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In need of quick cash to sort out your urgent needs? Do you need a cash loan of up to N30,000? If your answer to these questions is a Yes, then you are on the right page. In this article we will show you how you can get a 30k loan in Nigeria. Accessing this loan option is hassle free and you do not need to go through lengthy and herculean processes.

How can I get an instant online loan in Nigeria?

Basically, you will have to go through one or two processes before you can secure a loan in Nigeria. Either you use USSD or you download the mobile app of the lender. Today most financial lenders have mobile applications to make your lending process easy. In fact, USSD codes even make the whole process easier.

Where can I get 30k loan in Nigeria?

There are several lenders offering loans of up to 30k in Nigeria. In no particular order, here is a list of platforms where you can get a 30k loan in Nigeria.

Loanspot Africa:

Loanspot is one of the platforms where you can get access to quick loans of up to N30,000 and more. They design this mobile lending platform in a way that it connects you to several lenders in Nigeria in minutes. Basically, they prototype this lending application using what we call a marketplace model just like Uber and Bolt. With this feature, you can be sure of finding a lender

Renmoney:

Renmoney is another platform where you can access loans of up to 30k. All you have to do to access their loan options is to provide them with your BVN and other required information. They will run a quick check on your creditworthiness and in no time they decide how much you qualify for. In most cases, this should not be less than 30k

Carbon:

Carbon formerly known as paylater is another reliable platform where you can get an instant loan of up to N50, 000. This platform is a simple digital finance management platform. They design it to provide you with instant loan options to help you cater to your urgent and unexpected needs. To apply for a Carbon loan, you will need to provide your Bank Verification Number, and also your brief bio data.

Nodcredit:

Nodcredit is a platform designed to help you find bespoke solutions that fits you. Their loan options are easily accessible to you and from anywhere. With Nodcredit you can get loans of up to N30, 000 with zero collateral. Asides from this, it is fast and secure and their repayment plan is good.

Aella Credit:

 This is an app only platform which allows you to get quick and reliable loans. Basically, they design this platform to help individuals and businesses access loans of up to N700, 000. This is with an interest rate of about 4-29%. On this platform you can be sure of getting a loan of up to N30, 000 or more. This is after they must have run a check on your creditworthiness.

Quickcheck

Quickcheck is a platform that is specifically designed for individuals and small businesses. This platform leverages what we call mobile technology to help individuals have access to financial credit. On this platform you can access quick and hassle free loans of up to about N30, 000 with no collateral. This is for a duration of either 15-30 days.

Conclusion:

If you are in need of urgent cash loans of up to N30, 000 you can leverage any of the platforms we have listed in this article. They offer quick and accessible loan options at a pocket-friendly interest rates.

Definitely, no one plans to appear on a blacklist, nevertheless, unfortunate things happen that may lead to that. Basically, being registered on a blacklist comes with several downsides, including no access to loans and several financial restrictions. Most times, what gets people on a blacklist is the inability to repay loans in time. However, if you find yourself in this situation, not all hope is not lost as there are still loans for blacklisted in Nigeria.

Can I still obtain a loan while blacklisted in Nigeria?

Today, the credit bureau keeps records of the blacklist that flags your name in the event of any loan transactions. However, smaller lenders, fintechs and microfinance banks don’t really keep such records, unless of course, you already have an outstanding loan with them. Basically, the whole point is to lend you money regardless of your financial history, and according to your capacity to repay the loan.

However, note that there are still fintechs, small lenders and microfinance banks that cross-references your data with the central database to ensure you aren’t on the blacklist. Nevertheless, some reliable platforms would still offer loans despite your situation. This varies from one organization to another and is dependent on how they rate your ability to repay the loan.

What are the document required in loans for blacklisted in Nigeria?

Regardless of whether you’re on the blacklist or not, the requirements remain the same for online loan application across different lenders. Basically, they require you to provide the following:

As an individual:

• Bank verification number (BVN)
• Passport photograph
• Address
• Employment letter
• Tax ID, salary account or pension account

As a business:

• Passport photographs of certain directors as stated by the lending organization
• Memorandum of association
• Certificate of incorporation
• Post-dated NUBAN check from the client
• The business last six months statement of account
• A valid means of identification as approved by the organization (international passport, national passport or driver’s license)
• A suitable guarantor

Are there any other special requirements?

