Olamide Famuwagun

Emergency loans in Nigeria

January 2, 2023 by Olamide Famuwagun

Emergencies come up when we least expect. If we do not have a savings or someone we can quickly ask for a loan, we experience severe distress. It can be some extra funds to run our business or to make a personal purchase.

Applying for emergency loans with financial institutions such as banks requires documentations and takes time to process.

What if you need the loan urgently? Several loan companies in Nigeria offer emergency loans to Nigerians with little documentation, and in five minutes! Yes, within five minutes or even less from applying for the emergency loan, you get a credit alert to your account.

Where to Access Emergency Loan in Nigeria?

The Fintech revolution gave rise to the credit sector boom in Nigeria by offering quick access to loans. There are many companies offering emergency loan services in Nigeria with competitive interest rates. Some of the companies providing fast access to loans include:

1. Carbon

Firstly, Carbon, formerly known as Paylater, is an online loan service that provides short-term loans for businesses and people.

Download the App and enjoy access to quick short-term loans.

The App also processes bill payments, airtime recharge, smart investments and provides your credit reports.

The service runs non-stop. If you repay on time, you can access up to all a million of loans with no collateral.

2. Palm Credit

Secondly, Enjoy access to loans up to ₦100,000 with Palm Credit. You can apply for loans from anywhere and anytime.

All you need is to provide your personal information, including your Bank Verification Number (BVN) and if your loan request gets approved, you will receive the requested loan within minutes.

Like Carbon, if you repay on time, you will get access to a higher loan figure. Download the App to enjoy this quick loan service.

3. Branch

Third, Branch is a simple mobile app that offers loans up to ₦150,000. The sign-up process and loan application for Branch is the simplest in this list.

Branch requires your phone number and personal information but does not ask for your Bank Verification Number (BBVN). If you need a quick short-term loan for a pressing emergency, Branch is a suitable option.

Its interests rate is flexible and set at 20% per month for most loans.

Download the Branch App online to enjoy their loan service.

4. FairMoney

Furthermore, Fairmoney is another mobile loan app that offers quick loan services to Nigerians. The sign-up process is simple to do within minutes.

Once your loan is approved, it takes less than five minutes to get the loan into your bank account.

What do you need to apply for emergency loans in Nigeria?

Applying for emergencies loans in Nigeria with online loan services is easy. What you need include a smartphone, stable internet connection, your Bank Verification Number (not all will ask for this) and to supply your bio-data at registration.

Conclusion

These emergency loan apps make loans available to all Nigerians from 18 years upward. The no collateral requirement is an immense relief.

In conclusion, read the terms, conditions, expected pay date and interest rates before applying for loans finally.

How To Request For A Quickteller Loan

December 30, 2022 by Olamide Famuwagun

Quickteller is a financial service application that enables you to make online transactions like sending and receiving money, airtime, paying bills etc. The digital payments company, Interswitch developed and maintain this application.

Interswitch is a digital payments and commerce company. They facilitate electronic payments and value exchange between individuals and organizations across Africa.

The company began operations in 2002 as an e-payment processing company and has since gone on to become a pioneer of innovative digital products and services, improving the ways we make payments online. The company also owns Verve, which is the first payment card to be accepted nationwide. Verve is also in 21 African countries and 185 countries all over the world.

Apart from being one of the most used e-payment platforms in Nigeria, Quickteller also offers fast loans.

So If you are in need of a quick short-term loan, Quickteller has got your back.

It’s safe, reliable and most importantly, hassle-free. You can get your loans in minutes. To access their credit, you will have to visit their platform and navigate to Quickteller loans. One more exciting thing about the loan product is that you neither need collateral nor a guarantor to borrow money. It’s straightforward to get and requires no paperwork from you.

This loan facility offers up to N50,000 depending on the customer’s financial history.

How To Successfully Apply For A Quickteller Loan

Quickteller is a great option to explore for a loan in Nigeria. Before you can apply for a Quickteller loan, you will have to register on their website. You sign up by filling in your details which would include your name, email, password, and mobile number. After filling in your information, you will get an OTP (One-time pin) on your mobile device. This One-Time Pin will is what you need to activate your account on the space provided on the Quickteller site.
The next step to take is to sign in to your Quickteller account, add your bank details, and then make a request for a loan.

