Loans for unemployed in Nigeria – What you should know

 You would agree that being unemployed can be very harsh on your finances. In this situation, it is very important that you are prudent with the little you have. However, no matter how careful you are with spending, there are some unprecedented events that will require you to spend some cash. In this situation, you might not be able to cater to these needs because you are out of work. The good news is, you can access very few loan options as unemployed. This article provides you with details about loan options you can leverage and everything you need to know.

Can you get a loan if you have no income?

As we have earlier mentioned, it is very possible to get a loan if you are unemployed. However, to qualify for a loan with any lender, you will need to have an excellent credit history. In addition to this, you must have a good credit score and an alternate source of income. In the case of an alternate source of income, they want to use this to determine if you can meet up with the loan repayment or not.

How to get a loan as an unemployed in Nigeria?

If you are unemployed, one of the easiest ways to secure a loan is through quick loans. We also know this loan option as short terms loans. With the advancement in Technology there are many Fintech companies that offer loans you can leverage. This loan option offers flexible repayment options and you can access them at most 24 hours after application. To access these loan options you can choose any of these financial institutions. Furthermore, these loan options require no paperwork or collateral before you can access them.

• Aella Credit:

This is an app-only platform that you can use to access quick loan options. They design this loan offering for Nigerians to access more funds. This ranges between #1,500 to 700,000. The repayment option is flexible, with an interest rate of 4%-29% monthly. Aella credit loan has a maximum tenor of 2 months.

• Carbon

Since its inception, Carbon has grown to be one of the most reliable when it comes to accessing quick loans in Nigeria. Once you meet up with all their requirements, you will be able to access the loan you request in minutes. All you will need is to provide your Bank verification code and other details for them to determine your loan worth. Their app. Is available for Android and iOS. The repayment for loans with carbon is flexible and the interest rate ranges from 5%-10%.

• Branch

As an unemployed, branch is also another platform with which you can access quick loans. You can access loans from #100,000 to #200,000 within 24 hours of application. Their interest ranges from 15% to 34% depending on the amount they offer you. To access this loan option you do not need any collateral or any source of income.

• QuickCheck

This financial organization provides you with loan ranging from #10,000 to #500,000. For a start, they will offer you #10,000 if they approve your application. They do this to test your trustworthiness and also to see if you can meet up with repayment. After your first loan, if you meet up with their expectations, they will then increase the amount you can access. One good thing with them is that the earlier you pay back the lower your interest rates.

• FairMoney

Fair money is a lending organization that is licensed to provide its customers with short-term loans ranging from #2,500 – #150,000. To access their loan offerings, you will need to provide them with your Bank Verification Number and your debit card. In addition, you will also need to provide them with other details such as your residential address and phone number,. After this, they will determine if you qualify for their loan or not. Fair Money interest rate ranges from about 5% – 28% with a tenor of a month to 26 weeks.

Conclusion

Unemployment is a big problem all over the world. The competition in the job market is as fierce as ever. Irrespective of this, as an unemployed you need to survive. This is why there are several financial organizations offering several loan options to cater to your needs. Their loans are lightning-fast and they will disburse into your account once you meet up with their requirements.

Nigeria!!! I’m Unemployed but I Need Money Now

 

Experts in Statista stated that the rate of unemployment in Nigeria rose to 33.28% in 2020. Hence, it is unsurprising that most people think of how to get money to sort their bills. This leads to the statement, “I’m Unemployed but I Need Money Now”, which is normal for people to worry about. In case you are wondering how to get money instantly if you are unemployed, read further to learn how to do this.

Can I Take a Loan if I’m Unemployed?

The simple answer to this is “yes”. There is a legit way you can get a loan if you are unemployed. Also, the loan application process is easy, quick, and seamless. You will learn more about how to apply for this type of loan subsequently.  

What Should I Consider Before Taking Out a Loan While Unemployed?

