Business Loans

Microfinance banks in Nigeria and all around the world, have a major goal to provide banking services to the unbankable. This is exactly what renmoney symbolizes, as they provide many services for low to medium-income earners. More so, loans remain one of renmoney’s strongest points, as they offer quick, 24hours available loan services with other benefits. However, one of their even more prized assets is their loan calculator that helps you simulate a loan tenure before borrowing.

What is a loan calculator?

A loan calculator is an online simulation software that takes into account the details of your loan and gives a corresponding breakdown. Essentially, it shows important details like monthly repayment, which would help the user decide if the loan is a good idea. Renmoney loan calculator is one of the top among Nigerian microfinance banks and is free for everyone looking to simulate a loan.

What are the benefits of using renmoney loan calculator?

The benefits of using a loan calculator are:

• It offers a complete breakdown of the loan repayment over its tenure
• The calculator is free to use
• It has a simple interface and is very easy to use
• Renmoney calculator helps you know whether you can repay a loan or not within the specified duration

How much can I borrow from renmony?

Currently, renmoney offers loans of up to a mouthwatering 6 million, which is pretty impressive for a microfinance bank. Also, this loan is available to employees and self-employed personnel with proof of income.

How do I use renmoney loan calculator?

Renmoney loan calculator is a very simple tool to use, as it doesn’t offer too many confusing elements. The calculator contains the following options:

• How much do you want to borrow?
• For how long?
• Purpose of the loan

Therefore, all you need to do is to input the amount you intend to borrow, then select the duration and purpose of the loan. After this, the loan calculator gives an estimate of your monthly repayment, which is found at the bottom end of the calculator. Therefore, it gives you an insight into monthly repayment, allowing you to judge if you can pay back or not.

Conclusion

Renmoney loan calculator is one of the easiest to use. Also, like all loan calculators, it gives you an insight as to how much you would need to repay monthly. Therefore, using the calculator helps you avoid loans that you cannot afford to repay within the given tenure.

In the finance world, there are different types of loans. Understanding each of them gives you the opportunity to choose the option that best suits your needs. In this article, we will discuss what soft loans in Nigeria are and where to get them.

Therefore, if you are on this page to learn about soft loans, then you are in the right place. We will discuss explicitly what soft loans are, how they work, the pros and cons, and every other important thing you must know that relates to the subject.

What are soft loans?

Soft loans are basically loans that are without any form of interest. In some cases, they might be the below-market rate of interest. They are also known as soft financing or concessional funding, and they have extended grace periods. In addition to this, they also offer a longer amortization schedule, which can be up to 50 years than what conventional banks offer.

How do soft loans work?

Basically, soft loans are offered as a means to support countries that are not doing well financially, in most cases, these are the developing countries of the world. Asides from this, it is also a means of building economic and political ties between countries. This happens when the borrowing nation has resources or material the lender is interested in. For example, in the year 2004, the Chinese government gave Angola a soft loan for which they received oil exploration opportunities in the country.

Soft loans have much easier and flexible terms, but they are not provided by private organizations. Government agencies primarily provided them.

What are the pros and cons of soft loans?

Soft loans asides from being a platform where the lender can establish broader policies and diplomacies with the lender, it is also an opportunity to offer favorable business opportunities. For example, in the year 2015, China borrowed Ethiopia a sum of $10.7 Billion in Loans.

This opened up business opportunities for the Chinese government as they built a railway and industrial park in Ethiopia. The funding of this project was by the Chinese government and many of the firms that moved into the industrial park were Chinese. In fact, these companies received a considerable tax break on their income and imports by the Chinese government.

Cons:

• The tenor of soft loans is sort of long. This means that it might take a long while before the borrower can fully repay the lender. In fact, this means that the lender is tied to the borrower for an extended number of years. However, this extension can also be a means of dialogue for other purposes.
• There is also a great possibility that the lender can have issues with repayment. In fact, instead of repaying because of the generous terms of soft loans, lenders might be tempted to borrow more.

