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Getting a loan in Nigeria is inevitable, whether it’s from a loved one or an institution; almost everyone probably has a story where they had to obtain a loan. 

Access bank plc offers you a range of loan products to finance that need which made your request for it in the first place. Their loans provide you with dependable financial solutions which help you achieve your goals. Some of them include;

1.  Lending Against Turnover (LATO): This is an instant loan product that targets non-salary account holders who already have a relationship with the Bank for over six months and above. This type of loan requires no documentation or collateral from the recipient and lasts for 30 days. You can conveniently apply for this type of loan through a USSD code. See USSD code for loans in Nigeria.

2. Personal loan: This type of loan targets employees to empower their needs through a salary administration product. It is flexible to the employees leave and lasts for 36 months. 

3. Salary Advance: This type of loan gives employees access to up to 100% of their net monthly salary. It requires no documentation or collateral and can easily be applied for through their quick bucks app or USSD code. The individual is to repay within3 months.

4.  W Power Loan: This unique Access Bank loan product helps close the financing gap for female-owned businesses. W Power Loan provides them access to loans and credit facilities.

5. Vehicle Finance: If you have been looking for a way to acquire a new car conveniently, this loan from Access Bank gives you the money you need to make this happen. It is open to salary earners, SMEs owners and Corporate organisations. You get access to a wide variety of vendors, and you’re to pay back the loan within 48 months. 

How Does The Access Bank Loan Work?

Each Access Bank loan product has its requirements and features which allows the prospect review and determine the most suitable loan product for their needs. It brings us to a technology which will enable you to evaluate these products and decide whether you can go through with it. This technology is the Amortizing Loan Calculator. With this calculator, you can find out how much money you can borrow based on your monthly payment, or you can find out what you’ll pay monthly based on how much you want to borrow. Scrutinize all the details before making a decision.

How to Apply for a loan from Access Bank

Modern technology has made it easy to request for a loan without leaving your home. To obtain a loan from Access bank, you can use the Quick box application which is available from your device’s store or use a USSD code specific to the type of loan you’re requesting for. You can also visit any of their ATMs to apply for a loan. 

Access Bank Loan Requirements

While most loan products require the applicant to submit specific documents to enable their evaluation, some documents are vital and apply across almost all the products. They include:

1. Completed Application Form
2. Completed Employee Status Inquiry/Employer’s Confirmation Form
3. Evidence of Confirmation (Letter of Confirmation, Last promotion letter etc.)
4. Copy of Employment ID and valid means of identification
5. BVN
6. Credit checks
7. Letter of Lien/Set-off

Access Bank Loan Repayment

When you receive a loan from Access bank, they will duly inform you on how to repay the loan. For most of the products, you will pay monthly instalments after about 30days of receipt. This amount is automatically deducted from your account every month, to save you from the stress of visiting your banks.

Conclusion

With a variety of loan products to choose from, Access Bank has simplified getting access to quick loans in Nigeria. To make it easier for you, they have different channels with which you can conveniently access their loans and make more enquiries. Some of their channels include their  Access Mobile App, Internet Banking, WhatsApp Banking, and QuickBucks App.

Also, you can walk into any Access bank branch to access the Development Bank Loan.

C24 Loan – An Overview

C24 limited is a consumer lending company that offers loans in Nigeria without collateral. As the company tagline “Money to keep you going” suggests, C24 understands that regardless of whatever financial constraints you may be experiencing, Life goes on, you need to pay bills.

They provide solutions to your financial problems with a fast and flexible loan application that takes five minutes to complete.

Before choosing a loan package, it is wise to use a loan calculator. It’s effortless to use, you enter the loan amount, and as you move the slider around, it will help you automatically calculate the monthly and total repayments for that particular plan.

C24 Loan Types You Can Apply for

1) Personal Loans

As an individual, you may apply for a C24 personal loan of up to two million Naira. This loan can help sort out bill payments, house rent, medical bills, etc. To apply for a personal loan, you are required to have:

• A passport photograph
• A valid national ID (Drivers License, International Passport, National Voter’s Card)
• An employment letter to confirm that you are an employee or have a sustainable means of income
• 6 months bank account statement
• Company Identification
• Direct Debit Mandate

2) Business Loans

C24 offers three kinds of business loans. These include:

• Overdraft: This loan assists clients’ businesses in the event of emergencies. This facility enables you to withdraw more money than you currently have in your account, granting you access to emergency funds.

