Microcred Microfinance Bank

Microcred 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 Microcred on loans is a minimum of 7% 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.

Pros

• Loan disbursed within 72 Hours
• Convenient repayment plan
• Flexible loan conditions

Cons

• Loan application fee of up to N4000
• Geographic restrictions to Lagos
• 10% of loan amount is required in savings account
• Guarantor required
• Low Maximum loan amount

Requirements

• You should be between 22 and 58 years old.
• Applicant must live and or work in Lagos State.
• Two recent passport photograph (within the last 6 months)
• Two credible guarantors
• Two duly completed signature cards
• Completed application form
• Utility bill – last 3 months PHCN/NITEL

Pennylender

Pennylender is an online moneylender that provides single payment loans, installment loans and payroll loans for borrowers through their employer. The amount borrowed is then deducted from your monthly salary.

Their minimum loan amount is N10,000 and the upper limit for a new customer is N500,000.

The size of loan and interest rate charged is determined by data provided by your employer such as salary, length of service and position. The loan can be up to 50% of your Monthly Salary and the loan tenor is from 3 months to 6 months. Once you decide on the amount you want and you have set up your repayment schedule money is sent to the your salary bank account instantly.

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
• Choice of repayment scheme

Cons

• Geographic restrictions to Lagos
• Employer approval required

ELIGIBILITY CRITERIA

• Valid means of identification (Int’ passport, Driver’s license, Permanent Voters Card, National ID card)
• Utility Bill
• Passport photograph
• 3 months bank statement
• Employment letter or Promotion letter or Contract

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

Hasal Microfinance Bank

Hasal Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Abuja, Nigeria.

Products

• Micro loans – This is for entrepreneurs, traders and students to access up to N1m for existing businesses. The interest rate charged by Hasal is a minimum of  7% with the total dependent on the tenor of the loan. The loan tenor is up to 12 months. 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.
• 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
• SME loan – Hasal offers loan products tailored to meet the business needs of Small & Medium Enterprises (SME). SME finance is a financing solution accessible for specific business medium term projects.

Pros

• Convenient repayment plan
• Flexible loan conditions

Cons

• Geographic restrictions to Abuja
• 10% of loan amount is required in savings account
• Guarantor required
• Low Maximum loan amount

Requirements

• Duly completed Loan application form
• Duly completed personal guarantee form
• Board resolution for the Loan (for companies)
• Duly completed KYC (Know Your Customer) form

MICRO LOAN

Collateral requirement:

•  Loan request from N30,000 – N75,000(no collateral)
• Loan request from N75,000 – N350,000 (only1 guarantor)
• Loan request from N400,000 – N1,000,000 (2 guarantors)

SME LOAN

Collateral requirement –

Based on loan amount, tangible asset within any the categories below is acceptable:

a) Landed property with good titles

b) Lien on cash (Fixed Deposit)

c) All asset debenture (Fixed & Floating)

KiaKia

KiaKia is a moneylender that provides direct personal loans at flexible rates, and also match borrowers with individual or corporate lenders at mutually-agreed rates. They offer loans from N10,000 and N200,000 for a minimum duration of 7 days and a maximum of 30 days.

Responsible borrowers who earn financial responsibility trust points over a period of time will be able to access much bigger amounts at longer tenure and more flexible interest rates. Kiakia’s services are best for anyone looking for an unsecured personal consumer loan, individual’s ineligible for typical bank or credit union loans and those facing financial hardship.

Ibile Microfinance Bank

Ibile 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 Ibile 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 over N500k 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. Loan amount above N500, 000. 3.5% interest rate. 6 months repayment plan.
• Salary Advance – Staff members of Private Organisation with a minimum of 10 Staff, Staff of Blue Chip companies, Civil and Public Servants. The salary must be paid into a bank account. Tenor between 3-6 months. Management Fee 1%, Insurance Fee 1%.
• Agriculture – This loan can be accessed by arable/field crops farmers, fish farmers, livestock farmers, agricultural produce marketers, tree crop farmers. Ibile Microfinance is committed to serving the rural sector to improve the expansion of small and medium scale Agricultural enterprise.  Tenor between 3-6 months.
• Asset Financing – IBILE Asset Finance gives you the opportunity to own that asset you had always longed for. Be it a generator, mobile phone, laptops, washing machine, household furniture etc.

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
• 2 passport photographs
• Guarantor form
• 2 months IBILE MFB account statement.
• 6 months other bank account statement.
• Letter of confirmation of appointment/employment.
• Direct debit will be placed on customer’s account.
• Execution of dud cheque indemnity 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