Interest Rate (5% – 21%)




IRL Microfinance Bank

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



  • Micro loans – This is for entrepreneurs, traders and students to access up to N1m for existing businesses. The interest rate charged by IRL on loans 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.
  • 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.
  • Salary Advance – Staff members of Private Organisation with a minimum of 10 Staff, Staff of Blue Chip companies, Civil and Public Servants. The salary must be paid into a bank account


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


  • 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


  • Letter of employment
  • Staff identity card
  • Pay slip
  • 6 months statement of account
  • Other forms of identification (National Identity card, international passport, etc)
  • Utility bill
  • 2 passport photographs
  • Post-dated cheques
  • Signed offer letter
  • Guarantor form