C24 Loan – An Overview
C24 limited is a consumer lending company that offers 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, 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.
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
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.
- Lease Financing: As the name suggests, this allows beneficiaries to purchase equipment, tools, and machinery to invest for business use. You can conveniently spread payments over some time. It is particularly relevant for Entrepreneurs and Startups.
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
C24 Loan Repayment
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.
C24 gives you within 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.
- The maximum loan you can get is high
- The approval process is fast
- Geographically restricted to Lagos
- Lots of paperwork