How to get your loan approved easily

How to get loan anywhere in Nigeria without stress.

When you are seeking for loan this days most parastatals will likely to ensure you are capable and verifiable to access a loan due to competence. As no bank or company would want to give out loans to a person or company that will become a liability to them in the nearest future. 

There are two types of loan accessible namely;

  • Short term loan.
  • Medium/Long time loan.

A Short term loan is a loan that is accessible and payable within a short-term Period of time. Either few months or a maximum period of one year.

Medium/Long term loan are loans that is accessible and payable within a longer time period, it’s mostly payable for a period of 10 – 15 years period.

Where is the easiest place to get a loan

There are several places to get a loan such as;

Commercial Banks.

Bank of Industry in Nigeria.

Micro finance banks.

Companies.

Money lenders.

What is the easiest loan to get approved for?

There are various types of loans that may easily approved. But let’s take a look at types of loans

different types of bank loans

Loans varies from type to types namely;

Business loans.

Personal loans.

Home, housing – equity loans.

Credit card loans.

From the types of loans listed above, a business loan is likely to easily get approved; this is because there is a strong probability that you will payback if your business is lucrative.

What is the requirements to get loan in Nigeria?

You need to have a good record of bank statement, that is a steady flow of cash in and out of your bank account. This shows that there is a free flow of amount that goes into your account and comes out, to ensure that you are solvent enough to control specific amount of money when your loan application is granted.

You need to be employed or a business owner, you need to work within a specific confine or be self employed either a sole proprietor or belong to a partnership business. A lender needs to know if you are capable of repaying the loan at a stipulated timeframe.

Read Also: How to get Access Bank loan at home with USSD codes.

terms and conditions of loan agreement

The company, bank or lender will likely to ask you some various questions namely;

    You will be asked to why do you need the loan? 
    What do you need the loan for? What do you aim to achieve within a short term period if the loan request is granted? 
    What are your long term goals.?
    How do you think you can expand when the loan is granted to you. And what are the collateral assets can you provide to ensure you will be able to pay back within the time given.

After you have passed the test of the above loan terms, you will then be given a interest rate terms. Thus, the interest rate terms is the amount or price you pay for accessing a loan. They are mostly based on percentage of the amount of the loan such as 5%, 10% or even more.

How to get a personal loan from a bank

If you are applying for a bank loan in Nigeria, you need have good salary structure or have good business that fetch you some good cash and you want to expand. 

If you are business owner, ensure that your business is registered with Corporate Affairs Commission (CAC). With a CAC certificate having your business name on it gives the bank an impression that you are business minded person and wants to expand in the nearest future and won’t be a liability to them.

Even if you are a worker ensure you have a saving habit that won’t liquidate you in the future. Or open a small business that can be run on your days off from work or run by your wife or child and register the business name with CAC. With this tips you’ll have 95% of getting loan from a bank, company or any lender.

What to do next if my loan request is approved?

When your loan request is approved, you will be asked to provide a guarantor which will stand as a witness or surety. This guarantor or surety can be a friend, family or a person you work with that can be reached when you are unable to your pay back your loan.

After all the process you will be given a form to fill out your bank details such as bank account number that the loan will be paid into, Bank verification number (BVN) and a copy of your bank statement.

You will likely to get your loan funds with 2 to 5 working days after a comprehensive review of your loan application.

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