• LPO Financing: This package grants reputable vendors and contractors access to advance capital required to carry out work and purchase orders. It ensures continuity for the business operations and ultimately fosters growth and expansion.

• Lease Financing: As the name suggests, this allows beneficiaries to purchase equipment, tools, and machinery to invest for business use. You can conveniently spread payments over some time. It is particularly relevant for Entrepreneurs and Startups.

C24 Loan Requirements

•  A recent passport photograph
• A formal letter requesting the loan, written on your company’s letterhead
• A signed direct debit mandate
• A copy of your most recent utility bill.
• A valid means of Identification

• You must be actively employed or must have worked for at least six months before the loan application
• You must be up to the age of 22
• You must have a functional bank account
• You must have sufficient transactional history to show that they can payback 

C24 Loan Repayment

C24 loan offers an interest rate of 4% per month and a one time 4% management fee. Not to worry, the management fee is already part of your repayment plan.

C24 gives you within three to nine months to repay your loan, and you can do this via Direct debit, Cheques, and POS terminals.

It is significant to note that once you default on your payment date, C24 charges you 1% for each day of default.

Generally, C24 loan is a bit more expensive than other loan options but comes in handy if you need an urgent solution and can pay back within a short time.

Pros

• The maximum loan you can get is high
• The approval process is fast

Cons

• Geographically restricted to Lagos
• Lots of paperwork

Quickteller Loan – An Overview

Quickteller is a financial service application that enables you to make online transactions like sending and receiving money, airtime, paying bills etc. The digital payments company, Interswitch developed and maintain this application.

Interswitch is a digital payments and commerce company. They facilitate electronic payments and value of exchange between individuals and organizations across Africa.

The company began operations in 2002 as an e-payment processing company and have since gone on to become pioneers of innovative digital products and services, improving the ways we make payments online. The company also owns Verve, which is the first payment card to be accepted nationwide. Verve is also i in 21 African countries and 185 countries all over the world.

Apart from being one of the most used e-payment platforms in Nigeria, Quickteller also offers fast loans.

So If you are in need a quick short-term loan, Quickteller has got your back.

It’s safe, reliable and most importantly, hassle-free. You can get your loans in minutes. To access their credit, you will have to visit their platform and navigate to Quickteller loans. One more exciting thing about the loan product is that you neither need collateral nor a guarantor to borrow money. It’s straightforward to get and requires no paperwork from you.

This loan facility offers up to N50,000 depending on the customer’s financial history.

How To Successfully Apply For A Quickteller Loan

Quickteller is a great option to explore for a loan in Nigeria. Before you can apply for a Quickteller loan, you will have to register on their website. You sign up by filling in your details which would include your name, email, password, and mobile number. After filling in your information, you will get an OTP (One-time pin) on your mobile device. This One-Time Pin will is what you need to activate your account on the space provided on the Quickteller site.
The next step to take is to sign in to your Quickteller account, add your bank details, and then make a request for a loan.

After registering you can now apply for a loan from your mobile device. Dial the USSD code *3226# and follow the prompts to apply. You can also request a loan via the Quickteller mobile app. Yes, it is available for both Android and IOS users so nobody will miss out. You can check out other USSD code for loans in Nigeria.

As soon as you meet the loan requirements, your request will get approved, and your account receives the money within a matter of minutes.

Quickteller Loan Repayment

Paying back the loan is as easy as getting it. You can conveniently repay your loans through various channels. Payments occur via ATMs, the Quickteller app or at the bank.

Quickteller offers between 3%-15% interest rates over a repayment period of between 10 days to 3 months. The interest rate of the loan depends on the lender’s evaluation of the applicant’s financial record.

However, it is essential not to take your loan repayment plan for granted. If you fail to pay back the loan as at when due, Quickteller will blacklist you. They will also report you to several institutions, making it hard for you to get future investment.

Conclusion

The Quickteller loan is an efficient solution for individuals who need quick cash to sort out emergencies and unexpected payments. Loans attract little or no hassle, and this guarantees that the average man has access to the loan package.

Banks onboard with Interswitch’s lending services include UBA, First Bank, Fidelity, Ecobank, and many others.

