#creditcardsinnigeria Archives - CredPal

9 Tips to meet your financial goals in 2022

CredPal — Thu, 06 Jan 2022 16:35:11 +0000

Setting goals at the start of the year is always a “beginning of the year syndrome” that affects almost everyone, especially financial goals. It’s more like a new year, a new beginning, and another opportunity to review the past year and set the ball rolling again. Financial goals seem to be the height for some of us as that is the time where we sum up all the things we want to achieve into a monetary figure that it will produce at the end of the year.

Hence, we will be discussing how to meet your financial goals and stay out of debt this year. Financial goals can be scary sometimes because you write the figure and you ask yourself, can I really meet up with this? The answer is you can if you plan and follow the tips we are going to share in this article.

1. Create a budget and stick to it.

A financial budget is necessary for every financial goal. It helps you to plan how much you will be spending on certain things every month. You can do this by creating a list of what you spend every month. Examples of these expenses are groceries, subscriptions, transportation costs, provisions for the house, savings, amongst others. It is important to create a budget for all these to know when you are spending more than you earn and when to control it.

This article by The balance will help you learn a step-by-step guide to creating a personal budget.

2. Stop impulse buying

Sticking to a financial budget takes discipline which shows if you know how to say no to impulse buying or not. There are times where they are just too beautiful to ignore or you need them to satisfy your cravings at the moment but you need to know how to stay disciplined so that you can meet your financial goals. This year, ensure that you buy with your head, not your emotions.

3. Pay off credit card debt

Here at CredPal, we encourage an early repayment lifestyle. Our credit card services are flexible and give you a grace period of 3 days when you miss your repayment before incurring late fees. Late repayment habits attract more than you are expected to pay back which is unhealthy for your financial goals.

Here is an article that speaks to why it is important to make early credit card repayment.

4. Invest

Another way to get your money to work for you is by investing. Ensure that you invest in what you trust alone. There are so many fraudulent investment plans out there, do not fall for them. Do your research and invest wisely.

5. Get paid what you’re worth

We live in a country where the thirst for getting employed allows many to accept any pay. This narrative should change this year. You can have conversations with friends who are already in the industry and be informed about the salary range so that you can negotiate well and ask for an increase at the appropriate time. It’s 2022, you should get paid what you’re worth.

6. Cut down on monthly subscriptions

We are in a technology age where we have to subscribe to many channels in order to enjoy their services. Services like magazine or newspaper subscriptions, gym membership fees, and other streaming services. There are some of these services that you might not be using frequently or some that you do not use at all in a month, you should cut down on them. You can also find other alternatives that would not require you to pay monthly fees at all.

7. Build emergency savings plan

This is what we call, saving for the rainy days. The last 2 years have taught us that rainy days can come at any time. Who would have thought that there would have been a pandemic that would render some jobless and many half-paid. An emergency fund is money set aside in times of financial distress. Don’t be caught unaware. This is different from your monthly savings, it is just another savings wallet. Financial institutions like PiggyVest and Cowrywise are very good apps that can help you save for different goals.

8. Prepare for a major purchase

Most of us start the year with plans to either get a new phone, buy a car, build a house, start a major course amongst others. Some people make the mistake of getting these items in the course of the year and end up being broke because they had to put a huge sum of their savings into getting them.

Do not make this mistake in 2022, prepare for that major purchase.

One way to hack this is to get the items and spread the payment over a period of time. This way, the pressure of paying at once is lifted off your shoulders. Here at CredPal, we allow you to spread your payments within 6 months. And to crown it all, we have partnered with merchants within different industries like gadgets and electronics, flight & travel, groceries, fashion, amongst others. This also saves you the stress of having to shop from merchants who are not reliable.

You can read more about our buy now, pay later services here.

