Olamide Famuwagun

How to Apply for a FairMoney Loan in Minutes

September 5, 2023 by Olamide Famuwagun

FairMoney is a loan app in Nigeria that offers its users an easy and stress-free way of lending money. They launched FairMoney Loan in early March 2018. The online lending platform disburses over 1,500 loans daily to Nigerians.

Follow the steps below to get a loan from FairMoney:

Download the Android application from the Google PlayStore.
Sign up or log in with your phone number or Facebook profile.
Create a profile of you’re a new user or apply for a loan as an old user.
Get credited with money in your bank account within a matter of minutes.

An Overview of FairMoney Loan and App

This loan platform provides you with a different way of getting a loan in Nigeria. Also it does this with no collateral. You can get an instant loan of up to as much as ₦500,000 without needing any paperwork or even collateral. This would be done in under five minutes or less.

In addition, the app helps you gain access to critical finance via the power of modern technology. It is fast, reliable, secure, and most of all, free! This makes it one of the best loan apps in Nigeria.

How Much Can I Borrow from FairMoney and for How Long?

You can access a FairMoney Loan in the range of ₦1,500 to ₦500,000 with durations for loans up to 60 days and above. The monthly interest is also about 10%-30% monthly. The process does not incur any additional fees or hidden costs when processing your loan.

There are no requirements for getting a FairMoney loan. Simply sign up on the app and your loan will be processed. This is done without rigorous due processing like documentation and collateral.

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

What Is the Highest Amount Fairmoney Loans?

FairMoney offers a loan of up to N3,000,000 with a tenor of 24 months. However, note that you do not have access to this amount as a new user. Instead, your limit cap is decided after a credit assessment and increases over time. Basically, the better your lending history and loan repayment behaviour, the more the amount of loan you can access and the longer your repayment period will be.

What Is Fairmoney Interest Rate per Annum?

Generally, Fairmoney Interest rates range from 2.5 to 30% depending on the loan amount and repayment period. Note that the exact interest rate and tenor will be communicated during your loan application process.

If you do not repay at the agreed time, you will be subject to late fees at the discretion of FairMoney, your lending account will also be suspended, and you will be reported to the National Credit Bureau and possibly permanently suspended from lending from other credible lending institutions

What Happens if I Don’t Pay My Fairmoney Loan?

Failing to repay your Fairmoney loan will see the amount subjected to late repayment fees at their discretion. Additionally, your Fairmoney account will be suspended and you will be reported to the national credit bureau. This may lead to suspension across other lending platforms, government loans and credible institutions.

Bottom Line

Fairmoney is a popular loan service provider which has proven to be reliable over the years. You can obtain a loan from the platform by downloading the app and applying today.

How to Get Proof of Funds in Nigeria

August 31, 2023 by Olamide Famuwagun

The Proof of Funds document has become more critical than ever as many Nigerians are deciding to migrate abroad. People who want to relocate abroad for study, work, or business, will have to present this document for their visa processing. Fortunately, the quality Proof of Funds service providers in Nigeria have made it easy for the average Nigerian to access it. If you want to learn how to get Proof of Funds in Nigeria, read through the subsequent paragraphs.

What is Proof of Funds (PoF)?

Proof of Funds is primarily a document or evidence, typically in the form of a bank, custody, or security statement that indicates that an individual is capable of covering the expenses for a stipulated period of time. It is generally in the form of documentation that affirms that a person or organization has enough money to complete a transaction.

As a prospective expat student, your proof is the document that shows that you have an adequate chance to maintain your schooling in future years. It also signifies that you have enough liquid assets to pay for all your schooling year costs to acquire the intended college/university degree.

Image of how to get proof of funds in Nigeria

Why is Proof of Funds (PoF) Important?

Proof of funds documentation is generally used during various transactions or business situations. Here are everyday situations that can warrant a Proof of Funds document:

1. Immigration Applications

Generally, immigration authorities ask their applicants to provide proof of their financial capacity to support themselves throughout their stay abroad or while migrating to a new country. For instance, people traveling to Canada from Nigeria for work or study will need to get their proof of funds for processing their visa. This is one of the most popular reasons people need POF in Nigeria.

2. Real Estate Transactions

POF can be used to verify that a real estate buyer has the necessary funds to finish the transaction. So usually, real estate sellers or their representatives demand a buyer’s proof of funds documentation.

3. Investment Opportunities

Proof of funds can also be needed to verify an investor’s financial ability when investing in certain opportunities such as business purchases or private placements.

4. Loan Applications

This document is also essential when determining a borrower’s capability to make down payments or to pay off closing expenses. Lenders in Nigeria are likely to ask for proof of funds from the borrowers when it involves a huge amount.

5. Creating a Trust

Creating a trust account may also require that you provide proof of funds to reveal the initial funding or your continuous financial ability to operate the trust.

6. Business Transactions

POF is necessary in order to verify the financial competence of the partakers involved in business partnerships, mergers, or acquisitions.

7. Contract Bidding

When taking part in contract bidding procedures, especially for government or large-scale projects, proof of funds may be needed to show the financial capacity to meet the criteria of the contract.

8. Business Licensing

To guarantee financial viability and compliance with the business regulatory criteria, proof of funds may be demanded when applying for different business licenses or permits.

