Business Loans

Are you an entrepreneur looking to finance your business? Banks and other financial institutions are always willing to lend you the funds you need. However, you have got to fulfill the requirements these institutions lay down for obtaining such loans. Some of these lenders even as far as offering you credit cards.

We examine some loans you can secure as an entrepreneur or business owner to facilitate the growth of your business. You can also check out this post on business ideas in Nigeria.

What are the best loans entrepreneurs can consider for business growth?

As an entrepreneur, here are some of the best loans to consider:

1. Line-of-Credit

If you own a business with limited resources, this loan is for you. Actually, experts are of the opinion that you request your banker to make this facility available to you.

The scheme allows you to withdraw as much cash as you need. This can be in cash crunches or other emergency expenses you would need. Entrepreneurs generally open a line of credit in order to meet their working capital demands. The facility is suitable for buying necessary items, paying employees, and clearing suppliers’ dues.

However, entrepreneurs cannot use it for buying the necessary machinery, real estate, equipment, and other similar assets. This duration is generally one year. 

2. Instalment Loans

Here, you need to repay the interest and principal in monthly installments. Experts are of the opinion that you can use this to meet any kind of business needs.

In the process of finalizing the contract with your banker, you obtain the total amount of money you require. The lender will also calculate the interest payable and determine the date on which you have to clear this loan.

If you are able to do this, you do not incur any penalties or additional interest charges. The duration is dependent on what you intend to use the money for. Generally, it ranges from 1 to 7 years. However, if you plan on using funds to buy real estate, the facility may extend to 21 years.

3. Letter of Credit

If your business conducts its activities overseas, you need this lending facility. It allows you to make secure payments to your suppliers in different countries. You also do not encounter problems in getting payments from your foreign debtors. To obtain a letter of credit from your financial institution, you must submit some important documents.
These documents comprise your commercial invoice, the bill of lading identifying the merchandise, and the insurance policy. Most times, you may have to give a copy of the title documents of the goods you are dealing in.

---

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

---

4. Unsecured Loans

Most business owners are familiar with these loans. Bankers normally sanction them to proprietors when they are sure of the financial viability of their market establishment.

They also scrutinize the ability of these borrowers to repay the sums they lend to them. Generally, entrepreneurs may use the money for their business purpose. Moreover, they do not have to pledge any asset to obtain such modes of finance at a high rate of interest. Some of these kinds of loans can be gotten from companies like Palmcredit, Renmoney Nigeria, and so on. You can check out other sources for accessing a loan in Nigeria.

5. Secured Loans

These are similar to unsecured loans. However, entrepreneurs would need to mortgage one of their own assets. This is the reason the scheme has a low rate of interest. In the case of a default on the part of such borrowers, the bankers can forfeit this asset.

Entrepreneurs can access any of the seven loans to finance their business. However, such modes of debt financing are not cheap. They need to know what their requirements are and how much money they need.

Only then can they select the right one. However, when they face doubts, they consult their banks. Such professionals can assist them in taking the right course of action.

Conclusion

Financial experts say it is always prudent on your part to determine what type of loan you need. This makes it easier for the lender to up the lending scheme you seek. Subsequently, you can consult professionals to explain what you need to be aware of the type of loans you need as an entrepreneur.

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.

Microfinance banks exist to provide small business owners and entrepreneurs access to capital. Often, these small and individual businesses don’t have access to resources and funds from traditional banks, and only know how to get loans from microfinance banks. This challenge makes it relatively difficult to secure loans, insurance, and investments that will help grow their business.

Essentially, this is why microfinance banks are here to stay – to provide loans, credit, even insurance policies and money transfers to the small business owner and entrepreneur.

Why Are Microfinance Banks Important?

Like we have established, microfinance banks help the financially-marginalised. They provide them with the necessary capital to start a business and work toward financial independence. Basically, these loans are significant because they are issued even though the borrower has no collateral. However, the interest rates for microloans are normally high because of the risk of default.

---

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

---

Microfinance institutions provide small loans as well as other resources to business owners to help get their businesses running smoothly. Therefore, without microfinance banks, these businesses may have to resort to borrowing money from family and friends.

Examples of popular microfinance banks in Nigeria include RenMoney, AB Microfinance Bank, LAPO Microfinance Bank, FBN Microfinance Bank, and others.

Do Microfinance Banks Work in Nigeria?

On the one hand, microfinance banks are a means to end the cycle of poverty, decrease unemployment, and aid the financially marginalized. On the other, however, some believe microfinance banks have lost their feel and have therefore gone sour.

