Reviews

About Palmcredit

Palmcredit is an online platform owned by Newedge Finance Limited where you can get a loan in Nigeria without collateral. With Palmcredit, you can access loans within minutes without having to worry about providing any collateral. 

One unique thing about Palmcredit is its attractive low interest. Perhaps this makes it a popular loan provider in the country.

You can apply for a loan by downloading the Palcredit app from Google play store. The company aims to make getting access to quick cash and short-term loans with a smartphone app as easy as possible.

You can click to jump to any of the sections:

• Palmcredit App
• Palmcredit Loan App Download
• The Palm credit App Review
• How Do I Get A Loan From Palmcredit?
• Palmcredit Interest Rate
• Palmcredit Loan Repayment
• Palmcredit Customer Care Contact
• Is Palmcredit real?
• Our Verdict on Palmcredit Loan

Palmcredit App

The Palmcredit app is where the magic happens. As earlier mentioned it is only possible to get a loan from Palmcredit through their app on Google Playstore. You will need to have an android phone in order to access a loan or any of their services which include buying airtime, data bundles, and so on.

Palmcredit Loan App Download

The Palmcredit loan app requires about 8MB of storage to successfully install it on your device. The installation takes less than 5 minutes depending on how fast your internet is.

The Palm credit App Review

With over 70k downloads on the Google Play store, it is safe to say that the Palm credit app has quite a large user base.

From the reviews provided by some of the users, it’s obvious that there are technical issues with the app. The most prevalent issue has been with repayment of loans and users being tagged as ‘delinquent’ after their cards have been declined.

How Do I Get A Loan From Palmcredit?

1. Download The Palmcredit App: There are two ways to download the Palmcredit app. The first option is to visit their official website. For this, you will need to input your mobile number to get the app. The second way is to download the app straight from the  Google play store.

2. Complete Your Registration: After your successful installation, the next thing to do is to register. There will be on-screen instructions that you will have to follow. Provide all the necessary details the platform asks for. In addition, you may have to verify your phone number. Palmcredit will send a code to your mobile phone. All you have to do is input the code in the app to complete the verification process

3. Apply for Your Loan: Having completed your registration process, you can then apply for a loan. It’s as simple as ABC. 

4. Get approval
Once you have applied for the loan, you just have to wait to get loan approval. This usually does not take too long. Just make sure you provided the correct information. Once you get your approval, you will then receive the loan. You can decide to send the money to your bank account right away.

You can also check out how to get a Branch loan, Carbon loan, Sokoloan, Quickteller loan, Specta loan, Page Financials loan, and Renmoney loan.

Palmcredit Interest Rate

Palmcredit interest rate is between 14% to 24%, Equivalent Monthly interest 4%~4.7%, the Annual Percentage Rate (APR) on a Palmcredit loan is 48%~56%. The loan term is between 14 days to 180 days.

You can borrow up to ₦100, 000 from Palmcredit. Also, note that you can adjust the maximum amount at any time!

Palmcredit Loan Repayment

Palmcredit loan repayment is as simple as getting the loan. The following are steps on how to repay Palmcredit loan:

1. Log into the  Palmcredit app and click ‘my loans’.
2. Select the amount you want to repay. You can make the payment with your card.
3. Put in your card details and make payment

Side note: If you are unable to make the payment on the app, you can pay to their account number. Ensure you speak to their customer care before you make a direct payment to their account.

You can make payment into the Palmcredit account number – 0772692676, Access Bank. Account Name: Transsnet Financial Nig LTD – Consuming Finance.

Once you make your repayment through bank transfer, you will be required to send proof of your payment to the email address: repayment.ng.pc@transsnet.com.

Palmcredit Customer Care Contact

Palmcredit has a customer service hotline that is available from Mondays to Fridays, 8:00 am – 5:30 pm Nigerian time. You can reach them on the Palmcredit contact number – 0700 7256 4357 for your questions and complaints.

Is Palmcredit Real?

Is Palmcredit approved by the CBN? The parent company – Newedge Finance Limited is fully licensed by the CBN to operate as a finance company in Nigeria. This means that their operations are fully regulated. So, yes. Palmcredit is approved by the CBN, and it’s real.

Our Verdict on Palmcredit Loan

While their interest rates may be relatively on the high side, their application process is fast and reliable. Furthermore, there are flexible payment options to make your loan repayments more convenient. All in all, Palmcredit is a loan platform that is worth the try.

Nigeria has one of the highest poverty rates in the world, and a larger percentage of this are the youths. Because of this, the government created different empowerment programs and funding schemes to encourage entrepreneurship. Developing businesses is the fastest way to getting rid of unemployment in the country, and the Nigerian youth investment fund addresses just that. Here’s everything you should know about the Nigerian youth investment fund.

