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How to Get A Car Loan in Nigeria

May 21, 2020 by Finance Writer

Applying for a car loan in Nigeria is not as complicated as it may seem. The process is seamless once you are eligible.

In this article, we discuss all the steps involved in successfully getting your car loan.

car loan in Nigeria

Requirements for a car loan

First, identify the car you intend to buy and how much it cost. It is easier if the car dealer you find already has car loan options. Some loan companies in Nigeria already have car loan options available and also have an arrangement with car dealers. It makes the process easier.

Also, find out how and when it will be delivered after you’ve successfully paid for it. Do this with a proforma invoice. It is a draft invoice. Remember the financial institutions won’t finance the entire purchase of the car. They finance around 60% or 70% of it. For example, if your car cost 3m and the bank funds 60% of that, that’s 1.8m while you offset the remaining balance.

The financial institution would be interested in determining your credit rating before you’re qualified for a car loan. The following will determine:

Your monthly income

Your income will determine your financial strength. It is how financing institutions ensure you can pay back the car loan you intend to get. If you fall short of the required range, you may not get the car loan.

The consistent inflow of funds.

Usually, a period of three months to one year or two is the duration to check the overall inflow of your account, especially for salary earners to confirm how steady the inflow of funds is. So, to increase your chances of getting the car loan to ensure you have a consistent State of account. You’ll be required to provide all of these, and it’s part of the process required to verify your credit rating.

After this verification, your loan tenure is next. The loan tenure is the duration which the car loan will run for. Most car loans run for a term of four to five years. That is you have that long for repayment. You also have the option to pay off the amount before the stipulated period on the car loan agreement.

Considerations before a car loan

After you have observed all your options, consider the following factors before you proceed with the car loan. 

  1. Interest rates of the car loan

Make sure the interest rates on loan are favourable. Paying for a loan with high-interest rates is a disadvantage.

     2. How affordable are the monthly payments for the car loan?

The affordability of the monthly payments should interest you because you don’t want changes that would cause a strain on your finances. Settle for charges that are within your income bracket. That way, you won’t feel the stress of repaying your car loan.

3. Upfront deposit required.

The upfront deposit required helps you determine the percentage of your car loan will cover for you.

Where can I get a car loan in Nigeria?

A few banks and institutions offer car loans, and other car financing options in Nigeria are:

  1. BetaCar.NG
  2. AccessBank
  3. Stanbic bank
  4. Cheki.com.Ng
  5. FirstBank
  6. Cars45
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Applying for Student Loans in Nigeria

April 23, 2020 by Finance Writer

Shows the possibility of getting a student loan in Nigeria.

Introduction

The financial aspects of a good education are unavoidable, and while some students may be financially capable, others will have to depend on assistance. Some universities offer scholarships as a means of lessening this burden, but, not all students can qualify for one, and student loans are an alternative for financing one’s education. 

A student loan is a kind of financial investment to assist students with school-related needs. These needs include tuition, books, living expenses and school supplies.

Types Of Student Loans

Typically, student loans have a low-interest rate, and there are two types of rates available. Variable interest and fixed interest. A variable interest is usually lower than a fixed rate; however, they can fluctuate because they depend on the rates in the market. So if the rates are up, the variable interest will increase and vice versa.

Fixed interest rates, on the other hand, remain constant throughout the life of the loan except you consolidate. Lower fixed interest rates are usually higher than the variable rates as you are trading flexibility for stability. Knowing the kind of rates to choose can be a bit of a gamble.

If you want to see the interest you are paying on loan; the fixed rate is for you. Choosing a variable rate means you may pay a higher or lower rate on loan over time, depending on the market forces.

What To Do When Applying For A Student Loan

When applying for a student loan, you should plan first. Be sure of the number of years the course you are taking requires and put it into consideration. You should work very hard to finish school at the appropriate time. This meaning doing your everything in your power to avoid an extra year. We most certainly are aware of the implications of an extra year are. Extra tuition fees

Also, think of ways to keep your expenses low so that you can make the most out of the loan. For example, you can share a room with someone or keep your books in good condition so you can resell them at the end of the semester.

Make an estimate of your first salary per annum when you start working. More importantly, try not to borrow more than it. Doing this will enable you to pay back faster and at your comfort. All you really have to do is manage your expenses well. 