Before you try obtaining a loan, it’s important to be completely honest with yourself about your capacity to fully pay back the loan as initially agreed. It doesn’t matter if you’re unemployed or employed. Basically, missing only one payment can cause substantial damage to your credit.

This makes it harder for you to borrow in the future. Also, defaulting on repayment altogether puts a considerable dent in your credit history.

Be logical about your capacity to take care of the monthly payments for the agreed duration of the loan repayment. If you have any doubt, try borrowing a lower amount you can pay back without any hassle. Also, you can consider skipping the loan if you are still unsure. Instead of this, try borrowing from your family or friend. 

Due to your employment status, some lenders may decide to change their loan offers in different ways, including: 

1. Lowering the amount of money you are eligible to borrow.

2. Charging a higher interest rate and origination fees. This compensates for the costs of seeking payment if you do not pay back the loan.

3. Requiring complete repayment of your loan in a shorter period.

Lastly, lenders may expect repayment through automatic deductions from your active bank account. Basically, doing this decreases the chances of you missing a payment.

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Get a loan up to N100,000 at the best affordable rates in Nigeria

Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. 

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Where can I get a loan if I’m unemployed?

A personal loan is the kind of loan suitable for getting cash quickly even if you are unemployed. Basically, this is because it does not need you to secure it with any property like a car or real estate (collateral). There are various Instant Online Loans in Nigeria that provide you with instant loans without collateral. 

How Can I Apply for a Loan Online in Nigeria?

As stated earlier, the easiest and fastest way to get an instant loan online in Nigeria is to get it through online loan platforms/apps. There are various loan apps to get fast loans. Here’s how to apply:

1. First, download the loan app from Google Play Store or the App Store.

2. Next, apply for your loan on the app by providing your details. 

Lastly, wait for a while for the platform to process your loan and send it to your bank account.

What Are The Benefits of Online Loans?

Here are some benefits of getting online loans in Nigeria:

1. You have access to loans 24/7

2. It is very quick.

3. You do not need any collateral to take the loan 

You receive money directly into your bank account.

Basically, these are some of the advantages of using loan apps to obtain instant loans in Nigeria for personal use.

Bottom Line

The statement “I’m Unemployed but I Need Money Now” should not be something to get worried about. This is because there are legit ways you can get a loan quickly and settle your bills. However, you must ensure that you are capable of repaying the loan so that it will damage your credit. If your credit gets damaged, it ruins your chances of getting a loan in the future.

Payday Loans for People with Disabilities

 It’s not easy to live with disabilities. It makes everything you do become an excruciating exercise in frustration. Basically, your daily life becomes more stressful, difficult, and tiring. Also, having disabilities can negatively impact your ability to earn a fixed income due to limited mobility. Hence, you may need to obtain a loan to take care of the never-ending bills. Payday Loans for People with Disabilities are a suitable solution to save yourself from financial stress. These kinds of loans are usually short-term and limited in size. However, they are still very beneficial for many people living with disabilities. As long as you spend them with purpose, you will do just fine.

Can I Get Payday Loans for People with Disabilities?

Disable people may find it difficult to access a loan. However, some loans are obtainable for people living on disability benefits. If this is your case, you can access a loan pending the day you get your pay. This kind of loan is generally called “payday Loans for People with Disabilities”.

This type of loan enables people who are disabled to obtain loans against their income. Payday loans are accessible for disabled people who earn income via social assistance.

What Should I Consider Before Taking Payday Loans for People with Disabilities?

Obtaining a loan when your main source of funds is social or government aid is exciting. It becomes more exciting when you can obtain a loan without the lender checking your credit score. However, there are certain things you need to consider before taking that leap. They include:

1. The lender’s service policy

Before taking Payday Loans for people with disabilities, ensure that you are comfortable with the terms and conditions. Basically, you need to check the terms, fees, interest rates, payments, and all. Obtaining a loan without credit checks gives you a chance to do this freely since you are under no obligation to impress your lender. 