Asides from the documents listed above, there isn’t really any other requirement per say. However, as a blacklisted individual, you would have to go the extra mile to prove your credibility to the organization. Most times, the organization wants to be sure that you would pay back within the agreed time and collects documents or loan security like collateral.

What interest rates apply to loans for blacklisted in Nigeria?

Sadly, most of the organizations that still offer loans to blacklisted individuals do so with ridiculously high-interest rates and low credit limits. They set the prices after a thorough assessment of your personal details including your statement of account, type of job, salary, and more. However, being able to provide collateral dramatically increases your chances of getting the loan. It also affords you a lower interest rate.

Conclusion

In all, taking a loan and repaying in time could help improve your credit score even if you’re on the blacklist or have a history. Despite the high interest rates and rigorous assessment, all hope isn’t lost and you can still get loans while on the blacklist. However, ensure that your ability to repay is sure or it could mean more trouble for you. 

Personal loans are the answer to so many debt or self-improvement problems. Basically, it has saved millions from getting into debt troubles, and also for growing personal projects. When it comes to personal loans, you don’t really have a problem as long as there’s a reliable plan on ground to pay it off. However, to get things right from the start, you need to understand the basics. This article contains a step by step approach on how to get a personal loan in 8 steps, to ensure you don’t take a wrong step.

What are the documents needed to apply for a personal loan?

Basically, the documents you’d need depends on the organization lending. However, some documents cut across all loan application processes, and they are:

• Means of personal identification (passport, driver’s license, National ID, and Voters card)
• Proof of income through a statement of account and tax returns
• Employment and employer details
• Residential address

What are the factors that affect your interest rate?

Although the requirement that determines your interest rate varies from one organization to another, they all generally consider the following:

• Your credit score
• The term of the loan
• Presence of a co-signer
• Debt to income ratio to determine your repayment capacity

How to get a personal loan in 8 steps

After all the considerations, if you decide that you need a persona loan, here are the steps to take:

Do the math

If there’s anything worse than taking a loan for absolutely no reason, then it’s taking a loan that you cannot repay. Therefore, it’s important to run the numbers and determine if you can afford to repay the loan before taking it. However, if you can’t afford to repay the loan, simply opt for a lower amount that you can. Also, while doing this, ensure you include the origination fee and other extra expenses. Better still, use a loan calculator to estimate how much you’d have to pay back.

Check your credit score

This is arguably the most important information in determining whether the lender would approve your loan or not. Basically, a good credit score would give you a higher chance of loan approval with a lower interest rate. This why you should take active steps to cross-check your credit score if it is low or contains a mistake and also take active steps to improve it before applying for the loan.

Weigh your options

Depending on your credit score, you may be forced to obtain a secured loan that requires collateral over an unsecured loan or find a co-signer. One way or the other, the institution always takes active steps to ensure it is protected and the loan is secured. Therefore, it’s left to you to consider all your available options and select what would work best depending on the organization’s needs and yours.

Determine your loan type

At this stage, you are to choose the exact type of loan that is good for your particular situation. For instance, some lenders couldn’t care less about how you use the funds, while others only loan out when the money is for specific purposes. For safety reasons, it’s generally better that you find a lender who’s bent on loaning you money for the exact reason that you need it. Basically, this ensures accountability and that the money isn’t squandered.

Compare personal loan rates from different lenders

Before obtaining a loan, you can get quotes from different lenders to know what each entails. Therefore, you can use this to your benefit by putting together each loan quotes and select the lowest interest rate. Don’t settle for the first offer you receive, instead compare several loans to make the best decision.

Make a choice and apply

After going through all the loan offers, it’s time to proceed and apply. At this stage, you should pick the lender with the best offer for you and apply for their loan. The application process varies from one lender to another and maybe done online or at a local office. Also, during the application, you’d need to provide certain documents and also review the complete terms and conditions for the loan. Do well to read through and understand every clause in order to avoid future pitfalls.

Supply the necessary documentation

The documents you’d provide during the loan application varies from one lender to another. However, it usually includes your name, address, contact information, a valid form of identity, employment details and more. Also, depending on the channel of application, you might need to scan and upload online or submit physically.

