Suppose you’re looking for a loan. You’ve already exhausted your options. The regular Banks are not entertaining your applications, and even if they are — the terms and conditions are just too over the top for you. The interest rate is too high. That you have to provide collateral is also a factor, and at this point, you’ve almost given up on your search. What do you do then?
Where does SUSU microfinance bank come in?
But as great as the news is, there is also the problem of choosing which Microfinance bank could best meet what exactly you are looking for. No matter where you get it, a loan is a serious business and you would want to make benefits for yourself. If that is what you’re looking for, then SUSU Microfinance Bank is your answer.
About SUSU Microfinance Bank
Susu Microfinance Bank, just like Nirsal Microfinance Bank, is a major player in the microfinance industry. The bank is one of the recognized MFBs where you can access a loan in Nigeria. It specializes in providing loans and credit facilities to individuals and small-scale businesses.
What products does SUSU Microfinance offer?
SUSU has a range of products and services designed to meet various needs. They are;
- Microloans – microloans are credit facilities created for individuals from all walks of life. It is for people such as traders, students and entrepreneurs. You can access up to the amount of 1 million naira in micro-loans. The interest rate is about a minimum of 5 percent, although it all depends on the duration of the loans. Anyone who can not access regular loans is the basis for this product; as they do not meet the traditional requirements for loans. However, SUSU’s micro-loans aim at bridging such a gap.Â
- Salary Advance – they make the Salary Advance for individuals who are gainfully in employment, especially those who work at companies or organisations. With Salary Loans you can get as much as 75 per cent of your salary upfront.
- Group Loan: the group loan is a product in which a group of individuals contribute and withdraw rotationally. We commonly know it as Esusu or Ajo.
What are the advantages of a SUSU Microfinance loan?
These are the pros of taking up a credit facility from SUSU;
- The repayment plan is highly convenient
- The loan conditions are flexible
What are the disadvantages?
These are the cons of SUSU Microfinance loans
- They are only available in Lagos.
- It requires you to deposit about 10 percent of the loan into a savings account
- They require a guarantor
- The maximum amount available is low
What are the requirements for being eligible for SUSU Microfinance credit facilities?
- The ages must be between 22 and 58
- Operate an account of about 3 months with SUSU
- Live and work in Lagos
Documents required are;
- Two guarantors
- Two passport photographs
- Two signature cards
- A duly filled application form
- A copy of a utility bill
How can I contact SUSU Microfinance Bank for these services?
You can reach out to Susu through any of the following channels;
- Visit their office at 34 Commercial Avenue, Sabo Yaba, Lagos, Lagos State, Nigeria. They are open from Monday to Friday, from 8 am to 4 pm.Â
- On Telephone
- Via Electronic mail – info@susumicrofinancebank.com.ng
- Through their social media handles
CONCLUSION
This is where Microfinance banks come in. Microfinance banks are Financial institutions that provide the best credit facilities to individuals who can not attain regular loans from banks either because of a low credit score or because they cannot meet up with the tedious terms and conditions. They are your go-to when all else fails.Â
Whatever the case may be, if you need a loan, then you should look at Susu Microfinance bank to meet your needs.