The Company

Page Financials is a one-stop-shop for meeting financial obligations. Regardless of what your financial objective is, loans, investments or bills payment – Page Financials is just for you. They got their license from Central Bank of Nigeria (CBN) as a financial service provider in 2011 and have been providing cutting edge digital solutions to date. Their mission is to empower customers to be financially smart.

The company has a strong team of professionals with several years of experience in financial and corporate service solutions. As a company, their driving forces are integrity, empathy, innovation, value creation, mutual respect and cooperation

The App

Ratings – 3.4-star rating

Downloads – 50k downloads since 2015

Year of Release – 2015

Version – 3.1.8

Page Mobile App is a source destination for mobile financial transactions. You can get instant loans to meet urgent financial obligations, effect a money transfer to another account, investments at high-interest rates, recharge airtime, and pay bills anytime. All these and more are available on the mobile App.

The Page Mobile App is safe, convenient and no transaction charges.

How To Use This App

1. Search for the app “Page Financials” on Play Store or App Store to download
2. Click on ‘Create account’ once the download is complete
3. You will be required to provide your Bank Verification Number details (this is only for the verification of your details).
4. A one-time password (OTP) will be forwarded to the phone number you registered with. Make sure it is associated with your BVN. 
5. You will need to fill in the OTP, residential address and email. 
6. You will receive a text message with your Page account number and a default password to confirm the successful completion of the form.
7. Also, a login ID and a password change request will be mailed to you. please ensure to change your password for security reasons 
8. Once the process is done, you can login with your details to start enjoying their services. 

Getting A Page Financials Loan

Page Financials offer two different loan products which are namely;

Personal loans

Group loans

Personal loans

Page Financials Personal Loan scheme is a simple product based on your personal needs. They are a good option to explore if you’re looking to get a loan in Nigeria.

They charge a flat interest rate monthly on loan disbursed, and repayment terms are straightforward and clear. Click here for more information to access the personal loan now.

Group Loan

The Page Financials Group Loan is a quick and straightforward emergency loan available to customers who are in the employment of a company. The loan tenor is usually for up to 15 months. Repayments are automatic. They are deducted monthly from the employee’s salary and will be remitted either by the company or paid by the employee directly.

The interest rate is 3.75% monthly (flat-rate) with no hidden charges or management fees. 

Page Loans are currently available to employed persons in Lagos and Ibadan as well as for Bankers in all states.

Page Financials Loan Calculator

The loan calculator shows how much the total repayment of your loan will be. It is an essential tool for loan budgeting and planning. Before you decide on the loan amount, it is imperative to use the loan calculator first.

Conclusion

Page Loans are currently available to employed persons in Lagos and Ibadan as well as persons working in a commercial bank in all 36 states.

Why Page Financials Mobile App?

• Your funds will be in your Page financials account in less than 3 hours
• Safety and convenience are constant factors
• No paperwork, guarantors or collateral
• A responsive and courteous customer service centre

    • You don’t have to visit the bank anymore, you can perform all your transactions from your phone

• Great rewards for using the App. 

Fint loan is a unique money lending product. The platform connects borrowers to lenders. On the loan website, investors register as lenders, and it connects them to borrowers who need loans. These loans come with a pre-agreed interest rate that depends on the tenor of the loan. 

Fint loan services are for individuals who need loans and investors who want to grow their money by lending to people.

Individuals can borrow little as N20,000 with a maximum of 1 million while businesses can borrow up to 20million. You can access a loan by getting your company to sign up for a payday loan, or you can go through the companies in partnership with Fint loans. Some of these partners include First Registrars, Thrive Agric, Old Mutual, Farm Forte, Vetiva, and Paystack.

Currently, Fint has no mobile app, so all operations are available on their website.

The Fint loan calculator helps you calculate your loan and the repayment plan. To calculate, choose the sector that applies to you, the amount of credit you are taking and the duration, after which it calculates how much you can pay back monthly.

Fint loan Requirements

Some of the requirements for Fint loans include

• You must be 21 and above
• Valid Nigerian bank account
• Bank Verification Number
• Account Statement
• Photocopy of a valid Nigerian identity card

How to Get a Loan on Fint

To apply for a loan on Fint, follow these steps

• Go to the Fint’s website and click on the “Borrow” tab.
• Some details will have to be available to create an account. These details include your names, date of birth, email address, employment status and organization to create an account. 
• After inputting the information, you will see an estimate of the loan amount you can borrow.
• Accept terms and conditions as well as the interest rate on loan.
• You are to pay some money for your profile verification and credit history check.
• Once it is successful, upload the necessary documents requested.
• When you are verified, your loan request will appear on the platform.
• Once an investor funds the application, the money will get to your account.