Most of the time, students are skeptical about taking student loans because. They are worry because they feel they may not be able to pay back.

However, loan companies in Nigeria have the option of paying in instalments while in school, or immediately after graduation. Some banks that grant student loans in Nigeria include: Access Bank, KeyStone Bank, Heritage Bank, Ecobank and LAPO Microfinance Bank.

Conclusion

To conclude, when you are taking student loans, be sure to understand the loan terms and try to get as much information before deciding. You should also know the features of the loan and the type of rate interest you want.

Related Post: 5 Ways To Access Student Loans in Nigeria

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What To Do With Your Loans After Coronavirus

April 21, 2020 by Finance Writer

The image aims to portray a Nigerian thinking about his finances.

Introduction

We entirely get it – there are many other things to worry over after the survival of the global pandemic coronavirus.

As things stand, the pandemic that is coronavirus has disrupted many economies around the world. Businesses are halting operations, and workers, losing jobs. Meanwhile, some other workers did not get the sack but got a compulsory vacation instead. The general implications of the situation is as people’s livelihood are being affected, so are their finances.

Impact of Coronavirus on People’s Finances

The Coronavirus has put us in a period where individuals have slowly begun eating into their savings and emergency cash. And individuals that took a loan before would be in a tight spot. Because while global economies come to a halt, due dates for payments are still very much active.

As the pandemic causes individuals to lose sleep worrying about their finances, it’s essential to plan. Now is the right time to go to the drawing board and consider the financial options you have.

Having a well thought out plan for your loans will have a positive impact on other areas of your financial life. Especially if you have to pay back after the pandemic is over.

How To Handle The Situation

Regardless of your strategy, below are tips that can help you with your loan liabilities after the coronavirus pandemic;

A Decline in Income

Preparing for a sharp drop in your income will prepare you for the coming days of the post-pandemic season. Setting a budget for your loan repayments will help you steady the recessional ship as well and finances as we gradually move out of the recession.

Take Advantage of Loan Palliative

Many governmental institutions and loan companies in Nigeria are issuing palliative measures to their customers during this period. Take advantage of it, but be careful not to abuse it. These palliative measures will improve your credit score and boost your business relationship with the lender.

Pay Your Debts Swiftly

We all don’t want to go down along with the recessional economy. There are many other areas of finances that need one’s attention. It is in your best interest that you try to clear your debts fast so you can have that peace of mind. It also helps to keep your finances healthy.

Contact Your creditors

If push comes to shove and it is evident that you may not be able to pay back on time, contact your lender. Reach out to your creditors to find out what options exist for delaying or cutting back on payments.

CONCLUSION

The key to surviving the post-pandemic period is not to panic, no matter how bad it is. Remember, the worst would have been behind us, and you don’t want to ruin the better days ahead with an unhealthy financial situation.

Equip yourself with the knowledge of incentives, policies, and regulations that directly affects the credit and financial industry as a whole. Most importantly, be prudent. This will help you build a savings culture and aid you in taking care of your pending loan payment post-COVID-19.

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5 Simple Steps To Avoid Loan Rejection

April 20, 2020 by Finance Writer

Introduction

Money is an essential tool in getting what you need, and sometimes your savings may not be enough. Taking a personal loan is one of the easiest ways to secure short-term finance. It can be, however, disheartening to get your request for a loan rejected, especially after going through the tedious processes. Are you about to apply for a loan? Here are five simple ways to avoid loan rejection.

Five Ways to Avoid Personal Loan Rejection

  1. Meet the Credit Requirement: Credit is one of the principal factors considered before granting a loan request, and each lender has their credit requirements. It is crucial to check your prospective lender’s credit requirements and ensure that your credit score is up to par as a high credit score improves your chances of getting the loan. Note: Your Credit Score is a number from 300 to 500 that depicts your creditworthiness.
  1. Meet the Minimum Income Requirement: This refers to the minimum amount of money you earn regularly. Most lenders have a minimum income requirement to ensure that you can financially pay back the loan at the stipulated time. Some loan companies in Nigeria may require your employment history for a certain period, so be sure you have a stable source of income as it increases your chances of being granted a loan.
  1. Have an Equivalent Collateral: A collateral is something that you pledge to forfeit if you default in paying back a loan. When applying for a loan, lenders will require equivalent collateral as a guarantee because it lowers the risks they face. Collaterals could be in the form of liquid assets or property, and to avoid getting your loan request declined, ensure you have sufficient guarantee.
  1. Debt-To-Income Ratio: A Debt-To-Income ratio is a way of measuring how much you can afford to borrow. A high DIT means that you are borrowing more than you can pay, which is not a good sign to lenders. Before you apply for a loan, try to clear your outstanding debts as most lenders will check your credit history before considering your request. You should also ensure that your Debt-To-Income ratio is less than 43% because it shows that you can financially pay back at the stipulated time.
  1. Provide the Requirement Document: Your lender will require you to provide some documents as part of your application. These documents include; bank statements, bank payslips, copy of a valid ID, letter of undertaking and any other as specified by your lender. Be sure to fill in correct details and verify your documents before submission.