What are the objectives of the Nigerian youth investment fund?

1. The government developed the Nigerian youth investment fund to target Nigerian youths and has a goal to generate at least 500,000 jobs between 2020 and 2023. According to the official release, the objectives of this scheme are:
2. To improve access to finance for youths and youths and youth owned national development
3. Generate much needed employment opportunities to curb youth restiveness
4. Boost the managerial capacity of the youth and develop their potential to become the future of large corporate organization
5. This scheme is funded with an initial take off seed capital of N2.5 billion.

What are the eligibility criteria of the Nigerian youth investment fund?

You must fulfill the following qualification and document criteria to be eligible for this fund:

1. A youth within the age range of 18 to 35 years
2. Own a registered business domiciled and operational in Nigeria
3. You must have not been convicted of any financial crime in the last 10 years
4. Must hold a valid Bank Verification Number (BVN)
5. Possess local government indigene certificate

Also, the Nigerian youth investment fund registration requires the following document from you:

1. Evidence of registration with Corporate Affairs Commission (Certificate of incorporation and form CAC 2A)
2. Business questionnaire
3. List of business directors and their BVN numbers
4. Evidence of regulatory approvals where applicable
5. Tax identification number (TIN)

Nigerian youth investment fund – ineligible applicants

You are ineligible to apply for the Nigerian youth investment fund if you are currently a beneficiary of NMFB loans at the time of application. These loans include the Targeted Credit Facility (TFC) and Agric business/small and Medium Enterprises Investment Scheme (AgSMEIS). Also, you cannot apply as a beneficiary of other government loan schemes.

What businesses are eligible to enjoy the Nigerian youth investment fund?

The Nigerian youth investment fund is accessible by the following businesses:

1. Technology and innovation
2. Agriculture and related value chain
3. Green economy and renewable energy sector
4. Manufacturing
5. Hospitality and tourism
6. Construction
7. Logistics and supply chain
8. Healthcare value chain
9. Creative sector
10. Trading and services
11. The NYIF and CBN may include others from time to time.

However, note that preference is given to enterprises that support the growth of priority sectors. The businesses are identified by the Economic Recovery Growth Plan (ERGP) and the Nigerian Youth employment action plan.

Are there any other perks?

Yes, there is one. They mandate all applicants to go through entrepreneurship training, which is arranged and approved by the Federal Ministry of Youth and Sports Development.

What are Nigerian youth investment fund terms?

The terms and conditions of the Nigerian youth investment fund are as follows:

1. Loan rate: 

For unregistered individual businesses, the stated amount is a maximum of N250,000, subject to the activity and nature of the project. Registered businesses, on the other hand, are subjected to a maximum loan sum of N3.0 million including work capital. It depends on the nature and activity of the project.

2. Tenor: 

The loan is subject to a maximum of 5 years, depending on the asset required and nature of the business.

3. Interest rate: 

the interest rate shall not be more than 5% per annum.

4. Moratorium: 

The scheme allows a moratorium of up to 1 year depending on the nature of nosiness and asset acquired.

5. Bank: 

The eligible financial institution for this scheme is the NIRSAL Microfinance Bank (NMFB).

6. Collateral: 

The NMFB would leverage on the General Standing Instruction (GSI) as collateral.

7. Repayment: 

repayment would be made to the NMFB by beneficiaries according to the repayment schedule and work plan as agreed during the application process.

 

How do I apply for the Nigerian youth investment fund?

The application procedure for this loan is very easy. To apply, simply visit the official website at www.nyif.nmfb.com.ng and follow the procedure. On successful credit checks, processing and confirmation, NMFB shall release funds accordingly to approved enterprises.

Conclusion

This scheme is designed to provide funds for youths to be able to chase their dreams in entrepreneurship. If you are a business owner, we highly encourage you to apply for this, for your betterment and that of the economy as a whole. 

There are many entrepreneurs in Nigeria with creative business ideas that really have good potential but no funding. Poor funding is one reason businesses die, and some of the most exciting ideas never kick-off. What is more frustrating is the access to bank loans that could have been a saving grace. Most of these bank loans require that you have certain assets worth more than the money you need. Kickstarter Nigeria solves all that, as it brings together entrepreneurs with the best ideas and sponsors willing to support them.

With the emergence of platforms like Kickstarter Nigeria, it is less difficult for individuals with project ideas to find funding. If your project is good and solves problems, then people are most times more than willing to support it. This article has everything you need to know about Kickstarter; keep reading to find out.

What is Kickstarter Nigeria?

