A loan is not free money. It's money you are committing your future income to repay.

Before clicking “Apply", check these things:

1️⃣ CHECK WHO THE LENDER IS

Don't download a random loan app because an advert promised “instant cash.” Check whether the lender appears on the FCCPC's current regulatory lists.

2️⃣ KNOW THE TOTAL REPAYMENT 💸

Don't look only at the amount you're receiving. Find out exactly how much you'll have to repay.

3️⃣ CHECK THE REPAYMENT DATE 📅

A short repayment period can make an affordable-looking loan difficult to manage.

4️⃣ READ THE FEES & CONDITIONS

Check interest, processing fees, penalties and any other charges before accepting.

5️⃣ DON'T BORROW MORE THAN YOU CAN REPAY

Ask yourself:

“Where exactly will the repayment money come from?”

6️⃣ BE CAREFUL WITH YOUR PERSONAL INFORMATION 🔐

Understand what information the app requests and how it will be used.

7️⃣ DON'T BORROW TO PAY ANOTHER LOAN

Repeatedly taking new loans to settle old ones can quickly become a debt cycle.

🚨BIG RED FLAG:

If you're being pressured to accept immediately without clearly understanding the repayment terms, "stop and investigate first."

The CBN's consumer-protection framework says consumers should receive detailed credit terms, including pricing, repayment schedule, repayment amount and tenure, before executing a loan agreement.

👇Have you ever taken an online loan? What is ONE thing you wish you knew beforehand?