Business & Personal Loans in Nigeria with or without Collateral - Apply Online Now : Study Driller

Business & Personal Loans in Nigeria with or without Collateral – Apply Online Now

Filed in Information Guide by on November 15, 2019 0 Comments

Business & Personal Loans in Nigeria with or without Collateral: Apply Now Online

This is a detailed guide on Business & Personal Loans in Nigeria with or without Collateral. It is our earnest belief and expectation that this guide will go a long way in helping you to get a loan and establish your business here in Nigeria. So be kind enough to go through this guide so that you can get the neccessary help you need.

Do you want to apply for loan online? If yes, then follow these steps outlined and explained below before you go ahead to fill any forms online. First, you need to be aware that some banks may give you the option to apply for a soft loan, personal loan, business loan etc online and the application process is usually very simple and fast too. If you choose to approach a bank physically, then you need to see a “Sample of a letter of application for loan in a Bank“.

Read: List of Business in Nigeria that is now Making Serious Money

Presently, instead of going to a bank branch or speaking to the call center agents/staffs, you can easily access the loan application forms online, see their terms and conditions, and evaluate the interest rates and so on. As a matter of fact, this simply means that you can completely fill the form at any time and go through it at your own discretion

These are the few tips you need to know about before you begin:

Did you know that most loan providers always have a series of basic application requirements, which you need to fulfill before your application can be considered? If you are not aware before now, then you need to see the primary criteria.

The common conditions basically include: a permanent address (this can be your residential or office address); annual income above a certain amount; have a bank account with the bank you are applying from; and age requirement, usually minimum of 18 years and above.

  • 2. Check the Omitted Commitments

Likewise, you are to look out for any omitted commitments. Most financial providers may offer loans to help finance a car purchase or a home development and may exclude other purposes such as investment (business). Where can you find this criteria? You can usually find these next to the eligibility criteria. It is highly recommended to double check if you meet the requirements before you apply for a loan.

  • 3. Get Essential Information Prepared

Immediately you have checked the conditions and made a decision that you want to go ahead and apply, put together all the necessary documentation required to enable you answer all the questions in the application form.

  • 4. Information Safety

It is highly recommended that you check if the information and data you are providing is in secure hands by searching for the padlock key icon before the website URL. This shows you that all data and information you are entering into the website is fully encrypted. In case anyone wants to intercept any of your information and data, they will not be access or read it without the encryption code as a security measure.

There’s always an additional security, which automatically logs a user out of an application portal if the user is inactive for a specific period of time. Since this happens automatically, it is advised that you make sure you have all the information and data readily available at hand so as to complete the application successfully.

Once you are ready to begin the application, you will be taken through the application questions one after the other. After you finish the application, you will also be given an opportunity to cross check whether all the data and information you have entered in the form is correct before submitting.

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  • 5. Does Loan Providers give an Instant Decision?

Few loan providers will give you an instant decision when you reach the end of the online loan application while others might take days or weeks or even a month as the case may be. One good thing about some online loan application is that you typically may have some days to change your mind and resolve if you don’t want to take the loan anymore. It is also recommended that you contact the loan provider directly if you do change your mind.

Read: Proposals, Business Plan, Feasibility Study for Grants in Nigeria

  • 6. The Loan Agreement

This is a very important part of loans you need to consider appropriately. After your loan has been approved, the loan provider usually sends you a paper agreement to read, sign and return (You are advised to read this agreement careful so as to understand the terms and policies). Check to see if you need a security for the loan (collateral), the requirements for your referee (guarantor), the payback period, the interest rate (percentage), consequences for payback failures e.t.c. You are advised to read about The Secrets of Personal Loans and Business Loans. It is necessary you trade carefully when taking a loan you know nothing about. You can also read up from here to learn more about Bad Bank Loans & Debt. When this is completed, the specified amount of money will be transferred into your choice bank account.

Note: In summary, if you want to apply for a loan/grant, you will need a professional business plan and feasibility study as usually requested by banks, investors and other loan facilitators. Generally speaking, most people knows everything about the new business they want to venture into, or has full knowledge of the business they are already running up to the expansion level, but may not be able to put it into writing especially the cash flow analysis.

In conclusion, it is highly recommended that you Contact a Business Plan Developer to carry out a feasibility study for your business, so that you can easily access loans/grants for your business. 

List of Banks in Nigeria to Access Loans

  1. Ecobank Nigeria Plc

  2. Zenith Bank Ltd

  3. Guarantee Trust Bank (GTB)

  4. Diamond Bank

  5. First Bank Plc

  6. United Bank for Africa (UBA)

  7. First City Monument Bank (FCMB)

  8. Stanbic IBTC Bank

  9. Union Bank

  10. Heritage Bank

  11. Jaiz Bank

  12. Wema Bank

  13. Unity Bank

  14. Fortis Micro-Finance Bank

  15. All Agricultural Banks 

If you need us to help you with more updated information at the right time about Business & Personal Loans in Nigeria with or without Collateral kindly provide us your phone number and Email Address in the comment box below. Alsofeel free to ask any question any time.

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