Kickstarter Nigeria is a peer-to-peer money-raising platform that connects the people with the ideas to those with funds. It is a completely free platform to use; therefore, you do not require any registration or running fee. Although free to use, there are fees attached if your project is successful. Kickstarter gets 5% of the money raised, while Amazon, who’s the escrow, gets around 3% to 5%. An escrow is the one who keeps the money till the project tenor is over, then forwards it accordingly, or returns it to the donors. This depends on how successful the project funding was.

What happens to your money if a Kickstarter fails?

Kickstarter Nigeria runs an all-or-nothing model. This means that after you create a project on the platform, the project has to meet or exceed its fund target, or you do not get any money at all.  If this happens, no money would be given to you; rather, it would be returned to each project supporter.

On the other hand, if your project successfully attracts enough pledge as required to get it going, then you get the money.  Therefore, your “so-called” money does not even get to you if the Kickstarter project is unsuccessful.

How does Kickstarter Nigeria work?

The steps to setting up and getting a project on Kickstarter Nigeria are:

1. Prepare your project idea

The first step to creating a project that would succeed is to develop an excellent idea. This platform is not a way to earn cool cash. If you do not have a tangible idea that can attract and fascinate people enough to fund it, you would be most likely unsuccessful.

Whatever idea it is, it must be a good one. As long as it is creative, you can submit it on the platform. Kickstarter Nigeria covers many areas like technology, movies, art, music, and much more.

2. Have a good background story

Your background story is what sells your idea. It is what pushes people to believe in and fund your project. What’s the amazing story behind how you got here and why you want to do this? It has to be something that people can connect with.

3. Create an engaging video

Humans tend to connect more with visuals, hence videos, than other media. This is why most video adverts do way better than their counterpart. Create an engaging video of yourself and tell describe your project. Be original and make people see a reason why they should fund you.

4. Log on to the website at www.kickstarter.com and create your project

The next step is to visit their official website and create your project. The processes on how to go about it and what you need to submit are stated. Just follow through.

5. Follow all instructions and submit the necessary documents

After creating your project and supplying all necessary documents, the next step is to submit. Note that important documents like a National ID card, driver’s license, or international passport are required.

6. Share your project with family, friends, and on social media

Lastly, share your project with friends, family, and everywhere else for people to see it. Even if you have the best ideas, and create the most engaging videos and background stories, if no one sees it, it dooms your project to fail. Reach out to as many people as you can!

Kickstarter for Android

To make things much easier, you can download the Kickstarter app from Google play store and set up and monitor your project from there. To do this, visit the store and search for “Kickstarter.” Download and register, then you are good to go.

Conclusion

Kickstarter Nigeria can help build a bridge between you and your dreams. You have to take this free opportunity to get the funds you need. It is absolutely free to use since the fee only applies on being successful. Just be original, create your awesome idea, sell it on a video, and get it out there for people to see.

Accion microfinance bank is one of the financial institutions that combine the savings services of a commercial bank while retaining its microfinance status. This simply means that it offers easy to access loan services. Accion is the answer of many to the issue of inaccessible loans to the low to medium income class. This article reviews Accion, and all the services it offers.

About Accion Microfinance Bank

Accion Microfinance Bank was established in 2006 but didn’t begin operations till May 2007 after it secured a license from the Central Bank of Nigeria. Run by a competent management team consisting of professionals with experience, you can trust them to deliver. Accion Microfinance bank is a subsidiary of ACCION International, who have representatives on the board of the bank.

Just like other microfinance banks like Nirsal Microfinance Bank, they have a goal to empower micro-entrepreneurs and low income earning citizens. Accion microfinance bank does this by providing suitable banking services.

What are the Pros and cons of Accion Microfinance Bank?

Pros:

1. It offers both loaning, savings, and other services seen in commercial banks
2. Easy loan application procedure
3. Competitive interest rate

Cons:

1. You need a guarantor to access most of the loans offered by Accion

What services does Accion Microfinance Bank offer?

Accion Microfinance Bank offers loan services across a wide array of options, covering your personal and business life. We can divide their services into the following:

1. Personal

• My own
• My own plus
• PayGo
• People living with disability
• My agent

2. SME Capital 

• Education
• My school plus
• My school extra
• SME education

3. Business

• My own Asset
• Brighta Solar
• Annuity Loan

4. Home – My own Home

Asides Loan services Accion Microfinance Bank also offers savings and investment opportunity to customers through the Brighta Accounts platform.

You can read more about each of the products offered by Accion on their official website at www.accionmfb.com.

Does Accion offer any other services asides from savings and loan?

Yes, they do. The other services offered by Accion include the following:

1. Mobile banking: 

with the Accion mobile application, you can easily access any details about your account from the comfort of your phone browser. The activities you can carry out include:

• Checking your account balance
• Review your recent account activities
• Transfer money and purchase airtime
• Manage and make bill payments online
• You can download the app from google play store by searching for “Accion Agency Banking”

2. USSD Transaction: 

Accion allows you to carry out basic banking activities like changing your pin, checking your balance, and even opening an account.

