Microcred Microfinance Bank

Microcred Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Nigeria.

Products

• Micro loans – This is for entrepreneurs, traders and students to access up to N1m for existing businesses. The interest rate charged by Microcred on loans is a minimum of 7% with the total dependent on the tenor of the loan. Micro lending is the provision of financial services for people who don’t have access to traditional financial services such as banks. The loans are aimed at individuals who were previously considered “unbankable” by larger banking institutions. These are borrowers who are possibly dealing in small amounts of money each day, living in hard-to-access areas, without credit histories or who don’t meet “traditional requirements” within the banking sector.
• SME loans – They provide a loan of up to 20m to help consolidate or invest in your business, that is repayable in up to 24 months. The loan is for use as working capital or for the purchase of fixed assets.

Pros

• Loan disbursed within 72 Hours
• Convenient repayment plan
• Flexible loan conditions

Cons

• Loan application fee of up to N4000
• Geographic restrictions to Lagos
• 10% of loan amount is required in savings account
• Guarantor required
• Low Maximum loan amount

Requirements

• You should be between 22 and 58 years old.
• Applicant must live and or work in Lagos State.
• Two recent passport photograph (within the last 6 months)
• Two credible guarantors
• Two duly completed signature cards
• Completed application form
• Utility bill – last 3 months PHCN/NITEL

Susu Microfinance Bank

Susu Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Lagos State, Nigeria.

Products

• Micro loans – This is for entrepreneurs, traders and students to access up to N1m for existing businesses. The interest rate charged by susu is a minimum of  5% with the total dependent on the tenor of the loan. Micro lending is the provision of financial services for people who don’t have access to traditional financial services such as banks. The loans are aimed at individuals who were previously considered “unbankable” by larger banking institutions. These are borrowers who are possibly dealing in small amounts of money each day, living in hard-to-access areas, without credit histories or who don’t meet “traditional requirements” within the banking sector.
• Salary Advance – This product is targeted at salary earners at large blue chip companies and enables them to access up to 75% of their monthly salary in advance.
• Group Loan – The group loan is a form of rotating credit (Esusu/Ajo). A rotating credit scheme is where a group of individuals fill the role of an informal financial institution through repeated contributions and withdrawals to and from a common fund

Pros

• Convenient repayment plan
• Flexible loan conditions

Cons

• Geographic restrictions to Lagos
• 10% of loan amount is required in savings account
• Guarantor required
• Low Maximum loan amount

Requirements

• You should be between 22 and 58 years old.
• You must run an account (Current or Savings) for 3 months with Susu microfinance Bank in Nigeria.
• Applicant must live and or work in Lagos State.
• Two recent passport photograph (within the last 6 months)
• Two credible guarantors
• Two duly completed signature cards
• Completed application form
• Utility bill – last 3 months PHCN/NITEL

KiaKia

KiaKia is a moneylender that provides direct personal loans at flexible rates, and also match borrowers with individual or corporate lenders at mutually-agreed rates. They offer loans from N10,000 and N200,000 for a minimum duration of 7 days and a maximum of 30 days.

Responsible borrowers who earn financial responsibility trust points over a period of time will be able to access much bigger amounts at longer tenure and more flexible interest rates. Kiakia’s services are best for anyone looking for an unsecured personal consumer loan, individual’s ineligible for typical bank or credit union loans and those facing financial hardship.

C24

C24 is a moneylender that provides retail loans for consumers in need of quick financial solutions.

Their minimum loan amount is N40,000 and the upper limit for a new customer is N750,000, while for existing customers is up to N1,000,000.00. Both depend on borrower’s capacity to repay assessed based on verifiable income level and other selection criteria.

Loans from moneylenders are designed to be short term loans that are designed to tide you over to the next payday. It is best for anyone looking for an unsecured personal consumer loan, students and individual’s ineligible for typical bank loans due to thin credit files.

Pros

• High maximum loan
• Fast loan approval process

Cons

• Geographic restrictions to Lagos
• Extensive paperwork