OTHER PEOPLE’S MONEY

Finding money to start a business or for the growth of an existing business is a very big challenge. Most proprietors use their own savings to fund their businesses, that is, they sell a piece of property, borrow from themselves, or reinvest earnings. But if the market opportunity is big, or you want to accelerate growth, more money may be needed than you yourself can provide. The other option is to use “other people’s money”.

In finance, other people’s money or OPM is a slang term that refers to financial leverage. It refers to borrowed capital that is used to increase the potential returns as well as the risks of an investment.

OPM can be used by individuals or by corporations and it may be as simple as going to individuals (friends or family), accessing government grants, and equity funding from investors, or going to a bank. Most of these options require you to provide a business plan; identifying how much money you need, negotiating the interest rate, and discussing a repayment schedule.

Depending on your credit history, the size of the loan, and how well the individual or bank knows you, you may have to provide collateral, i.e. security for your loans such as your home, property, or a certificate of deposit, and agree to regular reports detailing your progress and use of funds. If you have good character, collateral, a sound business plan, and look like you will be able to pay back the interest and loan, you stand a good chance of getting the money you need.

Because of these processes a lot of people shy away, but thanks to the increasing number of technology-driven financial platforms, getting quick and instant online loans without collateral is now feasible. What’s more interesting is that these loans are low-interest, collateral-free, and can be gotten within 24hrs or just a few minutes.

With technology, former financial service institutions are now experiencing disruption with innovative digital services that are making the process of getting loans in Nigeria more simple and convenient.

One of such platforms is Easyloan. Easyloan is an online personal lending platform that provides retail consumers access to cash of up to 300–400% of monthly salary, collateral-free, and at a very competitive rate; with flexible repayment options to choose from that makes payback easy. Guess what! No paperwork needed.

With Easyloan, you have less to worry about while it leverages on technology to give people a chance to connect with their dreams by providing financial resources that are easily accessible, affordable, and convenient to pay over a particular period of time. The ease and advantages of having access to a fast loan in Nigeria cannot be overestimated.

To get started on getting an easy loan for yourself or business, visit our website: www.easyloan.ng or contact us on +2348096665661 or email us info@easyloan.ng