Responsible Lending
Borrow wisely, repay on time, and build a healthy financial future
Important Warning
Borrowing money costs money. Only borrow what you can afford to repay. Failure to repay loans on time will negatively affect your credit score and may result in debt collection activities and legal action.
Our Commitment to Responsible Lending
At SomeMoney, we are committed to responsible lending practices that protect both our customers and our business. We believe that access to credit should be fair, transparent, and sustainable.
We follow ethical lending standards and comply with all applicable laws and regulations in Nigeria, including guidelines set by the Central Bank of Nigeria (CBN).
Before You Borrow - Important Questions
Do I really need this loan?
Consider whether the expense is essential or if it can wait. Avoid borrowing for non-essential purchases.
Can I afford the repayments?
Calculate whether you can comfortably make repayments from your income after covering essential expenses.
What is the total cost?
Understand the full cost including principal, interest, and any fees. Know exactly how much you'll pay back.
Do I have other debts?
Consider your existing financial obligations. Multiple loans can become difficult to manage.
What if my circumstances change?
Have a plan for repayment even if you lose your job or face unexpected expenses.
Smart Borrowing Tips
Borrow Only What You Need
Don't borrow more than necessary just because a higher amount is available.
Choose Shortest Repayment Term
Shorter loan terms mean less interest paid overall, even if monthly payments are higher.
Build an Emergency Fund
Save money regularly to avoid needing loans for unexpected expenses.
Improve Your Credit Score
Pay on time to build a good credit history for better loan terms in the future.
Your Repayment Responsibilities
- Pay on time: Ensure your bank account has sufficient funds on the due date to avoid late fees.
- Communicate early: If you face difficulties, contact us immediately. We may be able to help.
- Keep records: Save all loan documents, payment receipts, and communications for your records.
- Update your information: Keep your contact details and bank information current.
- Understand consequences: Know the penalties for late or missed payments before accepting a loan.
Consequences of Not Repaying Your Loan
Failing to repay your loan can have serious consequences:
- Late fees and penalties: Additional charges will increase the amount you owe
- Damaged credit score: Default is reported to credit bureaus, making it harder to borrow in the future
- Debt collection activities: We may contact you, your references, and employer about the debt
- Legal action: We may take legal action to recover the debt
- Future loan denial: You may not be eligible for future loans from SomeMoney or other lenders
If You're Facing Financial Difficulties
We understand that unexpected circumstances can make it difficult to meet your repayment obligations. If you're experiencing financial hardship, please contact us as soon as possible.
We may be able to help by:
- Restructuring your repayment schedule
- Discussing alternative payment arrangements
- Providing financial counseling resources
Remember: Ignoring the problem won't make it go away. Early communication gives us more options to help you.
Need Help or Have Questions?
Our customer service team is here to help. If you have questions about responsible borrowing, your loan terms, or need assistance with repayment, please contact us: