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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. You can learn when and how to get IMF loans in the article written here.

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.

About Xcredit Loan

Xcredit is a mobile application platform developed by a fintech company based in Lagos. The platform is strictly online, although they do have an office in Lagos Nigeria. You do not have to visit their office to enjoy their services.

Xcredit Loan App

At the time of this publication, the Xcredit loan app is only available for Android devices on Google Play Store. With the app, you can easily access a personal loan. They do this by using the data on your phone including your SMS history to verify your identity and create a credit score.

How To Apply For A Loan

Applying for an Xcredit loan is pretty simple. You just need to follow the steps below:

• Create an account
• Apply for a loan
• Receive your loan straight into your bank account
• Build your loan limit each time you repay a loan

Is Xcredit Loan Legit?

Considering the fact that we’ve seen people get loans from them, we can say it is legit. A loan platform should be able to grant loans to be seen as legit right? Well, maybe not

Customer Care

We have seen lots of complaints about the Xcredit customer service. Some customers claim that the customer service personnel have been unprofessional in the way they reach out to you when your loan expires.

To contact them, you can search for their Facebook page ‘Xcredit’. The page has neither a customer care number nor any other Xcredit contact. You’ll need to send them a message on the platform.

Pros and cons of Xcredit Loan

Pros

1. Quick and easy access to loans.
2. No collateral.
3. No paperwork.
4. Zero service fee charge.

Cons

1. Xcredit is available for a maximum tenor of 180 days. This makes it suitable for only short term loans.
2. They currently only offers loans up to N500,000.

What are the minimum and maximum amounts you can borrow from Xcredit?

The Minimum loan amount Xcredit offers is N5,000, and a maximum of N500,000.

Interest rates

Xcredit offers an interest rate of 12% of the amount borrowed. For example, if you borrow N10,000 for a tenor of 120 days, then at maturity, the total interest would be:

N10,000 * 12% = N1,200.

Are there other charges applicable to Xcredit?

No, there isn’t. Xcredit charges a 0% service fee on every loan you borrow. The loan amount is sent directly to your preferred bank account.

What are the minimum requirements for taking an Xcredit loan and how do I apply?

All you need to obtain a loan from Xcredit is a functional bank account and an account with Xcredit. Follow the steps below to apply for a loan:

1. Download and install the XCredit mobile application form google play store.
2. Create your XCredit account and input all requested information.
3. Apply for a loan.
4. They pay the loan directly into your bank account.

Note that your loan limit builds up every time you repay a loan.

How quickly are Xcredit loan funds released?

It only takes a matter of minutes from application to disbursement of the loan into your account.

Xcredit Repayment terms

Terms that apply to the repayment of Xcredit loans are:

1. An interest rate of 12% the amount borrowed.
2.  A maximum tenor of 180days, after which the loan would have to be paid.

Conclusions

Taking loans is easiest with Xcredit. No collaterals, no paperwork, and it is accessible to anyone with a bank account. You should take advantage of this easy loan offered by Xcredit to meet emergency and unexpected needs as they arise. You can learn about loan calculator here.

Although loan services have saved each of our skins at least once, many of them are still difficult to access. This is true especially when you need a tangible sum and in a matter of hours. The regular loan application process might take days to process. This was why Polaris bank payday loan service was developed. It removes all the loan difficulties while leaving the benefits unscratched.

About Polaris Bank

Polaris Bank is one of the largest financial institutions in the country, with over 350 branches. They pride themselves in delivering excellent customer services in commercial banking through a state of the art Information Communication Technology. Polaris Bank was established on CBN’s approval in 2018, after acquiring assets from Skye Bank.

What are the pros and cons of Polaris bank payday loan?

Pros:

1. Easy and quick access to funds for emergency needs.
2. You can access up to 70% of your monthly net income.
3. It requires no collateral.
4. Loan processing time of 24 hours at maximum.
5. Competitive pricing.
6. Minimal documentation.

Cons

1. You can only withdraw up to 50% of your future salary.
2. The maximum amount you can get depends on how much you earn.

What is the maximum amount you can borrow from Polaris bank payday loan?

You can only access up to 50% of your next salary through Polaris bank payday loan. After this, pay off your debt before access to another loan is granted. Do the quick math by dividing your salary 2. The answer is the maximum amount of loan you can take.

How do I access Polaris bank payday loan?

You can do that through either of the following means:

1. USSD code by dialing *833*12# on the SIM linked to your account.
2. Follow the prompt to get access to the Polaris bank payday loan service.

Also, you can visit any Polaris bank branch closest to you to complete a loan application form. This form is to be submitted with other requested documents.

What Interest rates does Polaris bank payday loan offer?

Interest rates vary depending on the amount of your salary, and other factors too. The interest rate on every loan you apply for is indicated before approval. It could vary or remain stationary from time to time, especially if you apply through the USSD code.

Are there additional fees to taking a Polaris bank payday loan offer?

They charge only interest rates on loans obtained through Polaris bank payday loans. Polaris bank would indicate the interest rate and other information during the loan process.

What are the minimum requirements for taking up a Polaris bank payday loan?

The minimal requirements for taking up a Polaris bank payday loan are:

1. You must be an employee of a reputable organization in the private or public sector.
2. Your salary account must be domiciled with Polaris Bank.
3. You must agree to all showed terms and conditions indicated on the loan application form.

How quickly would I receive the funds?

Polaris bank payday loan is about the quickest salary loan scheme. It is as fast as trying to recharge your line or borrow airtime. The average disbursement time is less than 1 minute

What does the Polaris bank payday loan Repayment terms entail?

Repayment is easy. When due, they would debit the sum to be returned from your next salary. You do not have to worry about raising money to pay. Therefore, the service is available to only salary accounts domiciled with Polaris bank.

Conclusions

Polaris Bank payday loan simplifies loan services to the bare minimum. As far as you have a steady income, you can always access up to 50% of your future salary. It is easy to access, with no documentation or collateral required. If you are in a lurch and need financial assistance, Polaris bank payday loan is surely your best bet.

If you are looking for a loan with a flexible payment plan, longer tenure credit, and lower equity, then look no further than a UBA loan.

From personal loans to asset finance, a UBA Loan will offer you a way to settle pressing financial needs. You can also harness the loan opportunity to expand your business through asset finance.

Why choose UBA Loans?

UBA Loans are defined to meet your needs. Some general benefits are:

1. Different loans are available for specific uses.
2. Competitive interest rates.
3. Convenient and flexible repayment terms.

What services do UBA Loans offer?

Personal Overdraft: 

This is a short-term loan option available to staff of reputable private and public organizations. It allows you to overdraw your current account by 6 months and has a maximum amount of 3 million. You repay 5% interest on the amount borrowed every 30 days when your salary is paid. It is further classified into executive personal overdraft and revolving personal overdraft.

Qualification:

1. Annual income after-tax minimum of N5million for an executive personal overdraft, and N2.5million for a revolving personal overdraft.
2. Your UBA account must be your salary account through which they have paid salaries for at least 3 months.

Documents required:

• Loan application form.

Asset Finance: 

This credit program gives you an opportunity to purchase assets that you cannot finance immediately.

Qualification:

1. You must be an employee of a reputable organization in the private or public sector.
2. They must have paid your salary through UBA for at least 1 month.

Document required:

• Loan application form and Pro-forma invoice.

Personal Loan:

Personal loans provide extra cash to quickly meet emergencies or casual needs like pay medical bills or get your car fixed.

Qualification:

1. This loan is available to everyone with a UBA account.

Document required:

• Loan application form.  

Cooperative Loans:

Just as the name implies, this service provides loans to cooperative societies of reputable companies. It has a minimum opening and operating balance of N2,000.

Qualification:

1. Available to only cooperatives of reputable companies.

Document required:

1. Letter of request to the manager of your business, signed by executives of the cooperatives. This letter should state the amount and tenor of the loan required.
2. This letter is to be submitted along with other supporting documents as requested by the bank.

Cash Collaterised Loan:

This allows you to get credit in Naira, Pounds sterling, US dollar, and Euro. It does this through your cash deposits, investments, and their equivalents with UBA or other finance institutions acceptable to UBA.

Qualification:

1. You must have cash deposits, or investments and their equivalents with UBA.
2. Your past 3 month salaries must have been paid through UBA.
3. Employees discussing or selling consumer credit products.

Document required:

1. UBA consumer loan application form.
2. Letter of Lien or set-off or Deposit Hypothecation Agreement in your name.
3. Letter of confirmation of collateral.
4. Original certificate of deposit or savings passbook.
5. Memorandum of charge over the investment or cash deposit.

Ensure that all documents provide a rollover instruction where necessary.

If the pledged cash deposit is not in your name, you would need the following extra documents:

1. Guarantee form.
2. Complete domiciliation of proceeds form.

If the pledged deposit or investment is in the name of an association or liability limited company, you would need:

1. Your constitution or memorandum Articles of association. 
2. An executed board resolution of the organization authorizing the pledging of cash deposit to the bank on other parties behalf of another party.

How do I apply for UBA Loans?

1. Visit their official website at www.ubagroup.com/nigeria/loans-payments/. On the website, you can download a copy of the specific loan application form that you are interested in.
2. Fill the form and any other required documents as directed on the site.
3. Submit to the customer service officer in your nearest branch.

You can also get the loan form from the customer service officer too if you cannot download it.

What are the requirements for UBA Loans?

The UBA loan requirement depends on the type of loan in question. They state each loan service and their respective requirements in the “What service do UBA Loans offer” section above. You can download the Loan form and documents required for each loan from their website or get it at any branch.

Conclusion

UBA offers loan services that cater to your immediate and investment needs. Their loan forms are easily accessible online at the comfort of your home. As far as you meet the requirement, take UBA loans to aid you today.

Microfinance banks are on a rapid rise in Nigeria and especially helped small to medium-sized enterprises (SMEs) with loans. AB Microfinance is one of those banks with a rich history of success since its establishment in 2002. 

It has several branches spread across the country, including Lagos, Oyo, Ogun, and Ondo State.

Just like Nirsal microfinance bank, AB provides loans to individuals and SMEs that need it, at no stress, and competitive interest rates. They are licensed by the Central Bank of Nigeria and committed to improving financial accessibility all around the country.

What are the AB microfinance loan requirements?

1. A valid ID card.
2. Proof of business ownership.
3. At least one guarantor.
4. Flexible collateral arrangement depending on the size of the loan.
5. Your business location must be within the bank’s lending area (Lagos, Oyo, and Ogun state), and it must have existed a particular period.
6. You do not require an account with AB microfinance to get a loan

Services offered by AB microfinance

Savings and account

1. AB Current Account: 

With this account, you have unlimited access to your money any day, any time. It is available for both individual and corporate bodies and has no restrictions. Some of its benefits are:

• No maintenance fee
• SMS alert services, and
• Encashment of cheques.

2. AB Savings Account: 

AB savings account helps you keep your money with an added advantage of a competitive interest rate. Your funds are accessible anytime without forfeiting interest on withdrawal, and the account is accessible to individuals and corporate organizations. 

Some of its benefits are:

• Attractive interest rates
• Simple account opening process, and
• Free statement of account.

3. AB Term Deposit Account:

The deposit account allows you to fix your money for a particular duration and gain outstanding interest rates. Some of its benefits are:

• Minimum of N30,000
• Competitive interest rates
• Maturity duration of 30 – 360 days.

Credit

1. Micro Loans: 

As an entrepreneur, you can easily access a quick loan in Nigeria through this AB Microfinance service. Loan value ranges from N15,000 to N3 Million and has maximum maturity of 18 months. 

Some features of this loan are:

2. No compulsory deposit, savings, or cash collateral required.
3. They do not require audited financial statement.
4. Flexible collateral arrangements.
5. Flexible documentation requirements.

2. SME Loans: 

They design this service for SME owners. It offers you access to transparent and quick loans to build your business.  You can access up to N20,000,000 but require collateral, and it has a maximum tenor of 24 months.

3. Housing Loans:

 Just as the name implies, housing loans offer you access to loans for your housing projects. The available amount ranges from N300,000 to N3,000,000. In this service, you also have access to access quality building materials and free expertise on house designs.

E-banking

AB microfinance also has other services like commercial banks, which makes accessing their services much easier. These services are:

1. Payments/ Cash Deposit.
2. Mobile Banking.
3. Instant Fund Transfer.
4. Debit Card/ ATM Card.
5. Point of Sale (POS).
6. NIBSS Instant Payment (NIP).

How to borrow from AB Microfinance

AB microfinance currently offers up to N5,000,000 loan, which expands to N20,000,000 for SME business owners. If you meet all the loan requirements as earlier stated, take the following steps to apply:

1) Proceed to any of their branches to make a loan proposal. Ensure you go with all the necessary documents as stated earlier and a sizeable collateral compared to the loan.

2) Your proposal would undergo an immediate on-site assessment by qualified personnel. After this, they forward it to a decision committee for final approval.

The duration before loan disbursement depends on the amount in question. For example, applying for a high-value SME loans takes a week. Also, note that:

• A disbursement fee which is 1% of the disbursed amount, is charged for all loans.   
• All loan proposals are to be made in any of AB microfinance official offices. You can visit their official website at https://www.ab-mfbnigeria.com/contact.php to see the closest office to your location and their phone contact.

How much can I borrow from AB Microfinance and what is the interest rate?

The minimum borrowing amount for AB microfinance is N15,000, and a maximum of N20,000,000. The amount accessible to you depends on your repayment accessibility. During this process, business inventories, assets, and other criteria are taken into consideration.

Conclusion

AB microfinance offers one of the easiest ways to get loans, with only a valid ID and proof of business. As far as your business falls in the banks’ lending areas, receiving a loan is very easy. 

The bank also offers flexible collateral and repayment arrangements, as well as competitive interest rates. With the wise use of AB microfinance loans, you can easily take your business to the next level.

The major scare when taking loans in Nigerian banks today, are the endless documents requirements, coupled with a series of obligations and processes you have to go through.

Wema Bank loans pride itself in making things easier, by offering realistic requirements and simple processes to get loans.

The paper works don’t go away, neither does guarantors (depending on loan type and sum). However, they have built a system that is both quick, efficient, with categories that cater to every financial pressing need..

How to get Wema Bank loan

Wema Bank loan process can be initiated by visiting any of their physical offices between 8 AM – 4 PM. You can also contact them at the comfort of your home or wherever you are, through the consumer loan portal on their official website (wemabank.com).

Types of available loans for Wema bank

They design the Wema Bank loan system to cover all of your needs, both personal and external obligations.  There are three categories which include:

1. School Fees Advance

This loan category extends a hand of help to you when in a fix for children’s school fees. It affords you up to 3 million naira advance and has a minimum facility amount of ₦50,000.

The loan contract spans for a maximum of 3 months for nursery, primary and secondary schools, and 9 months for tertiary institutions per request.  They pay the tuition fees directly to the child’s school.

Documentations required for this Loan are:

1. Completed school fees advance form.
2. Letter of introduction (to determine the employment status of the parent).
3. An irrevocable letter of domiciliation from your employer.
4. Invoice of school/ tuition fees.
5. Valid proof of identity (Driver’s License, National ID, International Passport, or Voter’s Card).
6. Proof of address, i.e. utility bill.
7. Last three months’ payslip.
8. Six month’s salary statement of account for customers whose account is not domicile or cannot be with Wema bank.

2. Wema Asset Acquisition Scheme (WASS)

This category covers loans you might need when acquiring a new asset. It also offers its services regarding staff loans for businesses. The minimum WASS loan facility stands at ₦500,000 and covers assets like new and pre-owned vehicles, and mid-sized generators only. 

The facility runs from 6 to 48 consecutive months and finances only brand new assets.  

Benefits

1. Low equity contribution of 20%.
2. Well-structured fee payment and competitive interest rates.
3. It provides group asset acquisition schemes that enable organizations to motivate staff.
4. Easy own now, use now and pay later.
5. It removes the financial burden associated with outright asset purchases.

Documentations required

For individuals with account domiciled in Wema bank:

1. Completed WAAS application form.
2. Letter of introduction from your employer’s HR.
3. Means of identification.
4. Last 3 months payslip and bank statement.
5. Utility bill and customer KYC form.
6. Pro-forma invoice issued in the bank’s name.
7. Credit Bureau report and completed CRMS 100 form.
8. Wema bank salary account 1-month credit.
9. Domiciliation letter endorsed by your employer.
10. Debit authorization and irrevocable undertaking to fund personal account.

For individuals with account not domiciled in Wema bank, you would require:

Irrevocable standing order from your external bank in favour of your Wema bank account, and personal current account details, in addition to all the documents listed above.

For self-employed professionals:

1. Completed Application Form.
2. Personal Current Account with Wema Bank.
3. Letter of Introduction endorsed by your company’s director.
4. Means of Identification (Statutory and Official).
5. Recent 12-month bank Statement.
6. Utility bill with customer form (KYC).
7. Certificate of Registration/incorporation.
8. Particulars of Directors.
9. Corporate/Company Profile.
10. Pro-forma Invoice issued in the name of Wema Bank.
11. Credit Bureau Report and completed CRMS 100 Form.
12. Direct Debit Authorization & Irrevocable Undertaking.
13. Duly completed loan application form.
14. Letter of introduction signed by your authorized employer.
15. An irrevocable letter of salary domiciliation.
16. A representative of Wema Bank must independently verify Signatories.
17. 3 months’ payslip or account statement as proof of income.
18. Proof of address and a recent copy of utility bill.
19. Proof of identity with staff ID (National ID, international passport or driver’s license may be required).

3. Personal loans

Personal loans are exclusive facilities for salary earners only. It is accessible by employees who operate salary savings or a current account with the bank. 

Other parties that can benefit from this include; formally employed staff of companies pre-approved by Wema bank and groups of salary earners under a registered association.

Loan details and benefits

1. Easy mobile and internet banking services.
2. No maintenance fee on the current account.
3. Quick disbursement (48 hours).
4. Stress-free application process from your office.
5. Loan top-up after 6 regular months of down payments.
6. Maximum loan tenor of 36 months.
7. Highest obtainable loan amount of 7 times of net income subject to a maximum of 2 million.
8. New customers would provide salary domiciliation and 3 months of evidence of consistent salary payment.

Documents Required:

1. Completed loan application form.
2. Letter of introduction (from employer).
3. An irrevocable letter of salary domiciliation.
4. 3 months’ payslip as proof of income.
5. Proof of address supported by a recent utility bill.
6. Proof of identity with staff ID (National ID, international passport or driver’s license may be required).

How soon do I have to pay back my Wema bank loan?

The duration depends on the type of loan, and other precise details in the loan contract. Requirements and obligations are always stated plainly on the loan form, to inform you of all it entails. Ensure you read through thoroughly.

Conclusion

Wema bank loans are easily accessible, covering your peculiar needs as they arise. Contact Wema bank for their convenient loan services today. 

We all need a little help now and then. No one is an island, and to be honest, going far can look a little easier when you have support.

As you may already know, the required help can be hard to find

In this article, we talk about one of such olive branches; the Lagos State Employment Trust Fund, what it entails and everything in between. 

What is the Lagos State Employment Trust Fund (LSETF)? 

Small and medium-scale enterprises or micro-businesses can find it difficult to stay afloat.

Whether it is cash flow problems or inability to break even, the challenges they face are many.

In recognition of this, they set the Lagos State Employment Trust Fund up. 

The primary aim of the LSETF

The Lagos State Employment Trust Fund (LSETF) is an initiative set up by the Lagos State Government.

The initiative extends the government’s will and desire to grow and develop the economy of Lagos by providing access to financial help to small, medium-scale enterprises and micro-businesses that have the state as their base of operations.

The LSETF at a glance

The initiative provides loans to startup, small and medium-scale enterprises, or to sustain existing ones. 

Recognizing the scarcity of white collar opportunities, and the resulting increase in unemployment, the LSETF seeks to combat this negative trend by providing the assistance to keep alternative means of employment alive. 

How much is available in the Lagos State Employment Trust Fund?

Micro businesses are eligible to get amounts up to N500,000 in loans. at 5% interest rate per annum,

Small and medium-scale enterprises can get amounts of up to N5,000,000 in loans.

How much interest is charged on the Lagos State Employment Trust Fund? 

Micro businesses can get up to N500,000 at an interest rate of 5 percent per annum.  They charge the same 5 percent interest on loans given to small and medium-scale enterprises. 

Pros and Cons of the LSETF

They have the following benefits listed below

1. They charge low-interest loans granted, and
2.  It offers a substantial loan amount.

We have only one major con of the LSETF

1. They restrict their services to only residents in Lagos state. 

Eligibility requirements for the Lagos State Employment Trust Fund

These are the requirements that render you and your business eligible for the LSETF

We have listed below items for your attention

1. Government Identification
2. Notarized Guarantor Forms
3. LASRRA (Lagos State Residents Registration Agency) Certificate and Tax Identification Number
4. Training Certificate
5. Passport photographs
6. Evidence that you have incorporated your company with the corporate affairs commission. Your CAC Certificate.

The LSETF Learning Center

The learning center of the Lagos State Employment Trust Fund teaches prospective and existing business owners on how to begin and sustain their businesses. 

The following range of topics are discussed

1. starting your own business
2. Managing your business
3. How to get government contracting in Nigeria, and
4. Reports on economic highlights.

Conclusion

If you’re looking to start your own business or you’re looking to grow and sustain it, an influx of cash is enough to settle those needs. Start-Up loans from the government like the LSETF are a significant source of financial help.

Seeking business support through loans?

Then you should consider the Lagos State Employment Trust Fund. You can also get Federal loans here to start your business.

They established city securities Limited in 1977, and a little thereafter, First City Merchant Bank in 1982. It was the first local bank in Nigeria to be established without governmental support, and since then has grown into a large financial institution in existence today. 

They also launched the FCMB microfinance bank, a subsidiary aimed at providing financial services to the under-banked or unbanked low-income sector.

We would review their services in this article, along with every other thing you should know. The goal of FCMB Microfinance Bank is to better the unbanked sector.

Why FCMB Microfinance Bank?

Banking services are virtually in every part of the world today and in almost every country. Whether small scale to international institutions, many people have access to easy and quick financial tractions.

However, there remains a sect that is largely under-served or even completely has banking services out of their reach. This result was from a survey carried out by FCMB, which showed that access to financial services in Africa is worse for women than men, despite their growing importance in the home. They established FCMB microfinance bank to address this need.

If you are in this category therefore, that is why you should subscribe to their services today.

FCMB Microfinance Bank Initiative – “E DON BETA”

As an indigenous bank established decades ago, FCMB has laid down structures that assist low income earners involved in businesses that earn daily income. They also offer them sustainable growth opportunities they can exploit to expand their businesses.