9. Have an additional source of income

You do not have to start big, it could be a small business where you serve as a retailer and resell to end-users, you can learn how to bake from YouTube and start selling pastries, become a makeup artist, a fashion designer, or manage a social media account for brands. This doesn’t stop you from focusing on your 9-5 as you must also learn to strike a balance between your major source of income and other income channels.

Be intentional about hitting your financial goals this year and you will be glad that you did.

Source

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Why Is It Important To Make Timely Repayment?

CredPal — Mon, 13 Sep 2021 18:48:30 +0000

Making your credit card repayment goes beyond fulfilling your credit card requirement. It is a process that determines whether or not you will be permitted to perform further transactions on your credit card. For those who might be coming across the word repayment for the first time, credit card repayment is what you are required to pay back all you have spent on your credit card with the accrued interest.

Credit cards are great assets that help your financial stability when they are properly handled. However, if not properly used, it could lead to debt. This happens when repayment is delayed and it keeps accumulating with extra charges till you cannot afford to pay it all. Delayed repayment could happen to anyone but it can also be avoided. Here are some cases that often leads to delayed repayment:

Overspending and inability to make a timely payment due to insufficient funds.
Waiting until after the grace period before making repayment thereby resulting in extra charges.

Missing your repayment can be a very big deal. Your credit card company might not show up in your office or at your doorstep but the actions they take behind the scenes can affect your finances for months or even years.

Here are the consequences that come with late repayment.

1. Extra Charges

Making late repayment attracts extra charges. CredPal charges a 0.5% Penalty charge for each day you fail to make your repayment. You wouldn’t know how huge that is going to turn out to be till you calculate it for months or days. It is better to make early repayment than to deal with extra charges that might be inconvenient to pay off.

2. Withdrawal of Rewards

Credit card companies give out rewards such as cashback and discounts to customers who make use of their credit cards. For CredPal, you get cashback and discounts when you patronize CredPal merchants. This feature will be withdrawn from you if you default on your repayment because CredPal sees you as a big risk and should not be liable to any reward or benefit that other credit card users should enjoy.

3. Damages Your Credit Score

Constant default in your credit card repayment can result in a bad credit score which can restrict your spending and loan capacity in the future. A bad credit score means that you will not have a better chance to get a credit card or loan approval, you pay more than you are expected to pay for your credit card repayment, and many more.

4. Decrease In Credit Limit

Frequent defaults in your credit card repayment will lead to a lower credit limit which will limit your spending capacity. This makes your financial organization conclude that you are unable to pay back or make timely repayment because you cannot afford to pay back what you have spent at the end of the month. Hence, you may be given a lower credit limit which will restrict your spending ability.

5. Paying just the minimum amount due

Some customers act wise by just paying the amount spend on their card without the accrued interest. This does not pass as the full repayment. And your interest begins to accumulate and can lead to debt that can take forever to pay back. It also allows your financial organization to conclude that you are not a reliable and trusted customer and can lead to your card blockage. It is therefore advisable to pay all you have spent with the accrued interest, full repayment, and not half.

It is always better to be safe than face the consequences of defaulting on your credit card payment. None of the consequences stated above is pleasant and should therefore keep you on your toes to always make timely repayment.

How To Keep to Timely Repayment?

Stick to the due date. You can select an auto-pay option that allows your financial organization to automatically remove your outstanding bill from your bank on your due date. That way, you do not have to bother about carrying over your repayment. CredPal particularly sets your repayment date around the day you receive your salary so that you can repay before other needs arise.
Set a reminder or an alarm to get a notification before your due date and on your due date so that you do not miss out on your repayment.

Credit cards have loads of benefits such as security, convenience, easy and fast purchasing power, and many more. However, they can cause logs of debt when they are not properly handled or used. No one likes debt or likes to pay for what they did not use. Paying for late fees are extra charges that you should not pay in the first place. To avoid all these, the perfect solution is to make timely payments.

We have made your CredPal credit card repayment very easy for you.

You can use the auto-pay option where your outstanding balance is automatically debited from your account.
Login to your dashboard, click on repayment, and ‘clear balance’.
Bank transfer to CredPal’s bank account.

