4 Tips before Securing A Loan in Nigeria

Securing A Loan In Nigeria

Securing A Loan In Nigeria

Securing a Loan in Nigeria: There are many reasons why we borrow money; it might be for a personal need or for acquiring a property offer other personal expenses. We might need the loan for the traveling expenses or for buying a new house. Whatever the reason might be, we need to follow the procedure to acquire the loan, and we need favourable conditions. 

The banks and financial institutions do not just give loans anyhow; there are specific criteria one must meet to acquire a loan from a bank.
In this article, we shall be considering the various important information and tips we need to know to help us secure a loan from a bank in Nigeria. At the end of this article, you must know important information that will help you get your next loan from the bank quickly. 
Securing A Loan In Nigeria

Tips for Securing A Loan in Nigeria

1.Have A Good Credit Score.
Sometimes before a bank offers you a loan to look at your track record on repaying debts. They look at how you repay debts from various sources such as tax authorities, service providers, suppliers, and other business partners. They do this to ascertain your creditworthiness level and know if you can repay the loan you are about taking as at when due. If you have a good credit score, it will boost your chances of acquiring a bank loan.

2. Good Collateral
Banks and financial institutions find it hard to resist a loan application with adequate collateral. To improve your chances of getting a bank loan, you should produce collateral that is irresistible. Providing a landed asset is not enough for convincing the bank to give you a loan.

Before the bank goes ahead to consider your loan application, they assess the worth of the collateral you are bringing. Therefore, you should provide collaterals that are of marketable value. 

3. Irresistible Business Plan .
For business loans, a business plan that is well detailed with precise semantics can work the magic. Most people applying for business loans often load their business plans and proposals with irrelevant technicalities and confusing details.

You must arrange your business plan to be like a best seller, easy enough to captivate and engage the reader. Arrange your business plan with bullet points, financial projections slides, and other financial forecasts of your business to make the bank know that you are confident of what you are doing. 

4. High Cash Returns.

Banks are always ready to fund businesses with a proven record of generating high-income turnovers. If your business can generate high cash streams to the bank, the bank becomes more confident and lending you money as they can easily leverage it and get their money back. Some banks even reduce the collateral level if they spot a loan application with a business that generates a high cash turnover. 

List of Companies Granting Online Instant Loans in Nigeria

 
Branch: this platform offers up to two hundred thousand Naira loan within 24 hours and gives you a payback period of 4-40 weeks. 

FairMoney: this is a loan app licensed to grant online loans to people. They offer 2,500 naira loans to 150,000 naira, but you will have to input your BVN and your debit card details first. Interest is accrued at 5% and increases to 28% for higher amounts. 

Carbon: this is a popular loan app that provides you with an instant loan to cover your urgent and unexpected cash needs. Carbon checks your creditworthiness by accessing your financial statement through your bank verification number and the loan up to 20 million naira with a valuation in interest rates.

RenMoney: this platform helps micro-businesses with loans up to four million naira. It’s minimum loan amount is 100,000 naira, and it has an interest rate of 2.8% monthly

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Author: Wealth

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