Obtain the loan and start making payments

At this stage, your loan application would be approved and finalized. Therefore, after this, your preferred account would get funded within days. Also, for easy repayment, set up an automatic payment system from your account at every repayment instalment. Finally, keep in mind that most lenders offer lower interest when you pay the loan off early.

Conclusion

Getting a personal loan is very easy, as there are several options today to choose from. However, selecting the right one for your need requires that you put in the effort and follow the steps we have discussed in this article. 

Food is life, and we cannot overemphasize the importance of agricultural produce for our survival. Despite the significant progress of synthetic food, it can’t match its natural counterpart for quality. However, in a continent like Africa, precisely Nigeria, agricultural practices are seen as crude, hence no longer practised by citizens. Also, the few who still engage do not have adequate access to good facilities. The bank of agriculture (BOA) was established to an end that it resuscitate agriculture by cratering to the needs of farmers. Basically, this is in the hope to encourage more farming and solve the food scarcity problems in the continent.

 

A brief overview of bank of agriculture

The bank of agriculture (BOA) was initially named the Nigerian agricultural bank and incorporated in 1972. The organization became operational in 1973 and renamed the Nigerian agricultural and cooperative bank. Basically, they did this to reflect its newly incorporated range of responsibilities. Furthermore, the government merged the institution with several other bodies, and ten years later, rebranded it into the Bank of Agriculture. The rebranding took place in 2010.

Key mandates of the Bank of Agriculture

According to their official release, the key mandates of the bank of agriculture are:

• Provision of agricultural credit to support all agricultural value chain activities.
• Provision of non-agricultural microcredit
• Savings mobilization
• Also, capacity development through the promotion of co-operatives, agricultural information systems, and the provision of technical support and extension services.
• Provision of opportunities for self-employment in the rural areas, thereby reducing rural-urban migration.
• Inculcation of banking habits at the grassroots of the Nigerian society.

Strengths

• Nigeria’s largest development finance institution and leading agricultural finance institution.
• DFI with the highest rural operational coverage nationwide, with 201 outlets nationwide, 6 zonal offices and a head office.
• Highest interaction/interface with rural farmers with deep institutional knowledge of rural and agricultural finance.
• Over 40 years, experience in rural and agricultural finance.
• Also, strategic partnerships with USAID markets, IFAD, World Banks, RUFIN, and ECOWAS funds, Federal Ministry of Agriculture and Rural Development, Federal Ministry of Women Affairs, State and Local Governments, etc.

What services does the bank of agriculture offer?

The bank of agriculture provides services majorly across two areas. They are:

Banking services: 

the bank of agriculture also provides conventional banking services for individuals and business personnel. Basically, you can open an individual or corporate account depending on your need. Also, each of these accounts comes with numerous benefits. To know more, simply visit their official website by following this link: https://www.boanig.com/account-opening-package/

Loan services: 

the bank of agriculture exists to cater specifically to agricultural needs. Therefore, this is their strong point. They do this by providing different loan services to businesses directly involved in agriculture. However, they also provide non-agricultural loans too. Basically, we can divide the bank of agriculture loan services into two major categories:

Agric loans: 

just as the name implies, they designed this loan to finance agricultural production and other Agro related activities. Basically, some available packages under it are:

• Direct credit product
• Large credit product
• Youth agricultural revolution in Nigeria (YARN)
• Grow and earn more (GEM)
• On lending credit product
• Input procurement credit facility
• Collaboration

Non agric loans: 

this loan is the opposite of agric loans and is designated for non agricultural or agro related purposes. In addition, non agric loans are further divided into:

• Micro credit
• BOARBI Model

Also, to view the complete loan packages and know more details about your preferred loan, simply visit their official website at https://www.boanig.com/loan-service/

How do I apply for the bank of agriculture loan?

Basically, to apply for the bank of agriculture loan, simply visit any of their official branches. Right there, they would direct you on the procedure and the details of the loan. Although specific documents are required for some loans, all loans generally require the following:

• Duly filled application form
• KYC documents
• Land/ asset documents
• Security PDC
• Other documents depending on the specific type of loan.  

