Tips on securing loans in Nigeria
Unsecured personal loans allow you to borrow funds without using an asset, such as a car, as security. This type of loan gives you more flexibility in terms how you use your loan amount. You can use your funds to make a large purchase, consolidate debt, or anything else you like. Find out if this type of loan is right for you by reading this guide. How do unsecured personal loans work? Unsecured loans involve
A credit score is what lenders in Nigeria use to check you are able to manage your debt and tells them if you are a risk or not. If you already know how to check your credit score, the next question is always ‘what is a good credit score?’ It’s a good question, and one without a single answer because the three main credit referencing agencies in Nigeria all score consumers slightly differently. If you have
There are traditional financial institutions which predate the banking system that engage in limited financial intermediation by channeling funds between lenders and borrowers. Informal loans in Nigeria are key to improving access to credit and social cohesion in towns and villages. Informal Markets Communities form themselves into small groups in mutual aids. Even with the advent of modern banking, informal loans in Nigeria still persists largely because banks are inadequate to cover towns and villages.
Introduction The two most popular types of bank loans in present day banking services in Nigeria, these are loans and overdrafts. Other forms which may not necessarily take the shape of a loan account or an overdraft account include discounting trade bills, negotiating bills on letters of credit as confirming bank, or investing in equity stocks and gilt-edged securities. Whatever form of lending is adopted in any given case depends on the purpose of the
According to the world trade organization, some 80 to 90 per cent of world trade relies on trade finance. In 2016, world merchandise trade recorded its lowest growth in volume terms since the financial crisis of 2008, increasing by just 1.3 per cent. This is half the level achieved in 2015 and well below the 4.7 per cent average annual growth rate since 1980. In 2009, the volume of Nigeria’s international trade amounted to circa
As a result of the problems associated with establishing companies with huge asset requirements, coupled with the substantial capital often tied up in providing infrastructural needs like electricity, water, roads and communications, many prudent organizations have taken a lease in Nigeria provided by banks and finance companies. This approach tends to reduce the strain on the initial funding. Leasing in Nigeria has become popular in recent times due largely to the impact of industrialization and
The most important sources of bank loans in Nigeria include: paid-up capital, reserve fund, accumulated profit, and deposits. The word deposit represents the money in the funds of a bank’s various deposit schemes. They include saving deposit, fixed deposit, and demand deposit. The name quickly reminds one that money in a bank’s deposits fund is one that the bank is bound to pay back to the depositor, his agent, or his creditor. The depositor Liabilities