It’s very understandable that quite a number of people are very wary about giving out loans. There are so many uncertainties involved and when you think about all the times you loaned someone money and never got it back, being a creditor starts to look even more unappealing. Even more difficult is when you find yourself in a situation where you’re being asked to lend to friends, family or co-sign a loan. Those situations tend to get frustrating because you’re putting important personal relationships on the line.
Of course, it’s possible that you’ve never been burned, but there are plenty of people who have. For instance, a young man who took a loan from his mother to buy a car. Tola had been struggling financially for a while and decided to join a ride sharing service. Problem was, he needed a car that was up to specification and couldn’t afford one. His mother decided to push him a loan on the condition that he would pay back over a couple of months, and Tola agreed. Whether it was just wickedness, or familiarity, or thinking about all the times his mother never returned the money his uncles dashed him as a child, Tola only made the payments about four times and didn’t complete payment. Of course, she still brings it up every now and then, but there isn’t much else she can do. What if Tola’s mum could have avoided this entire situation with one simple service?
Today, it’s very possible for you to start loaning people money as the investment you often wish it is and this is made possible by FINT. All you have to do is register on the site and gain access to a marketplace of opportunities. Because all borrowers take a risk evaluation test before being listed on the site, you can rest with ease knowing measures are being taken to ensure you get not just your money back, but also the very attractive interest. If you’re still not sure about taking a lot of risk, you can choose to lend a portion of the money a borrower need. FINT also conducts physical verification of the home and office address of borrowers before making their loans available to lenders.
Some of the perks current investors enjoy are the automatic repayments, and the thoroughly digital operational system. There is absolutely no need to visit any offices to fill forms or the like as everything is taken care of online and you can manage your loan portfolio from anywhere. Also, loans are insured against loss of work, permanent disability or death. So even if a debtor dies you’re still covered.
The peer-to-peer lending model is gaining a lot of popularity, and now is the right time to take advantage of it. Taking history into account, the returns are good, up to 39% a year. As a Lender, you decide which loans you do or don’t want to fund, and your return results will differ based on which loans you choose to fund. It’s also a great way to dabble in investments as a beginner, seeing as you can start investing with a small amount of cash, as low as N20,000 and in many different loan opportunities.
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So, feel free to say goodbye to insecurities and dip your toes in the pool of financial adventure. Who knows, you might even be part of someone’s success story.