How do I contact the bank of agriculture?

You can contact the bank of agriculture through any of the following means:

Email: info@boanig.com

Phone: +234 7040202222

Headquarters: No 1, Yakubu Gowon Way, PMB 2155, Kaduna, Nigeria.

They also have other branches across different states. In case you are not in Abuja, simply reach out to your nearest location.

Conclusion

The bank of agriculture exists to enhance agricultural farming and related procedures in the country. Therefore, if you are in that line of business, simply take advantage of the several loan packages to expand. Basically, you can get started today by visiting their office. 

The popularity and adoption of online banking have empowered fintech companies to emerge. However, though some institutions operate strictly as a fintech company, there is a new breed that exists as a commercial bank, but operate most of their services online. Basically, Providus Bank is one of the leading banking institutions in Nigeria that operates this way. Here’s all you need to know about them.

About providus bank Nigeria 

Providus bank is an institution that was established to provide excellent, unique experience to customers. This is so as to help them attain their objectives and in the process, become their preferred partner.

Providus bank Nigeria service deliveries include:

• Portfolio management 
• Relationship management 
• Business advisory 
• Personalized relationship management
• Fast tracked service delivery
• Service solution 

Basically, the bank focuses on creating a financial support system for institutions, agencies, HNIs, and SMEs. Their business model also collaborates with businesses to improve the non-oil sector of the Nigerian economy. Therefore, some of these sectors include agriculture, hospitality, commerce, mining, art and entertainment. 

What loan services does Providus bank Nigeria offer?

Providus bank Nigeria offers the following types of loan to their customers:

Travel loans: 

travel loans fund your travelling expenses upfront and allow you to pay later. Basically, depending on your providus account and nature of travel, the loan could cater for expenses including plane tickets and hotel rentals.

Personal loans: 

Providus personal loans are available to customers with at least a salary account. Therefore, it offers you a loan for personal reasons with the interest and tenor depending on the loan amount.

Overdraft facilities: 

this facility allows you to withdraw more than the sum you have in your account. Therefore, it is essentially the bank borrowing you money. Several factors determine the amount of overdraft on your account, including your monthly earnings and loan repayment history. 

Vehicle loans: 

vehicle loans are also for those with a salary account, as it allows them to purchase a new vehicle and pay back over time. They deduct repayment from their salary at an agreed percentage till full payment.

Note that you must be a customer of the bank and have an account to benefit from their loan services. Basically, the type and amount of loan that you have access to depends on your type of account.

What Other Services does Providus bank Nigeria offer?

Providus bank Nigeria offers numerous services that are beneficial to customers. We can categorize these services into the following:

Personal: 

personal account offers individual services to prospective customers. Therefore, the products under this category are:

Public sector: 

this service of the bank caters to the needs of several public institutions. Basically, this includes government agencies and parastatal, religious organizations, embassies, schools, and hospitals. The services under it are:

CURRENT ACCOUNT

• Current Account
• Salary Account
• Affluent Current Account
• Domiciliary Current Account (USD/EUR/GBP/YUAN)

SAVINGS ACCOUNT

• Future Providus Account 
• Youth Account 
• Affluent Savings Account
• Retiree Account
• Domiciliary Savings Account (USD/EUR/GBP/YUAN)

CARDS

Verve Card

Private: 

the private sector is the opposite of the early discussed public one. Basically, it caters for the needs of individuals and organizations in the private sector of the economy. This product has the following services: 

CURRENT ACCOUNT

HNI Current Account

• Premium Current Account

SAVINGS ACCOUNT

• Premium Savings Account

CARDS

• World Elite Mastercard

  Business 

• CURRENT ACCOUNT

Business Account

• Emerging Local Corporate Current Account

• CARDS

• Offering

How can I contact providus bank Nigeria?

Basically, you can easily contact Providus bank Nigeria through their online business concierge portal. Here’s how to go about it:

1. Follow this link to visit their official website: https://www.providusbank.com/business_concierge 
2. After that, they would require you to supply your details including your name, email address, type of query and complain
3. Finally, on supplying all information, click the submit button and an agent would reach out to you with answers to your questions

How can I open an account to benefit from providus bank Nigeria?