2. Repayment

Even before considering taking a loan, you need to consider the repayment. Make sure the amount you borrow is something you can repay with ease.

3. State laws

Payday loans for the disabled are similar to cash advance loans. Not all states allow this kind of loan, while some states have strict rules for them. Therefore, you need to know the laws in the state you live in pertaining to borrowing this kind of loan first before moving forward. 

4. The application process

Numerous lenders have precise requirements for loan registration. Choose a lender whose registration process and services are relatively easy. When registering for online payday loans, you have to state your source of funds as well as the figures. 

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Get a loan up to N100,000 at the best affordable rates in Nigeria 

Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. 

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How can I get Payday Loans for People with Disabilities Online?

To get a payday loan for the disabled, follow the steps below:

1. Choose the lender.

As stated earlier, some lenders may have terms and conditions that are unsuitable for you. Hence, you need to do your research and choose a lender and loan that is best for you.

Usually, it is better to pick a direct lender because it’s more convenient to deal with them directly. Also, you need to ensure that the lender allows social security benefits as possible sources of income.

2. Fill out the registration form

Before you will be able to access the loan, you have to fill out a form first. So, make sure that you prepare all your information to ensure that that process goes as seamlessly and quickly as possible. Each lender will need different details about you, so have that in mind.

Since the lender does need to check your credit before you qualify for the loan, obtaining the loan becomes easy. However, in some cases, lenders may decide to assess your credit to obtain your information and get a hint of your financial situation.

3. Loan Approval

After applying successfully and signing your loan agreement, the next step is for you to get approved. You may even get funded almost immediately. 

Conclusion

Payday Loans for People with Disabilities are simply loans given to people who have disabilities pending their payday. These loans are usually short-term, easy to collect, and limited in size. However, there are some important factors you need to consider before obtaining it. Essentially, these kinds of loans are very beneficial as long as you spend them with a purpose.

Can You Get A Cash Advance Using a Debit Card?

If you have been in a situation where you need to pay for something expensive in cash, you may have thought about the question “Can You Get A Cash Advance Using a Debit Card?”. The simple answer to this question is “yes, you can”. To pay for something expensive, you will probably need to take out a cash advance using your debit card. Here is a summary of how it works. 

What is a Cash Advance?

A traditional cash advance primarily works as a small loan, which comes directly from your credit card company. Basically, you can borrow cash against your credit limit. An ATM or bank processes the cash advance and gives you money. Some lenders may even allow you to apply for a cash advance online.

The amount of money you borrow will get added to your credit card balance. Your credit card company may charge a fee for the services. Also, they will charge a special cash advance APR.

Can You Get A Cash Advance Using a Debit Card?

Yes, it is possible to do this. When you hear “cash advance”, the first thing that comes to your mind may be a credit card cash advance. With a credit cash advance, you withdraw money using your credit card, and the amount of money you take out is added to your balance. 

However, a debit card cash advance is quite different. Instead of adding money to a revolving balance, this type takes out that money from your checking account. Basically, this kind f cash advance is precisely the same as withdrawing money from the ATM.

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Get a loan up to N100,000 at the best affordable rates in Nigeria 

Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. 

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How can I get a Cash Advance using a Debit Card?

If you want to withdraw, follow the steps below:

1. Visit either a local bank or a credit union branch and speak to a teller. 

2. Next, a request for a cash advance. 

3. Receive the funds.

You will need to pay a small fee for requesting the advance. This fee is usually a small percentage of the total money you withdraw.

What are the benefits of using a debit card to take out cash advances?

Now you may wonder about the benefits of getting this type of cash advance since it is the same thing as withdrawing money from the ATM. Basically, there are good reasons why getting funds using its method is helpful. These reasons include:

1. They don’t attract interest

When you take a cash advance using your credit card, you get charged a fee plus interest. The worst part is that the interest rate it attracts will be higher than the rate for your average transactions. 