It is important to note that the speed of loan disbursement depends on the lender involved not Fint.

How to Repay a Fint Loan

Your account details are in the system, so they will automatically deduct the loan from your account when the duration expires. Before the agreed date, you will receive reminders so you can pay back the loan before the due date. The platform will then send your payment to the lender you borrowed from, and if you fail to pay back the loan, they might report you to a debt collection agency who will try to retrieve the loan.

Before taking a loan on Fint, you will need insurance to cover unexpected circumstances that may not allow you to repay the loan. Also, you will pay a commitment fee (8%) after payment of the loan. Interest rates also vary according to the sector and the lender, but it is about 39% for a year.

Conclusion

Fint helps in the wealth creation process by enabling people to invest in the money lending business and also connecting people to those who want to borrow money. The platform is transparent and straightforward, which makes the process very useful. We have a whole lot of other posts that explain how to get quick loans in Nigeria from platforms like Renmoney and the likes.

About Specta Loan

Specta Loan is a digital lending platform offered by Sterling bank to give loans to profiled business owners and salary earners in Nigeria.

It seeks to provide a more convenient way to get an instant online loan in Nigeria, and credits by using standardized data processing techniques and analytics to review loan applications and eliminate the difficulties that come with the traditional lending system.

Specta Loan gives you access to loans up to N5,000,000 without paperwork or collateral, and you will receive the funds within five minutes. This feature makes it a top loan product in Nigeria.

The platform operates nationwide and offers loans to all salary earners without considering their occupation. It provides salary advance, asset acquisition, and personal loans (rent, education, wedding, medical, etc.). An important thing to note when you are applying for a Specta loan is that you must be part of an organization.

Specta Loan Interest Rate and Repayment

Interest rates on Specta Loan largely depend on the loan package you opt for. However, they range from 20%-30% per annum.

Repayment also depends on the package you’ve chosen and the refund has a tenor of 1-4 years.

You can set up a monthly repayment plan to enable you to pay back at your comfort. Also, the following fees are charged on all loans.

• Management fee (maximum 1%)
• Commitment fee (Maximum 1%)
• Insurance fee (1% flat on salary advance and personal loans)
• Household/ Asset acquisition (7% flat)

Specta Loan App

The app is available for just Android mobile devices on the Google Play Store with a star rating of just 2.6/5.0. This could mean that users are not entirely satisfied with the functionalities of the app, and you may be better off accessing loans through the website instead.

Loan packages They Offer

1. Specta Xtreme: This package needs no profiling and is open to salary earners and business owners. It offers up to 2 million with a maximum tenor of one year.
2. Specta Basic: This package is open to only business owners who have a Sterling bank account and salaried employees (regardless of their bank). It offers up to 5 million with a maximum tenor of 4 years and flexible interest rates.
3. Specta Prime: This package allows you to earn money on your investments while you lend for urgent needs. You can borrow in the following currencies; Dollars, Naira, Euro and Pounds.
4. Specta Allawee: Youth corp members are not left out as this package enables corpers access funds to expand and develop their entrepreneurial dreams.
5. Specta Quick Cash: This loan package is open to everyone irrespective of their banks. It offers up to N20,000 quick cash to individuals based on their transaction history and social media reputation.

Specta also offers loans for business under the loan package Specta4Business, and this offer is available to small, medium and large enterprises. 

Specta Loan Requirements

The Specta loan package you choose determines the condition, but generally, you will need

1. A bank account number(sometimes only Sterling is accepted)
2. Bank Verification Number 
3. A valid means of identification
4. valid email address

How to Apply for a Specta Loan

To apply for a Specta loan, follow these steps

-Request to get profiled either as an individual or a business by sending an email to Specta

1. Select the loan package that you find suitable
2. Begin the application by clicking on the loan offer
3. Fill out the application form and submit
4. If you are eligible and the application is successful, your account will be credited immediately.

