Business Loans

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.

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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

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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.

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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.

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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

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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.

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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

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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.

Stanbic IBTC Bank offers a wide range of loan options that cater to both individuals, large-scale businesses, and SMEs looking to grow. However, depending on the sort of loan, you must meet a variety of features, benefits, and eligibility conditions. Therefore, we would discuss this and every other thing you need to know about Stanbic IBTC bank loans in this article.

What are the loan products of Stanbic IBTC Bank?

Just as most banks have various loan products. Stanbic IBTC Bank’s case is not different. They offer some loan products to their customers. These loan products include:

1. Home loan

Our experts will guide you with insights, solutions, and support so you can make your next big move with confidence – whether you’re a first-time buyer, home builder, or homeowner.

The features of Stanbic IBTC home loan are:

1. Apply for a home equity loan or an outright purchase.
2. They offer home loans in Lagos, Ibadan, Port Harcourt, Ogun, Abuja, Kano, Kaduna, and Benin, among other places.
3. Their home loan offers flexible principal repayment options. Here, you can pay monthly, quarterly or once or twice a year.
4. The maximum repayment period is seven years if you are self-employed.
5. You repay your loan in 20 years if you earn a salary.
6. It has a minimum loan amount of ₦3 million.
7. A minimum property value for providing an equity release loan is ₦5 million.

What are the requirements for getting a home loan from Stanbic IBTC bank?

There are some requirements you must meet to get a loan from Stanbic Bank. They include:

1. They must confirm that you are an employee at your current workplace.
2. At the end of the loan term, you must be at least 21 years old and no older than 60 years old (65 years for judges and lecturers).
3. Earn a minimum net monthly income of ₦200,000 for an outright purchase, and ₦140,000 for an equity release loan.
4. Have an excellent credit history and have had none returned checks in the last six months.
5. Stanbic IBTC Bank is where you should keep your salary account (current account).

2. Salary Advance

Apply for a Salary Advance and enjoy our revolving loan to help you get through the tough times. What is a Revolving Loan? A revolving loan allows you to borrow money whenever you need it without having to reapply for credit. All you have to do is pay back 15% of your loan.

What are the requirements for Stanbic IBTC bank’s Salary Advance?

1. They must have the account that they pay your salary into.
2. You must earn at least ₦40,000 per month and must have 
3. Minimum loan amount is ₦20,000.
4. You must have worked for your current employer for a minimum of six months.
5. You must be at least 21 years old (but not older than 60 years when the facility would end).
6. An approved organization must employ you and have acceptable contract terms if you are a contract worker.

What are the features of Stanbic IBTC bank’s Salary Advance?

1. A minimum loan amount of ₦20,000
2. You can choose to re-use the repaid portion of your loan by revolving it.
3. After a certain length of time has passed, you can renew your revolving wage loan.

How can I get a Salary Advance from Stanbic IBTC bank?

You can get a Salary Advance from Stanbic IBTC bank by:

1. Visiting your nearest Stanbic IBTC Branch
2. Calling 01 422 2222
3. Emailing: CustomerCareNigeria@stanbicibtc.com

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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

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3. Vehicle and Asset Finance

They have your dream car covered! It is simple and quick to apply for a vehicle loan. They designed this medium-term loan (Vehicle and Asset Finance program) for salaried and non-salaried customers. This will help these customers to buy mobile and immovable assets like cars and generators.

More details on the Vehicle Asset Finance

Customers on a salary have a maximum tenor of 60 months, whereas bankers have a maximum tenor of 48 months. Used automobile tenors are subject to further consideration. You can visit their nearest branch for details.

1. Salaried Client–Salary Domiciled–60 months with a minimum initial commitment of 10% of asset cost.
2. Bankers with non-domiciled salaries must contribute a minimum of 40% of the asset cost over 48 months (for Bankers only).
3. It has a maximum 10 years old by exit of finance (i.e. they must pay in full for facility by the tenth anniversary of manufacture) Vehicles that they have used limited to Toyota, Mercedes Benz, BMW, Audi, Land Rover, Nissan, Honda, Mitsubishi, Ford, Volkswagen, Chevrolet, Dodge, Infiniti Jeep, Lexus, and Acura brands with a 70,000km limit and a minimum warranty of 3–6 months on the engine and transmission. And minimum contribution of 20% Note:- other brands are 8years.