Being a very digital bank, most of its services are available online. Basically, all you need to do is simply visit their official website at https://www.providusbank.com to get started. There is an “open an account” button that you can click to create an account.

Conclusion

Providus Bank Nigeria is one of the emerging top financial institutions in the country. Therefore, they provide affordable services and make the “unbankable” very much bankable. Visit their official website to get started today.

If you have a good number of assets, most of the time, getting a loan isn’t difficult. Today, bank willingly give loans to individuals with high net worth, and lots of assets that can overcompensate for the loan. However, what happens to those who don’t have assets to use as collateral? Long ago, it used to be difficult for such individuals to obtain a loan, but today, you can easily apply and receive unsecured loans in Nigeria from a variety of lenders.

What is an unsecured loan?

Unsecured loans are loans that you can borrow without using an asset for collateral. Basically, this kind of loan gives you much flexibility regarding how you intend to spend it. You can use unsecured loans for anything from making purchases to paying off debt. Most times, the lender doesn’t really care or try to control how you spend the loan as long as you pay it back when due. Also, unsecured loans in Nigeria usually have much higher interest rates than secured loans.

How do unsecured loans in Nigeria work?

The operational process of unsecured loans in Nigeria is pretty much like that of any other kind of loan. Firstly, you can use the money borrowed for any purpose and payback with fees and interest at the end of the tenor. However, just like most application forms, you may be required to give a reason for applying for it. Of course, the reason makes up part of the lender’s decision to give you or not. Therefore, although you can use the money for what you wish, having a good reason increases the success possibility of your loan application.

Depending on the lender, unsecured personal loans varies between N10,000 and N2,000,000 with a tenor of up to 7 years. Therefore, it is considerably lesser than secured loans, while coming with much higher interest rates. The interest rates are higher because the lender is taking on more risk as you have no collateral. Also, look out for additional fees including establishment fees, monthly and annual fees. The repayment structure would also be agreed on during the loan application process.

What are the pros and cons of unsecured loans in Nigeria?

The pros to obtaining unsecured loans in Nigeria are:

• No need for collateral
• Flexible loan purpose and use
• Very easy application process

The cons to obtaining unsecured loans in Nigeria are:

• Higher additional fees
• Penalties are usually attached to missed payments
• Usually comes with higher interest rates as a result of no collateral

How can I compare unsecured loans in Nigeria?

Basically, there are certain criteria you have to look out for when comparing unsecured loans in Nigeria. They are:

• Interest rates
• Minimum and maximum loan amounts
• Additional fees and charges
• Other features depending on the lender

Instead of going through these features one after the other for each loan offer from different lenders, simply allow the loanspot.africa loan comparer to do the work for you.

What are the benefits of obtaining unsecured loans in Nigeria?

There are a good number of benefits that are attached to obtaining unsecured loans in Nigeria, which are:

Favourable rates

although the rates that apply to unsecured loans are generally much higher than secured loans, you can find options with much lower rates today. Good examples are fintech and peer to peer lenders that offer amazing rates that even slightly beats that of a secured loan.

Flexibility

Perhaps the strongest benefit of an unsecured loan is that it allows you the freedom of using the money how you wish. Essentially, what you spend the money on is totally up to you.

An array of options:

there are a ton of options to choose from in unsecured loans, as even large financial institutions now have smaller packages that cater to this need. Therefore, this is good news as it ensures you have a wide range of options and can compare to get the best.

How can I apply for unsecured loans in Nigeria?

Applying for unsecured loans in Nigeria is pretty simple. All you need to do is use the loanspot.africa loan search engine. This engine helps you compare all the available loans that suit your specific needs, presenting them and allowing you chose which you prefer. On selection, go through the application process the loan would be credited to your account if successful.

Conclusion

Unsecured loans are the easiest ways for low net worth individuals to obtain loans. It affords you the opportunity of taking a loan with no collateral and doing what you want with it. 

Commercial banks are usually known for their dogged nature in giving out loans to individuals without collateral. Therefore, this has built a reputation over the years, causing many to turn to microfinance banks, private lenders and other lending institutions. However, if you are pondering on the question, which banks easily give loans in Nigeria today, or if there are any at all that do so, then you’re in the right place. We would be discussing just exactly that in this article.