3. Agent Banking: 

if you are interested in working for Accion, you can register and become an agent who provides banking services to customers on behalf of the bank. Depending on the deal, you also get to keep a percentage of money earned.

What Interest rates apply with Accion Microfinance Bank?

This is dependent on the amount you intend to borrow. However, Accion services are diversified and designed to help you take advantage, depending on your specific needs. In general, their loan interest rates are competitive.

How do I contact Accion Microfinance Bank?

Below are the details of Accion Microfinance Bank. Feel free to contact them through any of those means.

Corporate Head office – 332A Elizade Plaza, Ikorodu Road, Anthony Lagos.

Call on – +234 1 2719326 or 07000222466

Email – info@accionmfb.com

You can also reach out to your nearest branch by checking the list of Accion branches in the country. Follow this link to view the complete list https://www.accionmfb.com/contact/branch-network

Conclusion

Accion remains one of the top microfinance banks in the country. Their services are well diversified to cover all areas of your needs. Simply visit their official website to open an account, and get started on obtaining a loan or any other services today.

Omoluabi Mortgage Bank is now LivingTrust Mortgage Bank.

With the help of mortgage banks, you can acquire real estate properties without having to pay much sum upfront. Although only a rising scheme in Nigeria, Omoluabi Mortgage Bank has been one of the most reliable sources of mortgage loans, and have years of experience and testimonies to show for it. This article is a breakdown of their services, and other things that you need to know.

About Omoluabi Mortgage Bank

Incorporated in Osun state 1993, Omoluabi Mortgage Bank was established to provide general mortgage financing to customers. Their services include mortgage financing, general financing, real estate construction financing, and mortgage banking services. Omoluabi Mortgage Bank is Nigeria’s most foremost mortgage bank, and one of the best choices for you as a customer.

What are the benefits of using Omoluabi Mortgage Bank?

The main benefit you would enjoy as a customer when banking with Omoluabi Mortgage Bank is its easily accessible mortgage loan. With this loan, you can cater to your immediate shelter needs through services that are tailored to suit your pockets and purposes. A breakdown of the benefits are:

1. Tailored services to suit your pockets and purposes
2. Easy access to mortgage loan
3. Flexible repayment structure

What services does Omoluabi Mortgage Bank offer?

Omoluabi Mortgage Bank offers the following services:

1. Mortgage: 

They design mortgage loan service to help you live your best life, through financing an array of things you need. It covers everything from individual to corporate and other needs. The services available under this loan are:

2. National Housing Fund Scheme (NFH) Loan: it is a scheme administered by the FMBN, which provides financial support for you as a contributor, to help build, renovate, or purchase your own home.
3. Omoluabi Home Mortgage loan: this loan finances your acquisition of a house or property which is meant for residential use.
4. Individual Mortgage Facility: the individual mortgage loan facility is available to only individuals, and helps you finance the acquisition of a house or property for residential use only.  
5. Corporate Mortgage Facility: with the corporate mortgage facility, it does not leave corporate organizations out. It allows them to finance the acquisition of assets, and business expansion.   
6. Other Facilities and loans: these are other facilities that are available under Omoluabi Mortgage Bank mortgage service. It includes the Property Acquisition Loan (PAL), Omoluabi Certificate of Deposit (OSL COD), etc. 

2. Banking: 

Omoluabi Mortgage Bank also provides regular banking and savings services asides mortgage loans. These services include:

1. Homeownership accounts
2. Regular savings account
3. Easy save account
4. Star kiddies Account
5. Gold Account (corporate)
6. Gold Account (corporate)
7. Karakata Access Account
8. Term Deposit/ Fixed Deposit
9. Call Deposit

What Interest rates apply to Omoluabi Mortgage Bank loans?

The applicable interest rates depend on the amount of the loan, and its agreed repayment term. Due to this, it might differ from one loan contract to another.

How quickly does Omoluabi Mortgage Bank release funds?

The delay in obtaining a Mortgage loan would be during the application and screening process. The property would need to be assessed, as well as its value and third party dealers involved. Although this might take a while, on confirmation and successful approval or loan, they would release the money to finance the agreed project.

How can I contact Omoluabi Mortgage bank for a loan application?

You can easily apply for a loan through their official website. Visit www.ombplc.com.

1. Click on your preferred loan service to get started.
2. A dialog box requesting the necessary details would popup.
3. Input the necessary details and submit.
4. You would be contacted by an agent.

