Olamide Famuwagun

Starta Loan – How to get a business loan from Starta

September 27, 2022 by Olamide Famuwagun

The current state of the Nigerian economy has made it necessary for Nigerians to venture into business instead of waiting for white-collar jobs. Due to economic hardship, many entrepreneurs find it difficult to finance their businesses. However, this problem can be solved by taking out a Starta loan.

This article outlines the steps to take to obtain a business loan from Starta as well as other things you should know.

An Overview of Starta Loan

Starta loan was established in 2020 with the major aim of providing loans to small businesses. Usually, they offer first-timers a small amount of loan and your loan limit increases as you pay back regularly. Also, the Starta platform helps to support businesses by giving sound advice to business owners. Additionally, this platform organises training for entrepreneurs to teach them how to grow and manage businesses.

What Types Of Loan Does Starta Offer?

This loan platform offers primarily loan services. Basically, they offer entrepreneurs two types of loans. They include:

1. Non-registered business loan

The Starta non-registered business loans are loans for businesses that are not registered with the Corporate Affairs Commission (CAC). Basically, for this kind of loan, businesses can get between #100,000 – #1,000,000.

2. Registered business loan

The registered business loan is for businesses that are already registered with the Corporate Affairs Commission (CAC). Here, you get more loan amounts since your business is registered with the appropriate authorities.

How can I apply for a Starta loan?

If you are interested in applying for a loan, follow these steps below:

1. Visit the link, https://starta.ng

2. Next, apply for your loan by filling the application form

3. Wait to get a response from the Starta team

What documents do I need to apply for a Starta Loan?

To apply for a non-registered business loan, the platform needs your personal details like your name, phone number, email address, and your business details.

On the other hand, to apply for a registered business loan, they need your personal and business details, such as your cash flow and income statement.

What are the loan duration and Interest rate?

Starta loan is very flexible. Basically, the payback duration can be as long as five years, depending on how much loan you took. The interest rate on your loan is 6% per year based on the loan amount you request for.

How long does it take Starta to approve and disburse loans?

Starta is quite slow at authorizing loans. This is because they have to verify all your documents to make sure that they are legit. Your document verification can take weeks and may even take some months. However, once Starta approves your application, that will disburse it within a few minutes.

What are the eligibility requirements to obtain a business loan?

To obtain a loan from this platform, you must be eligible by meeting these requirements:

1. You must be a Nigerian citizen who lives in Nigeria.

2. Have a valid ID card

3. At least 18 years old

4. Lastly, your business should be less than 5 years old.

Bottom Line

A loan is something many business owners would have to take at some point to finance their business. Fortunately, this is not much of a hassle. With Starta, you can get a loan for your business easily and stress-free. Starta loan provides loans to both registered and unregistered businesses in Nigeria. Follow the guidelines above to get a loan for your business in no time.

9Credit Loan – How to Apply and Get a Quick Loan Within 5 Minutes

September 24, 2022 by Olamide Famuwagun

9Credit is a loan app in Nigeria that allows you to obtain loans within 5 minutes. Basically, you can take out loans of up to 100,000 from the comfort of your home without any rigid procedure.

This loan app is registered under Nigerian law and aims to meet the financial needs of Nigerians who are in need.

Basically, this loan platform offers you a loan between NGN 3,000 – NGN 100,000 with a payback duration of 62-90 days. Also, the interest rate on the 9Credit platform is 0.07% per day and 25.55% per annum.

Borrowing a loan on this platform is very easy. Just follow the steps below:

Step 1- Download the 9Credit app on your smartphone. You can download it HERE.

Step 2- Next, create your 9Credit account by filling out a simple form within 30 seconds then submit it.

Step 3 – Apply for any amount of loan that meets your needs.

Step 4- Lastly, receive the loan into your bank account.

How to Register on 9CREDIT Loan App?

To register on this platform, you need to download the app first. You will need to find a guide on how to download the app below. Thereafter, follow the steps below:

1. Open the app and enter your details in the registration form.

2. The app will send you an OTP code which you will also have to enter and get a verification code.

3. Lastly, verify your account. After this, you have created your account successfully.

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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 Are the Requirements to Obtain a 9CREDIT Loan?

