Trying to raise money to finance your business is quite an uphill task in Nigeria. The banks in Nigeria are simply money houses where money is kept and withdrawn.

Most of the companies that claim to give loans are simply jokers that take people for a ride.
The loan Apps that have also invaded the cyber space are nothing to write home about. Imagine a situation where someone is looking for a loan of N100,000 and you are given N5000. It just doesn't make sense.

Most of the loan companies that do give are restricted to Lagos.
That being said it leaves me to wonder about this.
Are there really any real loan company in Nigeria that covers the whole country and gives reasonable loans at affordable interest rate without hassles?
If you know any, share your experience with hard evidence.
Thanks

benodic:
Trying to raise money to finance your business is quite an uphill task in Nigeria. The banks in Nigeria are simply money houses where money is kept and withdrawn.

Most of the companies that claim to give loans are simply jokers that take people for a ride.
The loan Apps that have also invaded the cyber space are nothing to write home about. Imagine a situation where someone is looking for a loan of N100,000 and you are given N5000. It just doesn't make sense.

Most of the loan companies that do give are restricted to Lagos.
That being said it leaves me to wonder about this.
Are there really any real loan company in Nigeria that covers the whole country and gives reasonable loans at affordable interest rate without hassles?
If you know any, share your experience with hard evidence.
Thanks

b

@ Heartlessbanker

benodic, please I need your help on something. I live in a very "negatived energied" home. My mother has by default turned herself to an energy vampire. She has given up on life, and lost all hope of happiness. She has become a victim of life which leads her to constant anger outbursts, frustration, malice,and others. The problem is the negative environment she has created by default in our home is affecting me;both mentally and emotionally. The only option I have is to pack out but that can only happen by late next year when I leave for university. In the meantime, how do I protect and guide myself from this toxic environment? You're the only one who can help me here. I'm financially weak, if not, maybe money could've helped her condition. Just help me protect myself.

Hello Dear,
Of all my threads to pose a Spiritual question you choose the one in the investment segment.
Nevertheless I will still respond.

First thing you need to know is that no one is a victim of life. We are all responsible for whatever we are passing through as a result of the law of cause and effect. So our happiness solely depends on us.

When you find yourself in a negative environment the best way to turn things around and protect yourself is to sing the Holy name of God, HU. For up to 20-30 minutes morning and night and at any other time you feel like.

Singing this Love Song to God will open your heart to the love of God which will cover your being with the divine Light that no force of negativity can penetrate.

Do this exercise diligently and watch your life transform.
Remain Blessed

benodic:
Trying to raise money to finance your business is quite an uphill task in Nigeria. The banks in Nigeria are simply money houses where money is kept and withdrawn.

Most of the companies that claim to give loans are simply jokers that take people for a ride.
The loan Apps that have also invaded the cyber space are nothing to write home about. Imagine a situation where someone is looking for a loan of N100,000 and you are given N5000. It just doesn't make sense.

Most of the loan companies that do give are restricted to Lagos.
That being said it leaves me to wonder about this.
Are there really any real loan company in Nigeria that covers the whole country and gives reasonable loans at affordable interest rate without hassles?
If you know any, share your experience with hard evidence.
Thanks

You have to know that Nigeria is a high risk country for companies that provide loans and finance.

The loans the loan apps companies provide is largely uncollateralised therefore only very few companies will give a loan above 100K to a first time applicant who has no credit history with them.

[quote author=benodic post=94585527]
@ Heartlessbanker

@ Benodic

Are you based in Lagos?

Are you a salary earner?

@ Benodic

Are you based in Lagos?

Are you a salary earner?

Same question I was being asked by many finance companies. Is lagos the only city in Nigeria?

benodic:


Same question I was being asked by many finance companies. Is Lagos the only city in Nigeria?

Lagos is not the only city in Nigeria but most finance companies are based in Lagos

In case you do not know most of these loans are not collaterised which means if the borrower fills in fake contact information and thereafter decides to go A.W.O.L you probably may never recover your funds and I can tell you from experience that in Nigeria when people who are in a far location borrow money from you the likelihood that they will default is over 80%!

It is therefore cheaper and less risky to give unsecured loans to people who are based in Lagos because it will be much easier for you to verify whatever claims they made in their application forms before you disburse funds.

People in Lagos also default but debt recovery drive is cheaper unlike if it's outside Lagos where in addition to transport expenses for the team you also have to worry about providing accommodation, out of station allowance and cost of getting policemen from that jurisdiction.

Giving an unsecured loan to a person in another state in Nigeria is a very bad idea!

Paylater is giving unsecured loans nationwide that's why I pitched my tent with them