Conclusion

Note: there’s no guarantee that your loan request will always be successful. You may meet all the requirements the lender sets and still get a rejection. In reality, it is at the lender’s discretion. However, you still have to do your own part and avoid mistakes that lead to your loan request rejection. 

Above all, researching your prospective lender is one major thing to consider before applying for the loan. Make sure you compare other lenders to find the most suitable loan options. Good luck!

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How To Get A Federal Mortgage Bank Loan

April 15, 2020 by Finance Writer

The Federal Mortgage Bank of Nigeria (FMBN) launched in 1956 before assuming the status of the apex mortgage institution for Nigeria, in 1994. Since then it has managed and administered the contributory savings scheme known as the National Housing Fund (NHF)

The NHF is a social savings project to mobilise long-term funds to advance concessionary loans to contributors.

It operates as one of the core mandates of the FMBN. The Federal mortgage bank loan in Nigeria is under the National Housing Fund Act(1992).

Who Can Apply for a Federal Mortgage Bank Loan? 

You must be a Nigerian and above the age of 18 years. They must have been a contributor to the National Housing Fund for six months. Applicants must also have evidence of a regular flow of income.

Purpose of a Federal Mortgage Bank Loan

The loan shall be mainly for building, purchasing, or renovating residential accommodation. No credit shall be for refinancing. 

Requirements of The FMBN Loans

  • Savings account with a registered primary mortgage bank
  • Contribution to the fund for a minimum of six months.
  • Evidence of a regular flow of income.
  • Photocopies of other substantiating title documents.
  • Survey and site plans
  • A copy of an approved building plan
  • Bill of Quantities (If you have one) 
  • Valuation report prepared by registered surveyors and valuers where applicable
  • Tax clearance certificate for three years
  • Letter of consent to your chosen primary mortgage bank
  • Completed mortgage loan application form
  • Evidence of National Housing Fund contribution
  • Payslips for the previous three months
  • If you are a self-employed applicant, a copy of Articles and Memorandum of Association and a copy of Certificate of Incorporation should be submitted.

How To Apply for a Federal Mortgage Bank Loan

The applicant is to apply through a licensed and accredited primary mortgage institution and not to the Federal Mortgage Bank of Nigeria (FMBN) directly.

The primary mortgage institution of the applicant’s choice must be under by FMBN to access the national housing fund facility. 

Forms for application of the NHF loans are obtainable from the primary mortgage institutions. In essence, they are primary mortgage institutions under the Central Bank of Nigeria to carry out mortgage banking.

How Much Can You Apply For?

A borrower can be eligible for a maximum loan of N15m, or sometimes as advised by the bank. No individual should get credit above 90% of the value of the mortgaged property. 

Interest Rate

The interest rate shall be as prescribed by the National Housing Fund Act, which is not more than 6% per annum.

Loan Tenure

The maximum repayment period shall be for 30 years. Individual borrowers shall make repayment through the primary mortgage institution through which they got the loan. 

The Federal mortgage bank operates on a model that targets partnerships with organizations with financial and technical capacity, interested in delivering affordable mass housing for the low-income end of the market.

For further reading, here’s a CBN approved list of licensed mortgage lenders in Nigeria. You can also check out our posts on other commercial bank loans like the Zenith Bank loan, and so on.

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4 Banks Granting Student Loan in Nigeria

April 1, 2020 by Finance Writer

Banks Granting Student Loan in Nigeria

Education has become more than a necessity. It has been embedded into the culture of an average Nigerian household regardless of their status.

student loans
Ways To Get A Student Loan in Nigeria

Just like every other thing that attracts huge interest, education doesn’t come cheap. As such, there are now platforms where you can get a student loan in Nigeria to finance your schooling.