Conclusion:

It is important to note that soft loans are not issued by private organizations, rather they are primarily provided by government agencies. In some cases, rich nations of the world give soft loans to countries in need as a means of opening business opportunities and political ties in their nation.

Although loans are desired by a majority of businesses and individuals in Nigeria, it is not readily accessible. In addition, this is especially true when dealing with commercial banks or lenders that set a lot of criteria as minimum requirements for a loan. These criteria usually filter out a majority of the low to middle-class individuals that may require one. However, as a way out, you can make use of any mobile loan in Nigeria, which offers you cash in a matter of minutes. As of now, there are a ton of them to choose from, therefore, feel free to select based on the perks that most suit you.

What are the best loan apps in Nigeria for Android and iOS Users?

Mobile loan apps are applications that lending companies have designed to allow you obtain a loan without the hassle of going to a bank or paperwork. Therefore, in a few simple steps, you can obtain a mobile loan in Nigeria within minutes. Here are some of the best loan apps in Nigeria for both Android and iOS users:

1. Carbon (Formerly Paylater): 

Formerly paylater, carbon is one of the best and most popular applications for obtaining a mobile loan in Nigeria. It features a simple design that is easy to use, and also a less stringent application process that allows you to apply any time of the day. Therefore, all you need is to supply a few pieces of information, and you would know your loan application status within minutes. Also, asides from loans, you can also use the app to make payments for utility bills and purchase recharge cards. Simply visit the official google play or iOS store to download the app.

2. Fair money: 

With fair money, you can obtain a loan without collateral or any form of paperwork, and payback within 15 days to a month. Also, like carbon, the app also allows you to pay for other utility bills. In addition, fair money has one of the best services for obtaining a mobile loan in Nigeria, therefore, it is available any time of the day or week.

3. Credit Ville: 

Credit Ville is a mobile loan application in Nigeria that provides loans for individuals who have formal employment. Therefore, the loan is subtracted from your next salary. Due to this, it is only available to individuals through their employers.  

4. Sokoloan: 

Simple, reliable, and easy to use, those are the characteristics that describe sokoloan. Also, it requires no collateral and takes only minutes before disbursement. Sokoloan gives you the option of choosing the loan tenor with varying interest depending on the total sum and tenor.

5. Palm Credit: 

Palm credit loan ranges from as low as N2,000 to as high as N100,000, and you would be done in a few steps. However, it requires that you are a minimum of 18 years of age and that you provide your bank account details. Also, asides from that, the app also gives commission to customers for referring them to someone else.

6. Kia Kia Loans: 

The name of this app was taken from the Yoruba word “Kiakia” which means quick, and the app portrays exactly that. KiaKia Loans takes into account your credit score, and have a varying interest rate with a tenor between 7 and 30 days. Also, it is very easy to use, and quick when disbursing loans.

7. Aella Credit: 

Aella credit is known for its zero fees on late payment unlike other apps offering mobile loan in Nigeria. Also, its interest rate varies, and it has a tenor between 30 and 60 days. However, as a reward, you are granted access to a higher loan amount, every time you repay your loan before the deadline.  

8. Quick check: 

Quick check loan is designed for single individuals who are in need of little emergency funds. As of the time of this writing, they offer up to N30,000 for a start with a tenor between 15 and 30 days. Also, as you pay in time, your maximum accessible loan amount is increases.

9. Kwikmoney (Formerly Migi): 

Kwikmoney is one of the quickest and most popular mobile loan apps in Nigeria. All you need to use the app is the sim that is registered to your bank account. Also, it allows you to apply for a loan through USSD codes or through their application or online website.

10. Branch loan app: 

With your bank account details, and phone number, you can apply for a loan on the branch and receive it within 20 minutes. Also, the app allows up to N200,000 in loans or more as you pay up previously taken loans in time.

Rundown on the best loan apps in Nigeria for Android and iOS users 

• Carbon (formerly pay later)
• Fairmoney 
• Credit ville
• Sokoloan 
• Palmcredit
• Kiakia loans
• Allea credit
• Quick check
• Kwikmoney (Formerly migi)
• Branch 

What are the benefits of online loans in Nigeria? 