9. Auction Participation

Proof of funds may be essential when partaking in auctions to indicate your capacity to satisfy bidding requirements or the different payment obligations.

10. Franchise Opportunities

When considering buying a franchise, your proof of funds may be demanded to show your financial capacity and suitability as a franchisee.

11. Private Sales

In high-value transactions or private sales, sellers may demand proof of funds to ensure that the buyer has the funds required to finish off the transaction. This may be related to industries like real estate or other top industries like art or collectibles.

Check Out: Proof of Funds Providers in Nigeria

How To Get Proof of Funds in Nigeria

You can get proof of funds in Nigeria with the following steps:

Find a trusted proof of funds provider
Open a new bank account
Pay an interest fee
Get your account funded
Use your new account
Print your bank statement

1. Find a proof of funds provider

The first thing you need to do in obtaining your proof of funds is to find a proof of funds provider. This involves you searching for a reputable company or service that offers proof of funds, which is a financial document demonstrating that you have access to a certain amount of money. From my experience, it can be such a hassle looking for reliable providers but no worries, LoanSpot is one such provider that can assist with obtaining a proof of funds document. Click here to get started.

2. Open a new bank account

If you wish to use your current bank account, you might be required to transfer your account to the provider’s designated bank. Otherwise, you will need to open a new bank account. This account should contain the funds you intend to use as proof, and it typically needs to be in your name or the name of your business.

3. Pay an interest fee

This fee is often a percentage of the total amount you’re using as proof of funds. Some providers, like LoanSpot, may require you to pay an interest fee for using their services or for maintaining the funds in the bank account you opened.

4. Get your account funded

After opening the bank account, you’ll need to deposit the required funds into it. These funds will serve as the basis for your proof of funds document and should match or exceed the amount you intend to prove you have access to. On the LoanSpot platform, you can get millions of Naira as your proof of funds in no time.

5. Use your new account

After getting your account funded, make sure you start using it immediately. The bank account you opened, with the deposited funds, can now be used for various financial transactions. Have money put into the account, like your monthly salary, or have friends and family deposit money into the account.

6. Print your bank statement

This statement should show the account balance and transaction history for the relevant period, confirming the availability of the funds. Ensure that your bank statement bears both a signature and an official stamp. It’s crucial to avoid the error of printing it starting from the date your account received its funds. To prevent any potential setbacks, please print a full 30-day bank statement.

Discover the hassle-free path to securing your proof of funds for your Nigerian travel. While there are countless methods, many can be quite challenging. However, LoanSpot offers a straightforward and effortless solution. Take the first step toward ease – Click here to begin your journey.

Disclaimer: You can only obtain your Proof of Funds through LoanSpot. LoanSpot doesn’t directly provide Proof of Funds to customers, our primary role is to connect individuals to access their proof of funds.

How Long Does It Take to Get Proof of Funds (POF)?

The duration it would take for you to get your Proof of Funds primarily depends on the bank you are getting it from. However, most authorized Proof of Funds providers in Nigeria will process your request and disburse within 24-48 hours. You should ensure that the contact information provided on your POF letter is up-to-date.

What are Some Proof of Funds Alternatives?

Listed below are some other options you can use in place of a Proof of Funds:

1. Scholarship letter

Admissions on scholarships, mainly fully funded scholarships that will cover a student’s living expenses, have a lot of edges over those that are not fully funded. People receiving financial support from a scholarship agency are free to attach an authorized scholarship letter that clarifies the amount and terms of the award.

Also, organizations sponsoring scholarships can easily provide a statement that reveals they have the necessary amount presently available. However, for scholarships that are not fully funded, it’s a different ball game entirely. Students may have to show visa officials that they have money or a promise of cash to pay off the remainder of that expense that is not covered by their scholarship.

2. Sponsors’ account

When it comes to submitting a PoF with the intention of traveling abroad, many Nigerians believe that it just has to do with their personal account. However, this is not entirely true as you can also use your Sponsor’s account.

Basically, the importance of the statement of account submitted as proof of funds is to indicate that a student can cover basic costs while studying in their preferred country. For this reason, students planning to study abroad do not need to have the mandated POF lump sum in their bank account if they already have a sponsor who has the required amount of money in their account.

Sponsors, preferably someone with close relations such as one’s parents or siblings, will have to write a letter elucidating why they are ready to invest in the student’s education and evidence of relationship with the applicant.

3. Study loan

Students who apply for loans from organizations and prominent platforms that offer loans to international students can also present the study loan letter written by the loan company in place of a PoF. However, students involved in this must understand the terms and conditions proposed by any loan platform or company they are dealing with. Students should also read through the terms and conditions of the study loan to ensure they meet them. In most cases, the terms and conditions will demand that students have a creditworthy cosigner or be enrolled for half-time at a qualified school.

Generally, lenders that do need a cosigner consider the prospect of the borrower. For instance, some lenders may consider a student’s career path and earnings potential before they qualify for a student loan without any collateral or cosigner.

Also, students who are on half scholarship fees can easily apply for study loans to cover the remaining part of their expenses.

4. Gift Deed

Gift Deed is another good option that is almost like using a sponsor’s account. A gift deed serves as documentary proof of the act of gifting.