What are the requirements for Stanbic IBTC bank Vehicle and Asset Finance?

1. Completed application form
2. Proof of income/evidence of salary 
3. You must provide a proforma invoice for the vehicle or asset you choose. They will prefer it to be a Stanbic IBTC partner dealer.

What are the features of Stanbic IBTC bank Vehicle and Asset Finance?

Stanbic IBTC bank Vehicle and Asset Finance has some features which include:

1. It has a flexible payment terms with up to 4 years tenure for repayment
2. Access to competitive interest rates
3. To assist you in finding your car, you will have access to our extensive dealer/partner network.

They have a new product called PAAS- Personal Assets Acquisition Scheme. Only for clients who are salaried and pre-approved employers.

Which offers:

1. Vehicles both new and used but with a maximum loan limit of ₦15m and tenor of 48 months
2. Inverter and Solar Solution Maximum loan limit of ₦5M and tenure is 18 months.
3. Generator maximum loan limit of ₦7m and tenor is 36 months.

The PAAS- Personal Assets Acquisition Scheme features are:

1. Vehicles both new and used but with a maximum loan limit of ₦15m and tenor of 48 months
2. Inverter and Solar Solution Maximum loan limit of ₦5M and tenure is 18 months.
3. Generator maximum loan limit of ₦7m and tenor is 36 months.

4. General Combo financing.
5. Management fee
6. Insurance cover for the entire duration of the loan.
7. For asset insurance cover, life insurance covers job loss, permanent disability, and death only in the event of an accident or damage to the assets financed.
8. No initial contribution
9. 100% financing.
10. It will take you a maximum TAT of 24hrs from submission of complete documentation.

How can I get Stanbic IBTC bank Vehicle and Asset Finance?

In order to get the Vehicle and Asset Finance, you can also:

1. Visit their nearest branch
2. Call 01 422 2222
3. Email CustomerCareNigeria@stanbicibtc.com

4. Smart Loan

Apply for an overdraft immediately for unforeseen circumstances, or simply boost your existing limit by applying for a Smart Loan online.

What are the requirements for Stanbic IBTC bank Smart Loan?

Existing and new to Bank customers with minimum SIAML Fund of ₦50,000 will provide;

1. For Term loans, they will require customers to show proof of source of repayment which will be most recent 3months payslip from their employer or other proof of regular source of income as acceptable to the Bank.
2. Accommodate customers who do not have a regular source of income but have bank statements that support cash flow.
3. Customers invested funds in respective SIAML Funds
4. You must be a Nigerian citizen with a permanent address in the country.
5. They must deposit your salary into a Stanbic IBTC Bank current account.
6. They must have the account that they pay your salary into.
7. No minimum net monthly income
8. Must be 21 years or older.
9. Your credit bureau report must be satisfactory.

What are the features of Stanbic IBTC bank Smart Loan?

1. Convenient way to manage cash flow in the event of shortfalls
2. You can access up to 80% of your investments as a loan whenever you need it without terminating your investment.
3. The loan offers a maximum tenure of 48 months for Term Loans
4. You can access their 24 hours business support helpline
5. They also offer internet, mobile and USSD banking as full e-banking options.

5. Secured term loans

To fit your lifestyle, get a personal short-term loan with a set monthly payback amount. These needs could include medical, house rent, car maintenance, school fee, wedding. Thereafter, you can pay it off at a time that is convenient for you.

What are the requirements for Stanbic IBTC Secured term loans?