Online loans have numerous benefits that distinguishes them from ordinary loans, as they are quick and can be easily gotten in a matter of minutes. Here are some of the benefits of online loans: 

• Easy accessibility 
• Unrestricted availability for 24 hours every day
• No need for collateral or paperwork 
• Quick disbursement 
• The money is disbursed directly into your account

What should I know before obtaining an online loan in Nigeria?

You Should note that each loan apps comes with its respective terms and conditions. Therefore, it is important that you read and understand them before applying. Also, it usually includes interest rates, penalty fees, as well as other conditions that follow the loan.

Conclusion

Loan applications are easy to use and offer the most convenient loans in Nigeria. As an individual or business personnel, you can obtain a loan with ease. However, be sure to go through the terms and conditions of the loan before completing your application to be sure that you know exactly what it entails.

Everything seems to be going online around the world today, from academics to jobs and most especially an important sector like the finance industry. Currently, you can sit at home and carry out a financial transaction worth trillions all at the comfort of your mobile phone or laptop. Also, one of the major benefits of online transactions is that you can borrow money too. Knowing how to borrow money online is a pretty simple thing, as there are a ton of websites looking to provide you with one.

A general overview view of online money lending

With the invention of a solid banking structure (BVN and NIN for example), it is much easier to track a person’s transactions across all active accounts. Therefore, this leaves little room for fraud without being caught and has also allowed fintechs to practice online lending with optimal security. Today, all you need to do is provide vital information about your bank account and you can obtain a loan without collateral or paperwork. As long as you know the channels and how to borrow money online, you would not be stranded in times of emergencies.

How do I borrow money online?

Majorly, there are two channels through which you can borrow money online in Nigeria. You can either make use of a third-party loan provider or simply go with a loan mobile app. Third-party loan service providers allow you to compare the loan offerings of different service providers, therefore, leaving you to select your preferred option. Some examples of top third-party loan providers include:

• Loanspot Africa
• Baobab loans
• Startcredits
• Fast cash today
• Page financials

In addition, you can also opt for a loan app directly. These apps are owned by fintech companies and allows you to borrow loans directly into your preferred account. Therefore with loan apps, you can get your loan directly within a few minutes. However, you would not have the leisure of comparing different loan packages to pick the best. Also, it means that you would have to read and understand the applicable terms and conditions as the responsibilities fall on you directly. Some of the best loan apps in Nigeria are:

• Grofin
• SMEDAN
• Lydia.co
• Aella credit
• Zedvance
• Carbon
• Kiakia
• Onefi
• C24
• Specta
• Quickcheck
• Fast credit
• Palmcredit

Some of these loan sites have mobile apps for android and iOS, while others only run an official website through which you would have to apply.

How do I borrow money online from these platforms?

After selecting your prefered app or third-party lender, all you need to do is visit their official website or download their official mobile app. You can apply through any of those platforms depending on the lender, as you only need to provide some information about your identity and bank account. Also, the general overall application process is easy and straight forward and you only need to follow the prompt.

What else should I know about how to borrow money online?

Although borrowing money online is smooth and easy, it usually comes with some downside that might be a turn off for some. Firstly, the loan usually comes with a high interest rate and a very short tenor. Putting it in context, it can be as high as 40% and short as 1 to 6 months. Therefore, unlike commercial banks, their rates are much higher. Also, always remember to read the terms and conditions that come with the loan.

Conclusion

Borrowing money online is very easy and straightforward. All you need to do is select your preferred loan app or simply make use of a third party loan referrer. In all, it works either way, as long as you are okay with the terms and conditions of the loans.

As an individual, it is important that you understand some basic concepts in the financial world. It doesn’t matter whether you are a professional or not. Understanding these concepts will help you make better decisions about your finances. One of these concepts is what we call the simple Interest.

Basically, simple interest is a fast and easy way to calculate the interest that a financial institution charge on your loan. You can calculate this by simply multiplying your daily interest rate by the principal and by the number of days that elapse between payments.