In this situation, if a family member or friend sends a lump sum of money into your bank account or will property to you before you get your statement of account, you have to write an explanation attributable to your benefactor which assures the Visa Officer that the cash was gifted to you for proper reasons.

Students who already have sponsors that are their close relatives like a parent or sibling, don’t need to present a gift deed since their sponsorship letter and a bank statement will be assessed.

5. Defer admission

This is generally the last option to consider, especially when other alternatives are not viable. Admission can be deferred till the next year or the next two years. This is to allow prospective students to build their bank accounts and save up to the mandatory amount.

Conclusion

While the POF statement is generally issued by a Nigerian POD provider to give assurance to the Visa Officer, it is still very crucial for you to use the legal way to get your Proof of Funds. Doing this will prevent you from ruining your chances of getting a visa. When it comes to getting your POF, you can always trust LoanSpot. Above, we’ve explained how to get Proof of Funds in Nigeria through LoanSpot. Follow the guide provided to receive yours in no time.

Proof of Funds Providers in Nigeria

August 31, 2023 by Olamide Famuwagun

One of the major things that can act as an obstacle to many Nigerians’ relocation to their dream country is the Proof of Funds document. Proof of funds (POF), which is a document that indicates that a person has the ability and money available to migrate to another country, is a criterion that is not easy to meet due to the lump sum of money usually involved. However, with LoanSpot, all your worries about getting your Proof of Funds are over. If you are hoping to get your POF, here’s how LoanSpot can help you.

Proof of Funds Providers in Nigeria

Listed below are the best and most reliable Proof of Funds providers in Nigeria:

1. LoanSpot

LoanSpot is one of Africa’s most prominent financial services companies. If you are interested in getting your Proof of Funds, no worries, you can obtain it through LoanSpot. While LoanSpot doesn’t directly provide Proof of Funds to customers, our primary role is to connect individuals in need with trusted Proof of Funds providers.

The experienced team at LoanSpot will lead you through the process of getting your POF and make sure that you have the vital documentation to accomplish your goals of traveling out.

On the LoanSpot platform, you can get millions of Naira as your Proof of Funds in no time.

It is worth noting that LoanSpot is not a lender or lending company so we do not provide loans to customers. Our role is just to connect borrowers to readily available lenders.

What Documents Do I Need to Qualify for a Proof of Funds?

The Proof of Funds (POF) Request Form from LoanSpot will require these important basic details from you:

Full Name
Phone Number
Email Address
POF Amount required
The date you need the funds
Preferred fee
Reason for POF

What are the Benefits of Getting Your PoF through LoanSpot?

Here are some of the benefits you get when you get your POF through LoanSpot:

Swift and stress-free process and adequate customer support
Competitive interest rates
Quick turnaround time
Easy access

2. Fundrepublic.co

Fundrepublic.co is another Nigerian financial services company that focuses on providing proof of funds to interested people to help them achieve their migration dream. You can get your POF from this company for the purpose of executing International business or processing your visa application processing seamlessly.

3. Prooffund.ng

Prooffund.ng is another platform that can fund accounts with over 50 million Naira as Proof of Funds for your visa processing. This platform guarantees to disburse the funds into your account between 24-48 hours. Also, they offer you a chance to split the payment into batches.

4. EdFin Microfinance Bank

With a maximum loan amount of 20 million Naira, EdFin Microfinance Bank has made POF applications very fast and stress-free. Distance is not a barrier with EdFin Microfinance bank as you can get your proof of funds from any region of Nigeria

How much is Canada Proof of Funds in Naira for International Students?

Proof of funds in Naira for international students should be a minimum of N10,500,000 or more. Also, note that the funds should be in your account throughout your application process and a little while after you relocate. Essentially, it is to show proof that you have enough to cover 6 months of your living expenses after arriving in Canada.

Conclusion

LoanSpot takes the lead as the best Proof of Funds provider in Nigeria that you can trust. Whether you are applying for a vacation, study visa, family relocation, or even permanent visa, you can depend on us to have you covered. Don’t let high-interest rates be a limiting factor.

Take advantage of our stress-free and low-interest proof of funds providing service today and make your dreams come true. Contact us at info@loanspot.ng to learn more about this service!

How to get Proof of Funds for Canada immigration in Nigeria

August 31, 2023 by Olamide Famuwagun

According to records, thousands of Nigerians migrate to Canada every year to study or in search of greener pastures. Over the last few years, this number has greatly increased due to the current situation of the Nigerian economy and more people are joining the trend. One of the important documents you must have if you plan to migrate to Canada is the Proof of Funds, which typically demands a lot of money. Fortunately, everything’s easy with LoanSpot. Read through this article to learn how to get Proof of Funds for Canadian immigration in Nigeria.

How to get a Proof of Funds For Canada Immigration in Nigeria

You can obtain your Proof of Funds through LoanSpot. While LoanSpot doesn’t directly provide Proof of Funds to customers, our primary role is to connect individuals in need with trusted Proof of Funds providers.

With the numerous legit Proof of Funds providers in Nigeria, getting your PoF for Canada has become easier than ever.

On the LoanSpot platform, you can get millions of Naira as your Proof of Funds in no time.

Image on how to get Proof of Funds for Canada immigration in Nigeria

Who Needs Proof of Funds For Canadian Immigration?

The Canadian system currently asks all visa applicants to present a proof of funds document. However, you wouldn’t have to present one if you already have a valid job offer waiting for you in Canada.