In this post, we have explained what a student loan is about, and outlined some ways to get a quick loan for your school fees.

What is a Student Loan?

A student loan is designed to help students pay for education and its associated fees. This loan differs from other kinds of loans in the sense that the interest rate is relatively lower, and the repayment schedule is much more flexible.

How to Get A Student Loan in Nigeria

1. Access Bank Student Loan

The Access Bank student loan is an advance for school fees which is designed to provide students with short-term financing to cover tuition fees.

Features

  • Ensure that nothing interrupts the education process.
  • You can get up to ₦5 million
  • There is an option to refinance the loan
  • Remittance services are available

Requirements

  • A completed application form
  • Your admission letter
  • Tuition advice
  • Letter of domiciliation of your salary account or your parent’s/sponsor’s salary account
  • Copy of employment ID or valid means of identification belonging to you or your parent/sponsor
  • BVN
  • Credit checks

2. GT Bank Student Loan

GT Bank’s school fees advance is a loan facility designed to finance the payment of your child’s/ward’s school fees for schools in Nigeria only.

Features

  • You can get up to ₦5 million in student loans with a maximum tenure of 4 months per request
  • Competitive interest rate
  • Immediate access to the loan

Requirements

  • Completed application form and employer undertaking form
  • School fees bill and credit insurance
  • Ensure that staff terminal benefit is domiciled in GTBank or obtain Corporate Guarantee

3. First Bank FirstEdu Loan

First Bank’s FirstEdu loan is targets proprietors. It offers flexible funding for upgrading school facilities and meeting of funding gaps pending the receipt of school fees.

Features/Requirements

  • It has a flexible repayment plan spread for 90 days
  • Access to a maximum amount of ₦10 million
  • The only collateral requirement is domiciliation of school fees with First Bank
  • The School must have been in account relationship with FirstBank for a minimum period of 6 months or 12 months with other banks
  • Target markets are private schools duly under CAC and their State Government
  • The school population must be a minimum of 100 students

4. Federal Government Education Loan

The Nigerian government approved the establishment of education bank and student loan boards by states at concessionary interest rates to allow students easy access to funds.

The government also approved the establishment of education funds by all states of the federation. Special emphasis is on funding teacher development and secondary education, as well as establishing a special intervention fund for individuals with special needs.

In Conclusion

Funding education should not be a herculean task with this array of options available for accessing quick loans in Nigeria. All you need is to choose from any of the platforms granting loans for school fees and ensure that you meet all their requirements.

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How To Identify Loan Scams and Fraudsters

March 19, 2020 by Finance Writer

When you need the money and have a poor credit score, it’s easy to accept any offer for a personal loan. But there are scam artists waiting to take advantage of that situation. They may offer loans via online website advertisements.

Here are some warning signs that are usually experienced by victims of loan scams:

No Interest in Your Credit History 

Legitimate lenders evaluate a person’s creditworthiness BEFORE making a loan. Never listen to claims like “Bad credit? No credit? No problem!’’, else you’d fall for loan scams. There’s definitely a problem. It’s YOUR problem.

Phone Offer 

It is illegal to make loan offers over the phone. Any offer must be put in writing. It must prominently mention all associated fees.

Upfront Fees 

The lender may disguise these as application or document fees, but they aren’t. Think about this: You are asked to send money before you get a loan. That’s a scam. A loan scam. Legitimate lenders must disclose all their fees. Typically, they are rolled into the cost of the loan, not paid for in advance.

Wire Transfers 

If the lender demands you to wire money for fees, that’s a red flag. Never wire money to an individual. Always ask for the lender’s physical address. Then reach out to the Attorney General or Financial Regulations office in the state to verify if it’s a legal business or a loan scam.

Copycat Name

In an attempt to appear legitimate, clever loan scam artists will come up with a business name or website that looks or sounds genuine. It’s always advisable to check with the Better Business Bureau to authenticate the address and phone number. If the mailing address appears as a Post Office Box, please be cautious.

Personal Information 

Never give out your social security number, date of birth, bank account number or other important personal information unless you are certain you’re dealing with a responsible lending institution. Loan scammers can use your personal information for identity theft or to steal from your bank account.