Use your CredPal credit card wisely, make timely repayments!

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Credit Cards VS Debit Cards: The Differences

CredPal — Mon, 13 Sep 2021 18:28:37 +0000

Credit cards and debit cards can be mistaken to be the same just at a glance. They can be likened to identical twins though born from the same mother, they exhibit different characters. You would hardly notice any difference between both cards in their appearance. They are both plastic cards, both have 16 digits card numbers, EMV chips, expiration dates, and personal identification number (PIN) codes. Despite these similarities, they are not the same.

What is a credit card?

A credit card is a small plastic card issued by financial institutions or lending organizations like CredPal. CredPal funds the card with money that you can use for small-ticket purchases and everyday needs. Then on your repayment date, you pay back what you have spent on your credit card with a small interest according to the subscription plan you paid for.

Facts About CredPal Credit Card.

The financial organization decides your credit limit based on your income, credit history, and other factors.
You pay back with an interest.
Your repayment date is set around the day you receive your salary.
You cannot spread repayment, you pay back all you have spent at once on your repayment date.
Your credit history is affected when you do not make timely repayment.

What is a debit card?

A debit card is a payment card that allows you to make payments directly from your bank account. The account is not funded by any financial organization, the account is funded by you. This is the direct opposite of what a credit card is and the only similarity is that a debit card is also issued by a financial organization.

Facts about debit cards

You won’t pay interest on your purchases.
You can’t make any purchase if there is no money in your bank account.
Your credit history will not be affected by debit card spending.

Key Differences Between Credit Cards and Debit Cards

1. Spending

Credit cards: You can make a purchase even when you do not have enough funds in your checking account

Debit cards: Spending limits depend on what is in your checking account. You cannot make any purchase if you do not have any money in your account.

2. Rewards

Credit cards: Credit cards offer cashback and discounts when you use them to make purchases.

Debit cards: Debit cards don’t offer rewards in any form except when the merchant is running sales.

3. Access to Funds

Credit cards: You only have access to the funds in your credit limit. You cannot spend beyond your credit limit.

Debit cards: You have access to only the money in your checking account.

4. Credit Score

Credit cards: One-time full repayment can increase your credit score.

Debit cards: Your purchases don’t affect your credit score.

These cards have their values and one is not inferior to the other. It is advisable to have both and also profitable to use your debit card as your credit card and credit card like your debit card. What this means is that you use your credit card to make all purchases and use it to meet your needs then use your debit card to make repayment at the end of your billing cycle.

This helps to build your credit history and opens you to rewards such as cashback and discounts.

Advantages of Building a Credit History

Better chance for credit cards and loans approval
You are opened to rewards such as cashback and discounts
Helps increase your credit limit.

Get your credit card today with CredPal, register on www.credpal.com, and start enjoying the benefits that come with it.

Source

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How and When to take a Credit or Loan

CredPal — Mon, 13 Sep 2021 12:54:39 +0000

Let us tell you a story about how you can get credit or a loan without being denied. Fasten your seat belt and get your popcorn!

Meet John, a sound engineer who wanted to get credit or loan but did not know how to make it happen. John got a big deal with a company that needs sound equipment for an event. The company is willing to pay 25% of his fee and balance him 75% when he begins to set up for the event. John is happy that he got such a deal but unhappy because the 25% that was received cannot cover the total expenses to rent the equipment needed for the event.

Studio equipments are very expensive and John needs 500k to rent them. He tried to reach out to his friends but none could help. He thought to take a loan with the assurance that the company is going to pay him his balance on the day of the event. John has one week to the event and he has never taken a loan or a credit before and now he is filled with HOW he can get the loan.

Now, let’s talk about How and When because there might be a John out there who needs this information.

Credit cards and loans are lifesavers when situations call for them as portrayed in the case of John. A lot of people know the concept of credit or loans but they do not know how to go about getting one.