There are some requirements you need to meet in order to get a secured loan. They include:

1. You must have worked for your present job (current employer) for at least six months. 
2. Must be permanently employed or be a contract worker at a recognized company with valid contract terms.
3. Be a Nigerian citizen with permanent residency.
4. You should earn a minimum net monthly income of ₦100,000.
5. Must be at least 21 years old (but not older than 60 years when the facility would end).
6. Your credit report has to be sufficient for you to apply.

What are the features of the Secure term loans?

The Secure term loans have the following features:

1. This is a personal loan that offers similar interest rate and repayments throughout the loan term.
2. Monthly electronic statements
3. Once they approve it, they will pay the funds directly into your salary account.

6. Unsecured Loans

Their unsecured personal loan is a medium to long-term loan that allows you to access funds for personal necessities. These necessities could be; domestic equipment, educational fees, car maintenance, and house rent at any time, with a flexible payment schedule.

What are the requirements for Stanbic IBTC bank Unsecured loans?

There are some requirements you must meet to get the Unsecured loan from Stanbic IBTC bank. They include:

1. You must have worked for your present job (current employer) for at least six months.
2. They must have the account that they pay your salary into.
3. Must be permanently employed or be a contract worker at a recognized company with valid contract terms.
4. Be a Nigerian citizen with permanent residency.
5. You should earn a minimum net monthly income of ₦20 000.
6. Must be at least 21 years old (but not older than 60 years when the facility would end).
7. Your credit report has to be sufficient for you to apply.

What are the features of Stanbic IBTC bank Unsecured loans?

This loan product has its own features, just like the others above. These features include:

1. A personal loan with the option to revolve your loan when you have repaid 15% of the full amount.
2. Monthly electronic statements
3. Once they approve it, they will pay the funds directly into your salary account.

Other loan products of Stanbic IBTC bank

Stanbic IBTC Bank has several loan products. Besides the loan products seen above, other loan products they offer are:

1. SME Loan
2. AgriBusiness Finance
3. Distributor Finance
4. Invoice Discounting
5. Purchase Order Discounting
6. Trade Finance
7. Overdraft

You can read more on how to apply for Stanbic IBTC EZ cash loans here.

Conclusion

Stanbic IBTC bank loans remain a top choice for citizens all around the nation because of their variety and excellent customer service. You can easily get a loan from any Stanbic IBTC bank today by visiting any of their branches or opting for the mobile option.

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A home equity loan can help property owners and real estate investors reach their financial goals. The value of real estate investment is always on the rise and you can take advantage of the soaring prices of your houses without selling it. If you own a house especially up to a decade, tap into the opportunities of a home equity loan.

What does home equity loan mean?

Simply put – a Home Equity Loan is a type of loan in which the borrower uses his home as collateral. The loan amount is often determined by the value of the property, which is about 80 – 90% of the home’s value. It can also be referred to as Home Equity Line Of Credit (HELOC) or Second Mortgage

Few things to consider before taking a home loan

• Find out what your credit score
• How much debt are you currently servicing
• Calculate your equity; This is mostly 80-90% of the value of your home
• Have a thorough understanding of your plan for the money
• Consider the risk

How does a home equity loan work?

A home equity loan is a loan for a fixed amount that is secured by your home. Usually, the amount of money you can borrow is limited to a certain percentage (sometimes up to 90%) of the value of your home. However, the borrower’s income, credit history, and market value of the home are often considered as well.

Primary mortgage institutions often offer the home equity loan in Nigeria and is easy to obtain with the right documentation

What are the requirements for a home equity loan in Nigeria?

To qualify for a home equity loan in Nigeria, you will need to determine the equity amount of your home as it determines the amount you can borrow. You will also need one or all of the following:

1. A good credit report standing
2. Evidence of sufficient and verifiable source of monthly income
3. Unencumbered title

Home Equity Loans VS Mortgage

Mortgage and home equity loans are similar in many ways. However, the major difference is while a mortgage loan is a lump sum lent to an individual to fund the purchase of a home. Home equity loans are loans given to individuals who already own a home and would like to use the home as collateral to secure funds for other expenses.

What can home equity loans be used for?

