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How to Get Loan From Microfinance Banks in Nigeria

Before the recommendation of microfinance institutions in Nigeria, many businesses under small and medium ventures have been represented poorly in the financial sector. They are denied easy access to funds which has affected their business and means of livelihood. However, it is possible to get a loan from microfinance banks in Nigeria.

Microfinance Banks in Nigeria
Microfinance Banks in Nigeria

In a bid to address the funding requirements of the SMEs, the Central Bank of Nigeria set up a microfinance development fund with a seed capital of N220 Billion. The fund will be administered by the Central Bank of Nigeria and managed by licensed microfinance institutions.

What Are Microfinance Banks?

Microfinance Banks (MFBs) are institutions duly licensed by the CBN to perform the business of providing microfinance and other financial-related services.

Microfinance services refer to loans, deposits, fund transfers, and any other financial products targeted at low-income clients – services offered by banks like Nirsal, and so on.

There are over 1000 microfinance banks (MFBs) in Nigeria, which include unit MFBs, state MFBs and national MFBs. Collectively MFBs are much smaller than other banks, with a total lending portfolio of up to N53 billion. The Central Bank of Nigeria (CBN) requires all MFBs to lend at least 80% of their loan portfolio to micro-enterprises. 

How To Get Loan from Microfinance Banks in Nigeria

Microfinance banks in Nigeria play vital roles in poverty eradication, agriculture, increase in small-scale businesses, etc. 

The following are steps to getting a loan in Nigeria from most microfinance banks:

1. Have A Genuine Plan or Project for the loan

Before approaching any MFB, make sure you have a plan and a business plan to support your idea. This increases your chance of a favourable response from the micro-lending institution. Bear in mind that these microfinance institutions were established for the sole purpose of strengthening the economy. Because of this, they only grant loans that fall in the category of SMEs

Most microfinance banks grant loans for business purposes, asset procurement, agriculture, educational purposes, loans for salary earners, etc. 

2. Proof of Your Business Entity

Showing the lenders proof of your business entity or plan can help you secure the funds you need from a microfinance bank. For example, if you are a trader, you might require proof of business ownership in the documentation of your business registration. You might also need bank statements or receipts of transactions showing that you have an operating business.

3. An Account with The Bank

After getting all the documentation right, the next thing is to open an account with the microfinance bank. When you apply for a loan in a microfinance bank, the first thing is to open an account with the bank. This is for data capturing as well as to show commitment to the bank.

4. The Bank Account Must Have Been Maintained For Some Time

Some microfinance banks would require that you maintain an account with them for a period before you can be eligible for a loan. However, it is not common practice. It does not just end with opening an account with the bank, the account has to be active which involves paying and withdrawing money from the account constantly before you can be qualified to apply for a loan.

5. Present A Collateral

You may also need to present collateral when applying for a secured loan in a microfinance bank. However, it may not be applicable to small business loans for petty traders and individuals. Some microfinance banks do not need collateral. But, it will be necessary for business loans such as assets acquisition, agriculture and other loan application with a more substantial amount.

Conclusion

You need to be careful when opting for a microfinance bank. Some of these banks are not qualified financial service providers and often treat customers unprofessionally. This makes one wonder if SMEs really need microfinance banks.

Be sure you understand the terms and conditions as well as compare interest rates from other microfinance banks to get the best deals.

Sterling Bank Loans – What you should know

Bank loans are essential for various reasons, as they come in handy for business owners and private individuals. No matter what your financial emergency is, to meet your needs, a loan option is available.

However, before you get any loan, it is vital to check for the percentage rate, the terms of repayment, the period of repayment, and the fees involved in processing the loan. Also, it is important always to have a credible bank statement as they check this is one document before they give a loan. 

To get a loan in Nigeria, Sterling Bank offers one of the best options and repayment plans. 

Sterling Loan

What Loans are offered by Sterling Bank?

Sterling Bank offers two distinct kinds of loans; the Specta and the Social Lender. Both are personal loans used for personal and business purposes. The Social Lender loan is great for individuals with a great social media reputation.

With this loan structure, all you have to do is connect your social media account — Facebook, Twitter, Instagram, or LinkedIn — to your Sterling Bank account. There will be an assessment that determines how much you will be getting. 