This notion stems from the argument that microfinance banks plunge business owners into deeper debt. Interestingly, most of these banks like Nirsal Microfinance Bank still grant different kinds of loans. In the end, we can argue that microfinance banks work in Nigeria. However, it is still apparent that they are not perfect yet. Basically, much lies in the hand of the business itself on executing specific strategies to repay loans and avoid deep debts.

Conclusion

Whichever way we examine the space of microfinance in Nigeria, they constitute a part of the financial sector. Also, some experts believe microfinance banks are capable of contributing to the Nigerian economy by curtailing poverty. Again, this is associated with acknowledging microfinance banks as tools for financial revolution.

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.

Nowadays, a loan is fast becoming a necessity for most Nigerians. Loans are important because they help you resolve financial emergencies. Also, It is very common for people to seek loans from the bank. A reputable bank like Fidelity Bank can help you cover your financial emergencies. Here is all you need to know about how to get a loan from Fidelity Bank.

An Overview of Fidelity Bank 

Fidelity Bank is one of Nigeria’s leading financial institutions founded in 1988. Initially, they started out as a Merchant Bank. However, they became a commercial bank in 1991 and later transformed into a Universal Bank in 2001.

Additionally, their bank boasts of having over 5 million customers. Fidelity Bank services its customers through its various branches and digital banking platforms. Read more on the top banks in Nigeria by asset.

What loan services does fidelity bank offer?

Fidelity Bank has a variety of personal loan options available for you. All you have to do is to pick the loan option most suitable for your need. Here are the various loan options available for you:

1. Fast Loans

As its name implies, fast loan grants you access to instant fundings. Basically, this loan option is suitable for emergencies like payment of school fees or business financing. Fast loan is further divided into six loan options:

a. Payday loan:

Payday loan is simply a short-term loan that caters to the needs of salary earners. However, these salary earners’ accounts have to be domiciled with Fidelity Bank.

---

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

---

b. Personal loan:

With personal loans, you can get fundings to meet your personal needs. Also, this loan is stress-free and only for Fidelity bank customers.

c. Point of transaction (POT) loan:

This is a short-term loan that provides funding to Fidelity Bank customers to complete their financial transactions. Usually, these financial transactions are initiated on a POS or ATM but may be left pending due to insufficient balance. POT loan solves this problem for you.

d. Fidelity NYSC loan:

This loan service caters to serving members of the NYSC (National Youth Service Corps). A serving member just needs to apply and get instant funding.

Fidelity Loan on Account Turnover (FLOAT): This loan service caters to active Fidelity account holders. However, to access this loan, you must have a current banking relationship with Fidelity Bank. 

e. Migo Loan:

This is a microloan service that grants instant loans to customers with no documentation needed. Fidelity Bank deposits the loan directly into a customer’s account.

How can I get a Fidelity fast loan? 

You can get a Fidelity fast loan through the following options:

• Dial the USSD code, *770*08#, and follow the instructions.
• Send a text to  Fidelity Bank Ivy on Whatsapp. Their official WhatsApp number is 09030000302. Thereafter, they will give you further instructions.
• Lastly, you can chat them up on their Facebook platform, Fidelity Bank plc

2. Fidelity Easy Asset Leasing Scheme (FEALS)

This loan service provides fundings for the acquisition of assets. These assets may either be households appliance, generators, laptops, or even a new car. 

3. Personal Mortgage loans

This loan service provides funding for all your mortgage. It grants you fundings to buy your dream home.

4. Fidelity Personal Loan Scheme (F-PLS)  

This loan service provides you with fundings to meet urgent personal financial obligations. These financial obligations include your house rent, school fees, travel expenses as well as hospital bills.

5. Instant Salary Advance scheme

Instant salary advance scheme grants you access to 50% of your monthly salary before your next payday. In simpler terms, you will be given 50% of your salary as a loan. Fidelity Bank will automatically take it back once you receive your salary. This loan service caters to the mid-month expenses of salary earners. Read more about banks that offer loans without collateral in Nigeria.

5. Fidelity Bank Credit Cards

With a Fidelity Credit card, you can spend now and pay later. Basically, this card allows you to buy anything you need and payback for it in the future.

Lastly, if you misplace your credit card, you can either call them on +23414485252 or visit the nearest Fidelity Bank to lodge a complaint.

What are the requirements to obtain a Fidelity Bank loan? 

To obtain a Fidelity Bank personal loan, you must meet the following requirements:

• You must provide a receipt of your salary for three consecutive months.
• A digital acceptance of the offer through Fidelity Bank electronic channels.
• You must apply for your loan through Fidelity Bank digital channels.
• You must have a clean credit report and meet Fidelity Bank’s credit ranking.