Conclusion

Specta Loan is just one out of the numerous platforms for accessing quick online loans in Nigeria. With an interest rate in the range of 20 – 30%, we think it’s really on the high side. Other loan sources you might want to check out include Fairmoney, C24 loan, Palmcredit, Renmoney Nigeria, Quickteller, Carbon Paylater, Fint loan, and Specta loan.

A rating of 2.6 on Google Play Store is really low for an app that is supposed to cover all your loan needs. Therefore, if you really have to give Specta Loan a try, you might want to go through their website.

To find out more information, you can call their customer service on this number 017004271.

How Does a Branch Loan Work?

Branch Loan is a leading loan platform where you can get an instant online loan in Nigeria. It uses data science to increase access to financial services for millions of Nigerians. The platform offers instant loans that help people achieve their business and personal needs. The company operates in Nigeria, Kenya, Mexico, India, and Tanzania.

The Branch Loan App

The Branch loan app first launched in 2015 and became available for Nigerians in 2017. Over the last couple of years, the app has seen incredible growth with over 1.2 million users and over one million loans disbursed, worth over N9 billion in Nigeria alone. This incredible growth rate is a testimony to its service demand and usefulness.

The app is available for download via the Google Play Store if you’re an Android user. The firm started operations in the country’s financial-technology industry in 2017 and has garnered over 10 million app installs with 4.3 star ratings on the Google Play App Store.

Some Branch Loan FAQs

How Do I Get A Loan From Branch?

Borrowing money from Branch Loan is very easy and can be done within 20 minutes, or even less! You can follow the steps below to get access to a loan.

1. Download the Branch Loan app from Google Play Store (there’s no Branch Loan app for iOS users at the time this post was published)
2. Create an account and fill out a simple form. Ensure that you provide your accurate details to avoid unnecessary delays in receiving your loan
3. Find out the amount of money you’re eligible to receive as loan and apply
4. Receive the money in your bank account in not more than 24 hours

What Happens If You Don’t Pay Branch Loan?

If you don’ repay your Branch loan when it’s due, you’ll be penalized, and interests on your loan will continue to pile up.

What is the Interest Rate of Branch Loan?

Branch Loan is designed to fit individual needs and help it’s users grow. Their loans range from between ₦1,000 to ₦200,000 with a repayment period of 4 to 40 weeks. 

As you build credit with Branch, you unlock larger loan amounts, and all loans are approved, disbursed, and repaid directly from the app.  In addition, Branch does not charge late fees or rollover fees which makes them a favorite. They also boast of a swift and responsive customer support that is available 24/7 via the app.

How Legit is Branch Loan

From our experience with Branch Loan, I can say that they do what they say. No hidden charges. You just need to ensure that you make your loan repayment once it’s due to avoid having issues with the credit bureau.

How to Repay Branch Loan

1. Open up your Branch Loan app
2. Select ‘My Loan’
3. Click on ‘Tap to pay
4. Put in the amount of money you intend to pay back
5. Select your preferred method of payment – bank or debit card
6. Click ‘continue’

Your loan repayment would be made within 24 hours. If you encounter any issues in the course of repaying your loan, contact the Branch Loan customer service on nigeria@branch.co or support@branch.co for assistance.

Conclusion

At the moment, the Branch loan app is one of the top most-downloaded finance apps in Africa and widely used when compared with other loan products in Nigeria. The app takes care of loan needs with ease, allowing you to focus on growing your business and achieving your personal goals. In the process, it has reached more people, pulling them out of financial exclusion.

We have curated posts on some other lending platforms such as Renmoney Nigeria, Palmcredit, C24 loan, Fairmoney, Quickteller, and so on.

Before the likes of GT Bank’s QuickCredit and other platforms where you can get an instant online loan in Nigeria today came into play, getting a loan was never a stroll in the park.
The thought of approaching commercial banks for a loan used to be a tedious affair in the past. From submitting numerous documents to convincing someone to stand as a guarantor and risking your request rejected. Thank goodness for technology that has taken all these complicated processes and made them more enjoyable by simplifying them.

What is QuickCredit?

QuickCredit is a payday loan product by GTBank accessible to salary and non-salary account holders. It has a minimum loan amount of N10,000, a maximum of N500,000 for non-salary holders and 5million for salary holders.

How Can I Access QuickCredit?

You can get access via;

1. Internet banking
2. Mobile banking app 
3. USSD code *737*51*51# (Check out other USSD code for loans in Nigeria)

How Do I Know I am Eligible for QuickCredit?

