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Expert Interview

Solutions for Enhancing Financial Well-being of Nigerian Citizens

The current economic state of Nigeria raises lots of questions and debates throughout the world with one common topic: finding a solution for the tough financial conditions Nigerians have to face on a daily basis. Since financial well-being is a key factor in building a better future for the 200 million population of Nigeria, it is highly important to make space for more financial institutions which by offering support and educating the population could improve the overall financial literacy.

Among the numerous experts who shared their opinions in thor regard, the Union Bank managed to onboard for an interview 3 worldwide industry experts to share their opinions and solutions on the topic.



Latoria Williams, CEO of 1FirstCashAdvance - leading online lending service in the US. Latoria’s goal is to help Nigerians find more sources for financial education and offer them lending options at fair affordable costs.


- What are payday loans?

Payday loans are technically short-term loans meant for covering urgent financial needs.


- When should a borrower consider cash advances?

As practice proved to me, there are hundreds of reasons for considering lending services as solutions. The list may start from covering utility bills to home improvements and medical services.


- What are the features, advantages, and disadvantages of payday loans?

What makes these loans so special is their accessibility, the fast acceptance, the whole procedure’s privacy and the short repayment period. I must mention too the simplicity of debt repayment and the absence of credit check as eligibility criteria.

However, payday loans must be viewed as a one time solution. They may be addictive and hard to resist. Customers should be sensible and understand that a loan is not a way to cover other debts, or worse a monthly habit.


- Is there any eligibility criteria?

As a matter of fact, the great majority of customers are eligible. Currently, a candidate must be a US citizen, starting from the age of 18 years old, have a stable income and provide data such as email address, bank account details, phone number, SSN and ID.

Apart from that, I am working on expanding the borders of online cash advance options and launching these in Nigeria. I believe it to be a great match as 1FirstCashAdvance is a great finance themed education hub which I hope would be so valuable and helpful to Nigerians.


- What are the application and Repayment procedures?

Initially, the customer has to complete an application form and provide personal information. The request will be viewed by verified direct lenders and eventually accepted. At this point, the consumer is notified on his acceptance and loan agreement which should be thoroughly read and then signed. Within 1 business day the funds will be sent to the borrower.

Upon loan period expiration, the borrowed funds are withdrawn automatically from the consumer's bank account.



Derek Bennet - is a financial consultant at Ollends who strongly believes that personal loan is an universal solution for covering various costs and unaffordable necessities.


- What are personal loans?

A personal loan is a financial solution a client borrows from a financial institution being able to use it for any purpose.


- When should a borrower consider personal loans?

It is advised to consider a personal loan for covering expensive financial needs because of its lower interest rates.


- What are the features, advantages, and disadvantages of personal loans?

Personal loans can be secured and unsecured. The client chooses one depending on his credit score.

Personal loans are notorious for their lower interest rate, longer repayment period, and larger amount of borrowed funds allowed. Despite that, the repayment terms are much stricter and the consumer may be even sued if the loan is not covered at time. The conditions vary depending on locations and companies.


- Is there any eligibility criteria?

To consider a loan, the applicant must be at least 18 years old, have stable income, official employment, and provide contact and personal data.


- What are the application and Repayment procedures?

The client has to submit an application form providing the required information. After that, the request is processed and picked up by an interested licensed direct lender. Then the borrower is contacted and sent the final agreement. In case both parties agree, the contract is signed and the borrowed sum is sent in 24 hours.

The repayment procedure is done monthly in installments over the agreed loan term.



Brian Cassidy - is a representative of the leading P2P lending companies, Funding Circle. Brian stresses that peer-to-peer loans are a perfect tool for helping people manage their expenses reasonably and develop financial literacy.


- What is peer-to-peer lending for borrowers?

Shortly speaking, peer-to-peer is a basic personal or small business loan. In this scenario, the lending service acts as third party between the borrower and the lender.


- When should a borrower consider this type of lending?

A person can take into consideration this option for all kinds of financial necessities.


- What are the features, advantages, and disadvantages of peer-to-peer?

Peer-to-peer loans have low interest rate, are usually unsecured, fast and less strict than basic bank credits.

Nevertheless, fewer people qualify for these sort of loans, the borrowed funds range is limited, some platforms still offer high rates and and missed payments will affect the credit score a lot.


- Who can apply?

Officially employed borrowers with a credit score higher than 630 are have, and suitable debt-to-income ratio.


- What are the application and Repayment procedures?

There is an application form possible to submit online or physically, depending on the platform. Once placed, loan investors will pick it up and come up with loan offers. It is up to the customer to choose the most affordable loan and sign the agreement.

The loan payment will be withdrawn directly from the bank account once a month, according to the agreed terms.



Having access to both affordable financial services and field related essential information, Nigerians would be able to create healthier living conditions in their country and cultivate better financial habits. Europe and U.S. based financial organisations show huge interest in this direction and expand their qualification borders to make financial well-being accessible to everyone.

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