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!

Frustrating right?


Trying to reach out to a brand and not getting a response for days has to count as one of the most frustrating moments!


It gets even worse when it involves an issue that requires urgent attention.


At SnapCash, we understand how frustrating and disappointing it could be especially when it involves money and that’s why we constantly find ways that allow you to communicate with us with ease via various mediums.


Everyone has a preferred contact method, and sometimes different problems have different ways they can be addressed. Here are 3 ways you can make inquiries/solve your problems with SnapCash:


## Contact us via email
At SnapCash, we make it our priority to be available to assist all of our users, including prospective clients. This is why you can always, and at any time, send an email to SnapCash if you have any inquiries or concerns that need to be addressed. In a matter of minutes or a few hours, you can get a reply to your inquiries and concerns.


## Chat with an SnapCash representative using our live chat feature
The world is miles ahead of Nigeria as regards technology. But SnapCash quickly adapts and that’s why the live chat feature has been made available for you. It connects you with one of our representatives right there on the website or even on the app. This way you don’t have to worry about your contact details being in the wrong hands.
With our live chat feature, a representative will be there to guide you through any issue you’re struggling with, by giving you suggestions and directions on what approach can quickly solve your specific issue. All on the website.


## Go through our frequently asked questions (FAQs)
There may be inquiries that you need to make that others have made before you. When situations like this happen, SnapCash takes a count of how many people have asked that particular question (phrased in different ways) and provides an answer for it which will then be made available on the website. These questions and answers are called FAQs — Frequently Asked Questions.


Most times, when you make inquiries through the live chat feature, you’ll be directed to the FAQs if it’s a question that has been answered. SnapCash has a wide selection of FAQs that you can go through to find an answer to your inquiries and a solution for any problem you may be stuck on. Here’s a look at SnapCash FAQs.


Reach out to us with your inquiries at hello@snapcash.ng and we’ll be sure to give you more tips.


3 ways you can make inquiries/solve your problems with SnapCash

Some months back, we broke down in bits all the nitty gritty details of the newly signed student loan act. We helped you fully understand just what the government had put into law and what it meant for Nigerian students. Today, we bring you an update as to when the official commencement of this act will take place.


## Here’s a brief recap on the student loan act
President Bola Ahmed Tinubu signed the Access to Higher Education Act 2023 into law on Monday, June 12, which was a significant decision. He fulfilled his promise by starting a test student loan program. The program aims to help more people access education, regardless of their background.


The “Student Loan Act” aims to provide Nigerian students in college with interest-free loans. Additionally, the Act establishes an Education Loan Fund, designed to assist Nigerians in funding their higher education interests.
On June 14, 2023, the government promised to prepare for the student loan program to start between September and October 2023. Since the announcement, there has been no updates or progress on the scheme.


Of course, we know the government has been working tirelessly to see this bill come into play. Good things take time after all.


Many people may have expected the delay in commencement, but the recent tuition hikes at many higher institutions were unexpected. Students and parents from the affected higher institutions have expressed worry and anxiety as the combination of increased tuition costs and the postponed introduction of the loan program has created financial instability amongst many. Coupled with the many other hikes in various spheres of the Nation.


## Here comes the good news
Many Nigerians are skeptical about the bill’s implementation, given the government’s history of poor follow-through. This skepticism is understandable. President Tinubu announced that the government will start giving student loans to Nigerians in January 2024.


At a summit in Abuja, the President announced plans to expand the student loan program to help Nigerians, easing their difficulties and reaffirming his commitment to this goal.


David Adejo, the Permanent Secretary of the Federal Ministry of Education, confirmed that the Nigerian government will begin offering student loans in the 2023/2024 school year. This announcement was made during a meeting with the House of Representatives Committee on Student Loans.


However, he dismissed rumors that federal universities have increased fees following the enactment of the Students Loan Act. We beg to differ.
As we await more action and less talking from the Government, we keep our fingers crossed and hope the implementation is more effective than we expect.


Now, fellow Nigerians, the ball is in your court. Share your thoughts on the latest update, we’d love to know what you think about the student loan act. Do we just stick to fast loan apps for educational loans or consider the Government’s new initiative. Send us a message now at hello@snapcash.ng!.


What’s next for the newly adopted student loan act?

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Featured Articles

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

3 ways you can make inquiries/solve your problems with SnapCash

What’s next for the newly adopted student loan act?