After registering you can now apply for a loan from your mobile device. Dial the USSD code *3226# and follow the prompts to apply. You can also request a loan via the Quickteller mobile app. Yes, it is available for both Android and IOS users so nobody will miss out. You can check out other USSD code for loans in Nigeria.

As soon as you meet the loan requirements, your request will get approved, and your account receives the money within a matter of minutes.

Quickteller Loan Repayment

Paying back the loan is as easy as getting it. You can conveniently repay your loans through various channels. Payments occur via ATMs, the Quickteller app or at the bank.

Quickteller offers between 3%-15% interest rates over a repayment period of between 10 days to 3 months. The interest rate of the loan depends on the lender’s evaluation of the applicant’s financial record.

However, it is essential not to take your loan repayment plan for granted. If you fail to pay back the loan as of when due, Quickteller will blacklist you. They will also report you to several institutions, making it hard for you to get future investments.

Conclusion

The Quickteller loan is an efficient solution for individuals who need quick cash to sort out emergencies and unexpected payments. Loans attract little or no hassle, and this guarantees that the average man has access to the loan package.

Banks onboard with Interswitch’s lending services include UBA, First Bank, Fidelity, Ecobank, and many others.

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How To Request For A Fint loan: Product Review

December 29, 2022 by Olamide Famuwagun

Fint loan is a unique money lending product. The platform connects borrowers to lenders. On the loan website, investors register as lenders, and it connects them to borrowers who need loans. These loans come with a pre-agreed interest rate that depends on the tenor of the loan.

Fint loan services are for individuals who need loans and investors who want to grow their money by lending to people.

Individuals can borrow little as N20,000 with a maximum of 1 million while businesses can borrow up to 20 million. You can access a loan by getting your company to sign up for a payday loan, or you can go through the companies in partnership with Fint loans. Some of these partners include First Registrars, Thrive Agric, Old Mutual, Farm Forte, Vetiva, and Paystack.

Currently, Fint has no mobile app, so all operations are available on their website.

The Fint loan calculator helps you calculate your loan and the repayment plan. To calculate, choose the sector that applies to you, the amount of credit you are taking and the duration, after which it calculates how much you can pay back monthly.

What are Fint Loan Requirements?

Some of the requirements for Fint loans include

You must be 21 and above
Valid Nigerian bank account
Bank Verification Number
Account Statement
Photocopy of a valid Nigerian identity card

How to Get a Loan on Fint

To apply for a loan on Fint, follow these steps

Go to Fint’s website and click on the “Borrow” tab.
Some details will have to be available to create an account. These details include your name, date of birth, email address, employment status and organization to create an account.
After inputting the information, you will see an estimate of the loan amount you can borrow.
Accept terms and conditions as well as the interest rate on the loan.
You are to pay some money for your profile verification and credit history check.
Once it is successful, upload the necessary documents requested.
When you are verified, your loan request will appear on the platform.
Once an investor funds the application, the money will get to your account.

It is important to note that the speed of loan disbursement depends on the lender involved not Fint. However, to ensure you’re getting the best loan for your specific need, make use of this loan comparison platform to compare different offers within minutes and select the right one for you. You can never be too careful when taking a loan.

Get a loan up to N100,000 at the best affordable rates in Nigeria

Now you can compare interest rates from different lenders with our loan simulator and get the best deal. Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today

How to Repay a Fint Loan

Your account details are in the system, so they will automatically deduct the loan from your account when the duration expires. Before the agreed date, you will receive reminders so you can pay back the loan before the due date. The platform will then send your payment to the lender you borrowed from, and if you fail to pay back the loan, they might report you to a debt collection agency that will try to retrieve the loan.

Before taking a loan on Fint, you will need insurance to cover unexpected circumstances that may not allow you to repay the loan. Also, you will pay a commitment fee (8%) after payment of the loan. Interest rates also vary according to the sector and the lender, but it is about 39% for a year.

Conclusion

Fint helps in the wealth creation process by enabling people to invest in the money lending business and also connecting people to those who want to borrow money. The platform is transparent and straightforward, which makes the process very useful. We have a whole lot of other posts that explain how to get quick loans in Nigeria from platforms like Renmoney and others.

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Specta Loan From Sterling Bank – Interest Rates, Requirements, & All You Need To Know

December 27, 2022 by Olamide Famuwagun

Specta is a loan app in Nigeria from Sterling Bank. It provides credit facilities to profiled business owners and salary earners in Nigeria.

