Tips on securing loans in Nigeria
A personal loan is a structured loan available only for personal borrowing. All retail banks offer loans of this type. The customer borrows an agreed sum and pays back in regular installments including interest at a rate, which is fixed at the time the loan is arranged. There are rarely any separate arrangement fees or other costs, though banks often quote repayment figures, which include premium for insurance to cover sickness or loss of job.
Many young aspiring Nigerian entrepreneurs have an idea for their business but lack the capital to actually start it. Getting loans for Loans for Nigerian Startups can be incredibly difficult, as they are often turned down for bank loans, and even if your business is established, funds can still be tough to secure. So what options are left for those aspiring to be the next Dangote? Angel investors Angel investors invest in early-stage or startup
We all have to deal with the unexpected, but an unexpected financial event is especially stressful. If you have an issue you may need to take out an emergency loan in Nigeria. That emergency may be due to a personal issue or a business challenge. If you encounter some difficulty securing a traditional loan from a bank or credit union, you may need to look to other options; consider a firm that offers alternative lending.
Peer to peer lending in Nigeria is a way to borrow without using a traditional bank or credit union. The interest rate on P2P loans in Nigeria can be surprisingly low, but varies widely depending on your credit assessment. P2P loans are growing fast but still account for a small percentage of total loans in Nigeria. P2P loans are loans made by individuals and investors – as opposed to loans that come from your bank,
Crowdfunding is a great new way to use the power of the crowd to raise money for a variety of different projects and ventures. Crowdfunding in Nigeria is possible through sites such as Imeela. What is Crowdfunding Crowdfunding is the process of getting a large crowd of people to pay a small amount of money to invest in an idea or product, with the promise that when said idea comes to fruition, they will get
The types of loans offered in Nigeria differ from one another by the terms of the loans. Learning the differences between the various types of loans can help you evaluate your lending needs and weigh your options—you’ll have a better understanding of which loan will best suit your needs and how to evaluate the terms offered by various lenders. There are many different types of consumer loans. Some of the most common include Secured loan:
Banks are generally wary of providing credit to the SME sector due to many issues including lack of collateral and identification. As such, microfinance loans in Nigeria provide the funding needed by 32 million SMEs in Nigeria to grow their business and the economy. What is a Microfinance loan? Microfinance is the business of providing financial services to vast numbers of poor people in developing economies. Microfinance loans in Nigeria to poor individuals promotes entrepreneurship. These