Here are the programs you need to present proof of funds to satisfy the minimum requirements:

Federal Skilled Worker Program
Federal Skilled Trades Program

These programs were created for skilled workers who hope to become permanent residents in Canada based on being qualified and properly equipped in a skilled trade.

Who Does Not Need Proof of Funds For Canadian Immigration?

If you’re applying for PR (Permanent Residence) under the Canadian Experience Class (CEC) program of Express Entry, then you wouldn’t need to provide a PoF (proof of settlement funds). This is because if you are applying under the CEC program, the Canadian embassy will assume that you are already settled in Canada. You are only eligible to apply under CEC if you already have at least one year of work experience in Canada.

Also, the proof of funds mandatory requirement is waived for Federal Skilled Worker (FSW) and Federal Skilled Trades Program (FSTP) applicants who already have a legal and valid Canadian job offer and are permitted to work in Canada. In simple terms, this means that you don’t have to provide Proof of Funds if you’re already working in Canada with an authorized work permit.

How Much is Canada Proof of Funds in Naira?

If you plan to relocate to Canada alone, your PoF (proof of funds) should be roughly N11,000,000 or more. Essentially, the amount you need to present as proof of funds (POF) primarily depends on the number of people who are relocating to Canada together with you. Check out the table below for a brief breakdown:

Number of family members	Funds required (in Canadian dollars)	Exchange rate in Naira (N)
1	$13,757	NGN11,005,600
2	$17,127	NGN13,701,600
3	$21,055	NGN16,844,000
4	$25,564	NGN20,451,200
5	$28,994	NGN23,195,200
6	$32,700	NGN26,160,000
7	$36,407	NGN29,125,600
If more than 7 people, for each additional family member	$3,706	Plus extra NGN2,964,800

This table indicates the minimum amount of money you need to immigrate to Canada from Nigeria as of April 25, 2023.

What Canadian Immigration accepts as Proof of Funds

If you are planning to migrate to Canada, the Canadian embassy has stipulated what your Proof of Funds must look like. For your PoF, you must obtain official letters from reputable commercial banks or financial institutions where you already have an account.

The letters you obtain must be printed out on the bank or financial institution’s letterhead and must include:

The bank or financial institution’s contact information (which includes their address, phone number, as well as their email address)
Your name
All your outstanding debts, if any (such as your credit card debts and loans)
The details for each current banking as well as the investment account you have with them
Your account numbers
The date each bank account was opened
Your current account balances
Your average account balance for the last 6 months

FAQs

Here are some other frequently asked questions:

Can I Show Stocks for PoF For Canada?

Any asset that cannot be easily liquidated and has q price that cannot be verified immediately cannot be utilized to satisfy the Canadian PoF requirements. Hence, stocks, and real estate assets cannot be used as PoF for Canada immigration.

How Many Months of Bank Statement Do I Need to Show For Canada Visa Application?

If you are going to pay for your own trip, you must submit a PoF (proof of sufficient funds) to cover your travel and the expenses involved in Canada. This should be the bank statements from your personal account for the last six months. Therefore, you need your last 6 months’ bank statement to show for a Canadian visa application.

Can I go to Canada Without a Bank Statement?

Yes, you can go to Canada without a bank statement. However, this opportunity is only available to the participants of the International Experience Canada (IEC) program. If you fall into this category and can’t get a bank statement, you may show this as your proof of funds when you arrive at the Canadian port of entry:

A letter on authorized letterhead from your bank or financial institution, that was issued not more than one (1) week before you departed for Canada and clearly indicates your account balance.
The letter must be signed and preferably stamped.

Does the Canadian Embassy Verify Bank Statements?

The Canadian embassy may decide to verify bank statements presented as part of an applicant’s visa application process. Essentially, this verification aims to guarantee the accuracy and authenticity of the financial information provided. So to be on the safe side, it is best you don’t try to forge your bank statement, as you could be heavily penalized.

How Much Money Can I Bring Into Canada?

Canada doesn’t place any restrictions on the total amount of money you can bring into or take out of the country. Also, it is not illegal to bring any amount of money into Canada. However, anytime you want to cross the Canadian border, you have to declare any currency or other monetary instruments you hold in your possession that have been valued at CAN$10,000 or more.

Pennee – A stress-free way to borrow a loan

August 24, 2023 by Olamide Famuwagun

The long and stressful process of borrowing a loan from conventional banks can act as a major hindrance to financing your business. Basically, many Nigerian entrepreneurs get discouraged once they think of the series of rigid processes it takes to borrow a loan from banks. To solve this problem, many loan platforms sprung up to help startups. Pennee is a leading organization that provides loans for business owners to find their businesses. Borrowing loans from the platform is easy, seamless, and stress-free.

An Overview of Pennee

Pennee is a business and finance-centred app that provides both loan and accounting services. Basically, this app provides you with a simple and easy-to-get loan to fund your business.

The privately held organization was founded in 2019 by Mejero Emmanuella Kunu. They support small businesses with loans to help them progress to a point where they can survive, expand and create amazing employment opportunities for other people. With this platform, you do not need to bother so much about getting a loan to find your business.

What services does Pennee offer?