The interest rate on a home equity loan is usually lower compared to personal or credit card advancements. With home equity loans, you can save a lot on monthly repayments, hence the reason why most people use it for capital projects. You can use a home equity loan for the following:

1. Home renovations
2. Debt consolidation
3. Investing in shares
4. Purchase of property
5. Other large purchases

Conclusion

No financial transaction is without its own inherent risk. Taking out a loan especially when you are putting your house on the line is really a big deal. In view of this, there are other types of loans that don’t require any collateral, that you might want to consider.

However, here are one of the few things you can use a home equity loan for

1. Take advantage of loans at lower rates
2. Renovate your home
3. Refinance an existing mortgage
4. Down payment for another home.

Introduction

Consumer loans revolve around the lifestyle of an average person, and this has made it a popular demand, especially in developing countries like Nigeria. Regardless of how you may feel about loans, they have continued to form part of the components that shape the economy of the nation.

Given the above, there are lots of underlying investment opportunities in investing in consumer loans in Nigeria.

The process of investing in consumer credit is quite different from stocks or mutual funds. This is because of its flexibility and risk to market fluctuations.

Consumer loans are loans given to consumers to fund specific types of expenditures. Examples include mortgage loans, credit cards, auto loans, student loans, and personal loans.

These loans could either be secured (backed with collateral) or unsecured (which is not supported by the assets of the borrower)

What are the benefits of Investing in consumer loans?

High Spending Power

Consumer loans can enhance sufficient demand by activating consumer spending and consumption. Therefore, increased consumption will automatically increase production, employment opportunities, improve the standard of living, etc.

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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

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The Rise Of Fintech

The rise of the fintech industry has contributed immensely to the growth of consumer loans in Nigeria. The Central Bank of Nigeria in its bid to encourage financial inclusion enabled a favourable playing ground for emerging fintech companies, and it has been paying off so far. The fintech institutions have influenced the competition of the financial sector to think more on a micro-level of operation than a macro.

Large Market Share, More Investment Opportunities

The number of consumer loans moved from 3m in 2014 to 4m in 2015, which is more than 30% growth in a year. The stimulation of credit to consumers has created more investment opportunities in consumer loans.

The market is only getting bigger. Basically, this exponential growth can help reduce the risk involved in investing in consumer loans

Regulatory Support

While the Central Bank of Nigeria continues to create a healthy competitive financial industry, they have also issued favourable policies to enable micro-lending in Nigeria. A good example is the introduction of Bank Verification Number, which has allowed the policies of the CBN to be more productive on a micro-level.

How Investing In Consumer Loans Work

1. Individuals submit their loan applications for approval to a lending institution. The loan amount varies depending on the limit set by each lender.
2. The lender crosschecks all applications with their listing criteria
3. The lender now checks to confirm the information provided by the borrower
4. Upon confirmation, the investor gets to buy a portion of the loan disbursed to borrowers.
5. And earn interest based on the contractual agreement between the investor and the lender.

However, it is important to note that the borrower is liable to pay the interest in full to the lender. This includes the principal amount borrowed. 

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 types of consumer loans?

The different types of consumer loans include:

1. Home mortgage

Home mortgage is a loan someone obtains to use in purchasing a home. Basically, the borrower puts in a certain percentage of the purchase price in cash, while the lender finances the rest. The lender could be a bank or lending institution. Also, mortgages usually have long tenors of up to 30 years and are accessible to those who meet certain credit score and incomes set by the lender.

2. Personal Loan

These loans are available on a short term and at higher rates. Basically, it usually spans between 18 and 60 months and does not control what borrowers want to spend the money on.

3. Refinance loan

Basically, this loan is taken to pay off an existing loan. Although there are several types, mortgaging refinancing is the most popular. Basically, many do this to get a lower interest rate or monthly payment on their existing loan.

4. Auto loan

An auto loan is an asset financing scheme that makes it possible for people to purchase a car. Basically, the loan term is usually 36 to 60 months with a fixed interest rate. Also, the interest usually depends on the customer’s credit score.