Banks and the loan system in Nigeria

Just like we earlier said, most individuals have the mindset that commercial banks rarely give loans to commoners, and prefer high collateral loans. Well, this is in a way true, especially in the past. Banks prefer the less risky and most profitable option and can give you as much as you want, as long as you have assets that fit their description to use as collateral. Certainly, a larger percent of the population of Nigeria don’t have such luxury, and as a result, loan from banks was seen as difficult and even near impossible.

However, today, commercial banks have developed a system that caters to both the lower class, middle and high class. Therefore, you can borrow as low as a few thousand Naira, to even millions of Naira. Today, there are banks that easily give loans in Nigeria, and we would be discussing them shortly.

 

Which banks easily give loans in Nigeria?

Some of the banks that easily give loans in Nigeria are:

Guaranty Trust Bank

Although one of the top banks in Nigeria, GTb offers a quick credit option that is easy to use and quite responsive. More so, you can get approval and the loan credited to your account within two hours of approval. The quick credit option has made GTb one of the banks that easily give loans in Nigeria.

Access Bank

Another top bank in Nigeria, the Access bank app offers an option for customers to easily obtain loans. Quick Bucks is the mobile app that makes this possible, and it’s as easy as downloading the app and obtaining a loan.

First Bank

With over 10 million active customer account, First Bank is Nigeria’s premier commercial banks. They offer a platform for quick loans through the FirstEdu loan and other options which you can take advantage of as a customer.

United Bank for Africa (UBA)

UBA offers different options of quick loans, from personal overdraft that allows you to spend a little more than you have, to the “No Whala Loan” that easily get you extra cash to take care of bills that may suddenly arise.

Zenith Bank

Zenith is one of the Nigerian banks that offers a wide array of easily accessible loans to their customers. This includes SME loans, Import Finance Facility, Term Loans, Overdrafts and many more. Therefore, with Zenith bank, it’s a matter of choosing what you want.

Stabnic IBTC

This is a subsidiary of the Standard Bank Group in Nigeria, and they are one of the banks that offer easily accessible business and personal loans. Also, Stanbic IBTC is also one of the banks in Nigeria that will grant you a loan without requiring you to have a domiciled salary account.

Fidelity Bank

The numerous accolades received by Fidelity bank is an expression of its commitment to supporting SMEs in Nigeria. The bank operates a Fidelity Easy Access Leasing Scheme (FEALS) that makes it easy for businesses and individuals to access loans.

Conclusion

The development of technology has made it possible for banks to now easily give out loans without all the paper works that usually take weeks. Therefore, you can easily and comfortably access loans from even the top banks in Nigeria. 

Many people are not aware of the possibility of getting a loan from their insurance company. If you are on those ‘many’, now you know. It is possible to get a loan from your insurance company. Wondering how that is possible? You need not worry. You are on the right page for information. In this article, we will discuss explicitly how to get loan from your insurance company. Also, we will explain other key concepts that are in relation to the subject.

How can I get a loan from my insurance company?

Here is the point, as we have said earlier, it is possible to get a loan from your insurance company. But, this is only possible when you have a life insurance policy. Although borrowing from your life insurance might be a means to get a quick loan, we believe there are certain things you need to know. It is important to note that you can only borrow against your whole life insurance or permanent policy. Also, at the end of the month your life insurance company will add interest at the end of the month whether you pay or not.

How does a life insurance loan work?

This type of loan is totally different from your regular bank loan. This is because it does not affect your credit. Also, you do not need to go through the approval stage since there is no need for credit checks.

The fact is, when you are borrowing on your policy you do not have to explain to anyone how you plan to use it. The decision of what you wish to spend it on is all your choice. Asides from all these, another beneficial thing is that this type of loan is not recognisable by tax regulating bodies. This means it is free from tax. However, you must note that you will still have to pay the loan back as at when due with the interest accrued. Although the interest rate is way lesser than that of traditional bank loans, and you do not need to pay monthly.

How do I repay my loan?