Basically, this platform provides you with various kinds of loan services. These services include:

1. Asset Financing

The asset financing service helps you to purchase the necessary tools and equipment you need to upgrade your business productivity. Basically, they help you by buying all the tools you need to grow your business and you pay back later with a 2-4% interest rate every month.

2. Overdrafts

The organization provides you with overdrafts for you to invest in your business. This keeps your business running smoothly and seamlessly.

3. Inventory Financing

As the name implies, inventory financing provides you with funds to stock up your business with goods.

4. Cash Flow Manangement

This is just like a business management tool that enables you to track, budget, and predict both the inflow and outflow of funds in your business.

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

How can I register on Pennee?

To register on the loan-centered platform, follow the steps below:

1. Download the mobile application

2. Next, enter your details in the online registration form and click on submit.

After you have submitted the form, verify your account to qualify for a loan.

How can I borrow a loan from Pennee?

Follow these instructions to borrow a loan from the mobile app:

1. First, download the mobile application from Playstore or the App Store.

2. Next, create a business account on the platform. Thereafter, verify your business account by uploading the necessary documents.

Once you complete this step successfully, the platform will fund your account automatically.

What is the interest rate on loans on Pennee?

Pennee loan platform has a 2-4% interest rate on any loan you borrow on the app. However, the various types of loans have different maturity periods. The maturity period of a loan is the due day when you are supposed to repay the loan you borrowed. For more information, visit their official website.

What documents do I need to register on Pennee?

To create an account on Pennee successfully, you just require your basic details and your identification card for verification. Basically, once the verification process is complete, you will receive your loan immediately.

How can I download the Pennee app?

Here is how you can download the mobile application:

1. Grab your Android phone and open Google Play Store. However, if you use an iPhone, open the App Store

2. Next, type ‘Pennee’ in the search bar

3. Download the app and create an account for your business.

How can I contact Pennee?

You can contact Pennee via the following ways:

Address: 86 Olonode St, Yaba 101212, Lagos

Phone Number: 0706 603 9932

Website: www.pennee.co

Email Address: swift@pennee.co

Bottom Line

Pennee is primarily an app that allows you to borrow money to boost your business. Also, they provide a business management tool that tracks and records the flow of money in and out of your business. Essentially, this platform is a welcomed idea for small businesses that are still in the startup stage. With this digital platform, you do need to worry about financing your business.

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.

LENDSQR – An easy way to manage your loan business

August 24, 2023 by Olamide Famuwagun

The process of lending borrowers is hectic for both lending businesses and borrowers. This is because it involves a combination of various complex processes to ensure adequate security. Fortunately, certain platforms have simplified this process for lenders. Lendsqr is a platform that assists small and medium-sized lenders to ease the lending process. Basically, they offer lenders the right tools to make this process hassle-free.

An Overview of Lendsqr

Lendsqr is a digital lending platform designed just for small and medium-sized lenders, which provides smart features at zero upfront cost. Basically, the company helps these lenders to lend at scale, across web, mobile, API distributions, and USSD. The system covers the whole loan life cycle from its origination to recovery, making the lending process seamless for lenders.

The company is privately held and was founded by a team of financial experts in 2018. With this platform, you gain access to tools that enable you to manage your lending business more effectively.

What Services Does Lendsqr offer?

Lendsqr offers a wide range of loan services to make the lending process easy for you. These services include:

1. Credit Scoring

The platform assists you in reviewing the worthiness of your prospective borrowers. Basically, they integrate a credit scoring model, which rates your borrowers and simplifies your decision process. It’s also totally customizable to suit your specific requirements.

2. Origination

Enjoy a digitalized loan origination process. From paper-free seamless loan application channels to algorithm-driven easy scoring and auto loan disbursements and recovery. With this platform, you can effectively manage every part of your lending business with a stress-free system that makes sure that you are always covered.

3. Collections

The platform has an automated loan recovery engine that picks up your money on your behalf on the agreed due dates from the borrowers’ accounts. Basically, the collection process is card-driven to ensure maximum security.

4. Disbursements

With this platform, you can control how loans are disbursed. Basically, this allows you to accept or decline loans manually or automatically.

5. Red-gating & Green-gating

Tighten security by blocking individuals who do not satisfy your preliminary checks. Also, you can prequalify users for special perks and make them eligible for your loans.

Also, you can read more on Instant Online Loans in Nigeria – Where and How To Get Loans Within 24hrs.

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

How Can I Register on Lendsqr?

Here is how to register on the loan management platform:

1. First, log in to their website, www.lendsqr.com

2. Next, tap on the ‘sign up for free’ toolbar

Lastly, input your details in the registration form and then submit the form.

What documents do I need to Register on Lendsqr?

To register on this platform you need a valid identification card, your BVN, and details of your loan business. Other important documents for registration are your basic details like your name, address, phone number, and Email Address

What is Karma on a Lendsqr?

Karma is the platform’s privately-sourced blacklist engine, which is readily available to all parties within the Nigerian financial ecosystem. Basically, this blacklist engine is designed to gather, track and distribute credit profile data to various collaborators under it.

With Karma, you can protect your loan business from scammers and bad actors.

Does Lendsqr have a mobile app?

No, the loan management platform does not have a mobile app yet. This means that you can access all their services on the web platform.

How can I contact Lendsqr?