You can explore other options

The other option available is Specta, which offers loans of up to 5 million naira. The application for this loan can start and end in 5 minutes. The marvellous thing about this loan is the fact that clients do not need collateral, or a guarantor before they can get their loan approved. All you need to do is visit their offices and begin the application processing. 

They offer this loan to individuals as long as they can show a source of income. There are several packages available to interested customers: 

1. SpectaXtreme:

This option is for business owners and salary earners. With this option, customers can get loans of up to 2 million naira, which is payable in one year with rates between 26-30%. To apply for this loan, it doesn’t matter what bank you use. 

2. Specta Basics:

The loan offers an even higher amount of 5 million naira, and is repayable in 4 years. Its repayment rates are flexible. It is open to workers with salaries and business owners who have a Sterling Bank account. 

3. Specta Prime:

This loan option is for investors who hope to earn interest on their investments. What makes this even better is the fact that you can lend money on your investment in naira, dollars, euro, and British pounds. 

4. Specta Allawee: 

This is a quick loan option available for entrepreneurs to expand their businesses. 

5. Spectra Quick Cash: 

Spectra quick cash is an offshoot of the Social lender option; lenders can get up to 20,000 naira quick loans, all based on their reputation on social media and the history of their bank transactions. Anyone can apply for this loan, irrespective of their bank. 

Conclusion

Ready to get started? All you have to do is visit the official website of Sterling Bank or call their customer care line for more information. For information on other bank loans, you can check out this post on the Zenith Bank loan.

GTBank Quick credit – Everything You Need To Know

Before the likes of GT Bank’s Quick credit and other platforms where you can get an instant online loan in Nigeria today came into play, getting a loan was never a stroll in the park.
The thought of approaching commercial banks for a loan used to be a tedious affair in the past. From submitting numerous documents to convincing someone to stand as a guarantor and risking your request being rejected. Thank goodness for technology that has taken all these complicated processes and made them more enjoyable by simplifying them.

quick loan from loanspot

What is Quick credit?

Quick credit is a payday loan product by GTBank accessible to salary and non-salary account holders. It’s a GTB loan that offers you a minimum loan amount of N10,000, a maximum of N500,000 for non-salary holders, and 5 million for salary holders.

quickcredit

How To Get A Quick credit From GTBank?

Follow the steps below to get a quick credit from GTBank:

  1. Use Internet banking platform
  2. Use the GTBank Mobile app 
  3. USSD code *737*51*51# (Check out other USSD code for loans in Nigeria)

How Do I Know I am Eligible for Quick credit?

To qualify for this loan, you must be an existing GTBank customer with a monthly net salary of at least N20,000. Also, you must have a satisfactory credit score and no unpaid obligations.

Why Should I Pick Quick credit Over Other Loan Products?

Quick credit has one of the lowest interest rates compared to other loan products. With an interest rate of 1.33% monthly and a maximum tenor of 12 months, it is easy to see why it is a favorite of many loan facility users. However, In the event of you defaulting on payment, an interest rate of 1% is added to your debt. For a more comprehensive and better-informed decision, you can make use of this platform to compare loans from different lenders within minutes to find what best suits your needs.

Quick credit For Non Salary Earners

Just like the loan product for salary and non-salary earners, GTBank has tailored one for small businesses. Quick credit For Small businesses makes soft loans available for SMEs to run their day-to-day operations smoothly. This loan product finances SMEs in the Education and Healthcare industry.


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


Features of Quick Credit For Small Businesses and Non-Salary Earners

It is quite similar to the regular Quick credit product and yet, has its unique feature.

  • Prequalified customers are eligible for the loan
  • Customers get a Loan tenure of 6 months. However, schools get 12 months.
  • It has different rates for the two industries it places focus on —1.33 % per month for the Education segment and 1.75% for healthcare.
  • Customers have access to 50% of their average annual turnover
  • Customers can also open a corporate account. They should have used this account for up to 12 months before applying for a Quick credit facility
  • The minimum loan amount is N250,000.00, and the maximum amount is N5,000,000.00

Like the regular Quick credit product, customers also get their funds instantly. Another great benefit is its flexible payment plans. One can make interest payments monthly and quarterly principal repayments. Note, the quarterly repayment option is strictly for businesses in the Education industry. Note, if you have an existing loan facility with another commercial bank, you cannot apply. 

quick loans from loanspot

Conclusion

GTBank’s Quick credit is easy to navigate and somewhat has the fairest interest rates in comparison with other loan products like Migo loan. Immediately you become eligible for Quick credit, you will get a notification, and you can start taking low offers. The offers increase as your credit score builds up over time. You can give it a try. Good Luck!