Here is a list of what you must possess for your 9Credit Loan application to be successful:

1. You must be a Nigerian citizen and must be residing in Nigeria

2. A functioning Bank Account.

3. Bank Verification Number (BVN).

4. You must be between the ages of 18 to 56.

5. A valid phone number.

6. You must have a reliable source of monthly income.

How to Repay 9Credit Loan?

To pay back your instant loan, follow the instructions below:

1. First open the 9Credit mobile app and go to loan history

2. Next, tap on “Repay Loan” and you will get an estimate of how much money you owe.

3. Lastly, choose your preferred repayment method and pay back your loan.

How Much Is the Processing Fee on 9CREDIT?

The processing fee on 9Credit ranges from ₦90 to ₦2,000. Also, the platform charges for GST. The GST charge is usually 18% of your Processing Fee.

How Can I Contact 9Credit Loan?

Here’s how you can contact the platform:

Office address: Lawal street, oregun, ikeja, Nigeria

Website: https://www.9moni.com

FaceBook: https://www.facebook.com/Nine-credit-110139311612277/

Hotline: +234 09019310402

Online service: https://im.9moni.com/

E-mail: customer@9credit.co

Bottom Line

If you need money urgently, the 9Credit loan platform is definitely one you should consider. The process of obtaining a loan on this platform is easy, convenient, and stress-free. However, before you take out a loan, make provisions to pay it back as soon as possible so the interest rate will not accumulate.

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.

The Concept of Lending – Understanding How Lending And Borrowing Work

September 23, 2022 by Olamide Famuwagun

The importance of understanding how lending and borrowing work is usually not emphasized enough. As an individual or a business owner, there’s a good chance you’ll need to borrow to fund a business, business ideas, or a personal venture at some point.

While the nitty-gritty of borrowing and lending may vary depending on the type of loan you’re seeking (student loan, car loan, mortgage, etc.), there are general principles that can be applied across the board.

Lending, in the basic sense, refers to the act of giving someone money with the expectation that they’ll pay it back in the future.

Usually, the lender and the borrower agree on how the money will be paid back. It could be weekly, monthly, yearly, and so on. And in return for lending the money, the lender charges the borrower a percentage of the amount borrowed. This is known as an interest rate.

Rethinking The Concept of Lending

On the 13th of October 2022, First Central Credit Bureau – One of Nigeria’s underwriters will be hosting a live webinar to discuss all you need to know about the concept of lending as it applies to Nigeria and Africa at large.

This webinar would feature top professionals who are making their mark in the lending industry as speakers. They include:

Abasiama Idaresit – The CEO and founder of Wild Fusion Holdings
George Gbadejo-Adegbenga – The Founder and CEO of MIM
Adenrele Oni – MD/CEO Richway Microfinance Bank
Luz Maria Salamina – Lead of Credit Infrastructure for Africa

The Speakers

Deji Peters – MD/CEO of First Central Credit Bureau **[Host]**

Deji Peters is the MD/CEO of First Central Credit Bureau, a part of an emerging global brand that is committed to designing and deploying solutions that turn data into strategic tools for information and risk management.

Deji has over 10 years of working experience in Business Development and Analytics both within and outside Nigeria. He is a graduate of Economics and holds an MBA from Durham.

He is a professional and associate member of various institutions, which include the Nigerian Institute of Management (NIM) Chartered institute of stockbrokers (CIS), Microsoft Corporation, and Chartered Institute of Administration and Fraud Examiners (CIA) amongst others.

Abasiama Idaresit – CEO and Founder of Wild Fusion Holdings **[Speaker]**

Abasiama is a Technology Entrepreneur and CEO and Founder of Wild Fusion, a Technology Holding company with one of Africa’s leading digital agency with offices in Nigeria, Ghana, and Kenya as one of its subsidiaries. Another of its subsidiary includes a Fintech Credit Marketplace that connects lenders and borrowers enabling Lenders disburse almost half a million loans monthly.

Mr. Idaresit is an expert and a leader in the field of Technology and Business. From building businesses to enabling tech-driven organisational succeed, he has been at the front line advocating, building and funding to drive the adoption and penetration of Digital technology across Africa.