You can contact the bank through any of the following:

For Mortgage & Loan Enquiries, contact:

Bolaji Kolawole at kolawole.bolaji@ombplc.com

Taiwo Akinbode at taiwo.akinbode@ombplc.com

If you have questions on Banking, e-Banking & Operations, contact:

Tunde Kudaisi at tunde.kudaisi@ombplc.com

Afisat Adebola at afisat.adebola@ombplc.com

For General Enquiries, contact:

Bolaji Kolawole at kolawole.bolaji@ombplc.com

Or visit their official contact page at www.ombplc.com/contact, where you can use the “send us a message” dialog.

Conclusion

With intelligent use, you can finance your properties through Omoluabi Mortgage Bank loans for personal or business purposes. However, it is expedient that you do have a solid repayment structure and means in mind. Omoluabi Mortgage bank is one of the best at what they do, and you can be assured of their services and commit today.

The world is in the jet age where we do almost all things on the internet. This in fact does not exclude the securing of loans. Often , individuals get stuck in between a wonderful business idea, achievement plan or immediate need and the required capital. In such cases a soft loan is the fastest result, and this is what Quickteller loans offer.

About Quickteller Loans

Quickteller is a financial service platform which enables you to make online transactions. These transactions include online transfers(sending and receiving money) bill payments, airtime recharge, etc. 

Interswitch designed this platform to help end-users perform seamless and reliable online transactions.

Interswitch is a digital payment and commerce institution. It enable the electronic distribution of money and value exchange between individuals and organizations across Africa.

Started operation in 2002 as an electronic payment and transaction switching company. They develop and manage payment infrastructure and transactional services across the African continent.

What are the procedures for obtaining a Quickteller loan?

Quicteller loan is one of the fastest means of getting soft loans in Nigeria. You can apply for any of their loans using the plethora of options made available by them. These options include  USSD, the quickteller mobile app, via the website, etc.

Via USSD

1. Log on to to their website 
2. Fill in your personal details such as name, email address, password and mobile number 
3. After filling in the information, they will send a One Time Pin (OTP)  immediately to the mobile number you supplied.
4. Activate your account using the OTP.
5. Add your card details and other requested details.
6. After you must have successfully registered. Dial *3226# and follow the prompt to apply 

Via the website

1. If you have a pre-existing account sign in. If you don’t create one and sign in.
2. Click on the loan section on the website 
3. Input the amount you wish to borrow 
4. Input your account number and select your bank from the drop-down menu.
5. Click the continue button
6.  Enter your bank card details 
7. Click the accept offer button.
8. Once you have successfully completed this procedure, they will approve your loan if you meet all requirements. 

What are the Pros and cons of Quickteller loans?

Pros

1. Fast and reliable application process 
2. You do not need a guarantor or collateral 
3. You can leverage their additional services such as Airtime recharge, Western Union transfer, bill payments,.

Cons

1. Additional fees if you cannot repay on the due date
2. Their repayment tenor is short 

What is the maximum and minimum amount I can borrow from Quickteller loan?

Quickteller provides customers with loans from N1000 to N50,000. However, the amount you can access as a first-time customer depends on your credit history, transaction history, and other factors.

What is Quickteller Interest rate? 

Quickteller provides loans with an interest rate between 3%-15% over a period of 10days to 3 months.

However, in most cases, they will test your financial record to determine your interest rate.

What are the minimum requirements for taking a Quick teller loan?

Quickteller loans qualify you as a potential customer based on the personal information you provide them with. 

This means the more personal information you provide them with, the better your chances of qualifying for a loan option.

How fast are funds released from Quickteller loans?

Quickteller loans disbursement are lightning-fast. In other words this means that once you meet all the loan requirements, they get your loan disbursed into your bank account immediately.

What are Quickteller repayment terms?

Paying back your quickteller loan is as easy as getting it. Quickteller will automatically debit you on the due date using your pre-registered card details. If they do not debit you, you can alternatively  repay your loan through the following channels:

1. ATM payments 
2. Via the quickteller mobile application 
3. Cash/Bank Payments

Conclusion

With no doubts, Quickteller loans are one of a kind and highly reliable. They offer services second to none, which is why they stand distinct among all other competitors.

Life rarely presents us  with the opportunities necessary to cover our immediate needs. Hence, we resorts to loans. 

Migo loan is a loaning company that provides quick and easy loans to its clients to cover their immediate needs.

This article reveals its various services and juicy loan offers.

About Migo Loan

Migo loan is a cloud-based platform that deals with companies like banks, telecommunications operators, and merchants.

 It enables these companies to provide their clients with credit to improve traditional banking and card payment systems.

This is done by integrating Migo in such a company’s app. Migo, in turn, subverts the clients, provides them a digital account and a credit line. Accordingly, clients get to use this credit line in making easy and direct financial transactions.

The utmost goal of this company is to make prosperity available to all. To re-invent the way we access and use credit and to also provide full customer satisfaction

How to Get a Migo Loan

Getting a Migo loan isn’t a difficult thing to do, simply follow these procedural steps.