Simple interest generally applies to automobile loans and short-term loans. In this article, we will be discussing all that you need to know about simple interests. This includes the full definition, how to calculate it, how it works, and every other thing you need to know.

What is Simple Interest?

Basically, simple interest is more or less a charge or fee you pay on a loan. In another circumstance, it could also be the income you earn on a deposit. The concept of simple interest is applicable in these three scenarios:

• When borrowing money:

Anytime you borrow money from a lender or financial institution, you will agree that it is a must that you repay the amount you lent with some interest. In this case, this basically represents the cost or charge of borrowing. This charge is the simple interest.

• When lending money:

If you are borrowing someone a certain amount, you will definitely set a rate and earn interest income. This is in exchange for making your money available to other people.

• When depositing money:

Interest-bearing accounts in financial institutions such as banks pay interest income. They do this because you one way or the other make money available to them to lend to others.

How do I calculate Simple Interest?

Calculating simple interest as the name implies means that you are using the easiest or simplest means to calculate interest. Once you understand this concept, it will be very easy for you to calculate concepts such as compound interest, Annual Percentage Rate (APR).

The formula for calculating Simple Interest, you can use this formula = Principal X rate X time = Interest

For example, let’s assume you invest N100 at a 5% annual rate for one year. Then, your simple interest will be: N100 X 0. 05 X1 =N5. Therefore, your simple interest for one year will be N5.

Note, if you are calculating simple interest over one year, calculate the interest earnings using the principal from the first year. Multiply this by the interest rate and the total number of years.

What are the Limitations of Simple Interest?

As we have already stated, simple interest is a basic way of calculating interest. But the fact is, it has some limitations when it comes to calculating more complex interest calculations. For example, if you are to calculate a 30-year mortgage loan using simple interest, your calculations might not be entirely correct. However, it is important to note that understanding the basics of simple interest is a good start to understanding how much your loan will cost or what your ROI will be.

Conclusion:

Understanding the concept of simple interest is a good way to manage your finances effectively. Although that is not the end to interest calculations, it is a stepping stone to lead you further to other complex concepts.

Loans serve so many purposes in our personal lives and the economy as a whole. They are so important, that even the government obtains loans too. However, some loans are very difficult to access, while others are so much easy. More so, one of those loans that are very easy to access is that of the Access bank app. Knowing how to get a loan with access bank mobile app is a lifesaver and compulsory knowledge for every customer.

 

An overview of Access bank mobile app

The access bank mobile application is a very popular app among the bank’s customers. This is because it allows you to perform so many transactions in one place. Therefore, having the mobile application is basically walking with a pocket-friendly access bank service. More importantly, the apps allow users to borrow quick loans when they need money.

Access Bank app Information

What loans can I obtain from the access bank mobile app?

Access bank mobile application allows you to borrow a single type of loan, which is the Payday loan. Also, although this loan is available to all customers of the bank, you have to meet certain criteria to actually become eligible to borrow. In addition, Payday loans are reserved for employees whose salary account is domiciled with the bank, which is basically them allowing you to borrow from your salary ahead.

 

What are the eligibility requirements to qualify for the access bank app loan?

• The eligibility requirements for you to qualify for a payday loan are:
• You must be an employee with a steady monthly income within the past six months
• Your salary account must be domiciled with the bank
• You must not have previously outstanding loans

What are the features of payday loan?

Payday loan on the access bank app has the following features:

1. A flat monthly interest rate of 4%

2. Management fee of 1%, which is deducted as soon as they disburse the loan
3. Loan would mature upon next pay, or after a maximum of 31 days, whichever comes first
4. Credit life insurance fee of 0.15% which is also deducted at the point of loan disbursement
5. Loan repayment would be deducted from your salary account or accounts that are linked to your BVN

How do I access loans on the access bank app?