Here are 5 questions you should ask yourself before getting a loan or credit

1. How much do I need?

The first question you need to ask yourself is how much you need. You must have done the necessary calculations so that you do not later regret that the loan you requested was not enough. At CredPal we give out loans from 50,000 Naira up to 5 Million Naira.

2. How long do I have to pay it back?

You have to know how long it is going to take to pay back the loan. For some financial institutions, it takes 1–12 months to spread repayment but for CredPal, you are required to spread repayment within 1 to 12 months for loans, and for credit cards, you pay back all you have spent on your salary date. You cannot spread the repayment.

3. How much will I pay in interest?

You also have to find out about the interest rate of the financial organization you are about to commit to. Interest rates vary for different financial institutions and for CredPal, our loan interest rate is 3.95% to 7% monthly. For example, if John decides to take a loan of the 500 thousand Naira needed from CredPal, he will be paying a 3.95% interest rate on his monthly payment for the period of 9 months.

4. Do I have a good credit score?

This is a factor that determines if your loan will be guaranteed or not. A credit score is a number that depicts a customer’s creditworthiness. You do not have to wait to meet your financial organization before you check your credit score.

5. How soon do I need the funds?

Answering this question will help you find out the urgency of the loan and the financial organization to get it from. If John takes a loan with CredPal. He would be able to get the equipment he needs before the day of the event.

Just like John, taking loans or credit comes when there is an urgent need to meet, and the need cannot be met if you have to save for it. John would probably have to wait for months if he has to save to get the equipment he needs and that could lead to forfeiting the job.

Here are some cases that would require you to get a loan.

1. You do not qualify for a credit card

Some organizations like CredPal only give out credit cards to salary earners so if you are self-employed and you do not qualify for a credit card, you can get a loan.

2. Your credit limit cannot fix your need

CredPal gives you Credit limits that suit your earning capacity. This means that you are given a credit limit that will not stress you to pay back when your salary comes. A loan is advised if you need to make a purchase that exceeds your credit limit.

3. A loan is your least expensive borrowing option

You should get a loan after you have weighed all your options and getting a loan is the least expensive option on your list.

Loans are forms of installment credit. If you are a John and you need a loan for whatever reason, CredPal is here to help you get both your loan and credit card.

Source

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CredPal And How They Build the American Express of Africa; SkillFront

CredPal — Fri, 10 Sep 2021 19:24:50 +0000

Our aim to become the American express of Africa is a mission tailored towards improving the quality of life by providing easy access to consumer credit across all payment channels.

Over the past 3 years, CredPal has been able to fill this gap by acquiring thousands of credit card users in Nigeria. We recently got featured on SkillFront, a public-benefit certification body that provides education and certification services.

SkillFront’s Interview with CredPal

SkillFront is a company that helps professionals learn skills that inspire them to find and execute profitable business ideas, grow companies, and become the category king of their markets. They provide objective evidence that a person or an organization needs to operate at the highest level of ethical, professional, and technical standards.

SkillFront recently made a publication about how we are building the American express of Africa which has been our goal since its inception.

Words from our co-founder

In the interview, our co-founder, Fehintolu Olaogun was asked how we innovate and these were his words;

“One thing that is constant in the FinTech space is innovation. There is always one thing to change or improve on. It could be a better way to serve customers, a new product to fill a market gap, you know, there’s just always something. All these are different forms of innovation and we are not left out in this game.

“When it comes to innovation, what we do is listen to the market and customer demands. Our customers send requests for features they’ll love to see. We take that feedback and let it guide what we want to build next. Growth is important to us and there’s no way to achieve that if we do not focus on differentiating ourselves from competitors and keeping our customers happy.”

“When CredPal started, we were offering credit to Nigerians through POS financing but we knew there was more to be done. So, we launched the CredPal credit card in Q4 of 2020, which is a full-fledged card management system. This allows individuals and businesses to get credit cards to pay for emergency bills and make urgent purchases.

