New loan in nigeria

Here are some options for new loans in Nigeria:

1. Commercial Banks:

• Access Bank: Offers various loan products, including personal loans, salary loans, and business loans.
• Zenith Bank: Provides personal loans, salary loans, and business loans with competitive interest rates.
• First Bank of Nigeria: Offers personal loans, salary loans, and business loans with flexible repayment terms.
• GTBank: Provides personal loans, salary loans, and business loans with competitive interest rates.

2. Microfinance Banks:

• MFBs like M-KOPA, MobiCash, and others offer small loans to individuals and small businesses.

3. Online Lending Platforms:

• Paylater: Offers personal loans up to N500,000 with flexible repayment terms.
• Carbon: Provides personal loans up to N1 million with competitive interest rates.
• QuickCheck: Offers personal loans up to N500,000 with flexible repayment terms.
• Renmoney: Provides personal loans up to N1 million with competitive interest rates.

4. Peer-to-Peer Lending Platforms:

• Lendigo: A peer-to-peer lending platform that connects borrowers with investors.
• Soko: A peer-to-peer lending platform that offers loans to individuals and small businesses.

5. Government-backed Loans:

• The Central Bank of Nigeria (CBN) offers various loan schemes, including the Agricultural Credit Guarantee Scheme (ACGS) and the Micro, Small and Medium Enterprises (MSME) Development Fund.
• The National Directorate of Employment (NDE) offers loans to unemployed youth and small business owners.

Eligibility Criteria:

• Age: 18-60 years old
• Income: Regular income from employment or business
• Credit Score: Good credit history
• Business Plan: For business loans, a solid business plan is required
• Collateral: Some loans may require collateral, such as property or assets

Interest Rates:

• Commercial Banks: 15-30% per annum
• Microfinance Banks: 20-40% per annum
• Online Lending Platforms: 10-30% per annum
• Peer-to-Peer Lending Platforms: 10-30% per annum
• Government-backed Loans: 5-15% per annum

Repayment Terms:

• Commercial Banks: 1-5 years
• Microfinance Banks: 3-6 months to 2 years
• Online Lending Platforms: 3-24 months
• Peer-to-Peer Lending Platforms: 3-24 months
• Government-backed Loans: 1-5 years

Please note that interest rates and repayment terms may vary depending on the lender and the borrower's creditworthiness. It's essential to carefully review the loan terms and conditions before applying for a loan.