Simply follow the process below to apply for a payday loan through your access bank application:

1. Firstly, download the access bank application from google or apple store if you haven’t, and log in. Also, if you haven’t created an account, you would have to sign up, which can be done by clicking the signup button and following the prompt
2. On successfully logging in, click the menu button and select loans and investments
3. Select Payday loans from the next available options
4. Next, the system would tell you the maximum amount which you are eligible for and also list the terms and conditions of the loan
5. If okay with the terms and conditions, input the loan amount you desire and click on request loan. Note that this amount must not be more than your maximum eligible loan sum.
6. Lastly, they would disburse the loan into your account within 24 hours if successful.

Conclusion

Obtaining a loan through the access bank application is very easy and straight forward. Therefore, as long as you meet the eligibility requirements, feel free to log in and obtain a loan as the need arises.

Before obtaining a loan, there are a good number of considerations that you should have made. At the top of this consideration list, is the question of “How do I repay the loan?” If you have a solid answer to this, then you are most certainly ready to take the loan after all other requirements fall in place. However, to properly answer that question, you need to know how much you would repay after interest and other applicable fees. Therefore, this emphasizes the need for a loan calculator, which tells you what and how much you would pay occasionally, within the repayment timeframe.

Can I Afford a Loan?

Obtaining a loan that you do not have the direct capacity to repay within a reasonable time frame is tricky. Today, most financial institutions would not even give you sums they know you cant repay. This is why they set your maximum loan amount, based on your monthly income. You wouldn’t give someone earning N50k per month N5 million in loan, would you? A loan calculator helps you get a proper view of the total loan package, including important details like sum after interest, and minimum monthly payments.

How do I calculate the interest cost on a loan?

At the point of application, the institution indicates the applicable interest on the loan, leaving you to accept or reject. Therefore, you can estimate the interest value through a mathematical calculation, to discover the amount you would repay. However, for a much easier procedure, you can simply use a loan calculator to calculate the exact value. This is one of the benefits of a loan calculator.

What is a loan calculator used for?

Basically, a loan calculator is a tool that helps you predict how much a personal loan would cost you to repay. It displays the total amount you’d repay, interest inclusive, and also the minimum monthly amount you’d need to remit to pay up within the loan repayment tenor. Therefore, what you have to do is input the details of your loan in the calculator, and it handles the rest. You can use a loan calculator across a wide array of loans, including mortgages, auto loans, personal loans, and other fixed loan types.

Where can I find a loan calculator?

Currently, most financial institutions that offer loans also give customers access to a free loan calculator on their website. Therefore, you can simply visit their site and make use of it. However, in a case when they don’t, you can make use of the online software https://www.calculator.net/loan-calculator.html. The site allows you to calculate loan rate by supplying the details of the loan in the available boxes and clicking calculate. In a second or two, your figures would be ready.

Conclusion

Loan calculators have made loaning so much easier, as you do not have to sit to solve math in order to know the exact sum you’re to pay back. Instead, with a loan calculator, you can even check other parameters that would give you a better perspective towards the loan.

Although First bank is well known as one of the premier banks in Nigeria, one of the qualities customers love about them is their quick loans. Since its launch bank in 2015, it has incorporated loan services on the FirstMoney app, making it more popular among customers. If you’re in emergency needs, here’s a rundown on how to get a loan with the First bank mobile application.

First Bank app Information

What are the eligibility requirements to obtain a loan from the first bank mobile app?

There are certain qualifications you must meet before being able to obtain a loan from the FirstMoney app. These requirements are:

• This service is only available to customers, therefore must have an account with First Bank Nigeria
• Must be an employee with proof of steady salary income within the last six months
• Your salary account must be domiciled with the bank

What are the features and charges associated with the First bank mobile application loan?