This sums up the basic requirements to obtain a personal loan. To get comprehensive information about their terms and conditions, refer to their official website.

How can I apply for a fidelity loan?

You can apply for a fidelity loan by following the steps below:

1. Select your desired loan based on the different types of loans we earlier explained in this article
2. If the loan is online, simply make use of the Fidelity bank USSD code (*770*08#) or their mobile application to apply for a loan
3. Visit their physical branch to apply for loans that are not accessible through the USSD code or mobile application and an agent would put you through
4. Lastly, they would inform you whether your loan application was successful or not

How can I contact Fidelity Bank? 

You can contact Fidelity Bank throw the following ways:

Address: 2, Kofo Abayomi Street, Victoria Island, Lagos, Nigeria 

Phone number: 0700 343 35489

website: www.fidelitybank.ng

Email: trueservice@fidelitybank.ng

Bottom line 

Fidelity Bank is reputable for granting instant and convenient loans to meet your needs. Their service covers a variety of loan needs. In case you need to borrow a loan, you can try them out.

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

A loan is a sum of money that an individual borrows. Usually, the individual or entity borrowing the loan incurs a debt that they need to pay back with interest. Basically, a loan helps people meet unforeseen financial emergencies. 

The most common place people seek loans is at the bank. A reputable bank like FCMB (first city Monument Bank) is a popular bank known for giving out easy loans. Now, you might be wondering how to get a loan from FCMB. Here is all you need to know about it. 

What are the available loans from FCMB?

FacMB has several loan options available. All you have to do is pick the most suitable one for yourself. Here are the offers available to you:

1. Fast cash

FCMB fast cash is a paperless loan facility that requires no collateral. You can apply for this loan by dialing the USSD code, *329*11#. 

What are the features and benefits of FCMB fast cash? 

Some of the features and benefits of FCMB Fast Cash includes:

1. It grants you instant access to funds. 
2. Fast cash is very convenient because it does not require any paperwork. Just dial, *329*11#
3. Also, you can apply for it as many times as you want
4. Lastly, you get a 3 months replacement cycle 

What are the requirements to get an FCMB fast cash loan?

To get an FCMB fast cash loan,  you must meet the following requirements:

1. You must apply for an FCMB fast cash loan to solve an urgent financial need.
2. FCMB must grant you access to fast cash services.
3. The loan will be paid directly to your current or savings account with FCMB. However, non-FCMB customers must use their salary account.

Basically, this sums up the basic requirements to get a fast cash loan. However, to read a more comprehensive information, refer back to their website, www.fcmb.com

2. Salary Plus Loan

This is a customer credit scheme solely for salary earners who have an FCMB account. Through salary plus, loan qualified FCMB customers can get funding before they receive their salaries. 

What are the requirements to get an FCMB salary plus loan?

To obtain a salary plus loan, you must provide your salary account. Also,  you must provide consistent receipts of your salary for at least six months with a referral to your employer.

3. Premium Salary Loan

This loan scheme caters to verified staff of commercial organizations. However, the organization has to be rated on Moody’s with at least a BB range. Also, interested participants have to be eligible for at least a loan of N2,000,000

What are the features of a premium salary loan? 

1. Here are key features of the premium salary loan:
2. You apply for a minimum loan amount of N 2million.
3. A management fee of 1% fiat upfront.
4. A minimum and maximum tenure of 12 and 60 months respectively.
5. Lastly, the insurance fee will be 0.9% of the loan amount tenure.

---

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

---

4. Auto Loan

This loan allows individuals who qualify to part-finance acquisition of personal cars. It allows customers to own a car and pay over a specific period of time. Furthermore, it is divided into FCMB Auto Loan Alliance and Standard Auto Loan.

The FCMB Auto Loan Alliance package offers loans to customers to obtain a Tokunbo car. On the other hand, Standard Auto Loan helps customers buy cars from pre-qualified dealers who have an agreement with FCMB. Read more on car loan companies in Nigeria.

5. Credit Card

With an FCMB Credit card, you can pay for anything. It offers you a credit that you can use to buy anything and requires that you pay back the loan in the future.

How can I get an FCMB Credit card? 

Here are the steps you should follow to get an FCMB credit card 

1. Log into the FCMB website 
2. Next, go to the website’s dashboard and click on loans and credit cards.
3. Thereafter, click on credit card 
4. Read through and click on the link that will redirect you to a form to fill. 
5. Fill in your personal details and click on “Apply now”
6. On the other hand, you can call FCMB credit card on 0700329000 or visit the nearest FCMB branch close to you. 

