Tag Archives: Loan

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​How to get loan in Nigeria to start your business in 2018 without collateral



One of the biggest challenges face small businesses in Nigeria is capital; this is because every business needs it to kick start. Unfortunately Nigerian commercial banks are not yet the best place to when you need loan to financing your business, solving medical issues, or even for studying because of the ambiguous process of obtaining loan and collateral, that does not in any way mean that banks are not helping small businesses.
The current state of Nigeria economy is promoting many small and medium seeking the assistant of loan to keep on going. This article will guide you on credit sources to get loan in Nigeria.

How to get loan in Nigeria and sources that offer soft loan in Nigeria.

There are so many sources to get soft loan in Nigeria but in this article we will be listing only few that worth our trust, they don’t ask for collateral, you can be paying back due to agreement.

Many Organisations have developed a co-operative society to help in efferent challenges and in other to benefit from that corporate society you must join be a member, this mean for you to be able to obtain their soft loan you definitely have to join them. Joining this co-operative society doesn’t really a sweat, it easy and you are not required to deposit thousands.

Micro finance bank

Micro finance is first among that entire offer soft loan in Nigeria without collateral, micro finance bank is a financial institute feared for low income earners. They offer small and medium business loan without collateral but with little interest upon it it pay back. They are fair enough assisting small and medium businesses loan to grow better without collateral or much stress.

Note: It will be easier to get loan from micro finance bank than commercial banks if you have any business involve with. They There is however, a signed agreement capturing a required paid agreed and photo short upon release is been required for maximum evidence of agreement.

We personally recommended micro finance because we have transact with them and they were even much too fair with us. They are good if you can keep to your agreement.

Federal Government Agencies

It seem also easy to get a soft loan from federal government agencies. This aim of this agencies is to offer people venturing to agriculture loan in other for farmers to archive the goals. The federal government has severally schemed of the opportunity of soft loan to people venturing to agriculture. At the present situation of this Nigeria the government are looking for those who are ready to go into agriculture, in other to develop or exportation, in bringing back the value of Naira. Farmers can easily obtain soft loan from the government without collateral and they are allowed to payback in due time based on the agreement. All you have to do is find scheme for small businesses and you will be able to get a soft loan from Government agencies without collateral

Business Angels

Business angels are another agencies that offer soft loan without collateral. They are not well recognized due to their lack of advertisement and appropriate marketing. Their loan get more easier but dealing with them is based on trust. We haven’t deal with them bus have contacted them severally and make some hard inquiries from them, and according some of their testimonials they seem to appear good. Since you are not paying to get loan and you won’t be required of collateral definitely you can give a try because you have nothing to lose despite you meet up with pay back agreement.

Revolving Loan Schemes

Revolving loan scheme is a scheme that has been in existence for long now. it commonly find everywhere. In Delta and Yoruba it been called “Osusu”, hausa known it to be “Adashe”, while in Igbo is called “Utu”.

This is a form of co-operative meeting, a compose group of trusted member who pull funds together in weekly or monthly. Each member contributes an agreed amount daily or weekly. This join many trusted people together in contributing a sum amount monthly or weekly, and at the end of every agreed time the lumb sum is given to one person. This how it will gradually get to the turn of every member of the co-operative before the end of a year. You can obtain collateral free loan from this source easily.

This is all aspect of How to get Loan in Nigeria we could cover on this article, as mentioned above this are the only reliable collateral free loan sources that we trusted for now. we will keep refreshing this post to stay up to date.

Source: financialwatchngr.com

Senators unanimously reject proposed loan to buy their vehicles, say they are not interested


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The Senate in Abuja yesterday, revealed, that
senators unanimously rejected the proposed
loan to buy their vehicles, adding that none of
the 108 lawmakers wanted any part in it.
Chairman, Senate Committee on Senate
Services, Senator Ibrahim Gobir, who spoke to
journalists yesterday said the upper chamber
never spent over N4 billion to purchase 108
cars for lawmakers, adding that only 36 SUVs
were bought at the cost of N36.5 million each.
He said:
“We had a close session and they agreed
that we should give one car per state;
we sat down and agreed on who among
the three senators from each state
needs the car most and that was what
happened.”
Source: Vanguard

Fayose raises alarm over Buhari’s China trip to borrow $2bn, funding of 2016 budget with N1.84tr loan


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Read the press statement below…
Ekiti State Governor, Mr Ayodele Fayose has raised the alarm over President Mohammadu Buhari’s scheduled trip to China to borrow $2 billion as part of the N1.84 trillion programmed to be borrowed to finance the 2016 Budget, describing the move as an attempt to mortgage the future of Nigeria and its people.
The governor, who said the 2016 budget was not a reflection of the present economic reality in the country, added that; “By the time they borrow N1.84 trillion to fund their N6.06 billion budget; I wonder how Nigeria will survive in 2017 when the Federal Government will be servicing debt with about 50 percent of its budget.” It has been widely reported that Nigeria wants to raise about $5 billion abroad to cover part of its 2016 budget deficit.

This was said to be projected to hit N3 trillion ($15 billion) due to heavy infrastructure spending at a time when the slump in global oil prices has slashed its export revenues.

In a release issued on Friday by his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said; “In elementary economics, you don’t propose to spend more when your income reduces and I still can’t understand this Buharinomics in which Nigeria is going to spend N6.06 billion with crude oil bench mark of $38 per barrel when the country budget was N4.5 trillion in 2015 when crude oil bench mark was $53 per barrel.

He said since the President claimed to have recovered and still recovering trillions of Naira looted from the treasury and over N3 trillion saved from the Treasury Single Account (TSA), the 2016 budget should be funded with the recovered fund.

The governor said he was alerting Nigerians of the danger in the federal government plan to fund the 2016 budget with loan, adding that; “Tomorrow, it will be said of me that I did not keep silent when Nigeria was being mortgaged to unnecessary debt.

He warned that with the proposed N1.84 trillion borrowing, $2 billion of which President Buhari is already going to borrow in China, the nation may soon be going the way of Greece because Nigeria will be borrowing N5 billion per day for the next 365 days. “If your income was N200, 000 per month last year and your expenditure was N195, 000 per month; does it make any economic sense for you to propose to spend N300, 000 per month this year that your income has reduced to N120, 000?

“Only President Buhari can explain to Nigerians what manner of Economic theory encourages borrowing of N1.84 trillion to fund a N6 trillion budget. As for me, it is nothing but a voodoo economic theory and Nigerians must take note that the income that should accrue to them in five years’ time is about to be spent in one year by the Buhari’s APC government,” the governor said.

Published By IkemDanielBlog