As we have stated earlier, the interest rate is minimal, and the repayment is flexible. That is, you are not mandated to repay back monthly. However, irrespective of this, you still have to pay back what you have loaned. Not only paying back, you must also ensure that you do this in a timely manner. If you do not, interest is added to your balance, and it keeps accruing whether you pay monthly or not. You will not want to find yourself in this situation. This is because the likelihood of exceeding the policy cash value which will cause your policy value to elapse is imminent.

Insurance companies in Nigeria, ensure that several repayment opportunities are provided for their clients. This is to ensure that the loan is fully repaid and to prevent laps. However, should the insured die, the insurance company will add up the loan amount and the interest rate. Then, they will deduct it from what the beneficiaries of the deceased are meant to collect from his or her death benefit.

Conclusion:

Life insurance policy is a great way to get a loan from your insurance company. However, it is important to repay as at when due. This is to avoid reducing your death benefit or even paying more. If you would like to know more, you can contact your insurance company for more details.

In recent times, the federal government of Nigeria has made loans available to boost the production of SMEs in the country. Therefore, there are a good number of loans that you can apply for across different sectors in Nigeria today. Essentially, these Federal Government Empowerment Loans in 2021 could also come in form of a grant and are open to all citizens. As long as you meet the minimum criteria, you stand a good chance of getting funds for your business.

What are the latest Federal Government Empowerment Loans in 2021?

Here are the top federal government empowerment loans so far in 2021:

Survival fund loan

The federal government of Nigeria created this survival fund loan as a way to help businesses that suffered losses during the lockdown. Basically, most businesses weren’t allowed to run, therefore, incurred great losses that some haven’t recovered from till today. Therefore, the government made this fun accessible to all companies for a duration of three months to help the business recover.

Bank of Industry and Central Bank intervention fund

This fund would distribute a total of N235, offering it to companies in the manufacturing, refinancing and restructuring sector. Basically, the loan is a result of a collaboration between the bank of industry (BOI) and the Central Bank of Nigeria (CBN).

Npower Nexit Loan

The government designed the Nexit loan to act as a follow up for passing out Npower scheme beneficiaries. More so, the aim is to help them embrace entrepreneurship by providing funds for them to open a business. However, unlike Npower, the Nexit loan is not a grant but a loan. This means that all beneficiaries would have to pay back the sum and applicable interest to the government.

SEIFAC and CBN Anchor Borrowers program  

This program focuses on farmers and their respective cooperatives across the nation. It is an initiative that embraces wet cropping, encouraging farmers to farm in Agricultural production clusters (Agro PCs). In addition, this is a cluster farming model that pools resources to ease the challenges faced by small scale farmers.

Bank of agriculture (BOA) and SMEDAN Loan matching fund programme

This is an ongoing program that offers medium-sized loans to businesses in need. Essentially, the BOA and SMEDAN loans range between N1.2 million and N5 million depending on certain conditions. The SMEDAN loan also does not require any collateral, as it includes a waiver of collateral letter.

NYIF Loan

This loan is specially reserved for the youths in Nigeria. It is opened to interested citizens between the age of 18 and 35 across all states in Nigeria. Successful candidates would attend online business training at different centres, before being given a loan to establish a business.

GEEP Loan

This loan is an initiative that aims at boosting the Nigerian economy by empowering farmers, artisans, and traders financially. It basically covers three areas, which is the farmer Moni for farmers, trader Moni for traders, and Market Moni for other artisans in the country.

CBN AGSMEIS Loan

The Central Bank of Nigeria designed this loan to help all agricultural-related businesses in Nigeria. Farmers and agricultural-related entrepreneurs are encouraged to apply, after which they consider the application and select successful candidates.

NHF Loan

The federal mortgage bank of Nigeria handles the NHF loan. It is a housing loan that aims at providing cheap and affordable housing for Nigerians all across the country. However, there are certain requirements to meet before qualifying for the loan.

Conclusion

Regardless of your business and industry, there is an empowerment program for everyone. All you need to do is to put together the required documents and applied. Currently, note that some of these loans are not currently running and may or may not be opened in the future. 

Let’s face it, there are tons of options to choose from when it comes to taking loans, as pretty much any company would offer you a hand as long as you meet their minimum requirement. However, at this point, it’s left to you to select what works for you best. First, you should have an answer to the question “how can I compare loans from different lenders”, what it contains all the information you’d need to make the right choice. Essentially, don’t choose before you know it’s a good one and that it’s the best you can get at that time.