5. Credit cards

These are one of the most popular consumer loans. Basically, they allow you to borrow loans for personal needs and repay them with small monthly payments. Credit card rates are usually high, but lenders only charge interest on the amount you borrow.

6. Student loan

Student loans exist to ease the burden on how expensive education has become. The federal government usually backs this loan, which makes it easy to qualify for even without credit. Student loan tenors are long too, and can sometimes take a lifetime to repay.

Bottom Line

Challenge the old, and embrace the new –  Everything is changing in the world of today, with fast, small, and effective being the new form of doing things. Money is no different. Therefore, the loan sector is embracing these new developments through technologies fast, and it evolves almost daily.

If you want a relatively reliable and quick form of investment that will keep your cash flow healthy as a retailer, then you should consider investing in consumer loans.

Investing in consumer loans allows investors to maximize their return on investment. This is done by minimizing idle cash which does not earn interest and negatively impacts returns.

Housing is one of the most important aspects of human existence, as literally everyone needs a roof over their head. Basically, this is what the Federal Mortgage Bank of Nigeria (FMBN) was established for, ensuring reliable and affordable access to homeownership in Nigeria. However, many Nigerians do no maximize this opportunity, as with the right information, the Federal Mortgage Bank of Nigeria offers an easier way to become a property owner.

What does the federal Mortgage bank of Nigeria do?

The Federal Mortgage Bank of Nigeria has a single goal, which is to enhance the delivery of affordable and easily accessible homeownership in the country. Basically, the organization does this through sustainable liquidity and innovative products and services. Also, excellent customer service remains a strong pillar of the organization.

According to an official release by the Federal Mortgage Bank of Nigeria, their mandates include:

1. Provide long-term credit facilities to mortgage institutions in Nigeria.
2. Encourage the emergence and promote the growth of viable primary and secondary mortgage institutions to service the need for housing delivery in all parts of Nigeria.
3. Mobilizing both domestic and offshore funds into the housing sector.
4. Link the capital market with the housing industry.
5. Establish and operate a viable secondary mortgage market.
6. Collect and administer the National Housing Fund in accordance with the provisions of the NHF Act.
7. Do anything and enter into any transaction which in the opinion of the Board is necessary to ensure the proper performance of its functions under the FMBN Act.

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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

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What services does the Federal Mortgage Bank of Nigeria provide?

The Federal Mortgage Bank of Nigeria provides the following services:

1. NHF Loan

The NHF loan grants access to accredited Primary Mortgage Banks (PMBs) at a 4% interest rate, who in turn lends at a 6% interest rate to contributors. Also, the loan comes with a maximum tenor of 30 years and is secured by the mortgaged property. As a contributor, you can access up to N15 million through an accredited PMB to build, renovate or purchase your own home. However, you have to fulfill the obligation of being an active continuous contributor for 6 months.

2. Estate Development Loan

With estate development loans private developers can obtain funds to bridge the housing deficit currently facing the country. Basically, you do this through the mass production of houses for ownership by NHF contributors. However, the loan comes with a 10% interest and a maximum tenor of 24 months. As one of the bank’s general policies, the houses should not exceed N15 million in price and can only be sold to NHF contributors.

3. Rent to Own

This scheme embodies an easy and convenient payment plan towards house ownership for Nigerian workers. Basically, it makes it possible for you as a worker to move into FMBN loans as tenants and pay for its ownership through a predetermined payment plan. However, the rent to own has a maximum payment tenor of 30 years.

4. Home Renovation loan

With the home renovation loan, you can access funds to improve your already owned house. However, just like the services before it, you can only access the funds as a contributor to the National Housing Fund. Also, keep in mind that the house must be yours or for a close family member.

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.

5. Construction Loan

Construction loan carters to Nigerians who are in need of funds to construct their homes. The property, however, must belong to you or a close family relative. Also, you have to be a major NHF contributor to access the loan.