“The system gives full autonomy on creating policies on card usage, offering limits based on earning power, and placing restrictions on cards when necessary.”

“And this year, we’re looking to optimize our app through what we call CredPal Pay which we’ll be launching very soon. What I’ll just say about this new feature is that customers have access to funds and also get to shop for anything they want from our merchants and pay for it on their repayment date, all within the CredPal App.”

Read the full publication here.

Source

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10 Common Credit Card Questions

CredPal — Fri, 10 Sep 2021 19:16:19 +0000

Questions regarding credit cards are over a thousand if we have to number them. From people finding answers to what a credit card is to where a credit card can be used amidst others. This is not surprising because many people are new to the concept of credit cards in Nigeria so it is only okay to ask questions for better knowledge. We have answered some of these common credit card questions in our previous blog post and have even made videos to better explain some of them.

In this blog post, we have curated 10 of these common credit card questions to better explain the concept of credit cards to you. If your question is not outlined here, kindly ask in the comment section, we have all the answers

Question 1

What is a credit card?

We won’t get tired of answering this question . A credit card is a small rectangular card like your debit card which allows you to get funds from lending organizations to pay for your purchases while you pay back on your repayment date (the end of your billing cycle). If this explanation isn’t clear enough, then you should watch this 1-minute video of this young lady explaining what a credit card is.

Question 2

What do I need to do to get approved for a credit card?

Getting a credit card takes a seamless process because you do not need to get collateral or a guarantor to get a credit card. We have written a blog post where we have provided you with all the information you need to get approved for a credit card.

Question 3

When am I to make my credit card repayment?

Credit card repayment is one important aspect of credit cards that you should not joke with as it can increase or decrease your credit score and affect your credit reputation. Increase your credit score when you make timely repayment and decrease your credit score when you miss your repayments. Still not clear? Watch this repayment video.

Question 4

What does it mean to be “pre-approved” for a credit card?

Getting a pre-approved credit card means that you have been found eligible to obtain a credit card. However, you still have to apply before you can access the funds on the credit card. For example, if CredPal pre-approves you for a credit card it means that you are a quality candidate for CredPal’s product (credit cards).

Question 5

What is the difference between a credit card and a debit card?

The difference between a credit card and a debit card cannot be seen in its physical form because they are both plastic and rectangular cards. In simpler terms, a credit card is a small plastic card that allows you to borrow funds to make payments at the point of purchase while a debit card is a plastic card that allows you to spend money by drawing funds you have deposited at the bank. Because this is a frequent question that people have asked over and over, we have written a blog post to answer the question properly.

Question 6

How do I avoid credit card fees?

Nobody likes extra fees. Imagine paying back what you have spent with extra charges that you did not plan for when you got your credit card, it can be very painful. There is only one way to avoid this, “Make timely and full repayment every month.” That is the only solution to avoid extra charges, it is not difficult to achieve, if you work towards it, you can achieve it.

Here is why it is important to make timely repayment.

Question 7

When should I redeem rewards on my credit card?

Whenever it is convenient for you. You can use your rewards to clear your balance when you want to make your repayment or use it to shop on CredPal’s marketplace to get discounts. However, some credit cards would require you to use your rewards within a certain period or you lose them.

Question 8

How do I clear my balance?

Different lending organizations have different options for clearing their customer’s balances but the common options are instant debit from your debit card or payment through a bank transfer. For CredPal, we offer an easy balance payment. All you have to do is click on the clear balance option when you log in to your app and we charge the debit card that you added to your CredPal account or you make a bank transfer to CredPal’s account. Here is a video on how you can pay back what you have spent on your credit card.

Question 9

What is the minimum or maximum credit limit that I can get?

Credit limits are set based on the Underwriter’s estimation which ranges from your financial standing to your credit history. This means that there is no clearly stated minimum or maximum limit. You are given a credit limit based on your income and your ability to pay it back.

