Page Microfinance Bank

Page Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Nigeria.

Products

• Micro loans – This is for entrepreneurs, traders and students to access up to N1m for existing businesses. The interest rate charged by Page on loans is a minimum of 5% with the total dependent on the tenor of the loan. Micro 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.
• SME loans – They provide a loan of up to 20m to help consolidate or invest in your business, that is repayable in up to 24 months. The loan is for use as working capital or for the purchase of fixed assets.
• Group Loan – They offer a general-purpose emergency loan offered to employees of a company for a period of up to 15 months. Repayments are made monthly from the employee’s salary and will be remitted by the company or paid monthly by employee via cheque or electronic debits from the salary account

Pros

• Flexible loan conditions
• Competitive rate.
• Approval within 24 hours.

Cons

• Guarantor required
• Low Maximum loan amount

Requirements

• Letter of employment
• Staff identity card
• Pay slip
• 6 months statement of account
• Other forms of identification (National Identity card, international passport, etc)
• Utility bill
• 2 passport photographs
• Signed offer letter
• Guarantor form

Chase Microfinance Bank

Chase Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Nigeria.

Products

• Micro loans – This is for entrepreneurs, traders and students to access for existing businesses. Micro 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.
• Group Loan – Chase Microfinance Bank group based loans are loan facilities designed for micro-enterprise operators, who do not have conventional collateral. These loans are up to ₦200,000 and have a short tenor. To supplement collateral requirements, the loans are secured partly by cash and partly by group guarantees. To access these types of loans one has be a member of registered and unregistered groups of 5-30 members. Group lending is where individuals borrow in the group by use of co-guarantee mechanism and any other appropriate securities accepted by the bank.
• Asset Financing – The loan is for traders, artisans and low income earners in paid employment for acquisition of assets like generator, electronics, kitchen and other household products.

Pros

• Flexible loan conditions
• Competitive rate

Cons

• Geographic restrictions to Lagos
• Guarantor required
• Low Maximum loan amount

Requirements

• Letter of employment
• Staff identity card
• Pay slip
• 6 months statement of account
• Other forms of identification (National Identity card, international passport, etc)
• Utility bill
• Provide a guarantor
• Loan period of 180days
• Flexible repayment an arrangement
• Comprehensive Insurance

Cedar Microfinance Bank

Cedar Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Nigeria.

Products

• Micro loans – This is for entrepreneurs, traders and students to access for existing businesses. Micro 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. Cedar Loan sizes range from ₦200,000 to ₦500,000 and have a repayment period of up to 6 months.
• Asset Financing – This is a short to medium term loan granted to customers for purchase of moveable capital assets, mainly Motor Vehicles, construction equipment, industrial plant & machinery, agricultural equipment, Office and I.T equipment.
• Group Loan – Cedar Microfinance Bank group based loans are loan facilities designed for micro-enterprise operators, who do not have conventional collateral. These loans are up to ₦200,000 and have a short tenor. To supplement collateral requirements, the loans are secured partly by cash and partly by group guarantees. To access these types of loans one has be a member of registered and unregistered groups of 5-30 members. Group lending is where individuals borrow in the group by use of co-guarantee mechanism and any other appropriate securities accepted by the bank.

Pros

• Flexible loan conditions
• Competitive rate

Cons

• Geographic restrictions to Lagos
• Guarantor required
• Low Maximum loan amount

Requirements

• Letter of employment
• Staff identity card
• Pay slip
• 6 months statement of account
• Other forms of identification (National Identity card, international passport, etc)
• Utility bill
• Provide a guarantor
• Loan period of 180days
• Flexible repayment an arrangement
• Comprehensive Insurance

Ferratum

Ferratum is an online moneylender that provides single payment loans for borrowers.

Their minimum loan amount is N1,000 and the upper limit for a new customer is N10,000 with no collateral or guarantor required.

Loans from moneylenders are designed to be short term loans that are designed to tide you over to the next payday. It is best for anyone looking for an unsecured personal consumer loan, students and individual’s ineligible for typical bank loans due to thin credit files. The Ferratum loan is repaid via

• MOBILE APPs: Visit get.quickteller.com and download the right app for your phone
• SHORT CODE: Simply dial *322# and follow the prompt
• SMS to PAY: Just SMS ‘QT HELP’ to 32122
• USSD Code: *322*1*04309401*Amount to be paid back#
• ATM: Select QUICKTELLER from the ATM menu (Code- 04309401)

Products

• Micro loan – Ferratum soft loan is designed to provide borrowers with cash to meet urgent needs and has a maximum tenor of 14 days. Application is done by dialing *322*6#.

Pros

• Loan decision in less than 1 hour
• Convenient repayment plan
• No collateral
• No guarantor

Cons

• Must live and work in Lagos State
• Low Maximum loan amount (₦10,000)

ELIGIBILITY CRITERIA

• Applicants must be 18years and above
• Must live and work in Lagos State
• Must be employed with salary/self-employed with a monthly income.

C24

C24 is a moneylender that provides retail loans for consumers in need of quick financial solutions.

Their minimum loan amount is N40,000 and the upper limit for a new customer is N750,000, while for existing customers is up to N1,000,000.00. Both depend on borrower’s capacity to repay assessed based on verifiable income level and other selection criteria.

Loans from moneylenders are designed to be short term loans that are designed to tide you over to the next payday. It is best for anyone looking for an unsecured personal consumer loan, students and individual’s ineligible for typical bank loans due to thin credit files.

Pros

• High maximum loan
• Fast loan approval process

Cons

• Geographic restrictions to Lagos
• Extensive paperwork