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How to get a Personal Loan in Nigeria – Here, we shall be showing you how you can get a personal loan in Nigeria with 8 steps. If you are searching for a loan to support your business or a capital to start up a business then you are at the right page.
Personal loans no doubt have saved many businesses and young entrepreneurs in the country. Some of these SMEs run to personal loans as their backbone in their businesses. That is why we have listed out some steps on How to get a Personal Loan in Nigeria.
Required Documents Needed for Personal Loans
In case you are searching a personal loan, you will need the following documents to be submitted when applying. These documents are;
- You must have a valid means of Identification which can be driver’s license, voters’ card, NIN or international passport
- Your bank statement of account and your tax returns
- Proof of employment (applicable to working class applicants)
- Residential Address
Your interest rate can be determined by your repayment capacity, loan duration, and some other requirements that will be stated to you when you are applying. Bear in mind that this may vary depending on the organization you are applying from.
How to get a Personal Loan in Nigeria – 8 Steps
- Do the Math
- Check your Credit Score
- Weigh your Options
- Determine your loan type
- Compare personal loan rate from different lenders
- Make a choice and apply
- Provide all the needed documents
- Obtain the loan and make plans to pay back
Personal loans are not grants. You will be required to pay back these loans when due and their corresponding interest rate.