Why should I compare loans from different lenders?

Each respective lenders have terms and conditions that apply to their loans. Rarely would you see a state imposing specific rates on loans, they only set a ceiling. This allows you to get the best loan offer that works for you and wouldn’t trap you in an endless loop of interest that you’d find difficult to pay up. As a result, you can simply compare loans from different lenders and select what best meets your needs at that time before proceeding to apply. Instead of searching out individual loans and placing them side by side to compare, simply make use of the loan comparison engine. All you need to do is supply a few details, and the software presents the most favorable loan options with the lowest interest to you.

An Overview of Loanspot.Africa

Loanspot.Africa is an online loan platform that has only one goal, which is to create easy accessibility to the right loans for businesses and individuals. Therefore, they have a good number of credit partners which the obtain data from, and selects the best for a user. Some of Loanspot.Africa’s credit partners include CredPal, Lendigo, Kwaba, Gare Advance, Creditville, and more. Together, their partners lend out an average of N500 million monthly. Also, taking the relevance of loanspot.africa into consideration, their software have helped over 180,000 individuals get the right loans information, in order to choose the best loan, therefore, saving 46% in possible interest costs.

What are the factors to consider when looking at loans from different lenders?

You can directly compare the following terms of a loan before applying:

Interest rate and APR: 

The interest rate is basically the extra you’d be paying on your loan. It is expressed as a percentage of the loan principal itself and is paid up within the loan tenure. Also, you might discover an annual percentage rate (APR) in the loan, as it is the sum-up of the interest rate plus loan fees. Essentially, the APR gives a better sense of the true cost of the loan. In addition, keep an eye out for the interest types, be it variable or fixed.

Collateral: 

Collateral comes into play when you opt for a secured loan. Unlike an unsecured loan, a secured loan is backed by collateral, which is an asset you’d have to stake to obtain the loan. Therefore, in the event when you’re unable to pay back the loan, you may lose your collateral. On the other hand, an unsecured loan does not need collateral, therefore you don’t have to worry about losing an asset. Generally, a secured loan usually comes with lower interest rates than unsecured loans.

Fees: 

There are a good number of fees that you should compare when obtaining a loan. It includes the origination fee which a lender charges for processing your loan, the prepayment penalty that kicks in when you pay off your loan early, late payment fee for when you don’t meet up, and insufficient fund fee when your account is always low. Insufficient fund means the borrower cannot deduct the regular repayments from your account, as agreed. Consider all these fees to see the least, and that it’s not putting you in a tight corner

Loan term: 

A loan could either be long-term or short-term, depending on your agreement. Normally, personal loans term ranges from 12 months to 84 months, with an extended period of grace. Also, you have the option of playing the long game by obtaining loans for up to 20 years or more. Always match the loan term with your needs and capacity to repay, to be sure that it is in your favour.

Monthly payment: 

This is the sum that you are required to pay up every month until your debt is completely repaid. Therefore, go through this to ensure it fits perfectly within your means, and living budget so you can conveniently pay other bills too.

Total loan amount: 

This includes the loan principal, interest, and extra fees. Before obtaining a loan, compare the total loan amount to see which is the least. This is because you might have two loan offers of the same price, but a huge difference in their total loan amount. Essentially, the total loan amount gives you the full picture in one spin.

How can I compare loan from different lenders?

To compare loans and get the best option for your exact needs, simply follow the step below:

1. Visit a loan comparison website
2. Select the type of loan you intend to borrow from their available products (SME or Consumer-based)
3. Create an account by signing up
4. Fill the prompt by the left side of the screen, providing details of your earnings and income
5. After completing those processes, sit back and allow the system to do the rest by hitting the search button.
6. Lastly, get options on the best available loans, and select the one you’d prefer.

Conclusion

Comparing loan offers is always the best way to pick what’s best for you. These factors in mind actually help you find the best and avoid something that would throw you into a financial crisis later on. Loanspot.africa is the best way to compare loans from different lenders and select what’s best for your specific needs. You can read here for standard loan clauses and loan liquidations here.