You can contact Lendsqr through the following ways:

Address: 4 Perez Dr, Lekki Phase 1 106104, Lagos

Website: www.lendsqr.com

Email Address: support@lendsqr.com

Phone Number: +234 1 700 5282

Bottom Line

Lendsqr is primarily a lending platform that caters to small and medium-scale lenders. Basically, this platform provides your lending business with all the tools it needs to thrive in today’s world. In all, this platform makes the entire lending process secure and hassle-free.

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.

ALAT by Wema Review – All You Need to Know

August 24, 2023 by Olamide Famuwagun

With the recent advancement in technology, banking is now easy. This advancement resulted in the provision of digital banks, which allows you to make seamless bank transactions. ALAT by Wema is Nigeria’s first and leading functional digital bank. Here is everything you need to know about the banking platform.

An Overview of ALAT by Wema

ALAT is a digital bank that allows you to execute all your banking transactions easily and conveniently. The platform is reputable for being Nigeria’s first functional digital bank. With the digital bank, you can make payments, borrow loans and run your business transactions seamlessly.

What services does ALAT by Wema offer?

Below is the list of mouthwatering services that ALAT offers its customers:

1. Payments and transfer

You can move funds within your account or fund your ALAT account directly through another foreign or local card from any bank. This method is seamless and takes just a click. Additionally, you can make payments to a third party with the platform.

2. Debit Cards

ALAT offers its customers corporate and personal debit cards for businesses and individuals respectively. Basically, this debit card gives you a zero monthly fee benefit. Therefore, you do not need to worry about unnecessary charges.

3. Savings and Goals

The saving and goals feature helps to make savings simpler for you. With ALAT, you can set up your savings goals to help you purchase anything you want.

4. Bulk Transactions for businesses

This feature allows you to execute bulk transactions of over N2 Billion on your business account. This transaction procedure is strictly digital. Basically, this means that you can carry out the transaction from anywhere in the world.

5. Loans

The mobile app allows you to request instant loans if you are low on cash. In just one click, you can receive low-interest short-term loans to cover your needs.

ALAT digital platform also allows you to pay your utility bills seamlessly. These features are what make the platform unique from others. Also, read on Banks Offering Instant Loans Without Collateral in Nigeria.

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

How can I register on ALAT by Wema?

Here are the steps to follow if you want to register on ALAT:

1. Download the ALAT mobile app on your smartphone

2. Next, Fill in the registration form with the correct details

Thereafter, wait for the platform to verify your details, and then your profile is set. You can also open a business account using the steps above.

What are the requirements to register with ALAT by Wema?

You need the following document to register successfully on the platform:

1. Your Bank Verification Number (BVN)

2. A clear picture of your face, your name, phone number, and Email Address

After these details, you just need to create a password for your profile to secure it.

How can I download ALAT by Wema mobile app?

To download ALAT by Wema mobile app on your smartphone, follow these steps below:

1. Visit the App Store if you use an iPhone. If you use an Android device, open Google Play Store

2. Next, type “ALAT by Wema” in the search box and search for the application

Thereafter, you can download and register on the app to enjoy its services.

How can I borrow a loan on ALAT by Wema?

To borrow a loan from the platform, follow the steps below:

1. First, you need to upgrade your account to a standard one. You can upgrade your account by uploading a picture of your valid government-issued identity card, your address, and a picture of your recent utility bill.

2. Next, apply for a loan via your dashboard

Wait for processing and you will receive it in due time.

How much interest does ALAT by Wema charge on their loans?

The interest rate on your loan is set by their lending partners and varies depending on the amount you want to borrow. However, the platform will calculate and clearly show you the interest on your loan when you want to apply.

How can I contact ALAT by Wema?

You can contact ALAT by Wema through the following ways:

Address: 8, Idowu Taylor Street, Victoria Island, Lagos, Nigeria.

Website: www.alat.ng

Email Address: help@alat.ng

Phone Number: 0700 2255 2528

Bottom Line

ALAT by Wema is primarily a digital bank. Basically, it provides you with all the features you need to enjoy a digitalized banking experience. The platform allows you to execute transactions, save, and borrow loans. In all, ALAT is a reliable platform for your banking transactions.

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.

Sparkle – Everything you need to know

August 22, 2023 by Olamide Famuwagun

Digitized banking is a popular innovation, which offers people a banking ecosystem on their smartphones. Basically, digital banks are helpful because they are stress-free, seamless, and convenient. Sparkle is one of Nigeria’s leading digital banks. Here is everything you should know about the unique financial platform.

An Overview of Sparkle

Sparkle is a digital bank. Basically, it is an app that provides digitized banking services. The platform aims to build a tribe of like-minded individuals to create a digital marketplace that makes it convenient and easy to achieve business outcomes.

The privately held digital infrastructure was founded in 2019 and has since then offered banking services to individuals all over Nigeria. The platform specializes in financial services, fintech, lifestyle as well as Digital Transformation.

What services does Sparkle offer?

Basically, the digitized bank offers Nigerians a variety of banking services. These services include:

1. SparklePay

SparklePay is a special method of sending and receiving funds by using a uniquely generated payment link. Basically, this feature lets you create a unique link stating the amount you want to send. Also, you can add creative custom messages embedded in your unique link. This makes your payment less conventional and more fun.