To qualify for this loan, you must be an existing GTBank customer with a monthly net salary of at least N20,000. Also, you must have a satisfactory credit score and no unpaid obligations.

Why Should I Pick QuickCredit Over Other Loan Products?

QuickCredit has one of the lowest interest rates compared to other loan products. With an interest rate of 1.33% monthly and a maximum tenor of 12 months, it is easy to see why it is a favorite of many loan facility users. However, In the event of you defaulting on payment, an interest rate of 1% is added to your debt.

QuickCredit For Small Business

Just like the loan product for salary and non-salary earners, GTBank has tailored one for small businesses. QuickCredit For Small Business makes soft loans available for SMEs to run their day to day operations smoothly. This loan product finances SMEs in the Education and Healthcare industry.

Features of QuickCredit For Small Business

It is quite similar to the regular QuickCredit product and yet, has its unique feature.

• Prequalified customers are eligible for the loan
• Customers get a Loan tenure of 6 months. However, schools get 12 months.
• It has different rates for the two industries it places focus—1.33 % per month for the Education segment and 1.75% for healthcare.
• Customers have access to 50% of their average annual turnover
• Customers can also open a corporate account. They should have used this account for up to 12 months before applying for a QuickCredit facility
• The minimum loan amount is N250,000.00, and the maximum amount is N5,000,000.00

Like the regular QuickCredit product, customers also get their funds instantly. Another great benefit is its flexible payment plans. One can make interest payments monthly and quarterly principal repayments. Note, the quarterly repayment option is strictly for business in the Education industry. Note, if you have an existing loan facility with another commercial bank, you cannot apply. 

Conclusion

GTBank’s QuickCredit is easy to navigate and somewhat has the fairest interest rates in comparison with other loan products. Immediately you become eligible for QuickCredit, you will get a notification, and you can start taking low offers. The offers increase as your credit score builds up over time. You can give it a try. Good Luck!

Loan products come in handy nowadays. Sometimes, taking a loan is the best option in a sticky situation. In the search for the best platform for getting an instant online loan in Nigeria, you can become vulnerable. And in truth will opt for a loan you think serves your best interests, literally and figuratively.

Among the many loan products available in Nigeria, we have chosen three. They are Migo, Branch, and Quick Credit. We will review in terms of interest rates, tenor and some other criteria which you will see below.

Migo Loan Product

Migo, on the other hand, is a fully cloud-based money lending platform. The platform provides loans to make purchases from merchants and withdraw money without point-of-sale hardware or ATM cards.
A borrower can only access their loan services through a web browser because it currently has no mobile app. With Migo, your loan offers increases based on your borrowing history. More so, you can borrow a maximum of N500,000 and a minimum of N500.
There is no default interest rate. However, the interest rate ranges from 5%-25%. The price can reduce, but that is dependent on repayment history and product recommendation. It is one of the popular loan products around now.

Branch Loan Product

Branch Loan is an online lending platform that gives payroll loans, single payment loans, and individual payment loans to borrowers. It offers products for business, rent, and education. At the end of the tenor, the will take the amount you borrowed from your account you provided during registration.

The app allows you to borrow up to N200,000. It has an interest rate of 3%- 21% depending on your loan option, and the higher your credit, the higher your loan offer. Its tenor ranges from 4-40 weeks.

Quick Credit Loan Product

Quick Credit is a loan product by GTBank that offers loans to salary and non-salaried account holders of the bank.
Individuals earning a stable salary have a maximum loan amount of N5 million. For the self-employed, they can borrow up to N500,000. Quick Credit has an interest rate of 1.33%. However, you get an extra 1% of what you are to pay if you default on payment.

Verdict on the Loan Products

Among the three loan products, Quick Credit has the lowest monthly interest rate and a fair tenure of 12 months. However, it is only available to individuals with GTBank accounts. You must also have a monthly net salary of N20,000 before you can be eligible. The Branch app is great to finance your immediate needs, and it helps you build your credit score by offering you higher loan options based on your repayment history.

However, it requires you to download the app before you can access its features. This loan product offers an incentive. “recommend us to your friends and repay your loans on time and we will reduce the interest rate on your loans”. However, you will incur an additional 5% (VAT included) o the interest rate of your if you default on payments.