1. Visit their website
2. Enter your phone number.
3. Select your desired loan amount
4. Provide your bank account details upon request. This is where the loan would be deposited. 
5. After this, Migo would register your debit card details for easy repayment. 

At the time this post was published, there’s no Migo loan app. However, you can get a loan using the Migo loan USSD code – *561#.

Migo loan secures the legality of all its agreements. Thus, such agreements are governed by and interpreted by the laws of the Federal Republic of Nigeria.

 It equally provides its clients with the necessary terms and conditions. This is to ensure due knowledge of the agreement, the rights and obligations therein.

What is the Maximum or Minimum Amount You Can Borrow from Migo?

Migo provides loan amounts that range from N500 to over N500,000.

However, first-time clients usually start with small loans. The loan offers grow over time as trust builds between both parties.

Furthermore, the personal information of the client functions as a determining factor for the unique loan offers he gets. In other words, Migo provides each client with a range within his available credit limit. It is important to note that Migo currently does not honor requests for specific loan amounts.

What are the Migo Loan Interest rates?

Migo interest rates are not fixed. They provide Interest rates that range from 5%-25%. 

The applicable rate depends on the repayment history and loan term in question. 

Where the repayment history is good, interest rates could reduce while loan amounts increases and vice versa.

Migo also provides reduced interest rates for clients who obtain referrals.

Requirements for Taking A Migo Loan?

Migo loans qualify its potential clients for a loan based on the personal information provided. The more information they obtain, the easier it is to qualify for their loans.

Moreover, Migo loans do not require any collateral or documentation for their loan requests.

How fast are funds released from Migo loans?

Migo loans are usually making their loan disbursements after every application.

 In other words, once you meet all the requirements, loans from Migo loans are released with immediate effect.

Migo loan Repayment

Migo loans, for convenience, have provided several ways for their clients to repay their loans, they include:

1. Transfer payments
2. Online payments
3.  USSD payments
4. Cash/Bank payments
5. ATM payments

Conclusion

Migo loans provide easy loan services that are second to none, this is why it stands out among all its competitors. Migo loans give its clients the “Power of Yes!”

Microfinance banks come to the aid of the average individual in a time where other institutions can’t meet his needs. 

They provide hope for the middleman and guarantee a chance to achieve financial dreams with the little at hand.  Mainstreet Microfinance bank is one of these elite institutions whose goal is to offer the world with the very best. 

About Mainstreet Microfinance Bank

Mainstreet microfinance bank, formerly known as Afribank Microfinance Bank Ltd, is a private liability company incorporated in November 2008. Ever since it has been meeting the financial service needs of all and sundry in the informal sector.

 It also provides micro credits and other financial services for micro/small-scale entrepreneurs and low-income earners in Nigeria.

Mainstreet upholds its core values, which are integrity, innovation, teamwork, leadership, excellence and reward.

What are the Pros and cons of Mainstreet Microfinance Bank?

Pros:

1. Best  loan offers
2. Flexible collateral arrangements 
3. Easy and convenient repayment plan
4. Interest rates are highly Competitive 

Cons:

1. They require collateral even though collateral arrangements depend on loan size.

2. You will need at least two guarantors for the loan process.
3. Some loans require collateral and guarantors.
4. You will need to provide a valid ID-card, utility and proof of business ownership.
5. Loan Disbursements often occur in 3 working days or less upon approval.

What services does Mainstreet Microfinance Bank offer?

Mainstreet Microfinance Bank provides its services in three major categories.

Mainstreet offers its loaning services in several outlets, which includes a

1. Main Essential:

This service is solely for the purpose of mitigating the financial effects of a global pandemic. They offer businesses that deal with human essentials, e.g. food, health, communication, etc with easy and accessible loans. They provide an easy electronic repayment platform and a 30 days moratorium on loans, among other things. For other lending microfinance banks, you can check out this post on Nirsal microfinance bank.

2. Main swift cash: 

They offer this service to salary earners in reputable organizations and industries. It provides them with quick loans for personal needs during emergency periods. This service requires no collateral, and they make its disbursements within 24hours. 

3. Mainstreet enterprise loan:

This service offers entrepreneurs who require a capital increase with easy loans. It provides an accessible amount of 10,000,000 and a loan tenure of 6-9 months.

4. Mainstreet equips loan special: 

They offer this service to individuals/members of specialized groups, registered associations, or trade unions. Its primary aim is to acquire tangible household or business assets.  It provides a 3-24 months pain tenure and relaxed equity contribution

5. Mainstreet special edu finance: 

They render this service to legally registered private school owners. It provides a loan tenure of 6-24 months and offers a loan amount of about 10,000,000

6. Payee loan: 

This is an all-purpose loan system for valid salary earners. It provides flexible interest rate and flexible loan repayment process.