Peer to Peer lending in Nigeria and how it works

When we think about lending, most times our minds drift to the options financial institutions offer. However, peer-to-peer (P2P) lending is something that most of us have engaged in at some point in our lives. We call it the “borrow scheme” or “can I see” scheme. You know, “can I see N500,  I’ll give you back by tomorrow…”  

peer-to-peer-lending

P2P lending is the same concept, however, to define it we can say that: Peer-to-peer (P2P) lending is a form of microlending that enables individuals to obtain loans directly from other individuals, cutting out the financial institution as the middleman

What are the types of P2P lending?

The two major types of P2P lending include:

1. Peer funded for Individuals

This type of P2P loan is usually funded by regular individuals and peers. These individuals invest in credit financing and earn returns based on interest charged on the loans.

2. Group Peer funded

Slightly different from individual-funded credit. They are funded by a group of people, usually high-net-worth individuals through hedge funds, bank endowment funds, etc. Large investors fund this type of personal loan through peer-to-peer lending platforms. 

The major difference between the two types is the amount of money involved. Group peer-funded loans deal with higher amounts of money than individual funded. 

How P2P lending works in Nigeria

Though the concept of p2p is familiar, the organizations pioneering its progress in Nigeria are fairly new. FINT, Farmcrowdy, and Kia Kia are at the forefront of driving this lending system. These organizations partner with individuals who act as investors on the back end while packaging these loans for the recipients who are in need.

These organizations do the hard work of running credit history as well as setting up certain criteria to make sure that these back-end investors are protected. 

Peer to peer lenders typically processes loans in two ways:

Firstly, your application is updated usually for days allowing potential investors to review your application. 

Investors then fund your loan, based on your application, by offering a portion of the total amount requested. If your request reaches 100 percent funding or at the expiration of the listing time, you may accept or decline the loan. 

Secondly, P2P lenders fund your loan by approving your application and getting the required funds from a stock of blind investors. In this type of funding,  investors don’t review your application individually and you do not have to wait for your loan to be funded. 

What are the requirements for P2P lending in Nigeria?

Criteria will differ based on the specific organization, however, listed below are some general requirements: 

  • The borrower must be a salary earner
  • must have a national means of identification, 
  • bank account statement for the last 6 months (salary account), 
  • employment offer letter, 
  • a recent utility bill (not older than the last 3 months). 

What are the benefits of P2P lending?

Benefits of p2p lending are, but not limited to:

  • Access to interest lower rates
  • Quick turnaround time on application decision
  • Transactions are very transparent, including any fees imposed by the p2p platform
  • Can be more flexible than traditional loans

Conclusion

Next time you need an instant loan, think of p2p lending as an option, based on some benefits discussed, it could be a viable option to meet your needs. 

NYSC loans – Eligibility and how to apply

NYSC Business Loan

Are you an intending corps member, corps member or ex-corp member with intentions of getting a loan for your business? Your dreams of being an entrepreneur are achievable through the NYSC business loan for youths. In this article, you’ll learn how the application for the NYSC loan is made.

The CBN has made it possible for youths to apply for loans in Nigeria to start businesses in order to create employment opportunities. This loan has been made possible through Heritage Bank, in partnership with Youth Innovative Entrepreneurship Development Programme. (YIEDP)

Individuals can apply for loans of up to 3 million, while a group of three to five persons can apply for loans of up to 10 Million. The following explains how you can apply for the NYSC loan.

nysc loan
quick loan from loanspot

The YIEDP scheme is aimed at harnessing entrepreneurial skills amongst Nigerian youths by providing accessible loans to help youths implement business ideas.

How to know if you’re eligible for an NYSC loan?

In order to qualify for the NYSC loan, the following must apply to you.

  • Only applicants between the ages of 18 and 35 can apply.
  • Applicants must be serving corps members
  • Ex-corp members not more than five years of post-NYSC can also apply for the loan.
  • Present and have a business idea. 

The loans are available to specific business sectors. The following listed fields are the qualified business sectors for the NYSC loan.

