Compare Business Loans in Nigeria

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SME Loans

SME loans are designed for small and medium enterprises in Nigeria to provide access to funds for working capital and business growth with flexible repayment terms and low-interest rates.

Sole Trader Loans

Sole trader loans are tailored for individuals who run their own business and need access to funds for business growth and daily operations. With flexible repayment options and competitive interest rates, sole traders in Nigeria can receive the support they need to succeed.

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Frequently Asked Questions

We answered some questions, so you don't have to ask them

What is a business loan and how does it work?

A business loan is a financial product designed to provide funding for business-related expenses, such as expansion, working capital, equipment purchase, or inventory. It involves borrowing a fixed amount of money from a lender, which is then repaid over a specified period with interest. 

How do lenders determine my eligibility for a business loan?

Lenders assess factors such as your business's creditworthiness, revenue, time in business, industry, and the purpose of the loan. A strong credit history, consistent cash flow, and a well-defined business plan can improve your eligibility. 

What's the typical loan repayment period and interest rate for a business loan?

Loan repayment periods can vary widely, ranging from a few months to several years, depending on the loan type and amount. Interest rates are influenced by factors like your creditworthiness, the type of loan, market conditions, and the lender's policies.

What documents are typically required to apply for a business loan?

Commonly requested documents include financial statements (profit and loss, balance sheet), business tax returns, personal tax returns, bank statements, business licenses, and a duly filled application form. 

How long does it take to get approved and receive funds for a business loan?

The time frame for approval and funding can vary. Some online lenders offer quicker approvals and disburse funds within a few business days, while traditional banks might have a longer application and approval process that takes several weeks. Providing complete and accurate documentation can expedite the process.

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