Question 10

How can I get a credit card in Nigeria?

Getting a credit card in Nigeria is easy but getting a CredPal credit card is easier. All you have to do is download the CredPal app on the Google Play Store or App Store. Click on the create account button and provide us with the necessary information and document while you wait for your account to be approved.

If you have further questions about credit cards, kindly drop them in the comment section so that we can provide answers to them in part 2 of this article.

Source

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Credit cards vs. Personal Loans: The Differences

CredPal — Wed, 08 Sep 2021 19:30:56 +0000

Personal loans and credit cards have been mistaken to serve the same purpose over the years. Although they have the same source, which means you get them from financial institutions like CredPal and you are required to pay them back on a specific date. However, they do not serve the same purpose and have diverse differences.

Let’s start from their definition, a credit card is a small plastic card that you get from financial institutions or lending organizations like CredPal. CredPal funds the credit card with money that you can use for your personal needs and small ticket purchases. Then on a specific date that CredPal has picked for you which is mostly your salary date, you pay back all you have spent on your credit card with very small interest. This means that you cannot spread your repayment.

A personal loan on the other hand provides you with a huge sum of money which you are required to repay in equal installments for a predetermined period. This means that you can spread your repayment within 1–12 months.

You can use a credit card to pay for your personal needs like home repairs, making online purchases, paying for little medical bills, renewing your cable TV subscription, and many more. However, you cannot purchase a car, a plot of land, pay for a kidney transplant, or buy a house with a credit card but you can achieve that with a personal loan. These are items that require a huge sum of money that you can get from financial institutions as a loan and you pay back in installments until you complete your repayment.

When to use a credit card

For smaller payment: A credit card is your pass to making small purchases that will not cost so much to pay back. For example, your favorite IG vendor is running a discount in the middle of the month where you have almost exhausted your salary. What do you do? You pick up your credit card and make the purchase. Have an important professional exam to take but you can’t meet the need at that point? Your credit card is your pass to paying for the fee. All these are small-ticket purchases that you can afford to pay back at once when your salary comes in.
Can pay back in full at the end of the month: Unlike a loan, you cannot spread your repayment. If you can make the purchase and can afford to pay it back in full at the end of the month then you should get a credit card.
For Cashbacks and Discounts: You get rewards such as cash-backs and discounts when you use a CredPal credit card. You get from 200 Naira to as much as 10,000 Naira when you buy from any of our CredPal partner merchants. We have merchants like Slot, Carmart Nigeria, Pointek, TinaSolar Integrated services, Buy better, and many others. Register here to join the CredPal credit card community to enjoy these rewards.

When to use a personal loan.

For large, one-off payment: This is when you should think of taking a loan. When a need comes up and requires a huge sum of money that your salary or credit card cannot afford, a personal loan is a perfect option for you. For example, getting a car to start a ride-hailing business is what a loan can get for you.
For monthly repayments: Some purchases are huge and you can’t afford to pay them all at once. A personal loan gives you the opportunity to get the funds and that way, you can spread your repayment over some time. Unlike a credit card, failure to pay back all you have used at the end of the month affects your credit score.
Lower interest rates: CredPal loans are at the rate of 3.95% monthly. And for a CredPal credit card, the interest differs per plan. We have the 8%, 5%, and 2.5% monthly plans.

As stated above, credit card and loans have their distinct differences. However, there are some similarities.

Credit cards and personal loans are both issued by financial institutions like CredPal.
Getting a personal loan or credit card depends on your creditworthiness and finances. If you have a bad credit score, you most definitely would not get a loan or credit card. If your income cannot pay back the loan you desire, you won’t get the loan and would be given a smaller credit limit.
You can use your credit card or loan to pay for anything you want. And when you do not pay back when you are expected to, it affects your credit score and that can be harmful to you when you need a loan or credit card from other financial organizations.

