Loan Guide

Tips on securing loans in Nigeria

Managing your loan costs effectively involves careful planning, budgeting, and making informed financial decisions. Here are some steps to help you manage loan costs: 1. **Understand the Loan Terms:**    Familiarize yourself with the terms of the loan, including the interest rate, repayment period, and any associated fees. This will give you a clear picture of how much you will be paying over the life of the loan. 2. **Compare Lenders:**    Before taking out
Your credit score is important in determining if you meet the requirements to access a bank loan in Nigeria Improving your score can be achieved by following these steps: Pay bills on time: Late payments can have a major impact on your score, so make sure to pay all bills on time. Keep credit card balances low: High credit card balances can indicate that you’re using too much credit and can hurt your score. Limit
The current trend of upwardly mobile citizens who emigrate from Nigeria to countries such as the United Kingdom, Canada and United States of America, colloquially named ‘Japa Movement’ shows no sign of slowing. The multitude of reasons given by those who wish to emigrate from Nigeria impacts a large proportion of the population. Those who can fund the travel from their earnings and savings constitute a small part of the population. For others, alternative means
To access bank loans for your business, you can follow these steps: Determine the type of loan you need: Different types of loans serve different purposes, such as working capital, equipment financing, or real estate. Prepare your financials: Gather your financial statements, tax returns, and other relevant financial information to demonstrate your business’s creditworthiness. Research lenders: Look into banks, credit unions, online lenders, and alternative lenders to compare terms, rates, and qualifications. Submit a loan
2019 Non-performing loans in Nigeria
A Non-Performing Loan (NPL) in Nigeria is the sum of money borrowed in a loan contract in which the borrower has not made required repayments agreed to for at least 90 days. The 2019 Non-performing loans in Nigeria Ranking The Central Bank of Nigeria sets limits for banks and other financial institutions on non-performing loans to reflect in their books. For the Mortgage Refinance Corporation, it stated, “The maximum ratio of non-performing loans to total
A housing loan in Nigeria is usually referred to as Mortgage and is defined as a loan that is given by a financial institution for purpose of purchasing real estate. This loan is usually for a residential property that is used as collateral to secure the loan.    Housing loans usually attract a lower interest rate because the loan is secured against default on the property. The central bank of Nigeria states that lenders reported an
The goal of the National Identification Number (NIN) is to uniquely verify the identity of each citizen or foreign resident for security and development purposes. It also helps lenders to know the true identity of each borrower, so knowing how to check your NIN is now a key factor to securing a loan in Nigeria. Your National Identification Number (NIN) is used to bring together all records about you – demographic data, fingerprints, head-to-shoulder facial