It seeks to provide a more convenient way to get an instant loan, and credits by using standardized data processing techniques and analytics to review loan applications and eliminate the difficulties that come with the traditional lending system.

Specta Loan gives you access to loans up to N5,000,000 without paperwork or collateral, and you will receive the funds within five minutes. This feature makes it a top loan product in Nigeria.

The platform operates nationwide and offers loans to all salary earners without considering their occupation. It provides salary advance, asset acquisition, and personal loans (rent, education, wedding, medical, etc.). An important thing to note when you are applying for a Specta loan is that you must be part of an organization.

Specta Loan Interest Rate and Repayment

Interest rates on Specta Loan largely depend on the loan package you opt for. However, they range from 20%-30% per annum.

Repayment also depends on the package you’ve chosen and the refund has a tenor of 1-4 years.

You can set up a monthly repayment plan to enable you to pay back at your comfort. Also, the following fees are charged on all loans.

Management fee (maximum 1%)
Commitment fee (Maximum 1%)
Insurance fee (1% flat on salary advance and personal loans)
Household/ Asset acquisition (7% flat)

Specta Loan App

The app is available for just Android mobile devices on the Google Play Store with a star rating of just 2.6/5.0. This could mean that users are not entirely satisfied with the functionalities of the app, and you may be better off accessing loans through the website instead.

Loan packages They Offer

Specta Xtreme: This package needs no profiling and is open to salary earners and business owners. It offers up to 2 million with a maximum tenor of one year.
Specta Basic: This package is open to only business owners who have a Sterling bank account and salaried employees (regardless of their bank). It offers up to 5 million with a maximum tenor of 4 years and flexible interest rates.
Specta Prime: This package allows you to earn money on your investments while you lend for urgent needs. You can borrow in the following currencies; Dollars, Naira, Euro and Pounds.
Specta Allawee: Youth corp members are not left out as this package enables corpers to access funds to expand and develop their entrepreneurial dreams.
Specta Quick Cash: This loan package is open to everyone irrespective of their banks. It offers up to N20,000 quick cash to individuals based on their transaction history and social media reputation.

Specta also offers loans for businesses under the loan package Specta4Business, and this offer is available to small, medium, and large enterprises.

Get a loan up to N100,000 at the best affordable rates in Nigeria

Specta Loan Requirements

The Specta loan package you choose determines the condition, but generally, you will need

A bank account number(sometimes they accept only sterling accounts)
Bank Verification Number
A valid means of identification
valid email address

How to Apply for a Specta Loan

To apply for a Specta loan, follow these steps

Request to get profiled either as an individual or a business by sending an email to Specta

Select the loan package that you find suitable
Begin the application by clicking on the loan offer
Fill out the application form and submit
If you are eligible and the application is successful, they would credit your account immediately.

Conclusion

Specta Sterling Bank Loan is just one of the numerous platforms for accessing quick online loans in Nigeria. With an interest rate in the range of 20 – 30%, we think it’s really on the high side. Other loan sources you might want to check out include Fairmoney, C24 loan, Palmcredit, Renmoney Nigeria, Quickteller, Carbon Paylater, Fint loan, and Specta loan. However, considering the high volume of loan apps to choose from, you can make things easier by comparing loans within minutes and make a more informed decision using this platform.

A rating of 2.6 on the Google Play Store is really low for an app that is supposed to cover all your loan needs. Therefore, if you really have to give Specta Loan a try, you might want to go through their website.

To find out more information, you can call their customer service on this number 017004271.

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Mortgage Loan In Nigeria and How To Get It

December 23, 2022 by Olamide Famuwagun

Mortgage loans are important these days. Like most people, we all dream of becoming a homeowner, but very few of us get to achieve this dream. If culture permits it, becoming a homeowner can be said to be a part of the “Nigerian Dream.” Learning a thing or two about how mortgage works will set us on the straight path to achieving this dream.
Mortgages provide the option of paying for a house in instalments. With the Nigerian landscape in view, it is essential to understand the process of getting a mortgage loan. We have explained the process involved in becoming a homeowner with a mortgage below;

