Micro finance bank, life happens, and when it does, you need a bailout, which immediately gets you thinking where and how to get money. Family and friends come to mind, and then, loans. You may think of loans in terms of a long, tiring process, filling lengthy paperwork and having to wait days for news of approval. The good news is that the process of loan application and approval has evolved for the better, with accessing loans being faster and easier these days, all thanks to tech driven financial institutions and micro finance banking who offer same day loans. Before we delve into simple and easy loan application process in Nigeria, firstly, what is loan?
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Loan amount : 100 000-1 500 000naira
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What is Loan?
To sum up a loan is a sum of money borrowed from an organization, financial institution or individual. Usually paid back with interest. For example, if you take out a loan amount of 100,000 Naira at 10% interest rate for a month. You end up paying 110,000.00 at the end of the period. Meanwhile, there are different types of loans such as
Demand loan and time loan
- Firstly, This is the type of loan in which the borrower pays back at the demand of the lender. They are without a fixed monthly date and can be recalled at anytime. Mostly with only 24-hour notice by the lender. The borrower can also decide to pay off a demand loan at any time without facing penalties. An example of a demand loan is an overdraft.
- Secondly, another type of loan is the time loan. These are mostly short-term loans, usually payable within 1– 6 months. With this type of loan, the borrower pays the full interest upfront upon receiving the loan and the issuer or lender cannot call for it before the maturity date.
Banks further classify loans into consumer loans, industrial loans, commercial loans, mortgage, secured and unsecured loans.
A number of financial institutions in Nigeria provide simple and easy ways of accessing loans. These institutions are a direct response to the hassles faced by average Nigerians in accessing loans. Their procedures are not as tedious, time consuming as those of traditional, commercial bank. Usually providing same day loans, they are powered by modern technology. They solve the problem of collateral, referee and tedious paper work. These loans help Small and Medium Scale Entrepreneurs raise money to fund their businesses, and affords the average individual a fast means of meeting their miscellaneous needs. Examples of easy and simple ways to access same day loans in Nigeria are Firstly Micro Finance Banks, then Mobile Banking systems, and lastly Online Financial platforms.
MICRO FINANCE BANKS
Micro Finance Banks grew in response to the financial needs of individuals and Small and Medium Scale business owners, who had no access to loans and other financial support from commercial banks. They provide instant, short-term loans to individuals and businesses to boost their businesses and meet their needs within a short period. And without the hassles associated with getting loans from commercial banks. One of such Micro Finance Institutions is TCF Micro Finance Bank.
TCF Micro Finance Bank.
TCF Micro Finance Bank is a Nigerian owned microfinance bank providing financial support to individuals and small business owners. They offer same day loans and salary advance up to 40% of monthly net salary within 24 hours. Taking out loans with TCF Microfinance does not require collateral and involves little paperwork. They are one of the fastest, easiest and simplest ways to get loan in Nigeria. In order to qualify for a TCF loan, you must be
- An adult of at least 22 years old
- gainfully employed
- in current employment for up to 6 months.
- Have a valid means of Identification
In addition to the eligibility requirements, the TCF loan applicant process involves submission of documentations such as
- Duly completed application form
- Copy of recent utility bill
- Two Passport photographs
- Copy of valid means of Identity card
- Statement of Account/Payslip
- Two Guarantors.
LAPO micro finance bank
This is a Microfinance Bank providing loans and financial support to individuals and small and medium scale businesses, with no collateral. However, a referee is required. They offer fast loans with flexible repayment plans to individuals and groups. Such as SME Loans, Small Business Loans, Agric Loans, Asset Loans, Education Loans, Festival Loans, Mid Term Loans, Overdraft and Regular Loans.
To apply for a loan from LAPO, documentations required are : Loan Application Letter, 2 Guarantors, Valid means of Identification, Completed Application form, Current Utility Bill, and 4 Passport photographs as the case may be.
MOBILE FINANCIAL PLATFORMS.
In Nigeria today, loans can be accessed easily via mobile banking platforms on individual’s mobile phones. They are so fast that you get your loan amount paid into your linked bank account in less than 24 hours. That is to say they provide same day loans. These are financial institutions powered by mobile technology. Loans are accessed via dialing a short code, using quick teller, SMS, or mobile apps, all on your mobile phone. A leader in the provision of such services is Ferratum Group.
FERRATUM MOBILE BANKING SERVICES
Ferratum Group, operating in Nigeria as Ferratum Nigeria offers fast, easily accessible, same day loans to Nigerians via their mobile banking services. To qualify for Ferratum Mobile loan,
- You must be 18 years old and older, living and working in Lagos State
- Maintain only one loan account per time.
- Dial *322*6# from your mobile phone
- Then follow the prompts
- Get your loan approved and deposited into your bank account in hours if you meet the criteria.
Kwick Cash micro finance bank
Another Mobile financial service provider in Nigeria is Kwick Cash. Kwick cash is a technology driven financial service provider offering easy, no collateral loans to Nigerians Via USSD, Internet and Apps. They collaborate with major mobile telephone service providers in Nigeria and Financial Institutions (Diamond Access Bank).
To get a Loan from Kwick Cash,
- no collateral and documentation is needed
- 18 years old and above
- you must have an operational MTN Yello Diamond Account
- Dial *710# on your MTN phone and follow the voice prompt to set up.
- Dial *606# – MTN Xtra time screen will appear
- Select Xtracash, and click on Kwickcash
- Your MTN Yello Diamond account will be credited with the loan amount.
ONLINE LOAN PLATFORMS.
Easy loans can be obtained through online loan platforms. Harnessing the power of technology, financial institutions have made financial services easier and more accessible to users. They offer quick loans, financial advisory services, and the like. For instance, Ferratum Group is a leading online financial solutions platform offering fast loans without collaterals. Other online financial platforms offering easy loans in Nigeria are
This online financial institution claims they offer up to 4,000,000.00 NGN same day loans without collateral. Conditions for accessing Renmoney loans include:
- Loan applicants must be between 18-59 years of age
- Render Letter of Employment as proof of steady employment
- Maintain a functional bank account, provide BVN
- Present a valid means of Identification
- Present a statement of account
- Report of statement of previous loan from a credible credit bureau.
Another micro finance bank is ZEDVANCE.
Zedvance is another financial service organization in Nigeria. They provide short-term loans for individuals and SMEs. In addition to the condition that you must be 18 years old and above, currently employed, their loan application requirements are:
- Letter of Employment
- Statement of Salary Account
- Official Email address
- Valid means of identification
- Current Utility Bill.
To sum up, there are a number of ways of accessing fast loans, which are simple, easy and does not involve too much paper work, guarantor or collateral. Financial institutions such as microfinance banks, mobile banking services, and lastly internet based financial service providers offer easy ways of processing loans in Nigeria. They make taking loans easier and hassle free, unlike commercial banks. Take advantage of any of these channels to avail you of same day loans, easily.