Conclusion

Because loans are easier to access these days, many people tend to take this for granted and pile up credits. We advise you to repay your loan when it is due or even earlier to improve your credit history and credit score.

Related Post: Top 10 Products by Nigerian Banks

Introduction to Agricultural Loans

The agricultural sector in Nigeria is one industry filled with untapped potentials as about 70% of the population engage in it on a subsistence level. If you are into agriculture and you are ready to push your business to another level, or you need business capital, taking an agricultural loan could be a solution.

The Central Bank of Nigeria announced a ten-year plan of 7% credit allocation into the Nigerian agricultural sector in the year 2011. This plan was established to encourage participation in the agricultural sector as well as improve agricultural production output. 

To achieve this feat, the central bank introduced some measures that included the creation of intervention funds like Commercial Agricultural Credit Scheme (CACS). The implementation of these measures is estimated to boost the agricultural sector by 400% growth from 2011 to 2021.

Wondering where and how to get agric loans in Nigeria, here are six lenders you could approach for a loan in Nigeria:

1. Bank of Agriculture

Popularly referred to as the “farmers’ bank”, the Bank of Agriculture is a government-approved bank whose aim is to provide banking services, financial loans and advice to farmers in Nigeria. The bank is supervised by the Federal Ministry of Agriculture and regulated by the Central Bank of Nigeria. Some loans provided by the Bank of Agriculture include; SME loans, Cooperative and farmer’s loans, Agricultural micro-loans, Non-agricultural micro-loans and Agri-business loans.

2. Agric-Business Small and Medium Enterprises Investment Scheme AGSMEIS

This is a funding scheme established by the Federal Government in collaboration with the CBN to promote a sustainable economy and increase employment opportunities through agri-businesses. Their agricultural loans have an interest rate of 5% with a tenor of 7 years. Industries eligible for this scheme are the Agriculture sector, Service sector (ICT and the creative industry), Real industry (mining and manufacturing) and other SMEs approved by the Central Bank of Nigeria.

3. Commercial Agriculture Credit Scheme (CACS)

This is an initiative by the Federal Ministry of Agriculture and the Central Bank of Nigeria to boost the development rate of agric businesses in the agricultural sector. Their agricultural loan facility is open to medium or large scale commercial farms, limited liability companies in the agriculture production process and state governments (for lending to subsistence farmers). With 9% as its interest rate, this fund is open until 2025. 

4. Agricultural Credit Support Scheme (ACSS)

This is an agriculture funding initiative by the Federal Government and the CBN. Also, the Bankers Committee actively supports this scheme. Established to encourage farmers in the agricultural sector, the ACSS curbs inflation of agrarian produce reduces the cost of production and also helps to diversify Nigeria’s revenue base. The ACSS loans have an interest rate of 8% (6% if you pay earlier) and you can access it through the respective state chapters of Farmers association or directly from banks if you are a large scale farmer.

5. Agricultural Credit Guarantee Scheme Fund (ACGSF)

This initiative, established by the Federal Ministry of Agriculture and managed by the Central Bank provides guarantee (about 75%) for loans extended to farmers from commercial banks. The ACGSF offers some products which include Interest DrawBack, the Self-Help Group Linkage Banking and the Trust Fund Model. Interest DrawBack subsidies interest rates. Self-Help Group Linkage Banking encourages group savings and loans, and the Trust Fund Model complement farmers security for loans.

6. The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL)

This initiative launched in 2011 and incorporated in 2013. The purpose of this scheme is to address the low funding level in the agriculture sector. Also, to channel finance into fixed agricultural value chains. NIRSAL specialises in Agribusiness Project Development, Agricultural Risk Management, Value Chain Fixing and Finance Facilitation.

CONCLUSION

These are the primary agricultural lenders in Nigeria, and they are in partnership with some commercial banks. These banks include; First Bank, United Bank of Africa, Access Bank, Union Bank and some other microfinance banks. 

Despite the central bank’s effort to promote agricultural credit within the industry, there are still some challenges. They include but not limited to 

• Information gap within the industry 
• Inadequate understanding of requirements to access agric loans
• The bureaucratic and complicated process of obtaining an agric loan
• Commercial bank’s apathy to the agricultural sector

However, the emergence of agrotech companies has mitigated these challenges. They have encouraged agricultural participation from lenders, borrowers and investors alike. They have created simple ways of credit and investment management of the agricultural sector through technological advancement.