StartCredits StartCredits StartCredits StartCredits
  • Loans
    • Credit Score
    • Guide
  • Investments
    • Bank
    • Crypto
  • Log In
StartCredits StartCredits
  • Loans
    • Credit Score
    • Guide
  • Investments
    • Bank
    • Crypto
  • Log In
Purplemoney

PurpleMoney

Interest Rate (5% – 23%)

 

Apply
Category: Microfinance Tags: Business, Education, Micro Loan, Salary Advance
  • Description

Description

PurpleMoney Microfinance Bank


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

 

Products

  • Salary Advance – The PurpleMoney salary advance gives you access to 50% of your net monthly salary for a maximum period of 3 months. It provides employees with quick funds. No documentation or collateral required.
  • 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. It is formed because accessing formal institutions is difficult due to their unavailability or because these institutions are unable to provide the appropriate service.
  • Micro loans – 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.

Pros

  • Numerous repayment channels
  • Convenient repayment plan

Cons

  • Geographic restrictions to Lagos
  • Low Maximum loan amount

Requirements

  • Must live and work in Lagos
  • Between the ages of 20 – 55 years
  • Verifiable source of income
  • A functional salary account with a commercial bank in Nigeria
  • Identification –  International passport, National ID card or Driver license
  • Duly completed Loan application form
  • Duly completed personal guarantee form
  • Duly completed KYC (Know Your Customer) form

Related products

  • snapcredit loans

    SnapCredit

  • C24 loans

    C24

  • ab microfinance loans

    AB Microfinance

  • Lapo Microfinance

Search for your Loan

Latest Loans

  • keystone bank instant loan Keystone
    Rated 4.00 out of 5
  • Capstone Capstone
  • skye-bank loans Skye
  • ipodo-ikeja Ipodo Ikeja
  • bank of agriculture loan startcredits Bank of Agriculture
    Rated 4.00 out of 5
  • Fundanenterprise Fundanenterprise
  • Direct Bridge Direct Bridge
  • fairmoney FairMoney
    Rated 3.33 out of 5
  • snapcredit loans SnapCredit
  • hasal mfb loans Hasal

Loan Advice

  • Funding options to Emigrate from Nigeria
  • How to access bank loans for your business in Nigeria
  • How to improve your credit score in Nigeria
  • Non-performing loans of Nigerian banks
  • Securing a federal government housing loan in Nigeria
  • How to check your NIN for a loan application
  • Types of loans offered in Nigeria
  • Home loans in Nigeria

Company

  • About
  • Contact
  • Careers
  • Credit Score

Loans

  • Moneylenders
  • Peer to Peer
  • Mortgage
  • Microfinance

Investments

  • Crypto
  • Bonds
  • Deposits
  • Shares

Follow Us!

Follow Us on FacebookFollow Us on TwitterFollow Us on Google+
  • Loans
    ▼
    • Credit Score
    • Guide
  • Investments
    ▼
    • Bank
    • Crypto
  • Log In
Return To Top
  • Moneylenders
  • Peer to Peer
  • Mortgage
  • Microfinance
2023