  • Agro-allied
  • Food Processing
  • Power & Energy
  • Film & Photography
  • Manufacturing
  • Cottage Industry
  • Construction Support
  • Technology (ICT)
  • Automobile
  • Education Financing
  • Information and Communication Technology
  • and other fields

How to apply for an NYSC loan

If you’re a serving corps member or an ex-corp member of not more than five years, you can apply for the loan online. Take note of the following information before you apply for your business loan.

  • All qualified applicants can apply for the loan through the official portal.
  • You’ll need to use your NYSC state code to apply for the loan.
  • An individual is eligible for loans of up to three million
  • A group application is eligible for loans of ten million.
  • Applicants can only submit one business idea at a time.
  • The application progress can be tracked through the portal.
quick loans from loanspot

What do you need to apply for an NYSC loan?

Apart from meeting the above requirements to qualify for the NYSC loan, you need the following list of documents as collateral for the loan.

The Heritage Bank NYSC loan scheme requires the following documents as collateral to obtain the loan.

  • Tertiary Institution Certificate
  • NYSC discharge certificate or you pledge your discharge certificate if you’re still serving
  • Any legal ownership of assets financed by other banks

The possibility of starting a business as a youth can be daunting without the required capital. The NYSC loan is a good scheme that youths can count on to generate the required funds for their business ideas.

Conclusion 

The NYSC loans are also available to corps members who have been discharged within the last five years. There are also other forms of loans in Nigeria available to the general public from which a corps member can benefit from.

How lending companies make profit

The art of lending or financing is a concept that has been around since the beginning of civilization itself. Thousands of years ago, farmers used their grains and seeds to borrow capital and also used livestock as a repayment option.

Ever since then, the lending system advanced to become the complex financial structures we know now.

What is Lending?

It merely means giving out money or property to another individual with the expectation that it will be repaid in the future. In a financial context, lending includes different kinds of commercial loans. 

Who are Lenders?

Lenders are financial organizations or institutions that are in the business of giving out loans. While individuals can also be called lenders, their motive for lending may differ from that of a financial institution who are in it to make a profit. Overall, they’re also called creditors.

When your family member lends you money, they may not be necessarily looking to make a gain for themselves; they probably want to bail you out of a financial situation. But that cannot be said of financial institutions such as banks and credit unions.

These loan companies in Nigeria expect not only to be reimbursed. They also expect to be paid with interest; which is the reason for this article.

What are the different Types of Lenders?

Traditionally, lenders are often referred to as banks, cooperative societies, credit unions and any other form of financial institutions. In reality, lenders have expanded beyond the scope of banks and associations. 

They are referred to as less traditional sources of funds for personal or small business loans – and they include

  • Family and Friends – they are sources of funds that can bail you out of emergencies from someone you already know. This could be any member of your family or friends. However, no matter how close you are, draw up a loan agreement when taking the loan.
  • You can also borrow money from yourself. This is common to lending into your own business. All it takes is the required discipline to treat yourself as a separate entity from your business. This will encourage you to make your repayments when they fall due.
  • Peer-to-peer lenders – these are sources of finance you earn by association. Like club or association lenders. They are not established to grant members loans. However, they could lend a hand to a member in need.
  • Crowdfunding – it involves raising a small amount of cash from many people. The best thing about crowdfunding is it doesn’t require an interest payment 

How do lenders make money?

It’s straightforward. Mortgage brokers, banks and credit unions make their profit from the interest they charge on your loan offer. This is referred to as the cost of a loan. As lending money can be a risky business, these lenders charge an interest rate depending on the risk involved. The higher the risk of not paying, the higher their interest rates.

Think about it – While lenders may seem like bad guys, they are vital to the development of the economy. For example, When You go to request a bank to request a rent loan, the bank takes funds from their depositor (savings and money market accounts) and offers you the credit; at a higher rate 

The loan enables you to pay your rent. The landlord now has more money to pay his staff. The employees of the landlord now have money to circulate to businesses. Other businesses, in turn, grow the economy.

Branch Loan: A Review and How to Get A Loan From Branch

About Branch

Branch Loan is a leading loan platform where you can get an instant online loan in Nigeria. It uses data science to increase access to financial services for millions of Nigerians. The platform offers instant loans that help people achieve their business and personal needs. The company operates in Nigeria, Kenya, Mexico, India, and Tanzania.