Read more on banks that offer loans without collateral in Nigeria.

 How can I get a loan from FCMB?

Simply follow the process below to receive a loan from FCMB:

1. Take time out to go through their available loans as listed and explained earlier in this article
2. Visit any of their official outlets, tendering your request for that type of loan
3. An agent would put you through on the application process

However, note that some loans can be applied for and received online and you do not need to go to their office. 

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

How can I contact FCMB? 

You can contact FCMB through the following ways:

Address: Primrose Tower,17A Tinubu Street, Marina, Lagos State.

Phone number: 01-2798800 or 07003290000

Email address: customerservice@fcmb.com

You can reach them via any of the means listed above.

Bottom line 

FCMB is one of the most reliable banks to obtain a loan. Their loans are easily accessible and do not require collateral. If you are considering borrowing a loan, you might want to check FCMB loan packages out.

Asset Microfinance Bank (MFB) is a financial institution that aims to establish youths in Nigeria. The institution empowers youth with better financial freedom by making loans more accessible. Basically, the company provides quicker, easier, more affordable, and safer loans to citizens of Nigeria.

An Overview of Asset Microfinance Bank

Asset Microfinance Bank (MFB) is a limited liability company established in 2009 and based in Nigeria. The Central bank of Nigeria licensed them to offer loans to businesses and individuals living in Lagos. Also, the company boasts of having over 30 employees. Read more about microfinance banks in Nigeria here.

What Products does Asset Microfinance bank offer?

The company offers a variety of products. They include:

1. Loans

Asset Microfinance bank offers a variety of loans to individuals. These loans are fast and come with zero collateral and zero interest. The institution divides loans into four places to make them more suitable for customers. They include:

a. Microloan: 

Asset Microfinance banks grant easily accessible to loans to small business owners. Basically, the loans granted range from 50,000 to 499,000. The features Of Microloan incudes:

• No cheques for customers and guarantor
• 6% rate of interest
• Tenor days of 180 days maximum
• Admin fee of 1%
• Stock hypothecation

b. Macro loans: 

Basically, this loan is bigger than the microloan and also given to small business owners. Presently, it ranges from 500,000 – 1,000,000. The features of macro loans include:

• Cheques required for customers and guarantor
• 5% rate of interest
• Tenor days of 180-240 days maximum
• Admin fee of 1%
• Stock hypothecation

---

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

---

c. SME Loan: 

This loan covers Small and Medium Scale Entrepreneurs. Assets Microfinance Bank grants SMEs quick and easy access to loans. Also, the loan amount ranges from N1, 000,000 – N5,000,000. The feature of SME loan includes:

• Firstly, customers and guarantor’s cheque
• Stock hypothecation
• Financial statement for corporate clients
• 5% rate of interest
• Also, a 1% Admin fee
• Important securities like a Motor vehicle or C of O)
• Lastly, 180-240 days Maximum Tenor

d. Salary Advance Loan (SALO): 

This loan takes care of salary earners in need of money for emergencies. Here, Asset Microfinance Bank answers all requests quickly with a competitive interest rate. Also, SALO is available to salary earners like bankers, Blue chip Companies, and other stable businesses

e. My Asset Financing (MAF): 

MAF encourages customers to buy assets they need for their homes or businesses. Also, customers can make installment payments while they make the asset available for them to use.

f. School Support loan: 

Basically, this loan is for schools and other people in the education sector. The loan amount for school support is between N50,000 – N5,000,000

g. Nano: 

A loan platform that permits mobile phone users to enjoy Asset Microfinance Bank.  However, the financial institution will recover from the customer’s salary.

2. Savings

With savings, the Asset Microfinance bank helps you to keep and manage your money. Basically, it is similar to how we keep money using conventional banks. Here are the types of savings available to customers:

a. Asset Savings account: 

You can open a savings account with Asset Microfinance Bank. This account gives you the benefit of a competitive interest rate. Also, it gives you easy and quick access to your money without forgoing your interest whenever you withdraw. Organizations, individuals, as well as associations, can open proof of all these before taking a loan.

b. My Target Savings

This product encourages the saving habit of prospective and existing clients. Basically, it exists for those who are willing to cultivate a healthy saving culture and earn returns on their investment. 

How do I obtain a loan from Asset Microfinance Bank?