How To Get A Mortgage Loan In Nigeria

Save a deposit: Have in mind you’ll need to put down a deposit if you are looking to buy a home with a mortgage. The percentage deposit will vary depending on the property owners or the financing institutions.
Seek out house buying schemes: It will be of better advantage if you employ the services of house buying schemes like the NHF (National Housing Fund) or private house buying schemes popularly known as ‘developers’. They know the best deals and offers along with better financing solutions for home ownership.
Plan for the long term: Mortgages require long-term commitments. You should make a budget with your mortgage payments in mind. Your mortgage payments should not be more than one-quarter of your income. Structure your monthly expenses from your income and see how much you can pay in for mortgages monthly. You can use the services of mortgage calculators.
Search for a home: After preparing your deposit and weighing several mortgage offers. It’s time to look for a home with mortgage payment plans. You might likely have this sorted after employing the inquiry into the services of house-buying schemes.
Obtain a mortgage loan: With a deposit in place and your budget structured. Now the formal talks can begin and signing off the necessary documents for your new home. Obviously, after you must have done the essential research in the right places.

Who can apply for A Mortgage Loan?

Anyone can apply for mortgages in Nigeria, provided you’re gainfully employed or earning an income.

Here is what Mortgage loan companies in Nigeria are interested in:

Your monthly income and expenditure
Your debt profile
The value of the property you want
Determine if the mortgage is something you can afford.

Why is it challenging to get a mortgage loan in Nigeria?

Life is all about risk, and as with money, the riskier it gets. Several factors make it challenging to apply for mortgages.

Such as:

Poor debt profile/profiling: With poor debt profiling, lenders are unable to predict and ascertain how well a loanee can keep up with payments each month. While a person with a poor debt profile will not qualify for a mortgage loan

Insufficient deposit: not having a sufficient deposit directly affects the mortgage you can apply for and the house you can buy.

Lack of collateral for the loan you wish to apply for.

Poor knowledge and understanding of how a mortgage works.

Conclusion

You might want to consider how much to deposit to get a mortgage before going into it. However, there isn’t a particular limit to the amount of deposit; it all depends on the borrowers’ objectives. A smaller deposit means that you’ll have to seek a mortgage cover that covers a high percentage of the property’s worth.

Only few mortgages cover a high percentage of properties because of the risk involved. Also, they come with unattractive fees and interest rates. It is advisable to save as much money as possible in deposit to get the best mortgage offers.

Renmoney – All You Need to Know Before Getting That Loan

December 21, 2022 by Olamide Famuwagun

The Renmoney app is a loan app in Nigeria that fast-tracks loan applications and credit disbursements. It collects information seamlessly, verifies loan applications, and disburses money within 24 hours. The app is available on both playstore and appstore. You can easily download Renmoney loan app from the play store.

How to Apply For Loan On Renmony App

Visit the Renmoney website.
Click on the “Loan” section of their website.
Fill and complete the loan application form.
Create an account (if you don’t have one) or sign in with your Renmoney account.
Please upload your documents. You will need to include your ID, proof of address, and bank statement.
Wait for your loan application to be reviewed. It can take between a few minutes to 24 hours for your loan request to be fully processed.
If your loan is approved, you will receive a credit alert in the bank account provided on your profile.

Renmoney microfinance bank has a team of diverse executives with experience from multiple industries who work together to deliver the best to its customers.

What Are the Renmoney Loan Requirements?

To qualify for a loan from Renmoney, you must meet the following criteria:

Age: You should be between 18 and 59 years old.
Income: You must have a verifiable source of income.
Location: You need to reside and/or work in the cities where Renmoney operates.
Bank Account: You should have a savings or current account with any commercial bank.

Get a loan up to N100,000 at the best affordable rates in Nigeria

How to Repay the Renmoney Loan?

To repay your loan with Renmoney, you can follow these methods:

Through card payments or direct debits
- Ensure that your account has sufficient funds on the due date.
- If you’ve set up card payments or direct debits, Renmoney will automatically debit you for your repayment.
Transfer directly
- Transfer the repayment amount directly into your Renmoney account.
- Use the “Repay Now” option on the Renmoney platform to initiate the repayment process.

You can reach Renmoney customer care by emailing hello@renmoney.com or call 0700 5000 500.

Is Renmoney A Reliable Loan App?

Yes, Renmoney is a reliable loan app. The Central Bank of Nigeria (CBN) regulates it. The Nigeria Deposit Insurance Corporation (NDIC) insures it. Customers can trust this financial institution because it is secure and regulated.

