money to your bank account, you can simply provide them with your SnapCash-issued virtual account number. They can directly send the money to your virtual account and then you can pay it back with ease. This method is especially helpful as a means to avoid any extra transfer charges your bank might slap you with.


## Share your payment link
Another method others can use in helping you pay back your loan is the payment link method. This link takes the friend or family to a webpage created for the specific purpose of paying money into your SnapCash virtual account. A payment link is usually single-use, so it can’t be used more than once.


## Payment links tend to have many purposes but in this sense, they offer an individual a way to clear up a loan debt. Remember, if you ever get stranded in paying back a loan at SnapCash, you have the option to share the payment link with a friend or family member willing to help you out.
…
At SnapCash, we understand that some days are tougher than others and you can have great intentions to pay back your loan, but life just happens.
We urge that you don’t keep us in the dark or be unruly to us, send us a message at hello@snapcash.ng and find out the options available to you.


Best of luck rockstar!


3 ways others can help you to pay back your loan

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Featured Articles

Do you want your loan approved? Try these 5 hacks!

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3 ways others can help you to pay back your loan