In 2017, Mr. Idaresit was recognized as one of the Most Influential People of African Descent (MIPAD) and the Choiseul Institute of Paris as one of the Young Economic Leaders from Africa.

George Gbadejo-Adegbenga – FOunder and CEO of MIM **[Speaker]**

George Gbadejo-Adegbenga is a qualified Barrister and a well-rounded Fintech entrepreneur and versatile credit management professional with a strong commercial, residential, and consumer finance background gained during employment at GE Money, Eversheds LLP, Ventura, Kingsley Brookes Solicitors, HML and Loans 2Go.

He is a confident communicator with proven leadership skills across a range of financial services sectors and is capable of operating effectively at all levels within an organization/firm.

He has extensive exposure to civil procedure rules, commercial law, employment law, contract law, criminal law, regulatory law, FCA, financial institutions, clients, and industry peers.

Adenrele Oni – MD/CEO of Richway Microfinance Bank **[Speaker]**

Adenrele Oni is the Managing Director & CEO of Richway Microfinance Bank Limited. He was the past Managing Director & CEO of FBN Mortgages Limited (a subsidiary of First Bank of Nigeria) with about 25 years of experience in the banking industry.

He was formerly the General Manager and Chief Representative Officer in charge of the South Africa Rep Office of First Bank with coverage for business development in the Southern African Development Countries. He’s also a former President of South Africa – Nigeria Chamber of Commerce.

Luz Maria Salamina – Lead of Credit Infrastructure for Africa **[Speaker]**

Luz Maria Salamina is a Lead Financial Sector Specialist at the World Bank in the Finance, Competitiveness & Innovation Global Practice.

Student Loan Trust Fund – Apply for a student loan with ease

September 13, 2022 by Olamide Famuwagun

Education is a very important aspect of a child’s life that helps to shape a child’s future. However, as important as it is, not everybody can afford a quality education. Hence, the government and other bodies have come together to create initiatives that can provide student loans to those who can not afford to pay for their education. The Student Loan Trust Fund (SLTF) is one of these initiatives established to provide loans for Ghanaian students in tertiary institutions.

An Overview of Student Loan Trust Fund (SLTF)

STLF was founded in December 2005 under Act 106, the Trustee Incorporation Act 1962. Basically, a Board of Trustees governs this initiative and this Board consists of distinguished people of important backgrounds. The major objective of the Trust Fund is to provide financial resources to students who are in need. Essentially, they cater to students by providing loans for their tertiary education.

What services does the Student Loan Trust Fund (SLTF) offer?

Basically, the SLTF offers loan services to students seeking to go to a tertiary institution in Ghana but can not afford the school fees. This loan will cover your bills for a specific session and when it is due, you need to pay it back. You have a grace period of two years before you need to pay back the loan you borrowed.

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How can I apply for a loan from the Student Loan Trust Fund?

To apply for a loan from the SLTF platform, follow the steps below:

1. First download the app from the App Store or Google Play Store.

2. Next, open the app and create your account by filling out the application form with your basic details.

3. Once you do this successfully, you can apply for a student loan. However, for your loan application to be successful, you must meet some requirements.

Alternatively, you can go to their website, www.sltf.gov.gh, create an account, and follow the subsequent instructions you will receive.

Check Out: Student Loans In Nigeria

What are the requirements to access a loan from the Student Loan Trust Fund?

Before you apply for the loan, remember that you should meet all of these requirements:

1. You must be a citizen of Ghana and an accredited university in Ghana must have offered you admission.

2. Having a valid Ghana Card Number is compulsory. You can get this number at any designated GRA office free of charge.

3. You must be seeking to pursue a tertiary programme, like a 1st degree or diploma. Also, you must have an admission letter or a Student ID card.

4. A valid Email Address, a registered and active phone number, and an E-zwich Card.

How can I download the Student Loan Trust Fund app?

To download the app and borrow a loan with ease, follow the steps below:

1. On your android smartphone, open Google Play Store. However, if your smartphone is an iOS device, open the App Store.

2. Next, search for “SLTF” app

3. Lastly, download the app and create an account to enable you to apply for a loan with ease.

How Can I Contact the Student Loan Trust Fund?