The features associated with the first bank mobile application loan are:

1. It has a maximum tenor of 30 days or your next payday
2. Management fee of 1% deducted at the point of loan disbursement
3. Credit life assurance fee of 0.5% of the value of the loan
4. An interest rate of 2.5% flat, which is collected upfront upon loan disbursement
5. The loan service is based on an enhanced and modern version of Digital SODA
6. Automatic loan repayment deduction as soon as your salary is received
7. It is accessible a maximum of 3 times a day, subject to your specific maximum eligible amount
8. Automatic risk acceptance criteria
9. All fees and deductions are made upfront upon disbursement of the loan

 

How to get a loan with first bank mobile app

Getting a loan with the first bank mobile application is pretty simple. Follow the procedure below:

1. Download the FirstMobile app from google play or apple store on your mobile device
2. Log in with your online banking details
3. Open the menu and select loans from the available options

4. Select FirstAdvance, after which your eligible maximum amount and applicable pricing fees would be displayed
5. Next, if okay with it, click the “Accept the Terms & Conditions” button
6. The prompt then displays a dialogue box for you to input your desired loan amount. Also, note that this amount should not be more than your eligible amount
7. Input your transaction pin to confirm your application request
8. If your loan request is successful, the bank disburses the loan into your salary account in a matter of minutes
9. Also, the banks debit you for charges like management fee & VAT, interest rate, insurance, and other applicable deductions.
10. Lastly, they deduct the money from your balance in the next 30 days or when you receive your next salary.  

Conclusion

The FirstMoney mobile application offers loan services to first bank customers whose salary account are domiciled with the bank. Also, it is easy to use and very user-friendly, therefore patronized by thousands of customers on a daily basis. 

Sterling bank is one of the top tier Nigerian banks, with branches all over the nation. Also, in their over 60 years of operation, the bank has grown from originally being a pre-eminent investment bank to a top commercial bank. Throughout its existence, the bank has merged with more than 3 banks, and originally an investment bank, Sterling bank loans are one of their core products.

What are available products under sterling bank loans?

Sterling bank loans offer the following products:

Personal loans: 

Sterling bank designed its personal loan services for individuals looking to take a quick loan without the hassle of paperwork or collaterals. Also, some of the services under this loan are:

• Specta: 

With specta, you have access to an online lending platform where you can obtain up to 5 million in loan. In addition, the good thing is that it does not require collateral, paperwork, or that you come to their office. Therefore, as long as you meet the criteria as stated on the app, you are cleared for borrowing.

• Social Lender: 

Just like the name, social lender rides on your social media reputation. Therefore, the stronger your social media presence, the higher your chance of them approving your loan. Social lender also allows you access to quick cash, which would be deposited directly to your account in no time.

Business loans: 

Business loans offer helpful resources and finances to enable you to invest and expand your business. Packages under business loans include:

• Guarantees: 

Guarantees are instruments that work by Sterling bank substituting its client’s creditworthiness with its own at the request of the bank’s client to the beneficiary. Therefore, this means that the bank stands in place for its customer, and compels the customer to carry out the terms of a pre-agreed contract. Also, the bank provides compensation to the beneficiary if anything goes wrong.

• Import finance: 

Import finance provides loan service finances to importers. However, you are to only use this loan for the specific purpose of importing industrial goods, consumer products and raw materials.

• Invoice Discount (IDF): 

IDF is a special line of credit that extends your accounts, allowing the continuous need for working capital until you receive payment. Basically, it is the bank allowing you to run and funds your contract until you’re paid.

• Letter of credit: 

this is basically a letter backed by the guarantee of a bank. Therefore, it allows importers and exporters to exchange goods on credit. Essentially, Sterling bank stands on your behalf as the customer.

• Project finance: 

Can you cook up the best project proposal? If so, Sterling bank would fund it in form of a long term partnership with you.

How do I apply for a Sterling bank loan?

For quick personal loans, you can simply make use of the specta platform, as it allows customers to borrow without hassle. However, business loans require that you visit any official branch of the bank. This is because you would need to provide documents, as well as discuss the terms of the loan.

What is Sterling bank loan interest rate?

The interest rate for Sterling bank is not fixed. More so, it differs from one type of loan to another. However, what is certain is that you would be informed about the applicable rates for a loan during the application procedure.

Conclusion

Sterling bank loans focus on individuals and businesses, meeting you at your point of need. Basically, it has something for everyone, from quick cash emergencies to millions required to finance megaprojects.