Conclusion

Renmoney is a convenient and efficient way to access loans in Nigeria. Renmoney offers various loan options. The application process is simple. We can help you quickly meet your financial needs. Before accepting the loan, review the loan terms and conditions carefully. Make sure you can afford the monthly repayments.

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What You Need To Know About Carbon Paylater Loan

December 20, 2022 by Olamide Famuwagun

Carbon Loan is a product of One Finance and Investment Ltd. which started out as One credit in 2012.

The company at the time only provided loans to salary earners, using a complete paper-based approach to its operation which required substantiating documents.

In 2015, after even considerable growth in operation and turnover of its business, One credit evolved into OneFi. With the involvement of the Credit Bureau of Nigeria and the introduction of a unique Bank Verification Number (BVN), the company could extend its services to non-salary earners by leveraging its field agents.

In 2016, the business evolved into a fully digital platform, and its name then changed to Paylater. As a result of this upgrade, they were able to capture the minds of millions of Nigerians through data and smartphones.

They figured that by using data and leveraging technology, they could provide credit to more customers, and simplify their application process. This led to the complete annihilation of the paper-based application process.

What date was Carbon Launched?

Carbon is a loan app in Nigeria that launched in May 2016. It was one of the best and first services of its kind—a fully digital lending platform that is available 24/7. You can get cash into a person’s account within minutes. Two years later, the Paylater mobile App has gotten over 1 million downloads.

To meet certain demands of the times as well as the complex nature of the customers’ needs, the Carbon loan app was introduced. It expanded from just loan disbursements into bill payments, investments, and financial management.

Carbon is a representation of a person’s everyday needs and how they evolve into their existence. It also represents their intent to be a one-stop source for accessing a loan in Nigeria.

The Carbon Paylater App

Ratings – 4.4-star rating with over 71k reviews
Downloads – Over 1m downloads since 2016
Year of Release – 2016

The Carbon App is a one-stop destination for mobile financial transactions. You can get instant loans to meet urgent financial obligations, effect a money transfer to another account, investments at high-interest rates, recharge airtime and pay bills anytime. All these and more can be done on the App right from your mobile phone.

How To Use The Carbon Loan App

Search for the app “Carbon” on Play Store or App Store to download
Download the App
Create your account in minutes
Get instant access

There are four sections with distinct features you may find useful.

Loan Section: This is the first section where you can request for a loan.
Payment Section: In this section, you can carry out various payment activities. These include buying airtime, sending money to someone, subscribing to the internet and paying electricity bills.
Financial Tools Section: This section offers investment opportunities such as opening a fixed deposit account. You also get a free credit report here.
Transactions Sections: Here, you get an overview of all transactions you carried out on the App.

How To Get a Carbon Loan

Follow the steps below to obtain a Carbon loan

Register to provide all the details. Name, phone number, email, etc
Upload your photo before you can access loans. The picture can be taken directly from the App
Click on the “Request a Loan” button
Wait for your loan approval. This usually takes only a few minutes
After loan approval, you accept the offer and provide your card details. Usually, the duration of the loan ranges from 30 days to 12 months.

What is Carbon Loan USSD Code?

The Carbon Paylater USSD code can be used on both MTN and 9mobile platforms by dialling *1303#. You can check out this post to see other USSD codes for loans in Nigeria. To make things easier, you can compare loan offers from different lenders through the loanspot africa platform. This enables you to select the best option that perfectly suits your needs in a matter of minutes.

How to Pay Back a Carbon Paylater Loan

Loan repayment on the Carbon Paylater app is straightforward, and there are different channels through which you can pay back your loan.

There is a direct debit channel. This channel enables the App (by your permission) to deduct the loan amount due directly from your account on the date stated by you. During the loan application, you would have filled out the details of your bank account as well as your preferred date of deduction.

You can also pay directly into their account either by transfer or over the counter. As soon as there’s confirmation of payment, your carbon account will be updated automatically.

What are the Advantages of Carbon Loan?

With Carbon, easy financial transactions are always just a click away.

Their service is available 24/7 and you can initiate and effect a transaction anywhere on your mobile
Minimum requirements of just an android phone, data connection and a valid means of identification
Funds are available for everyone regardless of who you are
Transparent services. No hidden charges
There are several rewards for any positive actions like a referral, early repayments, etc.