2. Retail Banking:

Mainstreet offers individual, legal entities and corporate bodies with various banking services, which includes:

1. Corporate account
2. Current account individual
3. Main save individual
4. Main target savings account
5. Greater tomorrow individual account
6. Main fix & Gold individual

3. Investment: 

Mainstreet offers its customers a chance to secure both the present and the future. They offer a Main Treasury Note investment scheme that guarantees and investor with a life long future stream of income.

What is the maximum or minimum amount you can borrow with Mainstreet Microfinance Bank?

Main street offers a minimum loan amount of N50, 000 and a Maximum amount of N50, 000,000. However, the offers made available to each customer depends on his repayment capacity. The basis for assessing this repayment capacity is on verifiable business inventory and some other criteria. 

What are Mainstreet Microfinance Bank Interest rates?

The amount of loan borrowed determines the applicable Interest rate. However, their interest rate is very competitive, hence a potential borrower need not fear.

How quickly does Mainstreet Microfinance Bank disburse loans?

Once you meet all the requirements you will receive your money in less than 3 days. As a matter of fact, disbursement may me made in 24hrs.

What are Mainstreet Microfinance Bank Repayment terms?

Mainstreet repayment terms depend on the agreement made between both parties. However, they require that you make payments on a monthly basis.

Mainstreet Microfinance Bank Loan calculator

Mainstreet Microfinance bank provides it customers with easy steps to calculate their loan and repayment process. These steps are as follows:

Input the estimated repayment amount, interest rate, and duration in a month. The calculator gives you a breakdown of the applicable repayment plan.

How can I contact Mainstreet Microfinance Bank?

Contact Mainstreet at its Head office: 94 BROAD STREET, LAGOS ISLAND, LAGOS

Or

Enrico Abutu

08068872336

0708-383-0241

Or

Visit their site: https://www.mainstreetmfb.com/branch-network/

Mainstreet microfinance bank is committed to the financial needs of its customers. They provide easy and quick loan services to augment the financial capacity of low-income earners, entrepreneurs and small businesses. 

Their overall banking services are second to none.

Taking a loan does not stop at a personal or business level, because there are countries lacking financially too. This is especially true for medium to low income earning countries who cannot meet their international financial obligations.

In such situations, there are only so many financial corporations can do to help. This is why the IMF was created, and the IMF loan arm available to countries in need.

Why does the IMF Loan Exist?

The major threat faced by the international financial system is a country in financial crisis, who cannot pay its international bills. Having countries like this could in a short while, offset the international financial system. These countries are unable to earn enough on the capital market to maintain a safe level of reserves and also meet their international payment obligations.

IMF loans exist to help member countries tackle financial problems, stabilize their economies, and achieve a sustainable level of growth. The IMF is not a bank, therefore it does not finance projects. This is the duty of development banks and other agencies.

What are the conditions for obtaining an IMF loan?

There are no fixed conditions for obtaining an IMF loan. They set the conditions through a discussion between the government of the country and the IMF. However, a country is only considered when in any of the following categories:

1. A near state of financial crisis
2. Depleted international reserves
3. Currency under attack in the foreign exchange markets
4. Economic activity stagnant or falling
5. A high number of firms and households going bankrupt.

On application (through a letter of intent), the IMF and the government agree on a set of policies aimed at attaining some specific goals and objectives. After approval, they release the loans in installments over the life of the program. They must achieve the set goals of each installment before they would release money for the next.   IMF loans usually provide a certain percentage of the financial resources required by a country.

What are the IMF Loan major lending facilities?

Stand-By Arrangement (SBA): The IMF’s Stand-By Arrangement (SBA) has been the major lending facility for member countries since its inception in 1958. Although its rates are non-concessional, they are almost always lower than a country borrowing from raising finance through private markets. In 2009, they upgraded the SBA to accommodate more borrowing limit and a higher upfront fund. Its conditions were also simplified and streamlined.

Flexible Credit Line (FCL): 

The FCL is for countries with adequate fundamentals, strong policies, and an excellent track record of policy implementation. Conditions are eased in the Flexible Credit Line, and there are no caps on the size of the credit line. They don’t phase or condition disbursements on certain policies.

Precautionary and Liquidity Line (PLL): 

This facility provides finance to balance the payment needs of countries with existing sound policies. This finance could be to meet the actual or potential balance payment of the country. Also, they design it strictly for countries with sound policies.

Rapid Financing Instrument (RFI): 

Just as the name implies, this provides rapid and low access financial support to member countries in need. It does this without the need for a full-fledged implementation or goal achievement program. This facility caters to needs including natural disasters, emergencies from fragility, commodity price shock, and post-conflict situations.

