2. GET PAYLATER LOAN IN NIGERIA WITHOUT COLLATERAL:YOU CONSIDER THE LOAN TYPE; secured or in secured. Preferably we are talking about the in secured aspect of loan, which is the type you can obtain without collateral, while secured loan is strictly with the availability of collateral.
One advantage of a secured loan over the other is low interest rate, this is very important factor to put in place in your loan application.
3. WHY DO YOU NEED PAYLATER LOAN? It will be of great interest to define genuinely to yourself why you need to borrow the fund in the first place.
For example, you do not borrow money to settle debts, or to pay salary, it will not profit you in any way. It’s advisable you reduce the staff strength than borrow to pay salaries, if you do that you may end up complicating your problem.
4. GET PAYLATER LOAN IN NIGERIA WITHOUT COLLATERAL: HOW MUCH DO I NEED TO REPAY, since you want to get loan without collateral? This is an important point you will need to digress over and over before your loan application.
Remember the higher you receive the higher the interest rate and so on. Don’t go about collecting money you don’t need because you have access to loan, it pains to pay back.
5. WILL PAYLATER LOAN HELP MY BUSINESS TO GROW? You may ask if there’s any money that will not grow your business, the answer is yes. For example you run a business that requires N1M naira capital support, after every analysis and deductions, you then probably get a loan of N40,000 naira it’s of no use apparently.
6. IS THERE A FEE FOR ACCESSING PAYLATER LOAN? Virtually some of these loans may demand you pay certain amount before you can access them considering that you will get loan without collateral, do your detailed investigation properly before you commence the process.
7. HOW LONG DO I HAVE TO PAY BACK THE PAYLATER LOAN? Do understand the tenure of the loan you intend to collect, will the time frame serve your purpose, the longer the tenure the higher the interest rate and viz versa, the shorter the period the higher your monthly repayment.
8. AT WHAT RATE DO I HAVE TO PAY BACK THE PAYLATER FACILITY? You must weigh the rate at which you will pay back the loan, your income and expenditure will be an ideal parameter to measure this.
9 IF YOU DIE, HOW WILL THE PAYLATER LOAN BE REPAID? This is one difficult question borrowers find difficult to answer at some points deem it irrelevant. Don’t create loans your family cannot pay back if you eventually die because they must pay back.
All of the above being duly considered, you can then access your instant loan in Nigeria without collateral through the following;
1. GET PAYLATER LOAN IN NIGERIA WITHOUT COLLATERAL: MICRO FINANCE BANK– This is a financial institution that offers loans, savings and insurance to entrepreneurs and small business owners who do not have access to the traditional sources of capital, like banks or investors.
It’s goals is to help people like you with money to invest in their business. To get facility from a Micro finance bank you may have to practice and maintain a savings culture with them over the space of time before you can be eligible for loan grant.
Their loan repayment rate is fairer than that of the commercial banks, besides you Will get loan with pit collateral.
GET PAYLATER LOAN IN NIGERIA WITHOUT COLLATERAL:BANK OF INDUSTRY– This is the Nigeria’s oldest , largest and most successful development financing institution.
This bank was reconstructed in 2001 out of Nigerian industrial development bank limited, this bank was transformed into an effective, focused and profitable institution that’s well placed effectively to carry out it’s primary mandate of providing long term financing to the industrial sectors. https://www.boi.ng
Bank of industry is normally beneficial to existing industries. Small businesses who seek to get loan without collateral for the purpose of expanding and further enhancing their businesses which should had been up and running need apply for this facility.
Before applying for BOI loan you should meet the following criteria
I Capacity to substantially add to industry output
Ii You should be involved in projects that use largely domestic raw materials
Iii Ability to promote the expansion of exports through the production of high quality products that are attractive to the domestic and export markets.
Iv Entrepreneur with high employment generation capacity.
V The project must be technically visible, commercially viable and economically friendly
Read also: 5 reliable ways to receive money in Nigeria
Vi Enterprises promoted by women entrepreneur
Vii Agro industries, textile and leather
Viii Information communication technology. You may contact them through their website www.boinigeria.com
3 GET PAYLATER LOAN IN NIGERIA WITHOUT COLLATERAL:ONE FINANCE; Formaly known as one credit. This is a loan scheme that serves specifically the workforce or employees. It provides facility to basically salary earners.
A sizable portion of Nigerian workforce is often denied access to credit by traditional financial institutions, therefore stands that you can get loan without collateral on one finance if you are a salary earner to execute your project.
An average Nigerian is unable to satisfy emergency cash needs as they arise, realizing this gap one finance is providing loan to suit this aim. The loan repayment cycle is basically between 3-12 months ranging from N40, 000 to N1.2m naira depending on your monthly salary.
They have their offices in Lagos, Calabar and Ibadan for now with plans to extend to other parts of the country, they have a favorable rate , you may reach them through www.onefi.co Can as well download their pay later app to access the platform.
4. GET PAYLATER LOAN IN NIGERIA WITHOUT COLLATERAL:WORK PLACE GROUP CONTRIBUTION; This has proved to be Nigeria’s best and fast loan scheme. This category of loan is sourced in your work place. Could involve 12 people who contribute N40,000 each at the end of every month depending on the pay day, the money realized will be handed over to one person.
Mathematically 12 people contributing N40,000 each= 12*40,000= N480,000. Thus the beneficiary goes home with N480,000 to meet his financial needs. This is one of the easiest ways to get loan without collateral, you are however expected to contribute for another member subsequently.
5. GET PAYLATER LOAN IN NIGERIA WITHOUT COLLATERAL:SOCIAL CLUB CONTRIBUTION; You must agree that it’s almost impossible to venture to source a bank loan without collateral in Nigeria, hence social clubs had provided thriving grounds for easy and safer loan without collateral. Some times this collective contributions are used to finance business which in turn yield profit for the club as well shared at the end of the year. Loan granted to members do not attract interest mostly as well get loan without collateral.
6. GET PAYLATER LOAN IN NIGERIA WITHOUT COLLATERAL:FUNDS FROM CLOSE RELATIVES AND FREINDS. You could most times be able to get money to finance your business through friends and relatives without collateral.
You could get people to partner with your ideas and fund it to kick off, but your ideas must be realistic, smart, achievable within a time frame to win partnership or easy funding, you should be able to sound convincing otherwise no one will buy into your idea.
Conclusion; Weigh the aims and objectives of your loan application, there should be a genuine business plan in place and that must meet ethical standard you set, should as well be clearly spelt while it meets the needs of it’s funding.
Do not use money meant for funding your business ideas for luxury and show off. Finally trust you are happy to know you can now get paylater loan without collateral in Nigeria. If you find this article interesting, kindly share it.
Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurial development. A councillor and motivational speaker.