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Get a loan up to N100,000 at the best affordable rates in Nigeria

FirstMonie Loan – How to borrow a loan instantly

December 17, 2022 by Olamide Famuwagun

Borrowing cash as a FirstMonie agent is very easy. Basically, the process just involves 3 steps and you will receive your loan in a few minutes. Here’s a comprehensive guideline on how you can obtain a FirstMonie Loan as one of their agents.

What is FirstMonie?

FirstMonie is one of FirstBank’s official services through which customers who live in unbanked or underbanked areas can access financial services. Basically, the FirstMonie service allows customers to process financial requests via registered FirstMonie agents and existing businesses.

What is a FirstMonie Loan?

The FirstMonie Loan, also known as Firstmonie Agent Credit, is a special type of loan that the platform offers to its agents. Basically, it is a digital lending solution that was designed to help FirstMonie Agents to solve liquidity problems that may arise as a result of depleted account balances, even when there is physical cash at hand. An Agent will be able to access this loan, pending cash lodgment at any nearest First Bank Branch.

Essentially, the platform loans you money as an agent to enable you to respond to customers until you can deposit the cash you have with you into your account. Note that you have to be a FirstMonie agent before you will be able to access this loan.

Interesting Read: How To Get A Loan With First Bank Mobile App

How can I get a FirstMonie Loan?

To get a loan from FirstMonie, do this:

1. Just download the app from the Google play store or the App Store

2. Next, register on it as a FirstMonie agent and click on “Get Loan Now”.

3. Borrow the amount of loan you are eligible to access

Get a loan up to N100,000 at the best affordable rates in Nigeria

Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today

What is the maximum and minimum amount of loan I can obtain on FirstMonie?

Basically, the platform calculates your loan amount based on 25% of average day-to-day credit returns for three months. However, this rule is subject to a maximum loan amount of N1 Million and a minimum of N20,000.

Must Read: Banks Offering Instant Loans Without Collateral In Nigeria

What is the loan tenor and interest rate for FirstMonie loan?

The loan Tenor is just 24 hours if you borrow during the weekdays. However, the platform gives you a maximum of 72 hours or the next working day when it’s weekends or public holidays. As for the interest rate, they charge you 0.3% flat on any disbursed amount.

What are the eligibility requirements to borrow FirstMonie loan?

To be eligible to borrow the FirstMonie credit as an agent, you must meet these criteria:

1. Have been in an account relationship with FirstBank (own an account) for at least 3 months.

2. You should have a positive credit check.

3. Have been an active FirstMonie Agent for at least three months to qualify for a loan.

4. Satisfactory KYC Report.

5. A minimum working capital of just N50,000.

6. Have valid means of identification (Voter’s card/NIN/Driver’s License, National ID card/International Passport).

How can I contact FirstMonie?

You can contact FirstMonie via these ways:

Head Office Address: First Bank of Nigeria Ltd. Samuel Asabia House, 35 Marina P.O. Box 5216, Lagos, Nigeria.

Phone Number: +234 1 905 2326, +234 708 062 5000, +234 1 448 5500

Email Address: firstcontact@firstbanknigeria.com

Website: www.firstbanknigeria.com

Conclusion

Borrowing the FirstMonie loan is quite easy as long as you meet the criteria. However, you must remember that this loan is only available to their agents. To become an agent, just visit the nearest First Bank branch and request the FirstMonie agent application form.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

Types of Lapo Loan – Everything you need to know

December 14, 2022 by Olamide Famuwagun

If you are a Nigerian, you may be familiar with the financial institution, Lapo. Basically, Lapo microfinance bank is a prominent financial institution in Nigeria that offers instant loans to the underbanked population. In case you are wondering about the types of Lapo loan products, read further to learn more about them.

An Overview of Lapo Loan

LAPO Microfinance Bank is a financial institution that offers a variety of financial products to businesses and low low-income households. Basically, they offer loan services to both businesses and low-income earners.

The financial organisation was established in April 2007 and the Central Bank of Nigeria licensed it to function as a State Microfinance Bank in 2010. It became a National Microfinance Bank in 2012. Currently, Lapo boasts a wide network of more than 500 branches.

What are the types of Lapo loan products?