Also, it will bypass the one-month grace period. This means that your interest will start accruing instantly. On the other hand, using a debit card cash advance does not attract any interest, just the initial fee. This makes it a cheaper option for obtaining fast cash.

2. They come with higher withdrawal limits

If you have tried to withdraw a lot of money from your ATM, you may have encountered a problem. There is a limit on the amount of money you can withdraw every day. This limit is considerably smaller than the limit for debit card advances.

3. You can use other banks

You are free to go to any local bank and take out this type of cash advance, even if the local bank is not affiliated with your bank. If you bank with a credit union, you can do this using other credit unions too. Basically, you are not restricted to only your bank and this is a huge advantage. However, you should note that not all banks accept requests for a cash advance. Just check with your bank for more details.

What is the downside to a debit card cash advance?

The downside to this is that you cannot withdraw more money than you have in your bank account. Usually, when people need emergency cash, it may be because they do not have the money period to take care of an unforeseen bill. In this situation, this type of cash advance is not so helpful.

Bottom line

It is possible to get a cash advance using a debit card as long you have money in your bank account. Basically, if you have the money in your account and only need to access it, a debit cash advance will work for you. However, if you need extra cash, this type of cash advance is not so helpful.

Reasons: Why Federal Government Shutdown Online Loan Companies

 

It is no longer news that the Federal Government of Nigeria recently shut down some online loan companies. The government took this action due to the complaints they received about some malpractice perpetrated by these companies. Ever since these companies popularly called “Loan Sharks” have stopped their operations. Here’s the full detail of why the federal government shutdown online loan companies. 

What are online loan companies?

These are companies that allow you to borrow loans online. Basically, online loan companies enable you to complete the whole borrowing process without setting foot inside a bank. They are exclusively operated digitally. Hence, they are a very convenient way to borrow money, unlike conventional banks.

Additionally, online loan companies have less stringent borrowing requirements, unlike bank loans. This is one of the major advantages they have over conventional banks.

Are online loan companies illegal?

No, online loan companies are not illegal in Nigeria. However, some companies operate their online lending platform illegally in Nigeria. These illegally operated online loan companies have not registered their business with the Corporate Affairs Commission (CAC). Hence, they do not have the license to operate their businesses. In Nigeria, every business owner needs to register their businesss with CAC for it to be legal. 

Generally, online loan companies are legal in Nigeria as long as the government has duly authorised them. Several other online loan companies operate their platform legally in Nigeria.

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Get a loan up to N100,000 at the best affordable rates in Nigeria

Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. 

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Why did the federal government raid and shutdown 8 online loan companies?

The Federal Government shut down 8 online loan companies due to malpractice perpetrated by the financial institutions. Customers of these online loan companies complained about this malpractice, prompting the government to start investigating. 

The first thing that prompted this move was the invasion of customers’ privacy by naming and shaming them online. These financial institutions used this means to recover their loans from debtors. 

Also, the interest rate these online financial institutions charge violates the principles of how lending is done. This prompted FG to start investigating the location of these financial institutions to shut them down.

What online loan companies were affected?

Here is a list of the online loan companies that the federal government raided and shut down:

1. OKash

2. EasyCredit

3. Kashkash

4. Easy Moni

5. Speedy Choice

6. Soko Loan

7. GoCash

Basically, Blue Ridge owns most of these loan companies. They all operate on the third floor of a certain four-storey building in Ikeja, Lagos.

Can I still obtain loans from online loan companies? 

Yes, you can still obtain loans from online loan companies. As stated earlier, there are some legally recognised online loan companies in Nigeria. Basically, these companies are guaranteed to provide you with instant online loans within a few minutes of your application. Also, since these companies are legal, you do not have to worry about malpractice.