2. Sparkle Cards

Sparkle Cards are similar to your conventional arm cards. These cards facilitate easy payments and complete transaction control. Additionally, you can purchase Sparkle cards for the other members of your business or team too. This allows seamless business expense management.

3. Sparkle Indy

Indy is Sparkle’s official AI that serves as your guide and personal assistant. The chatbot gives you financial and lifestyle advice tailored to your specific needs.

Basically, Indy guides you on how to complete transactions, offers you quality recommendations, and answers any questions you have about the app.

4. Sparkle Stash

Sparkle Stash is a means you can use to save your money conveniently. You can decide to save any interest you earn or even save a specific percentage of the funds in your digital wallet. Also, you can team up with another group of Sparklers and save funds together.

4. Breakdown, Inventory, and Tabs

The breakdown feature gives you analytical insight into your senior expenses. Sparkle Inventory acts as an Inventory manager for business owners. Basically, the feature gives entrepreneurs a personalized invoice for their products. The “Tabs” feature allows you to split bills with members of your team.

5. Sparkle Payroll

As the name implies, this bulk payment feature allows you to easily manage and pay all your employee’s salaries. You just need to run the Sparkle payroll feature whenever you need to pay your workers.

The platform also rewards its loyal customers with amazing gifts. You can get rewards by actively using your Sparkle account for transactions.

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

How can I open an account with Sparkle?

To open an account with Sparkle, follow the instructions below:

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

2. Next, create an account by filling in your details on the registration form.

After you have filled in your details, wait for the platform to verify your details. Once they do this, you have created an account successfully.

Also, read Loans Entrepreneurs Can Consider For Business Growth.

What documents do I need to create a Sparkle account?

Since Sparkle is a digital bank, the documents you need to create an account are similar to the documents you need to open a conventional bank account. You need the following:

1. A government-issued identification card

2. Your BVN

3. Your personal information like name, address, and phone number

How can I download the Sparkle app?

To download the platform’s mobile app, follow the instructions below:

1. Open the Google Play Store on your Android device or the App Store on your iOS device.

2. Next, search for “Sparkle” in the search bar

3. Download the app, register, and enjoy its features

How can I contact Sparkle?

You can contact Sparkle via the following ways:

Email Address for collaboration support: info@sparkle.ng

Email Address for customer support: Support@sparkle.ng

You can also Chat with Indy. Indy is the platform’s intuitive chatbot that can answer all your questions and help you navigate the app.

You can also check out Glade – Everything you should know

Bottom Line

Sparkle is primarily a digital bank. Basically, it allows you to fully access and enjoy the benefits of a conventional bank from the comfort of your home. In all, the platform is unique, reliable, and easy to use.

Corebank – Everything you need to know

August 21, 2023 by Olamide Famuwagun

Many Nigerians have saved a lot of time and effort by opting for digital banking services. Basically, these digital banking infrastructures offer you a better and more convenient way to access conventional banking services. Corebank is a leading digital financial service provider in Nigeria. Below, you will find everything you need to know about their digital infrastructure.

An Overview of Corebank

CoreBank is a digital Fintech Platform provided by Corestep Microfinance Bank. Basically, the fintech infrastructure provides Nigerians with digital retail financial services and boasts of over 150,000 active customers.

The parent company of this platform, Corestep Microfinance Bank is a reputable loan agency in Nigeria, which was founded in 2009. Basically, this organization economically empowers low-income earners and micro-entrepreneurs by providing financial services in an ethical, sustainable, and profitable manner. Lastly, Core Microfinance Bank has its headquarters located in Lagos, Nigeria.

What services does Corebank provide?

Basically, the financial infrastructure provides services similar to a regular bank. These services include:

1. Deposit and Investment

The deposit and investment feature allows you to find your digital wallet and invest your money if you decide to. Basically, this feature encompasses sub-features like Coreflex, Savings, Corethrift, and Fixed Deposit.

2. Bill Payment and Collection

You can pay your utility bill and purchase necessities. This feature encompasses sub-features like Airtime & Data Subscription purchase, Cable TV subscription, as well as payment of Electricity Bill.

3. Advisory services

The fintech platform also offers its customers professional advice on how to manage and invest their money. The Advisory services feature encompasses sub-features like Some Secretariat Services, Association/Cooperatives Management Services, as well as Financial Advisory to customers who need it.

4. Loans

Basically, the platform offers loans and overdrafts to small and medium-scale enterprises (SMEs). Additionally, they provide Core Thrift Advance to their customers. This means that you can borrow money to fund your business from the fintech platform.

Also, read on USSD Code for Loans in Nigeria.

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

5. Zero Fee and Earn Rewards Feature

This unique feature allows you to make limitless transactions at zero cost while earning rewards whenever you perform transactions.

The platform also offers financial support to charities and grants to Nigerians in need.

How can I register on Corebank?

To create an account with Corebank, follow the instructions below:

1. Visit the website, www.corestepmfb.com

2. Furthermore, touch the “Create New Account” toolbar. You can decide to create a personal account or a business account.

3. If you are creating a personal account, input your basic details and submit the registration form. However, for a business account, you need to include the details of your business on the form.

Another way you can register is via their mobile app, CoreBank Mobile. Just download the app from the App Store to your iPhone or Google Play Store to your Android phone and register.

What are the documents required to register on Corebank?