There are nine different types of Lapo loan products. These products include:

1. SME Loan

The “SME Loan” is one of Lapo loan products that was specially designed to render financial support to SME (Small and Medium Scale Enterprises) operators in Nigeria. Hence, as a small or medium-scale business owner, you can apply for a business loan, regardless of the sector your business is operating.

What is the maximum amount of SME loan I can get from Lapo?

The Lapo SME loan offers you a maximum amount of N5,000,000. Also, for any SME loan you obtain, you get a loan tenor of 12 months

What documents do I need to obtain the Lapo SME Loan?

Here is the documentation you need to obtain the Lapo SME loan:

Loan application letter
Duly completed loan application form
2 guarantors
A valid and acceptable means of ID (national ID, a driver’s license, your voter’s card or even an international passport)
Current utility bill
4 recent passport

2. Agricultural Loan

The Agricultural financing product is specially designed to assist farmers with loans to boost their farm work. The loan amount for the Lapo agric loan is between the range of ₦30,000- ₦1,000,000. To qualify for this product, you have to be a practising farmer with checkable evidence of some farm investments.

What is the loan tenor for Lapo agricultural loan?

For agricultural loans, this financial institution gives you a loan tenor between 1-12 months. Also, they grant you a grace period of 30-60 days.

What documents do I need to obtain the Lapo Agric Loan?

Here is the documentation you need to obtain the Lapo agric loan:

Duly completed application form
2 recent passport-size photographs
2 guarantors
A valid and acceptable means of ID (national ID, driver’s license, voter’s card or international passport)
Your current utility bill

Interesting Read: 5 Instant Loan Without BVN In Nigeria

3. Regular Loan

This loan product is designed to function on a group (union) procedure. A union is a group of people who have free access to loans individually, yet have group guarantees. Basically, the regular loan package was designed to help satisfy the working capital demands of clients in who operate small businesses.

What are the minimum and maximum amounts of Regular loans I can get from Lapo?

The regular loan facility grants you a minimum of N30,000 and a maximum amount of N150,000. They give you a loan duration of 8 months for this loan and a grace period of 2 weeks.

What documents do I need to obtain the Lapo Regular Loan?

Here is the documentation you need to obtain the Lapo regular loan:

Duly completed loan application form
2 recent passport
2 guarantors
Recent electricity bill
A valid means of ID

Get a loan up to N100,000 at the best affordable rates in Nigeria

4. Asset Loan

As the name implies, asset loan product aims to help existing customers of LAPO MfB buy assets such as refrigerators, generators, grinding machines etc. to further boost the productivity of their business.

What are the minimum and maximum amounts of Asset loans I can get from Lapo?

The asset loan facility grants you a minimum of N20,000 and a maximum amount of N400,000. Basically, Lapo gives you a loan duration of 11 months for this loan and a grace period of 1 month for this loan.

What documents do I need to obtain the Lapo Asset Loan?

Here is the documentation you need to obtain the Lapo asset loan:

Savings account domiciled with LAPO MfB
Duly completed loan application form
2 guarantors
2 recent passport photographs
Current utility bill
A valid means of ID

5. Education Loan

Lapo provides this loan package to improve the quality of education. Basically, it aims to help parents to meet the education expenses for their children. Also, this loan helps owners of educational institutions to improve their facilities. The Education Finance Loan package is dived into two major product offerings. They include:

a. School Fees Loan

School Fees loan is designed for working parents/guardians who want to educate their kids in private schools. This loan offer ranges between NGN 20, 000 to NGN 200, 000 while the grace period is for 1 month with a 4% interest.

b. School Improvement Loan

School Improvement Loan produce is specially designed for school owners to enable them to improve their school facilities. This loan offer ranges between NGN 250,000 to NGN 10,000,000

while the grace period is for 3 to 18 months with a 4% interest.

What documents do I need to obtain the Lapo Education Loan?

Here is the documentation you need to obtain the Lapo education loan:

Loan application letter
Duly completed loan application form
2 guarantors
A valid means of Identification
Recent utility bill
4 recent passport-size photographs

7. Special Loan

Lapo Special loan package was designed to satisfy the credit needs of regular Lapo loan customers who need bigger loan amounts to boost their businesses.

What are the minimum and maximum amounts of special loans I can get from Lapo?

The asset loan facility grants you a minimum of N50,000 and a maximum amount of N250,000. Basically, Lapo gives you a loan tenor of 6 months for this loan and a grace period of 1 month for this loan.