To obtain a loan, simply follow the process below:

1. Visit any of their official outlets in your community
2. Request to speak to a loan agent
3. Lastly, he loan agent would provide you with an application form and walk you through the process on how to apply

Read more on how to get loans from microfinance banks in Nigeria here.

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. 

How can I contact Asset Microfinance bank?

You can contact Asset Microfinance bank through any of the following means:

Address: 1b, Rockdrive, Lekki phase 1, Lagos Nigeria

Phone number: 08116329482

Website: www.assets-mfb.com

Bottom Line

From past records, Asset Microfinance Banks has been helping many youths. Their loan scheme has served as soothing relief in cases of emergencies. Also, their savings account has taught people how to save. Without a doubt, this bank is one you can trust.

Asset Management Corporation of Nigeria (AMCON) is a financial institution established by the federal government of Nigeria. The organization aims to stabilize the financial system of Nigeria. Basically, they achieve this by settling any default loan assets of banks in the Nigerian economy.

An Overview of AMCON

On 19th July 2010, the President of the Federal Republic of Nigeria passed the AMCON Act into Law. This led to the establishment of the Asset Management Corporation of Nigeria (AMCON). The corporation aims to maintain balance and revive the financial sector of the Nigerian economy.

At the inception of this organization, the body discovered 10 banks with problems in their system asset. They resolved this by infusing N736 billion to acquire their asset. However, three out of the 10 banks could not meet up. AMCON acquired these three banks and labeled them as Bridged Banks. The three banks affected include Keystone Bank, Enterprise Bank, and Mainstreet Bank. Also, AMCON boasts of acquiring the default loans of many reputable financial institutions in Nigeria.  

What are the requirements to buy assets from AMCON?

It is no longer news that AMCON has put up some of its assets for sale. Basically, for an individual or corporate entity to be eligible to acquire an asset, they must fulfill the following criteria:

1. The individual or company must not owe AMCON any outstanding debt.

2. The directors of such companies must not owe AMCON any outstanding debt

3. The individual interested must not be an AMCON employee, a member of the Board of AMCON, or a relative to an AMCON employee.

Basically, an individual or a company becomes eligible to buy assets from AMCON after meeting these criteria.

---

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 Bid for AMCON assets?

To make a bid for AMCON asset, you have to download the following documents from their website:

1. The AMCON Bid submission form.

2. The know your Client (KYC) form

3. The affidavit verification form

Thereafter, you have to fill all forms and attach all documents needed to process the form. After completing the form, submit it to the secretary of the AMCON Asset Sales & Negotiation Committee.

What happens if I submit a Bid after the Bid submission deadline?

If you submit a bid after the bid submission deadline, AMCON will not accept it. Therefore, you must ensure you submit your bid before the bid submission deadline.

Is it possible for me to Bid for more than one asset in an AMCON bidding exercise?

Yes, it is possible to bid for more than one asset in a bidding exercise. However, you will need a separate set of documents and bank drafts for each submission. This simply means that for every bid you make AMCON will require a new bid submission.

Can I cancel my bid after I submit it?

No, it is not acceptable to cancel your bid after submission. After submission, you cannot withdraw or cancel your bid and just have to see it through. 

Where and when will AMCON Bid opening take place?

All bids opening takes place at AMCON branches in Lagos and Abuja. The corporation announces and gives details of all bid openings in the newspapers.

Also read more on Federal Mortgage Bank of Nigeria Review – How to access FMBN loans in Nigeria.

What happens if I win the AMCON bid?

After you win the bid, AMCON will give you a duration of 15 days from the day you win. This period is for you to pay up the outstanding 90% debt for the asset you want to acquire. Also, your 10% initial deposit will constitute part payment for the asset.

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.

How can I contact AMCON?

You can contact AMCON through the following ways:

Address: Head Office- 417, Tigris Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja, FCT, Nigeria

Lagos Office: 67, Marina Street, Lagos Island, Lagos, Nigeria

Phone number: Abuja- (09)2780300, Lagos- (01)2773210

Website: www.amcon.com.ng

Bottom line

Over the years, AMCON has been helping to stabilize the economy of Nigeria. Its presence has greatly influenced the economy. Also, it is a means of investment for individuals and companies.  If you are seeking a good investment, buying an AMCON asset is a great idea.

Skystone capital loan and investment company is one of Nigeria’s leading financial institutions. The company seeks out, funds, and mentor small and medium-sized enterprises (SMEs). Also, they continuously lead any SME they mentor till it reaches full maturity. The investment company is reputable for financing businesses that need funds to execute contracts.