Branch loan
Branch Loan Website

quick loan from loanspot

Branch Loan App

The Branch loan app first launched in 2015 and became available for Nigerians in 2017. Over the last couple of years, the app has seen incredible growth with over 1.2 million users and over one million loans disbursed, worth over N9 billion in Nigeria alone. This incredible growth rate is a testimony to its service demand and usefulness.

The app is available for download via the Google Play Store if you’re an Android user. The firm started operations in the country’s financial-technology industry in 2017 and has garnered over 10 million app installs with 4.3 star ratings on the Google Play App Store.

Branch Loan App
Branch Loan App

Some Branch Loan FAQs

How Do I Get A Loan From Branch?

Borrowing money from Branch is very easy and can be done within 20 minutes, or even less! You can follow the steps below to get access to a loan.

  1. Download the Branch Loan app from Google Play Store (there’s no Branch Loan app for iOS users at the time this post was published)
  2. Create an account and fill out a simple form. Ensure that you provide your accurate details to avoid unnecessary delays in receiving your loan
  3. Find out the amount of money you’re eligible to receive a loan and apply
  4. Receive the money in your bank account in not more than 24 hours

What Happens If You Don’t Pay Branch Loan?

If you don’t repay your Branch loan when it’s due, they will penalize you, and the interests on your loan will continue to pile up.


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 Interest Rate of Branch Loan?

Branch Loan is designed to fit individual needs and help its users grow. Their loans range from between ₦1,000 to ₦200,000 with a repayment period of 4 to 40 weeks. 

As you build credit with Branch, you unlock larger loan amounts, and all loans are approved, disbursed, and repaid directly from the app.  In addition, Branch does not charge late fees or rollover fees which makes them a favorite. They also boast of swift and responsive customer support that is available 24/7 via the app.

How Legit is Branch Loan?

From our experience with Branch Loan, I can say that they do what they say. No hidden charges. You just need to ensure that you make your loan repayment once it’s due to avoid having issues with the credit bureau.

How to Repay Branch Loan

  1. Open up your Branch Loan app
  2. Select ‘My Loan’
  3. Click on ‘Tap to pay
  4. Put in the amount of money you intend to pay back
  5. Select your preferred method of payment – bank or debit card
  6. Click ‘continue’

They will approve your loan repayment within 24 hours. If you encounter any issues in the course of repaying your loan, contact the Branch Loan customer service on nigeria@branch.co or support@branch.co for assistance.


quick loans from loanspot

Conclusion

At the moment, the Branch loan app is one of the top most common finance apps in Africa with better mass adoption compared with other lenders like Migo loan. The app takes care of loan needs with ease, allowing you to focus on growing your business and achieving your personal goals. In the process, it has reached more people, pulling them out of financial exclusion.

We have curated posts on some other lending platforms such as Renmoney Nigeria, Sokoloan, Palmcredit, C24 loan, Fairmoney, Quickteller, and so on.

Buy Now Pay Later Loans – Everything you Need to Know

A growing trend in retail now is the use of buy now and pay later schemes. Just as the scheme implies, it allows buyers to delay payment for a product they can take home immediately.

It’s an inviting deal that lets you get what you want now while you get the chance to pay for it over time. It sounds too good to be true, isn’t it?

How does buy now and pay later work?

Buy now and pay later are being used by anyone who enjoys using a product or service now to pay later. For example, a fashion retailer can allow buyers to get that new pair of jeans, dress, shoe or other desirable items that catch their fancy the moment they see it. Instead of having to wait because they are unable to afford it at the moment.

Buy now and pay later is basically a short-term loan.

How do you get buy now and pay later loans?

Getting a short-term loan under the Buy now Pay later scheme heavily depends on the person or organization granting the loan and the kind of business they operate. Regardless of the lender’s mode of operation, getting a loan from them would require some basic actions highlighted below;

  1. Applying for a loan under this scheme will require the borrower to identify the product he wants to buy. This could either be a phone, electronic accessories, etc. 
  2. After picking out his product of interest, the borrower fills out an application for the loan amount, which is equivalent to the value of the item(s) selected.
  3. The lender after some background checks and due diligence on the borrower grants the loan by presenting the loan agreement to the borrower
  4. If the conditions of the loan are suitable to the borrower, he signs off on it and then gets his product to be making payment in instalments till the loan amount is completely paid off

However, there are certain conditions that need to be met depending on the lender as mentioned earlier. Some creditors would require a partial payment of the value of the product you want to buy. This is usually expressed as a percentage of the value of the product.