Here’s how you can contact SLTF:

Address: Hse # 47,3rd Crescent Asylum Down – Accra

Email Address: info@sltf.gov.gh

Phone Numbers: +233 (0)302 231 886, +233 (0) 302231873

Website: www.sltf.gov.gh

Bottom Line

The Student Loan Trust Fund (SLTF) is simply a platform where you can borrow money to cover your university bills. All you have to do is to apply for a student loan through their platform and wait for it to get approved. However, you must meet some requirements for the platform to grant you loans. For easy access to their loan, just download their app on your smartphone from Google Play Store or the App Store.

Loan Extension – What is a loan extension and how does it work?

September 9, 2022 by Olamide Famuwagun

Applying for a loan extension is a great way to survive if you experience financial hardship while paying back a loan. Basically, this option allows you to temporarily postpone your loan payments when you are not capable of handling it financially. It serves as a breath of fresh air for people struggling and it gives relief to people struggling to settle more pressing expenses.

What is Loan Extension?

A loan extension is a written agreement between a borrower and lender that indicates the postponement of a loan’s maturity date. Basically, the borrower uses this agreement to adjust the loan payment schedule when he/she is behind on payments. This gives the borrower a chance to recover from the late payments and get back on track.

How does Loan Extension work?

Generally, a loan extension allows you to skip a certain number of repayments, which will be added to the end of the loan’s tenure. This often results in the lender extending the debt’s maturity date by the number of payments you missed. However, you must remember that interest on the loan will continue to accumulate even during the period when you suspend payments.

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How do you qualify for a Loan Extension?

The requirements for qualifying for an extension can vary depending on the lender. However, most lenders will ask you to:

1. Provide proof that your financial condition is not permanent and you can continue repaying your loan when you bounce back from your financial hardship.

2. Bring proof of your credit history so that they can know if you paid your past debts timely or not. Basically, this is a major prerequisite for obtaining a loan extension.

Some may require some costs for extensions and this amount can vary depending on the lender. Just ensure that you inquire if there are added costs before you accept an extension.

How can I request a Loan Extension?

Here are 5 steps to take if you want to request an extension:

Step 1

Get the customer service phone number of the lender or financial institution you borrowed from. Basically, you can get this from any recent balance statement of the loan.

Step 2

Next, contact the lender or financial institution to inquire about how you can request for a loan extension. They will give you details on how you can go about it and let you know how to access and fill out the application form.

Step 3

Fill out the loan extension application form. Usually, the form will ask you to indicate how many payments you wish to skip. Also, you will need to fill out your basic details on the form and sign it. Additionally, you will need to provide proof of your financial hardship, your income and expenses every month, and your recent bank statement.

Step 4

Once you are done with step 3, send the form you filled to the lender/financial institution on time. Thereafter, you will need to wait for them to decide if they should extend your loan or not.

Step 5

If you do not get a reply from the lender regarding the extension, contact them to know their decision before your next payment is due.

Conclusion

Loan extension is simply a way to postpone your own payments. This agreement can be really helpful since it is normal for everyone to experience financial crisis at one point in their lives. Basically, it will serve as a relief after a short period of suffering. However, you must remember that applying for a loan extension will increase the interest rate on your loan.

W Power Loan By Access Bank

September 6, 2022 by Olamide Famuwagun

Are you a woman seeking for a loan to operate your business? Then you should be interested in the W Power Loan by Access Bank. Basically, this programme was designed by Access Bank to bridge the financial gap in the women’s sector. They do this by offering women-owned businesses loans to run the business.

An Overview of W Power Loan By Access Bank

The W Power Loan by Access Bank is a programme run by Access Bank PLC and aims to empower women. Basically, they do this by providing women with loans to run their businesses. It is a strictly women’s loan programme that is suitable for women in sectors like Manufacturing, Fashion, Education, Hospitality & Tourism, I.T, as well as HealthCare.

What services does the W Power Loan By Access Bank offer?

Basically, the W Power loan offers loan services to women-owned businesses. They grant loans in two broad areas:

1. Term Loan

Term loans are strictly meant for business infrastructure upgrades and asset acquisition. Basically, you can use this loan to purchase machinery, equipment, or any other fixed assets you need for your business.