An overview of Skystone Capital loan and investment company

Skystone capital loan and investment company was founded in 2018. Basically, they provide financial services and mentoring to SMEs. This Lagos-based company operates under the license of the Central Bank of Nigeria. In addition, it is led by banking experts who vouch to provide assistance to retails and SMEs. They are known to be one of the most reliable financial institutions in Nigeria.

What are the products and services offered by Skystone capital? 

The company provides a wide range of services. They include:

1. SME funding

It is a well-known fact that a lot of SMEs will need funding to execute contracts at some point. Skystone capital resolves this problem by offering loans to businesses in need. Also, the type of loan financing may vary depending on what the business needs it for.

2. Personal financing 

The company offers a number of quick consumer loans to professionals in Nigeria. The maximum loan amount any qualified applicant can receive is solely determined by their income. More importantly, the loan is subject to terms and conditions which should be adhered to completely. Within 24 hours, a qualified applicant will receive the loan. 

---

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

---

3. Fund management 

Basically, the financial institution manages funds on behalf of its clients. They focus on managing tenure funds and target savings. However, client fund management is based on tenure and the rate agreed upon by both parties. 

4. Leases and debt factoring 

The company focuses on lending services to businesses for a specific period of time. Also, they purchase debts from customers at a discount and make a profit from their collection.

5. Financial Advisory 

Skystone capital offers financial advisory services to customers for a specific fee or commission. In simpler terms, you can pay them to advise you on how to manage your finances.

Also, read more on how to borrow money online as a business.

How can I apply for a Skystone Capital loan and investment company loan? 

You can either apply for a personal or an SME loan. Below are the steps to apply for either of the loans on Skystone capital:

1. Personal loan

To apply for a personal loan, follow the steps:

1. Log into their official website and click on apply for a loan
2. Click on apply for a personal loan
3. Go ahead and fill in the form with your personal details 
4. Thereafter, you can submit and await a response from them

2. SME loan

To apply for an SME loan, follow the steps below:

1. Log into their website and select apply for a loan
2. Click on apply for an SME loan
3. Next, you can input all your details on the form.
4. Lastly, submit your form abs wait for a response 

What are the requirements to be eligible for a Skystone capital loan? 

To be eligible for a loan, you will require the following:

1. A legit monthly income 
2. You must be between 24 and 60 years old 
3. A clean report from the credit bureau 
4. No history of returned cheques 
5. A recent passport(not older than 6 months)
6. Your salary bank statement for the last 6 months 
7. NUBAN cheque leaves for the period of the loan
8. Your Staff Id card
9. Employment letter 
10. Utility bill
11. A valid Id card

Basically, these are the necessary requirements to obtain a loan from Skystone capital loan and investment company 

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.

How can I contact Skystone capital loan and investment company? 

You can contact Skystone capital through the following ways:

Address: 6, Saro close, off Karimu Kotun Street, Victoria Island Lagos 

Phone number: 09060005147, 09060005148, and 09060005149

Email address: info@skystonecapital.com

Website: www.skystonecapital.com

Closing thoughts

Skystone capital is a financial institution that not only funds businesses but helps them to reach their full maturity. This feature makes them unique and different from others. If you’re an SME owner seeking funding, this is one of the options you can trust.

Refinancing is a good way you can secure your home. It provides you with a better mortgage rate, a shorter payoff term, as well as a lower monthly payment. Now, you might be wondering how Mortgage refinancing works? In this article, we would be discussing everything you need to know about mortgage refinancing.

What is Mortgage refinancing?

Mortgage refinancing is the process of getting a new loan to pay off your current mortgage loan. In simpler terms, it entails taking out a new loan for your home. When you refinance, your bank helps you pay off your former mortgage with the current one. Thereafter, you will have just one loan and monthly payment.

People often decide to refinance so they can decrease their interest rate and payment term. Also, they can choose to turn some of their home equity into cash.

What are the two types of mortgage refinancing?

There are primarily two types of refinancing. They include:

1. Rate and Term Refinance

With rate and term refinance, you will get a new mortgage at a smaller interest rate. Also, you get a shorter payment term. For example, you can refinance your 20-year mortgage into a 10-year mortgage. By doing this, you get a monthly payment similar to your original loan.

2. Cash-Out Refinance

With this, you can refinance 80 percent of your current mortgage value for cash. Let’s assume your mortgage has a value of N100,000 and you owe N60,000. Your bank can give you N20,000 in cash-out, so your new mortgage will be N80,000.

Basically, these two types of mortgages sum up their offer. Also, you can choose to obtain a mortgage loan from private or public lenders.

---

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 do a mortgage refinance?