You need the following important documents to register on the Corebank platform:

1. Your Valid BVN

2. A recent Utility Bill (Nepa Bill, or Waste Bill)

3. Also, if you want to open a business account, you need your CAC Business Registration Documents

4. Your basic details like name, address, phone number, email address, etc

Lastly, you need a valid government-issued Identity card like your National ID Card or Voters card

What can make me eligible to borrow a loan from Corebank?

To become eligible to borrow a loan, you have to make transactions with your account regularly. Once you become eligible, the platform will notify you. Thereafter, you can apply for a loan successfully.

How can I download the Corebank app?

Follow the steps below to download the Corebank mobile app:

1. Go to the Google Play Store on your Android phone. If you use an iPhone, go to the App Store.

2. Search for ‘Corebank mobile’ in the search bar

Lastly, Download the app, launch it and open an account.

How can I contact Corebank?

Here are various ways that you can contact Corebank:

Office Address: 22/24 Ago Palace Way Okota Isolo Lagos

Phone Number: +234 915 555 6905, +234 915 555 6906, +234 913 883 1511, +234 913 888 1301

Email Address: customercare@corestepmfb.com

Website: www.corestepmfb.com

Bottom Line

Corebank is basically a digital banking platform. It provides a variety of financial services for you including deposits, withdrawals, bill payment and collection, transfers, financial advisory services, as well as offering loans.

Additionally, the platform combines mobile banking, POS terminals, web apps, and express partners’ cluster banking. In all, the platform provides a credible digital space to access your banking services.

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.

Applying for Student Loans in Nigeria

August 9, 2023 by Olamide Famuwagun

Shows the possibility of getting a student loan in Nigeria.

The financial aspects of a good education are unavoidable, and while some students may be financially capable, others will have to depend on assistance. Some universities offer scholarships as a means of lessening this burden, but, not all students can qualify for one, and student loans are an alternative for financing one’s education.

A student loan is a kind of financial investment to assist students with school-related needs. These needs include tuition, books, living expenses and school supplies.

What is a Student Loan?

A student loan is designed to help students pay for education and its associated fees. This loan differs from other kinds of loans in the sense that the interest rate is relatively lower, and the repayment schedule is much more flexible.

Originally introduced by Femi Gbajabiamila, the immediate past Speaker of the House of Representatives, the bill underwent reintroduction in 2019 and garnered increased attention from the National Assembly in November 2022. Notably, this occurred shortly after an eight-month-long industrial action by the nation’s university workers’ union, which had protested poor working conditions and other grievances.

According to the newly passed act, the Fund will be financed through various channels and will engage in other productive endeavors.

Today, there are several loan apps for students that can help them scale through school without financial burdens.

Types Of Student Loans

Typically, student loans have a low-interest rate, and there are two types of rates available. Variable interest and fixed interest. A variable interest is usually lower than a fixed rate; however, they can fluctuate because they depend on the rates in the market. So if the rates are up, the variable interest will increase and vice versa.

Fixed interest rates, on the other hand, remain constant throughout the life of the loan except you consolidate. Lower fixed interest rates are usually higher than the variable rates as you are trading flexibility for stability. Knowing the kind of rates to choose can be a bit of a gamble.

If you want to see the interest you are paying on loan; the fixed rate is for you. Choosing a variable rate means you may pay a higher or lower rate on loan over time, depending on the market forces.

What To Do When Applying For A Student Loan

When applying for a student loan, you should plan first. Be sure of the number of years the course you are taking requires and put it into consideration. You should work very hard to finish school at the appropriate time. This meaning doing your everything in your power to avoid an extra year. We most certainly are aware of the implications of an extra year are. Extra tuition fees

Also, think of ways to keep your expenses low so that you can make the most out of the loan. For example, you can share a room with someone or keep your books in good condition so you can resell them at the end of the semester.

Make an estimate of your first salary per annum when you start working. More importantly, try not to borrow more than it. Doing this will enable you to pay back faster and at your comfort. All you really have to do is manage your expenses well.

Most of the time, students are skeptical about taking student loans because. They are worry because they feel they may not be able to pay back.

However, loan companies in Nigeria have the option of paying in instalments while in school, or immediately after graduation. Some banks that grant student loans in Nigeria include: Access Bank, KeyStone Bank, Heritage Bank, Ecobank and LAPO Microfinance Bank.

Who can apply for a student loan in Nigeria?

As per the Act, eligibility for the loan is limited to students attending government-owned tertiary institutions once the program is implemented.

“Subject to the provisions of any other enactment, all students seeking higher education in any public institution of higher learning in Nigeria shall have an equal right to access the loans under this Act without any discrimination arising from gender, religion, tribe, position or disability of any kind,” Section 2 states.

According to Section 23 of the Act, “institutions of higher learning” include public universities, polytechnics, colleges of education, and vocational schools established by the government.

To be eligible for the loan, an applicant’s income or family income must be less than N500,000 per annum.

Additionally, students must provide at least two guarantors who meet the following criteria:

A civil servant of at least level 12.
A lawyer with at least 10 years post-call experience.
A judicial officer.
A justice of peace.

Check out Mpower Financing – All you should know

Conclusion

To conclude, when you are taking student loans, be sure to understand the loan terms and try to get as much information before deciding.

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