2. Working Capital

Working Capital loan helps to offset the daily bills your business runs on. Basically, you can use this loan to buy raw materials or pay off other everyday operating expenses of your business.

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How can I apply for a W Power Loan By Access Bank?

If you want to apply for this loan, here’s how to go about it:

1. First, follow this direct link, https://wpowerloan.thewcommunity.com/

2. Next, fill in the application form with the correct details.

3. Lastly, submit your details and wait for a response to your request.

What documents do I need to apply for the W Power Loan?

Here are some documents you will need to apply for this kind of loan:

1. Company Registered Name

2. Years of Business Operation

3. Current Address of Operation

4. Nature of Business/Activity

5. Loan Amount Requested

6. Registered Business Address

7. Head Office Address (If different from above)

8. RC or Registration Number

9. Date of Registration

10. Your Office Telephone No

11. Website or Webpage

12. Email Address

What are the requirements to apply for W Power Loan By Access Bank?

Here are what you need to qualify for the loan:

1. You must have been operating your business for at least one year. Also, your business must have at least 5 million Naira annual turnover.

2. If your Access Bank account is still new, you must have operated it for at least 30 days.

3. Some other Terms and Conditions, such as credit history checks may apply.

What is the maximum and minimum loan amount on W Power Loan?

Here is a breakdown of how much loan you can access depending on the requirements you meet:

1. Tier 1

Maximum Loan Amount: N100m (One Hundred Million Naira)

Minimum Years of Business Operation: 10 years

Staff Strength: Minimum of 20 staff

Annual Revenue Turnover: Above N300m

Equity Contribution: At least 20%

2. 2nd Tier

Maximum Loan Amount: N50m (Fifty Million Naira)

Minimum Years of Business Operation: 5 years

Staff Strength: Minimum of 5

Annual Revenue Turnover: Above N100m-N300m

Equity Contribution: 20%

3. For Tier 3

Maximum Loan Amount: N20m (Fifty Million Naira)

Minimum Years of Business Operation: 3 years

Staff Strength: Minimum of 5

Annual Revenue Turnover: Above N10m-N100m

Equity Contribution: 15%

4. Tier 4

Maximum Loan Amount: N5m (Fifty Million Naira)

Minimum Years of Operation: 1 year

Staff Strength: Minimum of 2

Annual Turnover: Above N2m-N10m

Equity Contribution: 15%

Loan Tenor: Between 12 – 36 months

How much loan can I access on W Power Loan?

Depending on the kind of business you run and its risk level, you can obtain up to 100million naira loans. However, you must remember that this loan is just for women-owned businesses. The business must have at least 50% homeownership and must be managed by a woman.

How can I contact W Power Loan By Access Bank?

Here’s how to contact W Power Loan:

Phone Number: +234 1- 2712005-7, +234 1-2802500, 07003000000, 01-2273000

To learn more about the W Power Loan, call Access bank’s hotline 1-2273005

If you want to check your W Power Loan status, just contact ESG Info@esgforwomen.com

Website: www.accessbankplc.com

Bottom Line

The W Power Loan By Access Bank is simply a loan that caters to women-owned businesses. As long as your business fits into the requirements, you have a high chance of receiving the loan. Hence, if you are a female entrepreneur, you can simply apply for the loan by following the steps listed above.

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.

NEXIT Loan

September 2, 2022 by Olamide Famuwagun

Were you once a participant of the Npower scheme and you want to apply for its exit benefits? Then, you must have heard about the NEXIT loan. The Npower/CBN Empowerment scheme, also called NEXIT aims to empower Npower exited beneficiaries by giving them loans to start up a business. This guide will help you understand what the scheme is all about and how to register and qualify for the loan.

An Overview Of NEXIT Loan

NEXIT loan is a type of loan that the Federal Government Of Nigeria provides for exited participants of the N-Power programme. The government created the NEXIT registration portal solely for all N-power beneficiaries.

The Federal Ministry of Humanitarian Affairs along with the Central Bank of Nigeria collaborated with the Federal Government to create this platform. With this portal, all N-power beneficiaries can access a variety of CBN empowerment options.

Also, they can apply for the numerous entrepreneurship, economic, and empowerment programmes the Central Bank of Nigeria has to offer.