Whether a credit card or a loan, it is advisable to pay back what you have spent at the allocated time. Whether at the end of the month or in installments within 1–12 months. Failure to do this will affect your credit score and what that means is you become a big risk to financial or lending organizations.

The Goodnews is that CredPal offers both credit cards and loans. You can register to get yours today here.

Also Read: The Balcony Lagos hosts CredPal at restaurant Launch

Source

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Money mistakes you should avoid in Nigeria

CredPal — Wed, 08 Sep 2021 19:13:29 +0000

Financial freedom is about taking ownership of your finances. It is a journey that requires you to take stock of how you manage your funds. When you’re intentional about being free from debt and worrying less about paying for sudden expenses then you can say that you’re financially free.

It’s easy to want a lifestyle that suits your needs but how are you working towards it? It starts by knowing what to commit your funds to and what can wait or you don’t need. Now, financial freedom does not exactly equate to being debt-free but it means that you know what portion of your funds go into paying back little debts like credit cards, mortgage loans, or point-of-sale shopping without you failing on repayment or being broke.

We all know that feeling of panic that sets in when unexpected expenses such as car repair or health problems pop up. The thought is “How am I going to pay for that?” But imagine being able to confidently pay for such expenses without breaking a sweat? That’s where you want to have such a thing as a credit card. This is not to encourage acquiring debt but in a bid to save and invest your way into financial freedom, you could end up not having immediate access to liquid cash for unexpected expenses and a credit card can be the fix you need for such instances.

Credit cards are designed to help us maintain the state of financial freedom. The fact is you can have thousands of credit cards in the world but if you mismanage your income, you will end up running into debt because you are spending without planning so you end up broke all the time and unable to make your repayment. The reason is not that you do not have enough or you have too many needs, you might just be making some money mistakes that you need to fix to stay financially free.

We will highlight these mistakes and how you can fix them.

Mistake 1: No financial Goal

A financial goal is a target to aim at when managing your money. It can involve saving, spending, earning, or investing. We all set goals at certain points in our lives, it could be weekly, monthly, or even yearly. The point is that as you set goals personally and professionally, it’s very important to also set financial goals. This is going to help you manage how you spend and what you spend on.

You can start with monthly financial goals. Once you receive your salary for the month, you could split the money based on priorities of needs while considering that you need to put enough aside to get the ball rolling for your financial goal. For instance, if you earn 250,000 Naira monthly, you can split it using the 50–30–20 rule to make sure that enough money goes into savings, investments, emergency funds, and your upkeep for the month. This will help you curb unplanned expenses and know when to recognize a need and a want.

We know there are days where there are urgent needs that you have to attend to and you have insufficient funds to attend to them. In situations like that, you could just use your CredPal credit card and pay later when you receive your salary. This way, you don’t have to dip into your savings and you can keep your emergency funds for a higher spend if the need arises.

Action plan: Have a financial plan that suits your income.

Mistake 2: Spending more than you earn

When it comes to reaching your financial goals, the quote “fake it till you make it” doesn’t apply. Acting like a millionaire and having enough funds to spend like a millionaire are two different things. Acting like a millionaire means you dress, talk, think, and eat like a millionaire. Spending like a millionaire means buying things that a millionaire can afford and still have enough money to fall back on.

Basically, do not spend like a millionaire when you are earning thousands. You can manage how you spend and still look like a millionaire, you don’t have to explain to everyone where and how you spend your money.

Action Plan: Do not spend more than you earn, have some limits, and try not to exceed them.

Mistake 3: Excessive subscription plans

Subscriptions upon subscriptions are not healthy for your finances. Some subscriptions are necessary while some are not. It is safe to unsubscribe from all those apps and sites you have subscribed to but you no longer use their services or use them once in 3 months. One of the features of these subscriptions is that they automatically remove the money from your account when you forget to unsubscribe or cancel the plan.

Action Plan: Unsubscribe from accounts and apps you do not make use of or hardly use and seek free options.

