How small loans address financial emergencies in present-day Nigeria

Hey there Rockstar, how’s it been at your end? We understand that the price hike in virtually almost all goods and services has been a whirlwind. And as always, we’ll be offering some ways small loans can help you navigate this new terrain. Let’s take a look:

Small loans are a true godsend, there is so much that they can do for you, especially in the country’s current economic decline. Though they may seem insignificant, which we’re sure a lot of people think, they serve as a source of quick funds that offer immediate relief when individuals or even businesses are in financial need.

They’re not only readily available and accessible, but they also have the ability to reduce negative impacts that may be caused by delayed action. Let’s be honest, having immediate access to funds makes all the difference when one needs a quick financial fix.

In a country like Nigeria where we experience constant change and difficulties, small loans can be instrumental in covering unforeseen expenses. These expenses could include medical bills, home repairs, vehicle maintenance, coughs the recent alleged 40% increase in electricity tariff or other financial needs that require immediate attention.

As most financial emergencies do, they often come without warning, and one may not have enough savings or income to handle such expenses. This is where small loans come in, they provide a lifeline by offering the necessary funds to fix these unforeseen expenses ASAP. Best of all — They’re easy and quick to pay off!

Losing one’s job can have a terrible impact on their finances. At that point, everywhere you look seems to attract a repair or a fix or a replacement. There’s always something wrong that requires a financial solution. Whether it’s rent, electricity bill, groceries, transportation, they all seem to pop up just as you’re facing the strain of searching for a new job. Downsizing is a b*tch we totally agree!

Again, small loans to the rescue! With a small loan, one can keep themselves and their families afloat during the job loss period. Thereby reducing the impact it would have on their lives and creating a smoother transition to new employment.

During financial crises, some persons may be tempted to resort to high-interest loans, because they seem like a better option. After all you can never go wrong with more cash. Unfortunately, these lead to expensive debt traps and long-term financial struggles.

Small loans are a safer and more affordable option, and as a bonus, they don’t keep you in the debt cycle because while small loans have their interest rate, it is much more reasonable compared to other lending options available to individuals in urgent situations.

Small loans as we have consistently preached about are most often very flexible and accessible allowing borrowers to change the loan terms according to their specific needs and circumstances. This flexibility can help lift some of the financial stress associated with emergencies and make the repayment process more manageable.

With small loans, borrowers can choose the loan amount that fits their emergency, and then borrow only what they require. This prevents them from having the additional burden of excessive debt. It also reduces the likelihood of falling into a constant cycle of borrowing.

Send us a message at support@irorun.com and let’s help you fix that unexpected expense with your first small loan!