Mkobo

Interest Rate (7.5% – 15.5%)

 

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Description

Mkobo


Mkobo is a fully licensed Microfinance Bank by the Central Bank of Nigeria (CBN). They focus on small emergency loans with short tenors to help borrowers meet unplanned and unexpected expenses such as hospital bills, car or house repair, family bereavement or any other emergency situation.

Their minimum loan is N5,000 and maximum of N50,000. The amount approved will depend on your salary and your existing obligation.

Microfinance  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.

Microfinance loans specifically are not appropriate in situations where they propagate a cycle of debt or dependence. If you are taking out the loan to pay off another loan, this is considered very bad practice.

PROS

  • No collateral needed
  • Light paper work
  • Loan payout within 48hrs

 

CONS

  • Guarantors required.
  • Current employment is required.

 

ELIGIBILITY CRITERIA

  • Duly completed application form
  • A guarantor
  • A valid means of ID (national ID, driver’s license, voter’s card or international passport)
  • Current utility bill
  • Paid employment and your Company has to be registered with Mkobo.