6. Diaspora NHF Mortgage loan

The diaspora loan is for those living outside Nigeria. Basically, it offers them a chance to register and benefit from the NHF scheme as contributors. Also, you can access the loan benefits attached to being an NHF contributor.

What document do I require to access the Federal Mortgage Bank of Nigeria loan?

Generally, you require the following documents:

1. Completed application form.
2. Photocopy of title documents
3. Current valuation report on the proposed house to buy or bills of quantities (BOQ) for the house to build.
4. Three years tax clearance certificate.
5. Evidence of NHF participation
6. Copy of pay-slips for the previous three months.
7. Equity contribution or personal stake depending on the loan amount applied for.

How do I access my federal mortgage in Nigeria?

Basically, to access your Federal Mortgage Bank of Nigeria loan, you have to take the following steps:

1. Compile a list of all the required documents as stated above
2. Apply through a registered mortgage loan originator (primary mortgage banks).
3. On application, the bank would compile the list of contributors’ requests and forwards them to the FMBN.
4. Wait for a response on whether your loan application was successful or not

How can I contact the Federal Mortgage Bank of Nigeria?

You can contact FMBN through any of the following means:

Office address:

Federal Mortgage Bank of Nigeria

266 Cadastral AO, Central Business District

PMB 2273 Garki, Abuja. Nigeria

Phone:

09-2920689, 09-2920690

09087973000, 08170237904

Email address: 

info@fmbn.gov.ng

Conclusion

The Federal Mortgage Bank of Nigeria ensures that Nigerians have an easy path to homeownership. Therefore, you can easily obtain a loan under any of the specified services as long as you are a contributor.

Abbey mortgage bank exist to facilitate the acquisition of housing properties which is seen as a top priority by most Nigerians. Basically, owning a home remains a dream for a large portion of the Nigerian population for a number of reasons. This includes limited resources and poor finances to acquire properties in a single payment. However, with a top-tier institution like the Abbey mortgage bank, you can easily bring such a dream to reality.

About Abbey mortgage bank

Being among the 70 primary mortgage banks (PMB) with a license from the Central Bank of Nigeria, and the Federal Mortgage Bank of Nigeria, Abbey mortgage bank is one of the top mortgage banks at the moment in the nation. Basically, the organization focuses on providing economic and affordable housing units for interested individuals, developers, and cooperatives who meet the criteria.

What does a mortgage bank do?

Basically, mortgage banks exist to facilitate loans related to housing and infrastructure. Also called mortgage loans, the bank provides these funds to individuals to help them acquire a property and allows them to repay it over a certain duration. In addition, most times, borrowers repay the loan with a pre-agreed interest to the bank.

What services does Abbey mortgage bank provide?

The services provided by Abbey mortgage bank include:

1. Retail banking

The retail banking services carters to the conventional needs that banks provide to customers. Therefore, it allows you to open an account for financial transactions including savings, deposits, or even a salary account.

2. Wholesale banking

Wholesale banking or more accurately captures as abbey cash management account caters to the needs of organizations in need of a corporate account. Also, it comes with several perks including the issuance of checkbook, no restriction on the number and amount of deposits, and more.

3. Mortgage banking

Mortgage banking is Abbey mortgage bank strongest point, as it caters to the need of those looking to obtain a loan for housing purposes. Basically, this service has three subcategories which are:

Lending and Mortgages (Wholesale)

• Corporate mortgages
• Real estate development
• Construction loan
• School loan
• lastly, Mortgage administration scheme

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

Lending and Mortgages (Retail)

• Personal mortgage
• Staff housing loan
• Equity release
• National Housing Fund (NHF)
• Personal loan and consumer finance
• lastly, Mortgage Education

4. Electronic banking

Just like every modern bank, Abbey mortgage bank offers customers a platform to carry out electronic transactions for optimal comfort. Basically, you can do this through the USSD code *332# or through any ATM center near you.

How do obtain a loan from Abbey mortgage bank?