State Registration

Lenders and loan brokers are to register in the states where they do business. You can check through the Attorney General’s office Financial Regulation or Department of Banking in your state. That won’t guarantee the perfect experience with the lender, but it can help spot a loan scam.

Customer Service

Reputable lenders have phone numbers you can call. If you aren’t comfortable with customer service, you shouldn’t give the company your business. Don’t settle for the phone robots, either. You should be able to speak with a person.

Reviews 

Online reviews are now influential. They can also help you pick a reputable lender. You can Google the outfit or person’s name, while you check Facebook, the Better Business Bureau or other sites that specialize in lending reviews. If there are bad reviews, take note. If there’s consistency across several locations, with everyone forming an unfavourable impression, that is a warning.

Red Flags 

There are several things that should prompt immediate concern. Be suspicious of email messages contain errors in spelling, capitalization, punctuation and/or grammar. That’s a lack of professionalism. Be wary if you get a free period (like a year with no payments) before the loan must be repaid. Definitely beware if the lender says they don’t use credit checks and will lend money regardless of past financial problems.

Conclusion

If you’ve been the victim of a loan scam or personal loan fraud, contact your local law enforcement as soon as possible.

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Step-By-Step Procedure on Car Loan Application in Nigeria

March 18, 2020 by Finance Writer

Are you looking to secure a car loan anytime soon in Nigeria? Grab a seat and relax. We have outlined these stages in bite-sized steps for you to comprehend.

Step 1

Identify the kind of car you intend to buy. Whether it’s a fairly used car or a brand new one, the banks are always willing to finance. This is a very important step as you do not want to approach a bank without a knowledge of what you want. That way, you have a guide even if you decide to change your mind in the long run. 

Step 2


Find out the price and when the car will arrive once you pay. That is pretty much easy. All you need to do is to go to a car shop and identify the car you intend to get. Once this is done, you can get a proforma invoice – a draft invoice. 

It is noteworthy to mention that banks usually don’t finance the entire purchase of your car. They normally fund 60% or 70% while you fund the remaining with your own cash (equity). Say, for instance, the car costs N2 million, the bank will give you 60% of that which is N1.2m while you are responsible for N800K. Again, you will be obligated to buy car insurance which is about 5% value of the car. Following our estimation, that amounts to N100k incurred. 

Step 3

Find out if your dealer has an existing arrangement with your bank. Some banks make prior arrangements with car dealers to facilitate the loan process. 

Step 4

Banks offer several products that outline their terms for a car loan; although the details are pretty much the same. Ideally, if you use a bank that offers a product relating to car loans, the better for you. If your bank doesn’t, then you can either proceed with them or try another bank. However, almost all banks offer such products. 

Step 5

Say your bank offers such deals, do get in touch with your account officer and request a car loan. If you would rather approach another bank, you could make enquiries from their customer service. However, you would have to open an account with such bank.

Step 6

Now that you have resolved everything with your bank, you will be asked to draft a formal application for a car loan. You will be requested to attach a copy of your payslip, the [final] invoice for the car and a copy of your employment letter. Your account officer will need these details for processing.

Step 7

Upon submitting your application, all that is left is to await processing. The bank, through the account officer, will present you a couple of forms to fill. These could include information like your personal details, salary details, residential address and the like.

Step 8

Following this, the bank will present you with an offer letter. The offer letter from the bank is a document showing the amount lent to you by the bank, the interest rate, repayment structure, fees, security and the like. Furthermore, they may require standing orders. These are an order from you to your bank to deduct from your salary every month. 

In whichever case, you should always check your bank statement at the end of the month to verify how much was debited from your account. If the difference is more than 10% in any given month (i.e your repayment schedule says N80k for a given month then suddenly you see N88k for that month), you should quickly call your account officer for an explanation. 

Step 9

Once you accept the offer and fulfil all the requirements of the bank, the loan will be disbursed to your account. However, the bank will only disburse the amount to you when they are about to issue a bank draft to the car dealer for the purchase of the car. 

Step 10

The bank will issues a draft to your dealer after which you get the car. Car ownership will be shared between yourself and the bank. Therefore, your name and the bank’s name will reflect on all car documents. It is noteworthy to mention that banks do not usually request collateral. Their security is basically the comprehensive insurance which you pay for and the car itself. So when you default in payments, the bank can seize the car from you and sell it to recover for the loss.