Mortgage refinancing is not as complicated as you think. Here are the steps required:

1.       Applying

You can start by applying to refinance through a bank or a loan lender. Thereafter, the bank will look at your income, assets, as well as your debit and credit score. This is to determine if you meet the refinance requirements. Some important documents your lender will need are your bank statement and your spouse’s documents (if you’re married).

In addition, you can refinance with any lender of your choice. You can start by shopping around for a lender with the most suitable current rate before applying.

2.       Locking your interest rate

After you apply successfully, your lender might give you the option to lock your interest rate. This will ensure it does not increase before the loan closes.

Basically, an Interest rate lock can last from 15 – 60 days. Also, the lock duration depends on some factors like loan type, location, or even the lender. If you don’t close your loan before the lock duration ends, your lender may charge you more money to extend the duration.

3.       Underwriting

When you submit your refinance application, your lender will begin the underwriting process. This process involves your mortgage lender verifying your details to ensure everything is accurate. Your mortgage lender does this to determine what options are open to you

In addition, this process will include an appraisal of your home value. . For example, if you want to refinance to take cash out, the cost of your home will determine how much you can get.  If you want to decrease your mortgage payment, the value will depend on if you have sufficient mortgage equity.

4.       Home Appraisal

Before you refinance, you must execute an appraisal done by your lender. The appraisal process involves your lender visiting and estimating your property. You can prepare ore your home appraisal by ensuring your home is in excellent condition. Start by tidying your home and fixing every damage to create a good impression. In addition, you have to draw out a list of upgrades you have done in your home.

If the value of your home is equal to or higher than the amount of loan you are refinancing, the underwriting process is successful. Thereafter, your lender will communicate to you the details of your closing. However, if your home value is lower, you can decide to reduce your loan amount or cancel your application.

Once the above process is complete, you can close your loan. Your lender will send you a Closing Disclosure document few days before closing.

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

What are the benefits of Mortgage Refinancing?

There are several benefits of mortgage refinancing. Some of them include:

1.       To shorten your loan term

2.       To lower your interest rate

3.       To cash out your home equity

4.       To change your loan type                     

When can I refinance my Mortgage?

Refinancing your mortgage depends on some factors. You can consider factors like your financial health (like your credit score) or even market trends. In addition, you can calculate your break-even expense point using a mortgage refinance calculator app.

Bottom line

Mortgage refinancing is a good way to turn your home into a financial tool. Also, it is convenient because you can adjust your loan terms and amount as you deem fit. By following proper precautions, this method can help you save money in the long term.  

 Asset financing is one of the ways financial institutions in Nigeria provide financial services to businesses. Basically, asset financing involves offering loans to companies for the acquisition of any asset of their choice. People use these loans to finance expenditures like ships, vehicles,, or even pieces of machinery. Here is all you need to know about asset financing.

What is Asset financing?

Asset financing is the process by which a company uses its balance sheet assets to get a loan. In simpler terms, it is a loan a company collects which depends on its financial strength.

Basically, businesses use this loan for growth and expansion. This is to ensure that they do not pay the full cost of the asset upfront. In addition, the borrower must offer the lender a security interest in the assets. Thereafter, the lender divides the value of the assets and interest on the outstanding balance into smaller payments.

 Asset financing gives companies access to sophisticated technologies they cannot afford. Therefore, it is useful for businesses that are hoping to expand their business tentacles but do not have cash. However, you can also take advantage of asset financing to obtain personal assets like the autocheck car loan.

What is the difference between asset financing and a loan?

Asset financing and traditional financing (loans) are very financing methods. In asset financing, the business seeking to borrow offers a part of its asset to obtain a cash loan quickly. Meanwhile, traditional financing will typically take a longer time to process. This longer process will include projection, business planning, and other important factors.

Businesses mostly go for asset financing when they need to obtain working capital or short-term cash loan. Most times, the business seeking to borrow offers only its accounts receivable and not its inventory assets.  Also, there are options for long-term loans too.

---

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 does asset financing in Nigeria work?

Asset financing in Nigeria works in various ways. All of these depend on the type of financing you choose. The different types of financing include:

1. Hire Purchase

Hire purchase involves the lender purchasing an asset on your behalf. Thereafter, the lender spreads the cost of the item over time. With hire purchase, the lender gives you the asset. However, you have to pay back the cost of the asset to own it. The lender collects repayment on an installment basis

2. Equipment leasing

With equipment leasing, the bank or lender buys the asset you need and gives you to use on lease for a specific period. Thereafter, the lender will expect you to make periodic payments in return for the use of the asset. After the lease period ends, you can decide to return the asset or buy it off.