How Can I Register And Apply For A NEXIT Loan?

To register and apply for the NEXIT loan, just follow the procedures below:

1. First, visit the N-power NEXIT web portal via https://nexit-fmhds.cbn.gov.ng/auth/signup

2. Input the E-mail Address you registered with as an N-Power Beneficiary

3. Next, input your password and confirm it. Remember to always keep your password private.

4. Thereafter, enter your basic details like your first name, surname, and BVN.

Lastly, cross-check the details to ensure that they are correct then click on submit. Yep platform will redirect you to an E-mail activation page. When you get to this stage, do this:

1. Re-enter your email address then click on ‘Resend Activation Mail‘

2. Wait for a verification mail that the portal will send to you.

3. Next, activate your account by clicking on the link in the verification mail that you received.

Lastly, re-login into the NEXIT portal and enter all your necessary information. Once you do this, your registration is successful.

What Requirements Do I Need To Apply For NEXIT Loan?

Candidates who want to apply for this loan benefit must fulfil the following conditions:

1. You Must Be Nigerian by Birth

2. Not currently employed in any government establishment (either State or Federal Government)

3. You must be either N-Power Batch A and B beneficiary.

4. Your NIN Number is also compulsory.

5. Educational Qualification Credentials

6. Your NPVN number

7. Bank Verification Number (BVN)

8. Your deployment letter from your PPA (place of primary assignment)

9. You need a valid means of identification like a voter’s card, National Identity Card, Driver’s Licence, NIN Number, or International Passport.

How much is the loan for NEXIT?

Candidates whose applications are successful will get up to 5 Million Naira loan without needing any collateral. This makes the offer a very attractive one.

How Can I Qualify For A NEXIT Loan?

The NEXIT Loan Business Plan is divided into 10 Parts, namely:

1. Personal Details (Biodata)

2. Business Information

3. Loan Information

4. Equipment List

5. Working Capital List

6. Product And Services

7. Assets List

8. Competitive Analysis

9. Management Plan

10. Swot Analysis

However, the major points the programme uses to disqualify candidates depend on the information in Numbers 4,5,6, and 7. Also, the judges will screen your managerial Plan and Competitive Analysis.

If you want to qualify for this loan, you should have a professional perspective on how to effectively use the loan capital. This is especially important for the numbers the judges are most concerned about. You have to draft a professional but detailed summary of your proposed business plan.

Do I need a CAC Certificate To Access The NEXIT Loan?

Basically, if your business has a CAC (Corporate Affairs Commission) certificate, it can increase your chances of securing higher loan amounts. With this certificate, you may be able to secure a loan within the range of a N1million to N3million. However, if you do not have this certificate, this means that you may receive lower loan amounts for your business.

Bottom Line

NEXIT loan is a special type of loan the Federal Government of Nigeria offers to individuals who have completed the N-power programme successfully. Basically, this loan serves as a source of financial empowerment to enable these individuals to start a business. If you need a guide on how it works, follow the tips above.

ARM Pension Loan

August 30, 2022 by Olamide Famuwagun

Are you worried about being stranded financially if you lose your job before you retire? Arm pension loan has got you covered. Basically, all you need to do is to apply for a loan from your ARM pension account if you are stranded financially after losing your job. This loan will cover your finances till you get back on your feet. Here’s what you should know about the ARM Pension Loan and how to apply for it.

An Overview of ARM Pension

ARM Pension Managers (PFA) Limited is one of Nigeria’s leading Pension Fund Administrators (PFA) which the National Pension Commission licensed in December 2005. It is a subsidiary of the ARM Group (Asset & Resource Management Company Limited). The ARM Group of Nigeria’s most dominant financial service brand. Basically, this group is notable for quality research, investment, and Pension Fund Management.

What Services does ARM Pension offer?

Here are the services ARM pension offer individuals:

1. Contributory Pension Scheme

The Contributory Pension Scheme is the standard retirement savings account (RSA), which is for individuals employed in both the private and public sectors.

2. Micro Pension Scheme

Basically, this company designed the Micro Pension Scheme (MPS) to help artisans, traders, professionals, and other self-employed individuals. Self-employed people do not qualify for the Contributory pension scheme (CPS), hence, this scheme helps them save easily for retirement.