Conclusion

Applying for a loan is not rocket science. The steps we have described above do not explicitly follow a routine and dogmatic format. By and large, there may be modifications in the eventual processing of the loan. This is, however, intended to crave an indulgence into the car application operations.

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5 Common Reasons Your Loan Application May Be Rejected

March 9, 2020 by Finance Writer

It can be quite devastating for a business owner to experience a loan rejection when trying to secure adequate funds to invest in their business.

Ideally, business fruition thrives upon access to investment opportunities, as well as readily-available cash. For a number of small and medium enterprises (SMEs), there is a tenacious dependence on banks and other financial institutions for business loans. It is, however, noteworthy to mention that there is a conscious divergence from traditional institutions to financial technology platforms.

That’s right. Other than banks, a new wave of lending platforms are sweeping the industry.

It is relatively easy to apply for a loan in any of the commercial banks in Nigeria, as well as other lending institutions.

However, the success of your loan application may not prove automatic as this depends on a number of factors. A loan application can be denied for various reasons, and we walk you through these so that you can eliminate them to increase your chances of getting a loan.

1. Bad Credit History Leading to Loan Rejection

Credit history? What does that even mean? Credit history is a report of all the previous loans an applicant has taken in the past. It also takes into account; an analysis of how the loan was repaid. Now, one of the foremost things a lender does is to make reference to your credit history. Undergoing this task provides the lender with information on the number of loans you have before they proceed with issuing another. 

This concept might appear strange because a number of Nigerians may not be familiar with the strategy – especially first-timers. It is noteworthy to mention that the credit score plays a significant role in the approval of your application. Ideally, when a loan is declined without reason, it is advised that you check your credit history to be sure that you do not have any defaulted loans.

Awareness of your credit score prior to applying for a loan will inform you if you have poor, or no credit at all. If so, you can be certain that your loan application will be denied because you are too much of a risk.

2. Limited or insufficient collateral

Lenders as banks or financial technology companies are typically not willing to risk lending money to businesses without some sort of reimbursement. Should you decide to loan from a bank, there is every tendency to request a physical property or an equivalent that they can hold on to if a loan is not repaid. 

What should you do in this light? You should create a collateral document that lists everything you can put up as collateral. You can include both business and personal assets since the former may not have the equipment to offer as collateral. Following this, you may have to offer your home or car as collateral.

3. Loan Rejection Due To Over-Indebtedness

An applicant’s salary, account balance or statement of account do not automatically justify the approval of a loan. Rejection or denial of loan might be due to outstanding loans on the part of the applicant. That’s right: A lender is able to ascertain when an applicant has a number of loans running concurrently. This is a risk-management decision for the lender and they may not be willing to take chances. Actually, it’s a no-no. 

4. Low Income/Profits

Like we have established earlier, lending platforms are in the business of giving out loans such that they can make returns for themselves. Judging by your application, it is possible to discover that your business may not possess the potential to repay them. In this light, an application may be denied. This, however, is not to encourage the adoption of pseudo proposals for your business. No, you do not want to try that.

The simple message is: If you apply for loans that are considered too large for you or your business’ capacity, the proposal may be declined.

5. Flimsy Business Plan or Proposal

Investors will not probably consider your loan application if you present a shallow business proposition. To ensure the approval of your loan sequel to submission, here is a simple rule of thumb: Do justice to the thoroughness and explicitness of your business plan. This paints the picture to your prospective investors that you have conducted research, or that you know your target customers. What’s more, is that it demonstrates you have a clear mission statement with goals in mind, and contains a calculated estimate of sales and profit projections.

The report further, suggested that asides from your plan, ensure you have prepared your resume, personal background, financial statements, bank statements, income tax returns, and legal documents such as articles of incorporation.

Conclusion

All of these reasons may not be clear to an applicant at the point of rejection because these were not criteria that they expected. However, if they are important to lenders when ascertaining whether or not to issue a loan, a borrower should also put the lenders into consideration prior to applying for a loan.

It is imperative that you do your homework when applying for a loan. Failure to use accurate information about yourself while applying on platforms like Branch Loan can also lead to rejection. Keeping tabs with trends is also an added advantage to keep you abreast of recent developments. If you discover at any point, that there might be complications, you might as well postpone your application until a later date. Alternatively, you can seek other lending platforms.

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