3. Operating leases

Basically, an operating lease is a contract that permits you to use an asset that you don’t have ownership rights to. In simpler terms, it means off-balance-sheet financing. When the contract ends, you can either renew the lease or return the asset.

 4. Financial and Capital leases

Financial and Capital leases are quite similar to hire purchase and equipment leasing. However, its contract has a longer duration. With this lease, you are free to use the asset and in return pay back the full value over a long duration. Usually, this type of lease throughout the asset’s entire life.

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

What are the benefits of asset financing in Nigeria?

Asset financing has several benefits. Some of them include:

1.       Asset finance is quicker and easier to get than traditional bank loans and sometimes, microfinance bank loans too.

2.       Most contracts pertaining to asset finance have fixed interest rates.

3.       Also, cash flow and budgeting are easy to manage because of their fixed payment.

4.       If you fail to pay back, you will only lose the asset, without any other string attached.

Bottom line

Asset financing is one good way you can obtain an asset for your business at your convenience. Not only is it easier for you to obtain, but it is also quicker and less demanding. The information above will guide you if you decide to try it.

Ecobank is a leading Nigerian bank that provides a diverse range of loans to help people meet their immediate financial needs.

Note that with an Ecobank loan, you may get up to 90% of your money. There’s no need for collateral as you can pay it back over 10 years. Besides that, you can get long- and short-term loans.

You can apply for this Ecobank Loan by visiting any of their branches or using the Ecobank Loan USSD code. However, before we go over the how, let’s go over the secret of getting Ecobank loans. In the rest of the article, you will know the requirements and types of loans Ecobank offers its customers.

What are the requirements for getting a loan from Ecobank?

You can get a loan quickly, but for those who don’t know how, it’s simple once you know what you need.

Below are the requirements for Ecobank loan:

1. Applicants must have already been banking with Ecobank for up to six months
2. Applicants must provide either a National ID card, international passport, driving License
3. Provide a utility bill

How can I apply for an Ecobank loan?

You can apply for an Ecobank loan in a variety of methods, but to get begin, you must first:

1. Request a loan at any of their locations near you. You can also use the Ecobank branch locator to discover the closest Ecobank branch to your location.
2. You can access Ecobank’s banking system by dialing *326#, which is the Ecobank’s immediate rapid loan code.

---

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

---

What types of Ecobank Loans can I apply for?

You can apply for a variety of Ecobank loans to help you meet your financial obligations. They are:

1. The Ecobank Auto Loan

Ecobank plc offers an Auto Loan or Asset Acquisition program to their customers. This loan will help you achieve your ambition of owning a new vehicle or generator. They organized this loan to finance up to 90% of the total cost of the asset.

2. The Ecobank Advance Facility Loan

Ecobank can assist you if you find yourself with unforeseen financial needs. This Ecobank Advance Facility loan would allow you to borrow up to 50% of your net monthly pay in a matter of days.

3. The Ecobank Cash Backed Loan

Ecobank’s Cash Backed Loan is a pre-approved, low-interest loan that will enable you to access cash without depleting your assets if you have an existing deposit or investments with them.

4. The Ecobank Mortgage Loan 

Whether you’re buying a new house, renovating an existing one, or refinancing your current one. This Ecobank Mortgage Loan is a great way to get started.

5. The Ecobank Personal Loan 

The Ecobank Personal Loan is a multi-purpose loan with various repayment options and the ability to access additional cash once you repay the loan. This is also a good option for student loans.

6. The Ecobank Salary Advance Loan 

This is one of the most popular loans because it allows you to get money quickly in an emergency. Employees of an approved company can borrow up to 40% of their net monthly salary with this loan type. Consequently, as it is a 30-day overdraft loan.

7. The Ecobank Travel Loan 

The Ecobank plc Travel Loan makes it easier to budget for your holiday by providing discounts on airline tickets and hotel accommodations.

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. 

What are the contact details of Ecobank?

You can contact Ecobank for more enquiries or report on any problem through:

1. Twitter: @groupecobank.
2. Facebook: drop comments or messages to the Ecobank page.
3. WhatsApp: +234808760 3717.
4. For email complaints: engcontactcentre@ecobank
5. Phone numbers: +2347005000000, +2348003262265.

Conclusion

Ecobank offers a variety of loan products for individuals and small businesses seeking to grow. However, depending on the sort of loan, you must meet a variety of features, benefits, and eligibility conditions. Because of this, you can apply for the loan of your choice at any of their locations near you.