What documents do I need to obtain the Lapo Special Loan?

Here is the documentation you need to obtain the Lapo special loan:

Duly completed application form
2 recent passport-size photographs
Current utility bill
2 guarantors
A valid means of ID

Lastly, to qualify for this package you must have had an outstanding repayment performance while accessing the Regular Loan product.

8. Public Sector Loan

The Public Sector Loan product offers personal loans via payroll lending to steady income earners who are in the civil service.

9. SUFEN Loan (Supporting Female Entrepreneurs)

The Lapo SUFEN Loan is a special product that is specifically designed to support Female Entrepreneurs. Basically, this product offers female business owners loans for their businesses.

Bottom Line

There are various types of Lapo loan products. Basically, each of these products is specially designed to meet the needs of the common man who doesn’t have access to bank loans. Also, they don’t require any collateral and this makes the application process easy. If you plan to apply for any Lapo loans, ensure you make adequate preparation to repay them back on or before the due date.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

Sharp Sharp Loan Code & Steps for Getting Instant Personal Loan

December 9, 2022 by Olamide Famuwagun

Gone are the days when you have to go through a load of stress just to borrow a loan. In the past, it was relatively difficult to get a loan due to loads of paperwork involved. However, the borrowing process is pretty easy these days, thanks to technology. One of these easy-to-get loans is the Sharp Sharp loan. This loan package is specially made to satisfy the financial needs of government workers. It is a quick and convenient loan with a low interest rate.

An Overview of Sharp Sharp Loan

Sharp Sharp loan is one CreditDirect’s loan packages that are only for federal and state government employees in Nigeria. They give quick emergency loans without any collateral to government workers in Nigeria. This loan package claims to be the most convenient and cheapest in Nigeria. Also, it boasts a huge customer base of more than 250,000 people.

Sharp Sharp Loan Code

This is another convenient way to access loans from CreditDirect. Simply dial *5120# on your phone and follow the subsequent prompts you get.

How can I apply for a Sharp Sharp Loan?

To apply for the Sharp Sharp loan without using the USSD code mentioned above, just follow these steps:

1. Visit the web platform, www.creditdirect.ng

2. Next, click on “Sharp Sharp”. That’s the first thing you will see on the website.

3. Thereafter, fill out the application form you see and click on “Apply Now”. Wait for one of the company’s representatives to reach out to you after this.

Alternatively, you can call their customer care number, 01-4482225, or visit their address. You’ll find their complete contact details below.

What documents do I need to obtain a Sharp Sharp Loan?

To borrow this loan package from CreditDirect, you need these documents:

1. Accurately Completed Loan Agreement Form. Attach your passport photo to it

2. Letter of Introduction & Employment or your Confirmation letter.

3. Guarantor Submissions, Proof of earnings, Proof of residence, as well as your Post Dated Cheques.

4. Valid Means of Identification

5. Work ID (for salaried people only) & Bank Statements or your Pay Slips.

To fill out the online application form, you will need your:

First Name
Middle Name
Last Name
Address
Email Address
Phone Numbers
IPPIS Number

What is the loan tenor?

The loan tenor for this loan product ranges from 1 month to 12 months. However, it can also be up to 24 months in some situations.

How can I contact Sharp Sharp Loan?

Since this loan product is one of CreditDirect’s loan packages, you have to contact the parent company to get it. You can contact them via:

Address: 48/50 Isaac John Street, GRA, Ikeja, Lagos, Nigeria

Phone Number: 0700CREDITDIRECT, 01-4482225

Email Address: contact@creditdirect.ng

Website: www.creditdirect.ng

Closing Thoughts

The Sharp Sharp loan product is a quick and convenient credit with a low interest rate. More than 250,000 government workers borrow this loan so you can be sure that this product is secure and reliable. The information above will teach you all there is to know about this loan product.

You can obtain a comprehensive loan, tailored to your specific needs by using this platform. Basically, it allows you to compare loans from different lenders across Africa, ensuring the best option doesn’t slip through

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Disclaimer : Loanspot is not a Lender and we do not offer loans to customers. Loanspot offers Lending Technology Infrastructure to Lenders empowering Lenders to offer loans to their customers Effectively, Securely and at Scale. We are NDPR Certified and Compliant.

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