Extended Fund Facility: 

The extended fund facility is used to help countries stabilize the payment difficulties related to structural problems. These problems usually take more time to correct compared to macroeconomic imbalances.

Trade Integration Mechanism: 

Lastly, the trade integration mechanism is the facility through which the IMF provides loans to countries suffering from multilateral trade liberalization. This mostly affects developing countries and results from the decline from export earnings when it loses access to certain markets. It could also be as a result of food imports going up after removing agricultural subsidies.

Conclusion

IMF loan is a great alleviation scheme for countries in financial distress. It is most beneficial to low-income countries, offering debt relief, as well as a way to repair the damage. Encouragingly, IMF loans are a sign that a country’s economic policies are in place, and it reassures officials of the community and investors. This helps the country find additional financing from external sources. 

There are several debt instruments i.e assets that require a fixed payment to the holder, usually with interest (such as bonds and mortgages ) available in the commercial market.

 However, when in need of capital, most companies use debentures (which is a type of bond) to borrow money either for expansion or other business developments.

What are Debentures?

The word “Debenture” is from the Latin word “Debentur” which means “to owe”. It recognizes debentures as one of the major debt instruments in the commercial community.

It is a type of bond used by companies and the government to issue a loan at a fixed rate of interest. Debentures are usually long-term security and they secure it  on assets.

In simpler terms, a debenture is a document a company issues as an acknowledgement, at one point or the other, and for specific purposes, borrow a certain amount of money from the public.

Significance of a debenture certificate

This document also signifies the company’s promise to repay under some terms or at a specific future date. Therefore, Debenture holders can be referred to as creditors of such a company.

What are the types of Debentures?

There are several types of Debentures, they include

Secured and Unsecured: 

A  debenture is referred to as secured when the debt security is in an asset or set of an asset. They can also call this a mortgage debenture and they often put the assets in question in the care of a trustee.

A debenture is insecure or naked when the agreement is solely upon the credibility of the issuer. 

 Registered and Bearer:  

When a company registers a debenture, it means the issuing company has recorded certain details such as name, address, and other holding details. 

They must update this record whenever they transfer the debenture to another holder. This is quite important as the issuing company only pays to a registered holder.

An unregistered however is a bearer debenture where transfer procedures come easy such that they can make it to a new holder by mere delivery. Here, whoever produces the coupons attached to the debenture certificate gets paid.

Convertible and Non-Convertible:

When a debenture is convertible, it means the holder gets to convert his holdings into equity shares. However, information as to the time and rate of such conversion must have been clearly stated in the terms of the debentures agreement as at the time they issued it. 

As opposed to this, non-convertible debentures do not provide for conversion. It is a simple debenture that cannot go beyond the original purpose of a debenture which is debt.

First and Second:

This is an extension of the Secured / Mortgaged debentures. 

It must fulfil two major obligations on the assets obtained as security, respectively.

It refers the primary and first charge over the asset to as first mortgaged debentures while they know the second charge as the second mortgaged debentures

Redeemable and Irredeemable:

A company regards a debenture as Redeemable where a specific date has been fixed on the debenture certificate for redemption. This puts the issuing company under a compulsory obligation to repay the principal amount to the debenture holder on the date assigned. 

Irredeemable debentures or perpetual debentures are a direct opposite, there is no record for a redemption date. Redemption here is usually either done on the company’s liquidation or according to other terms of the agreement between the company and the holder. 

How does Debentures work?

Ultimately, a debenture doesn’t work like a strictly configured standard product. 

Established on the agreement made between a company and the debenture holder. They both decide the terms and conditions to follow in the debenture agreement. 

Debentures are like traditional bonds with the only difference being the fact that debentures do not require collateral. They usually buy Debenture bonds on the assumption that the company borrowing will repay. 

 However, if the company runs bankrupt or goes out of business, its assets will be liquidated, and they make an order to pay all its potential lenders.

What are the Advantages and Disadvantages of Debentures

The following are the salient advantages of debentures:

1. It provides investors with fixed income and interest rates at lesser risk.
2. A company can issue Debentures without having to give up the control of its equitable shareholders.
3. The interest payment on debentures is tax-deductible.
4. Sourcing for finance through debentures is less costly as compared to other debt instruments. 
5. Debentures do not cover/affection a company’s profits. 

Disadvantages

1.  It reduces a company’s borrowing capacity. 
2. Where under a redeemable debenture, it legally binds a company to comply with the assigned date irrespective of its financial strength at that time. 
3. Debenture puts a company at risk during market fluctuations because it places a permanent burden on its earnings. 

Conclusion 

To secure the future of any company, capital is a necessity and it is best to venture into business expansion or projects using debentures in situations where your company’s sales, profits, and earnings are stable.