PurpleMoney

Interest Rate (5% – 23%)

 

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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