The “E DON BETA” (Pidgin language for English statement “it has gotten better”) initiative is designed for group lending and targets economically active women. This program creates financial awareness and empowerment for this category of women through the provision of micro-loans at a fair cost.

Who can access FCMB Microfinance bank loans?

The service is available to unbanked and under-banked low-income women for savings, credit, and other financial support. If you fall into this category, you can access low cost micro-credits and all the other services they offer.

FCMB microfinance bank qualities

Here are three major qualities you would get when you bank with them:

1.  Fast and easy Access to finance:

 FCMB microfinance bank makes it very easy for you to access banking services by bringing it closer to you. This is especially true in loan access for you to finance business undertakings. The entire process takes a quick time.

2. Responsiveness: 

With zero collateral requirements, you can get just the amount you need as a low-market income earner. The bank instead leverages mutual trust and group associations to provide loans for you.

3. Excellent customer service:

This starts with FCMB matching you with employees who speak your local language, therefore you can communicate in your more convenient language. Their staff also are friendly, well-mannered, down to earth, and ready to provide you with all you need.

How do I contact FCMB microfinance bank?

You can simply walk into any designated physical outlet or call 070 0777 7778.

Conclusion

Microfinance bank provides opportunities for low-income women to expand their businesses through loans.

They have a quick response time and a less complicated process for taking these loans. The best of all is that you do not require any collateral. Ensure you take advantage of these services and grow your businesses today. You can check out posts on commercial bank loans like the Zenith Bank loan.

We live in tough times. Loss of jobs and income is the new normal even as are navigating through a global pandemic.

This is by far one of the most challenging years we’ve experienced globally; however, there is a sense of relief that comes with knowing that there are resources such as Paymyrent who can grant much-needed help.

Paymyrent is a resource available for salary earners in Lagos to help augment the annual rent imposed by most Landlords. Keep in mind that paymyrent is a loan resource that will need to be paid back. 

It is merely a way to get the much-needed cash you need without fronting everything. It only offers the convenience of splitting payments instead of cashing out a lump sum.

In western economies, they pay rent on per month; however, the distrust in a community demands that landlords request for annual lease, some even ask for two years in advance. Paymyrent can help with easing some of those financial burdens.  

There are two methods in which this resource can come to play – You’re renting a new apartment, or you are renewing a lease.

How does this work if you are renting a new apartment?

1. There are only specific properties in Lagos That accept paymyrent’s arrangement, so you must go to www.paymyrent.ng to find and select a property.
2. Inspect the property with an agent
3. After you’ve decided on the property, you’d like to proceed with, fill out a loan application, and submit the requested documents on the website.
4. If approved, you’ll pay paymyrent.ng 50% of the rent cost
5. Paymyrent will pay the landlord 100% of the total rent cost.
6. Monthly payments will be paid to paymyrent until you pay the total amount in full. 

How does this work if you are renewing a lease?

1. Fill the application form on www.paymyrent.ng
2. Send the requested documents.
3. If approved, a line of credit will be given to you with the recommended amount.
4. Pay a verification fee of N7,500
5. The loan gets credited to your account.
6. Monthly payments will be paid to paymyrent until you pay the total amount in full.

Easy, right? We thought so!

So who can qualify? 

Salary earners in Lagos. A general rule of thumb is that your yearly rent, when broken down into months, shouldn’t be over 30% of your gross income. 

So, for example, if you earn N150,000 per month. You shouldn’t be spending more than N45,000 on rent (150,000x 30%), which means you shouldn’t be paying more than N540,000 (N45,000 x 12) per annum on rent. Keep this in mind when renting so you do not borrow so much that you have difficulty paying back.

Conclusion

Even though paymyrent is a loan resource, the convenience it offers and the ease of the process is unmatched.

It helps you save towards paying a rent conveniently as a loan resource and protects its users from rent worries. However, it should be managed carefully.