Personal Loans

Personal Loans

General Loan Features (Standardized for All Loans)

  • Interest Rate: 5% flat per month (subject to risk assessment and market conditions).
  • Repayment Terms: Monthly, tailored to borrower’s capacity.
  • Approval Process: Quick, with stringent documentation to mitigate risks.
  • Risk Mitigation: Mandatory Monthly Savings of 1% of Loan Amount, Credit Insurance and Post Dated Cheques
  • Eligibility: Strict adherence to documentation and creditworthiness checks.
  • Target Market: Nigerian individuals and businesses with verifiable income/collateral.

Note: All loans are subject to credit checks and risk assessment. Interest rates may vary based on borrower profile.

  • Personal Loan

    Flexible repayment terms, various loan amounts

  • Shop-Owners Loan

    Tailored for business owners, competitive interest rates

  • Commission Loan

    Loan against expected commissions, quick approval

  • Asset Loan

    Loan secured against valuable assets, such as property e.t.c

Loan Products

1. Personal Loan

  • Purpose: Weddings, vacations, medical bills, or other personal needs.
  • Features:
    • Loan amount tailored to income.
    • Repayment tenure: 1–12 months.
    • Target Market: Salaried individuals or regular income earners.
  • Risk Mitigation:
    • Proof of income, bank statements, employer confirmation.
    • Mandatory Monthly Savings of 1% of Loan Amount
    • 1% of Loan Amount as Credit Insurance Premium
    • Postdated Cheque

2. PayDay Loan

  • Purpose: Urgent cash needs before payday.
  • Features:
    • Short-term (until next salary).
    • Minimal paperwork.
    • Target Market: Employed individuals.
  • Risk Mitigation:
    • Salary slips, employment letter.
  • Risk Mitigation:
    • Proof of income, bank statements, employer confirmation.
    • Mandatory Monthly Savings of 1% of Loan Amount
    • 1% of Loan Amount as Credit Insurance Premium
    • Postdated Cheques

3. Insurance Premium Loan

  • Purpose: Cover insurance premium payments.
  • Features:
    • Repayment aligned with premium cycles.
    • Target Market: Policyholders.
  • Risk Mitigation:
    • Valid insurance policy, income proof.
    • Proof of income, bank statements, employer confirmation.
    • Mandatory Monthly Savings of 1% of Loan Amount
    • 1% of Loan Amount as Credit Insurance Premium
    • Postdated Cheques

4. Target Loan

  • Purpose: Specific goals (e.g., education, asset purchase).
  • Features:
    • Customized repayment plans.
    • Target Market: Individuals/businesses with clear financial objectives.
  • Risk Mitigation:
    • Detailed project plan, financial projections.
    • Proof of income, bank statements, employer confirmation.
    • Mandatory Monthly Savings of 1% of Loan Amount
    • 1% of Loan Amount as Credit Insurance Premium
    • Postdated Cheques

5. Rent Loan

  • Purpose: Cover rental obligations.
  • Features:
    • Short-term (aligned with rent cycles).
    • Target Market: Tenants with stable income.
  • Risk Mitigation:
    • Tenancy agreement, landlord confirmation.
    • Proof of income, bank statements, employer confirmation.
    • Mandatory Monthly Savings of 1% of Loan Amount
    • 1% of Loan Amount as Credit Insurance Premium
    • Postdated Cheques

6. School Fees Loan

  • Purpose: Tuition, books, and education-related expenses.
  • Features:
  • Repayment tied to academic terms.
  • Target Market: Parents/students.
  • Risk Mitigation:
    • School admission letter, fee structure
    • Proof of income, bank statements, employer confirmation.
    • Mandatory Monthly Savings of 1% of Loan Amount
    • 1% of Loan Amount as Credit Insurance Premium
    • Postdated Cheques

7. Emergency Loan

  • Purpose: Medical bills, accidents, urgent repairs.
  • Features:
  • No collateral; fast approval.
  • Higher interest rate (12% flat monthly).
  • Target Market: Individuals in urgent need.
  • Risk Mitigation:
    • Proof of emergency (medical report, repair invoice).
    • School admission letter, fee structure
    • Proof of income, bank statements, employer confirmation.
    • Mandatory Monthly Savings of 1% of Loan Amount
    • 1% of Loan Amount as Credit Insurance Premium
    • Postdated Cheques

8. Asset Loan

  • Purpose: Leverage assets (property, vehicles) for liquidity.
  • Features:
    • Lower rates (8% flat monthly) due to collateral.
    • Target Market: Asset owners.
  • Risk Mitigation: Asset valuation, ownership documents.
  • Risk Mitigation:
    • Proof of emergency (medical report, repair invoice).
    • School admission letter, fee structure
    • Proof of income, bank statements, employer confirmation.
    • Mandatory Monthly Savings of 1% of Loan Amount
    • 1% of Loan Amount as Credit Insurance Premium
    • Postdated Cheques

9. Commission Loan

  • Purpose: Advance against future commissions.
  • Features:
    • Payout aligned with commission cycles.
    • Target Market: Sales professionals.
  • Risk Mitigation: Commission agreement, employer confirmation.
  • Risk Mitigation:
    • Proof of emergency (medical report, repair invoice).
    • School admission letter, fee structure
    • Proof of income, bank statements, employer confirmation.
    • Mandatory Monthly Savings of 1% of Loan Amount
    • 1% of Loan Amount as Credit Insurance Premium
    • Postdated Cheques

10. Advanced Payment Loan

  • Purpose: Access future income early.
  • Features:
    • Short-term (until income is received).
    • Target Market: Contract workers.
  • Risk Mitigation: Contract copy, income verification.
  • Risk Mitigation:
    • Proof of emergency (medical report, repair invoice).
    • School admission letter, fee structure
    • Proof of income, bank statements, employer confirmation.
    • Mandatory Monthly Savings of 1% of Loan Amount
    • 1% of Loan Amount as Credit Insurance Premium
    • Postdated Cheques

11. Home Improvement Loan

  • Purpose: Renovations or upgrades.
  • Features:
    • Medium/long-term repayment.
    • Target Market: Homeowners.
  • Risk Mitigation:
    • Property documents, renovation quotes.
    • School admission letter, fee structure
    • Proof of income, bank statements, employer confirmation.
    • Mandatory Monthly Savings of 1% of Loan Amount
    • 1% of Loan Amount as Credit Insurance Premium
    • Postdated Cheques

Loan Application Requirements (Hard Copy Submission)

For Individuals:

  • Individual Account Opening Form (for businesses).
  • KYC Form (completed with personal details).
  • BVN
  • Loan Application Form (duly filled).
  • Loan Application Letter (personal letter for individuals).
  • Last 3 Months Pay slip (for salary earners)
  • Two (2) Guarantor Forms (with valid IDs and proof of income).
  • Valid Means of Identification (e.g., NIN, passport, driver’s license).
  • Passport Photograph (recent).
  • Proof of Address (utility bill not older than 3 months + rent receipt if applicable).

Additional Documents (Case-Specific):

  • Salary slips (for salaried borrowers).
  • Bank statements (6 to 12 months).
  • Collateral documents (for secured loans).

Our Benefits

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No need for guarantors

No need for collateral

No need to move salary account

Quick loan disbursements

To Qualify

You must be over 21 years old, work and live in Lagos.

Minimum of 1 year in current employment

Have a valid identification

Download the Loan Application Form and send the filled form to hello@mycreditude.com

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