Mistake 4: No plan for your emergency needs

Emergency needs will mostly arise and emergency funds should be available to meet those needs. This is one of the mistakes that people make that often leads them to borrow from friends and family and then dealing with disappointment when they cannot meet up with their needs. A hack to deal with this is to get a credit card to help you through situations like that. For example, your phone packing up in the middle of the month is not planned for but you have to fix it. This is where your emergency funds come to play and if what you have saved in your emergency fund isn’t enough, you can use your credit card.

Action plan: Get a credit card that can help you fix your emergency needs and small ticket purchases when they are still urgent.

However, a credit card should not encourage you not to fail on planning your expenses, because not having a plan will affect how you spend what is on your credit limit and might affect your repayment which is bad for your credit score. Planning your finances + saving + getting a CredPal credit card = financial freedom.

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The Balcony Lagos Hosts CredPal at Restaurant Launch

CredPal — Thu, 02 Sep 2021 15:10:31 +0000

It was all shades of beauty and quality vibes at The Balcony Lagos restaurant launch on Sunday the 22nd of August, 2021 at Lekki, Lagos Island. The Balcony Lagos is one of the merchants that has embraced CredPal Pay to allow its customers to eat now and pay later and evidently we had to be a brand partner for the amazing launch experience.

The launch kicked off at 12:00 noon but people started to walk in at about 4:00 pm. One of the highlights of the event was that customers could get a discount of up to 5,000 Naira off all meals when they pay with CredPal. The discount encouraged a lot of attendees to sign up and use CredPal to pay for their food and drinks.

We met amazing personalities that were happy and eager to join the family of those using CredPal to meet their needs. One of them was asked why she signed up on CredPal at the restaurant and she said “I was convinced at what I was hearing and the fact that I can get cash on demand” another mentioned how it was a quick way to meet her needs “I signed up because I can buy whatever I need now and spread my payment without saving for so long”

Just when the crowd thought they’ve seen it all at the launch, the big-wig, DJ Neptune stormed the restaurant at about 8 pm and filled the restaurant with great music that got the audience elated. The launch was a roller coaster of good food, good music, good vibes, and of course, an amazing discount from us.

The turnout of the launch was massive and this points out that the audience has found a restaurant that can allow them to satisfy their cravings even with little in their account and pay at a later date.

The Balcony Lagos is owned by Emeka and Dubem. Now you can conveniently head to The Balcony Lagos to eat now and pay later with your CredPal account.

Also Read: CredPal partners with Orile Restaurant and Bar to accept “eat now, pay later”

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CredPal partners with Orile Restaurant & Bar to accept “Eat Now, Pay Later”

CredPal — Thu, 26 Aug 2021 15:11:41 +0000

To ensure that we hold on to our mission of improving the quality of life by providing easy access to consumer credit across all payment channels, CredPal has entered a strategic partnership with Orile Restaurant and Bar, a fusion of ethnic & contemporary cuisine to offer eat now, pay later to their customers.

Speaking on the partnership, the CEO & owner of Orile Restaurant & Bar, Bimpe Fashogbon, mentioned:

Orile Restaurant and Bar partnering with CredPal is of great value to us and our customers. Our tagline ensures that all our customers that come here leave happily. Now, what does CredPal do? CredPal ensures that whether or not you have money, you can have access to good food from Orile and pay later.

This feature is however not limited to food alone but also to other basic and lifestyle needs of life ranging from electronics and gadgets, furniture, travel and transport, real estate, grocery, beauty & cosmetics to education. With this partnership, we are not only offering customers a platform to eat and pay later. We are also giving them a platform that rewards them with discounts and cashback on the go.

Now you can walk into Orile Restaurant and Bar and order any of your favorite dishes, eat and pay later with CredPal. No cash, no debit alert. As a business owner, you can also accept CredPal as one of your payment options as a business owner to allow your customers to buy and pay later.

Source

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