While other loan companies in Nigeria restrict their lending services only to salaried employees to ensure prompt repayments. It is essential you understand the terms and conditions of the lender before opting for a loan under this scheme.

What are the Advantages of Buy Now and Pay Later?

The advantages of buy now and pay later include:

  • Potential of paying no additional interest if payments are met on time before the loan period elapses.
  • The advantage of buying desired items on the go without missing out.
  • It lowers and removes buying hesitation for buyers
  • It increases the average order value for retailers since more buyers get to place purchase orders.
  • It leads to an overall increase in sales.
  • Generates a new stream of income through the loan interest.

Conclusion

Sometimes you have to look beyond the good offer of the buy now pay later schemes and avoid anything that will goad you into impulse buying. Usually, the loan amount under this scheme is relatively low and they don’t offer cash loans to customers.

C24 Loan Review – Everything You Need to Know

C24 limited is one of the loan organizations that offer loans in Nigeria without collateral. As the company tagline “Money to keep you going” suggests, C24 understands that regardless of whatever financial constraints you may be experiencing, Life goes on, and you need to pay bills.

They provide solutions to your financial problems with a fast and flexible loan application that takes five minutes to complete.

c24 loan
C24 Loan Website

Before choosing a loan package, it is wise to use a loan calculator. It’s effortless to use, you enter the loan amount, and as you move the slider around, it will help you automatically calculate the monthly and total repayments for that particular plan.

C24 Loan Types You Can Apply for

1) Personal Loans

As an individual, you may apply for a C24 personal loan of up to two million Naira. This loan can help sort out bill payments, house rent, medical bills, etc. To apply for a personal loan, you are required to have:

  • A passport photograph
  • A valid national ID (Drivers License, International Passport, National Voter’s Card)
  • An employment letter to confirm that you are an employee or have a sustainable means of income
  • 6 months’ bank account statement
  • Company Identification
  • Direct Debit Mandate

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


2) Business Loans

C24 offers three kinds of business loans. These include:

  • Overdraft: This loan assists clients’ businesses in the event of emergencies. This facility enables you to withdraw more money than you currently have in your account, granting you access to emergency funds.
  • LPO Financing: This package grants reputable vendors and contractors access to advance capital required to carry out work and purchase orders. It ensures continuity for the business operations and ultimately fosters growth and expansion.

Considering the several loan options available within Nigeria today, you can make the best decision that would exactly suit your needs through this loan comparison and recommendation platform. It is very easy and straightforward to use and only takes a few minutes.

C24 Loan Requirements

  •  A recent passport photograph
  • A formal letter requesting the loan, written on your company’s letterhead
  • A signed direct debit mandate
  • A copy of your most recent utility bill.
  • A valid means of Identification
  • You must be actively employed or must have worked for at least six months before the loan application
  • You must be up to the age of 22
  • You must have a functional bank account
  • You must have sufficient transactional history to show that they can payback 

What is C24 Loan Interest Rate?

C24 loan offers an interest rate of 4% per month and a one-time 4% management fee. Not to worry, the management fee is already part of your repayment plan.

You are given three to nine months to repay your loan, and you can do this via Direct debit, Cheques, and POS terminals.

It is significant to note that once you default on your payment date, C24 charges you 1% for each day of default.

Generally, C24 loan is a bit more expensive than other loan options but comes in handy if you need an urgent solution and can pay back within a short time.

C24 Loan App

At the moment, you cannot download C24 Loan app either on the Google play store or the Apple app store as it doesn’t exist. Hopefully, this would change in the near future.

Is C24 Loan Real?

Yes. C24 Limited is a real company providing loans at flexible rates. You can reach out to them through the email address: contact@c24.com.ng.

What are C24 loans Pros?

  • The maximum loan you can get is high
  • The approval process is fast

What are C24 Loan Cons?

  • Geographically restricted to Lagos
  • Lots of paperwork

Conclusion

C24 remains one of the best loan platforms in Nigeria, providing loans at flexible rates with swift approval and disbursement time. The application process is also relatively easy, however, get ready for several paperwork.

How To Request For A Quickteller Loan

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

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

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

Quickteller loan

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

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

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

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

How To Successfully Apply For A Quickteller Loan

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

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

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

Quickteller Loan Repayment

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

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

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

Conclusion

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

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

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