In this age of technological advancement, everything is going digital, from marketing to academics, and even banking. Today, you can sit at the comfort of your home and carry out the most complicated transactions or even obtain a loan. VFD Microfinance Bank is one of the top new-age fully digital banks in Nigeria that is rapidly bringing e-banking innovations to citizens. Currently, all their operations are online as they do not operate from physical branches.

About VFD Microfinance Bank

VFD Microfinance Bank is a leading fully digital bank in Nigeria, based in Lagos. The company is run by a highly experienced management board, with more than five decades of excellent customer service under their belt. Also, VFD Microfinance Bank has a major goal to ensure secure, memorable, and enjoyable services to customers. As a result, it is to this end that the company was established, and also runs fully digital. VFD is a registered limited liability company, regulated by the CBN as a microfinance bank.

What are the benefits of using VFD Microfinance Bank?

Here are some of the pros of using VFD microfinance bank:

• It is completely digitized
• Rapid customer service response time
• They offer a wide array of loan products

What services does VFD Microfinance Bank offer?

VFD microfinance bank offers the following:

Corporate banking: 

this service is for customers who have an account with the bank. They have a corporate banking portal, which allows you to log in and perform transactions.

Employee loan: 

this loan is specially designed for employees of organizations who have signed a memorandum of understanding with VFD microfinance bank. Therefore, it allows you to obtain loans with competitive interest rates and a payback time of 12 months.

Travel loan: 

travel loans are for those who move around a lot and therefore need money to book their tickets. Also, it covers those looking to go on a vacation, allowing an all expend paid booking for you to pay back later. However, you can only have access to the documents after paying all outstanding balances.

Secured loans: 

secured loans are for customers who need quick cash within a short time. Therefore, it allows you to stake your assets as collateral for a loan. During the loan period, VFD bank would hold on to the original documents of the asset.   

Other services offered by VDF microfinance bank are:

• Unsecured loans  
• Bridge financing
• Corporate cash advance
• Start now

For more information about VFD products, you can simply visit their official website at https://www.vfdbank.com/

V by VFD

V by VFD is the name of their application for smartphones, which is available on android and iOS. Besides, the application allows you to carry our cardless withdrawals, pay bills, budget, access savings packages, and so much more. In addition, the application is secured with biometric login access so only your fingers can get in.

 

What is the maximum amount that I can borrow from VFD Microfinance Bank?

The maximum amount you can borrow from VFD Microfinance bank varies from one loan package to another. Also, another important factor that the bank considers before offering you a loan is your monthly earnings. Therefore, they allow you to borrow a certain percentage of your salary and payback later. With this system, there really isn’t a cap on the maximum or minimum amount you can borrow. However, for packages like secured and unsecured loans, you can borrow a maximum of N2,000,000 and N250k.

What interest rates are applicable to VFD Microfinance banks?

The interest rates once again vary from one loan package to another. However, one thing is sure, which is the fact that it would be stated during your application process, to ensure you agree to whatever it is. In addition, their corporate cash advance loan is currently fixed at 4% per annum.

What are the minimum requirements for taking up a loan with VFD Microfinance bank?

The requirements vary from one type of loan to another. However, you would be generally required to provide the following documents for most loan applications:

• A valid means of identity
• Poof of employment
• Application form
• Passport photograph
• Bank statements for the past 6 months
• BVN/ proof bank account ownership

How fast does VFD Microfinance bank disburse loans?

The loan application process takes an average of 6 hours, after which you would know if your application was as successful or not. In addition, if successful, it would be disbursed right away into your account.

How can I contact VFD Microfinance bank?

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

Address: 5th Floor, Elephant House, 214 Broad Street, Marina, Lagos.

Email: support@vbank.ng

Phone:  +234 908 752 2472,  01 2950814.

Conclusion

VFD is one of the fore microfinance banks, pushing digital banking in Nigeria. Therefore, their services are accessible and easy to use with the presence of an excellent customer support system.