XcrossCash Loan Blog

A lot of people take loans without carrying out background checks for the companies they wish to borrow from this has led to lots of sad stories such as unapproved debits and other financially fraudulent acts.

This is why it is important to avoid making these 3 deadly mistakes when you want to take a loan.

1. Borrowing from an unlicensed company

Today there are over 300 unregistered and unlicensed loan companies in Nigeria.

Borrowing from any of these could be dangerous as they have access to your information and can do it it as they please without any regulation.

If you must take a loan it is advisable to borrow from companies that have been in the business since, are fully registered and licensed by the FEC and have your best interest at heart.

Because they are licensed by the cbn and other financial institutions they are not going to misuse your information or sell your information to third party companies.


2. Borrowing more than you can comfortably repay

Another deadly mistake most loners take is boring more than you can comfortably pay over a certain period of time.

Since a loan is a contract that must be repaid, learning to take what you can comfortably repay over a certain period of time is a sign of financial intelligence and in today’s world learning to be financially smart is a must-have for everyone.

It is also wise not to take a loan when you have no pressing need because taking a loan when the Need Is Not pressing will simply put you in huge amount of deaths since you still need to sort out pressing matters first.

3. Borrowing from a company with fraudulent agents

Since a huge chunk of loan companies today are unlicensed unregistered and unregulated, they have a good number of fraudulent agents who deduct money from your account without your approval.

When choosing a company to loan from you should be wary of companies that do not training their staff to be professional nor oversee the activities of such stuff.

This is why we recommend XcrossCash as the number one loan app in Nigeria, since it has been around since 2019 and is licensed by all financial regulatory bodies in the federal Republic of Nigeria.

With XcrossCash you can get a loan of up to 100,000 Naira in less than five minutes in three simple steps;

1. Visit google Playstore and download the XcrossCash app here –
2. Register an account
3. Choose the loan amount you want,

And voila, your loan is approved.

Keep your data safe, avoid fraudulent loan apps.