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3. Voluntary Contribution

Voluntary Contributions are additional funds you can choose to add to your compulsory pension savings. Basically, you can decide to put aside this extra cash willingly to boost your Retirement saving account (RSA).

How can I open an ARM Pension account?

Here’s how to open a pension account in this organisation:

1. First, visit their official website, www.armpension.com

2. Next, click on the account type you want to open

3. Lastly, fill out the registration form and submit it.

What documents do I need to open an ARM Pension account?

To open an ARM pension account, you need the following documents:

1. First Name

2. Last Name

3. Phone Number

4. Email Address

5. State of Residence

6. Date of Birth

7. Referral Code

How can I borrow an ARM Pension Loan?

Basically, this pension administrator allows you to take out loans from your RSA before you retire based on reasons such as:

1. Temporary Loss or Exit from work (maximum of 25% loan from your RSA)

2. Medical Reasons

However, if you wish to withdraw from your retirement Savings Account (RSA), you must go through the data recapture exercise first before accessing benefits. If you lose your job temporarily and want to take out an arm pension loan from your RSA you need the following documents:

1. Application letter

2. Confirmation letter from the last employer

3. Birth Certificate or Age Declaration

4. Exit letter from the last employer

5. A Photocopy of a valid means of identification (i.e. Driver’s license, National ID, etc.).

2 passport photographs

6. A completed ARM Pension Retirement Withdrawal Form (you will get this form from Arm pension)

7. Your NIMC slip/Card (NIN number)

8. Appointment/Employment/Confirmation Letter

How can I download the ARM Pension app?

Here’s how you can download this app on your smartphone:

1. Visit the App Store on your iPhone or the Google Play Store you will find on your Android phone.

2. Next, search for “ARM Engage”

3. Lastly, download the app, install it, and sign up on your pension account.

How can I contact ARM Pension?

Here’s how you can contact this loan administrator:

Address: 5, Mekunwen Rd. Off Oyinkan Abayomi Drive PMB 80173, Ikoyi, Lagos, Nigeria

Phone Number: +234 1 2715000, 0700CALLARM (0700 2255 276)

Website: www.armpension.com

Conclusion

ARM pension loan is one of the benefits a retirement saving account holder can access from ARM pension. Basically, this benefit allows you to access a maximum of 25% loan from your retirement account before you retire. However, you have to be out of a job for a certain duration before you can access this loan.

Loan Top-Up

August 26, 2022 by Olamide Famuwagun

Sometimes, life happens and you may find yourself needing another loan shortly after obtaining a personal loan. Fortunately, some banks allow individuals to access a loan top-up. Basically, this kind of loan allows you to obtain an extra loan in addition to your existing loan. This product is flexible and easy to get, hence, many borrowers often go for it.

What is a Loan Top-Up?

A loan top-up loan is a financial help that banks provide to individuals that allows you to access an extra loan in addition to your existing loan. Basically, this product caters to you if you have a need that your initial loan was unable to cover. You get a little more financial aid to help you out, then pay back based on the terms of the loan agreement.

How Does a Loan Top Up Work?

Basically, when you top up a loan, the bank does not actually add money to it. Instead, they will give you a fresh loan for the remaining balance together with the additional amount you want to borrow.

For instance, if your current loan is N5,000 and you decide to borrow an extra amount of N2,000, the bank will open a new loan account for N7,000 and first pay off your current loan. This leaves you with the remaining amount. However, the interest rate and term of the new loan may vary from your current loan. This means that you may need to pay more interest than you did on your first loan.

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

What Requirements Do I Need To Obtain A Loan Top Up?

To get this kind of loan, the bank has to be absolutely convinced that you really need it. To be eligible for it, you need a good credit history to assure the lender that you will pay it back in time. Also, the lender will run some background verification checks. If your credit report is good and they verify your information successfully, the lender will then grant the top-up loan by demanding some processing fee. However, in some cases, banks may not ask for a processing fee.

What Are The Features of Loan Top-Up?

Here are some key features of a top-up loan:

1. Tenure

Lenders give these kinds of loans for the outstanding period of your current loan or for 10 years. The tenure varies from bank to bank.