To obtain a loan, simply follow the steps below:

1. firstly, identify the type of loan you are interested in.
2. walk into the nearest Abbey mortgage bank near you and request to speak to a loan agent
3. Basically, the agent would hand you an application form, as well as a list of documents you are to provide
4. fill the application form and submit it alongside the necessary documents
5. Lastly, your agent would inform you on the success status of your application in due time.

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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

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How can I contact Abbey mortgage bank?

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

Address: 23 Karimu Kotun Street, Victoria Island, Lagos, Nigeria.

Telephone: +2347080636000; +2347080636033; +2347080636025

Email: enquiries@abbeymortgagebank.com

Conclusion

Basically, as one of the top tiers mortgage banks in Nigeria, Abbey Mortgage Bank provides banking and mortgage loans to citizens. Therefore, all you need to do is walk into any of their branches to get started today. 

Polaris bank loans are available across a wide range of options that cater to both individuals, large-scale businesses, and SMEs looking to grow. However, there are several features, benefits, and eligibility requirements you need to meet, depending on the type of loan in question. Therefore, we would be discussing this and every other thing you need to know about Polaris bank loans in this article.

What are the available services under Polaris bank loans?

The loans options under Polaris bank loans include:

Personal term loan

Personal term loans help you meet varying personal needs regardless of what it is. Basically, it covers fundamental costs including medical bills, asset acquisition, school fees, and even set up a smalls scale business. Therefore, the loan is especially for individuals to meet needs at their convenience. However, to apply, you must be a confirmed staff of a reputable public or private organization with a domiciled salary account with Polaris bank.

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.

Polaris payday loan

Polaris payday loan offers you quick and real-time access to loans in less than a minute. Basically, this loan offers you up to 50% of your next salary, hence the name, payday loan. Also, you can access the sum through their USSD code at *833*12#, through an authorized ATM, the PolarisMobile, or PolarisXperience. You can read more about payday loans in Nigeria here.

Polaris education loan

The Polaris education loans are for covering the financial needs of students in private schools. Therefore, this includes primary, secondary, and tertiary institutions, allowing parents to obtain a loan to cover the school fees and pay back later. Also, you can access up to N100m depending on the class of school and it has a tenor within 90 days to 36 months.

Intervention funds

Intervention funds are for businesses who qualify for loans disbursed by the government of Nigeria. Basically, the Central Bank of Nigeria distributes such loans through certain banks across the nation, including Polaris. At the moment, available intervention funds include:

• Micro Small and Medium Enterprises Development Fund (MSMEDF)
• BIO MSME Loan
• Agric-Business Small and Medium Enterprises Investment Scheme (AGSMEIS)

Growing your business

Lastly, the growing your business loans are for those looking to upscale their business or simply trying to stay afloat. Therefore, Polaris bank provides the proper solution to manage your business growth based on specific needs and offers a plethora of options to choose from. These includes:

• Sector-based loans
• Working capital to boost your business
• Polaris Bank Merchant Services to accept payments more efficiently
• Intervention funds at 9%p.a. for businesses in the manufacturing, Education, Agro-allied, and Renewable energy
• Business Loans to fund long term expansion
• Payroll Loans provide loans to your employees
• Asset financing
• Invoice Discounting

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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

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How do I get a loan from Polaris bank?

There are two major ways to apply for a Polaris bank loan:

1. Firstly, you can visit any of their offices and speak to an agent
2. Through the Polaris USSD code at *833*12#
3. Lastly, through the PolarisMobile or PolarisXperience mobile application

What is the interest rate of Polaris bank loan?

There are no fixed interest rates for Polaris bank loans. Therefore, each applicable rate is specified during your loan application, leaving you with the choice to proceed or not.

How can I contact Polaris bank?

You can contact the bank by visiting the nearest branch to you or through the following means:

Phone: (0700-7652747), 0806 988 0000, 01 448 2100, 01 270 5850

Email: yescenter@polarisbanklimited.com

Conclusion

Polaris Bank loans remain a top choice for citizens all around the nation due to their variety of loans, and excellent customer service. Therefore, you can easily obtain a loan today by visiting any of their branches or opting for the mobile option.