HOW TO ACCESS A 1 MILLION NAIRA LOAN IN NIGERIA

HOW TO ACCESS A 1 MILLION NAIRA LOAN IN NIGERIA

 

As a result of damages done to businesses with the ravages of Covid-19 in the year 2020, many small businesses find it difficult to move on due to la

ck of funds. This has increased the number of small businesses looking for a loan to boost their business. However, as a small business owner, learning to manage your finances well will go a long way in determining how far your business will go.

Most of us know it is wise to save money, but in practice, it is however often for unforeseen circumstances. Expenses can arise without any time to plan for them. In this situation, it is good to know that there are options available in the form of loans.

There are times that good opportunities which require prompt action would arise, and when you don’t have money, those opportunities may bypass. According to several studies, people regret things they did not do more than things they tried unsuccessfully. When a good opportunity arises, it’s good to be able to act even if they don’t currently have enough cash at hand. Hence, you as a business owner, you need to make provision for those unforeseen expenses by having financial institutions that can give a loan in case the need arises. For example, Credit Nigeria is a platform or avenue where you can get a 1million loan in Nigeria. A 1 million loan can be a lifesaver for your business, either a small scale or a large scale business. With credit Nigeria, you can apply for a 1 million naira loan or more in order to cater to unforeseen circumstances in your business.

A 1 million naira loan will require you to give proof of a steady income together with proof of identification and residence. Smaller loans like a payday loan may require rigorous documentation.

 

THINKS YOU SHOULD CONSIDER BEFORE TAKING A LOAN OF UP TO 1 MILLION NAIRA IN NIGERIA

• Loans should not be taken without a clear need for the money. This is important for both small and long-term loans; loans are to be used for capital investment rather than immediate consumption.
• You as a borrower, your financial profile are important for the lender to approve your loan. Ensure you have a good credit history.
• You should only take a loan from a trusted lender that follows Nigeria’s lending laws.
• Ensure the total repayment of the loan is within your budget as you’ve agreed to pay it back at a particular period of time.

In this article, we identify a few sources where you can get loans of up to 1 million with little or no collateral.

Renmoney

This is a company that provides loans of up to 4 million. To get this type of loan, your business must have a good financial and income statement history and should be boasting of regular payment earnings from repayments. The organization has a minimum loan of #100,000 with the interest of 2.8% per month. As a small business owner, you can access this loan if their requirements are met. It is a convenient personal and micro-business loan.

The Renmoney microfinance bank has a team of diverse executives with experience from multiple industries who work together to deliver the best to its customers. The loan covers a variety of loans to suit individuals’ needs. In order to qualify for the loan, and you must meet some criteria which includes

1. The borrower must be between the age of 22 and 59 years.
2. Both employee and business owner must verify their monthly income and must have a clean credit bureau.
3. Have an identity card to prove that you are a staff of your organization.

 

Read Also: HOW TO WRITE A BUSINESS PROPOSAL

• Carbon

This is popularly known as pay later, carbon loan is an instant online loan that gives access to a loan in Nigeria. Carbon loan is an app that provides instant online loans to help you cover urgent and unexpected cash needs.  The platform will access your BVN to determine your loan worth. It gives loans up to #20 million. Apart from being one of the top loan companies in Nigeria, carbon provides a platform that allows its customers to recharge airtime, transfer funds, and pay bills.

• Branch

The branch is another platform that offers quick online loans in Nigeria up to #1,000,000 with a period of 4 40 weeks to pay back.  For this type of loan, you don’t need any collateral or income-generating assets to get a loan. Interest rates are determined by a number of factors which include the lender’s repayment history and the cost of lending for the branch. This organization has made it easy for Nigerians to access loans from anywhere in the country.

• Aella Credit

This is an app platform for getting quick online loans in Nigeria. It is designed to help employees access more funds between #1,500 to #1,000,000 and an interest rate is between 4%-29% depending on the amount you want to borrow. 

• FairMoney

FairMoney is a licensed loan app that offers quick loans to cater to needs like payments. It requires your Bank verification number. If you pay back your loan before the due date on FairMoney, you would repay at a reduced interest rate.  FairMoney starts at 5% and can grow to 28% depending on how much you are borrowing.  Also, it runs a loan term duration of 4-26 weeks. However, if you pay back before the due date, you would pay at a reduced interest rate.

• Migo

This is a form of partnership between companies, banks, and other technology companies, Migo loan is a platform where you can get a quick loan in Nigeria. You can access Migo’s lending services through their web interface, or the loan app. And if you don’t have an internet-enabled device, you can use the Migo USSD code. Depending on how much money you borrow, the interest rate charged by Migo is between 5%-10% on loans and you have to repay between 14-30 days. This organization provides innovative financial loans to help cover unexpected expenses or urgent cash needs.

• Lidya

This is one of the leading loan companies in Nigeria, where you can get loans up to #1million. This company was launched in 2016 with a mission to close the credit gap, both in Nigeria and across emerging countries.

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