2. Interest Rates

The interest rates lenders charge on top-up are a little higher than what they charge for your home loans. Hence, you pay a higher interest rate if you want a top-up.

3. Utilisation

You can use a top-up loan for purposes like construction or modification of your house or to cover your personal expenses. However, you cannot use this kind of loan for speculative purposes.

4. Flexible Loan amount

Generally, a top-up personal loan is 70-80% of the original. That is a pretty good sum and should be able to cover most of your needs. However, you cannot borrow a top-up that is more than your original loan amount.

Bottom Line

A loan top-up loan is simply a loan that you can access in addition to your existing loan. Basically, this loan allows you to cater for any extra emergency need your current loan is unable to cover. However, the term and duration of this loan will be different from your first loan.

Need a loan? Kindly check out this platform that allows you to compare loans from several lenders in minutes. This would help you make the best decision for you.

Liberty Assured Loan

August 26, 2022 by Olamide Famuwagun

Do you need cash urgently? There is a way you can get a loan with a maximum of 500,000 in less than 24 hours from the comfort of your home. Liberty Assured Loan is a loan you can access from the Liberty Assured lending platform. Basically, you can access this loan with ease and convenience. With this platform, you do not need to worry so much about obtaining instant loans.

An Overview of Liberty Assured

Liberty Assured is a Financial Institution that offers people instant loans while they pay back at their convenience. Basically, this company aims to bring Financial Freedom by filling the gap within the business sector varying from personal finances to SMEs and Nano-Micro businesses. Also, this platform offers you investment products that guarantee returns at the end of the investment period.

What Services Does Liberty Assured offer?

There are different types of loans you can access on this platform. Here are the loan services they have to offer:

1. Quick Advance

The quick advance is a loan product that is made for salary earners in Nigeria. Basically, as a salary earner, you can obtain loans from ₦10,000 to ₦50,000 through Quick Advance.

2. LibertyPay

The LibertyPay product offers you instant quick cash at your convenience. Basically, you can access this service on their digital mobile lending app.

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

3. LibertyMe

LibertyMe is another loan product you can access on the Liberty Assured mobile app. Basically, this product allows you to build your credit history

4. Business Loan

This product is strictly for business owners. With this platform, you can get a loan of up to N4,000,000 within 24hrs to start your business.

5. Personal Loan

You can also access personal loans easily on this platform. This can include Daily Loans, Weekly Loans, Asset Financing, and Consumer Loans.

6. Investments-peer-peer

This product offers you investment services in which you receive up to 30% p.a returns from the investment you make.

How Can I Apply For A Liberty Assured Loan?

To register and apply for a loan on this loan website, follow the steps below:

1. Visit their official website, www.libertyassured.com

2. Next, click on “Apply Now”

3. Fill out the loan application form by providing your personal details. Thereafter, you will receive your loan within 24 hours.

Alternatively, you can download the app, register on it using your personal details, and apply for a loan.

What requirements do I need to obtain a Liberty Assured Loan?

To obtain a loan on this app, you need the following documents:

1. A valid means of identification

2. Your basic details like your name, address, phone number, etc

3. Details of your business (if you want to obtain a business loan). However, if you are an employee, you will provide details of your job.

How Can I Download Liberty Assured App?

Here’s how you can download this app and access loans within 24 hours:

1. Go to the App Store on your iOS device or Play Store on your Android device.

2. Next, search for “Liberty Assured”.

3. Lastly, download the app and apply for any loan of your choice.

How Can I Contact Liberty Assured?

Here’s how you can contact Liberty assured:

Address: 27 Alara Street, Onike, Lagos, Nigeria

Phone Number: +234-09095000300 (WhatsApp), 012275065

Email Address: support@libertyng.com

Website: www.libertyassured.com

Conclusion

With the Liberty assured loan, you can sort out your emergency needs without any hassle. Basically, all you have to do is to visit the Liberty Assured website, register, and apply for any loan of your choice depending on what you need the money for. Above, you will find a guideline on how to go through this process with ease.

Need a loan? Kindly check out this platform that allows you to compare loans from several lenders in minutes. This would help you make the best decision for you.

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