Bottom line

Although the Federal Government has shut down the operations of illegal loan companies, it does not affect the operations of the legal ones. It is still very possible for you to obtain a loan from the registered loan companies in Nigeria. Borrowing from online companies is still a more convenient alternative to borrowing from banks.

Farm Loan Scheme in Nigeria and how to Apply presently in 2022

 The agricultural sector of Nigeria is largely under-tapped, and one industry with huge potential. Therefore, it has been a major focus on the government for the past decade. Currently, there are several loans for farmers in Nigeria, to support their farming, and grow the economy at large. In this article, we are going to look at the loans for farmers in Nigeria that you can enjoy.

What are the available loan programs for farmers in Nigeria?

Some available loans for farmers in Nigeria are:

Farm operating loans (direct and guaranteed): 

This loan is handled by the farm service agency (FSA). It offers several operating loans for family plant and animal farmers to promote and sustain their farms. In doing so, they grow the agricultural economy of the country.

Farm storage facility loans: 

The government brought about this loan to encourage the storage and handling facilities for certain farming commodities. In reality, some of these commodities include grain sorghum, corn, oats, wheat, barley, soybeans, peanuts, lentils, chickpeas and many more.

Fisheries finance program: 

This loan is a direct government program that supplies long time financing to fish farmers. Also, such financing includes the cost of fishing vessels, fisheries facilities, and other equipment that are needed for successful fishing.

Farm ownership loans: 

This loan helps you purchase your own farmland as a farmer. More accurately, it covers the expense of purchase, construction or renovation of a ranch. Also, farm ownership loans also cater for the payment of soil and water conservation, and also protection too.

Loans for farmers in Nigeria

Asides the listed loan programs above, you can also benefit from the following loans for farmers in Nigeria:

Agricultural credit guarantee scheme fund (ACGSF): 

This loan is handled directly by the apex bank (CBN). Also, it was established by the Decree of 20 of 1997 and has been in operation since 1978. Therefore, this makes it one of the oldest agricultural schemes in the country.

Agricultural Credit Support System (ACSS): 

This is an initiative of the government programs for agric loans. Therefore, the funds are managed by the central bank of Nigeria, with a total prescribed value of N50 billion. In addition, they designed this program to reduce inflation, generate foods to be exported, and increase foreign and revenue. Also, this programme is only accessible to practising farmers and agro-allied entrepreneurs.

Commercial Agriculture Credit Scheme (CACS): 

This scheme is as a result of the collaboration between the Federal Ministry of Water Resources and CBN. Furthermore, they established it in 2009 to finance the agricultural value chain of the country. This was in a bid to combat the rising inflation through increased production in the country. Also, this loan is financed by the Debt Management Office, who raised a N200billion Bond.

Farmers’ loan from private institutions: 

Asides governmental programs and grants, there are also private institutions that offer loans for farmers in Nigeria. These institutions allow you to take loans and pay later with a pre-agreed interest rate. However, you should note that many of them offer a far lesser amount than government loan programs and a higher interest rate.

How do I apply for loans for farmers in Nigeria?

The different types of loans have varying application procedures. Therefore, depending on your preferred loan, you should visit the official release of the institution handling the loan, to know how you can apply. There is no one single procedure for applying to loans for farmers in Nigeria. 

Conclusion

As a farmer, you should look to benefit from the available loans for farmers in Nigeria. These loans are especially useful for small-scale farmers looking to expand their business. In all, you should study the available loans, and ensure that it suits your need perfectly before committing.

Fully-Funded Scholarship Program 2022 For International Students

 The internet is a great place to look for a variety of international scholarships. Many of these international students’ scholarships allow you to apply immediately online, which means you may potentially apply for dozens of scholarships including but not limited to adopted children, fellowships, and grants as an international student in only a few hours. However, a larger application pool reduces your chances of receiving financial help, but to win, you must take part.

1. Scholarship for Emerging Global Leaders from American University (AU EGLS)

In general, the AU EGL scholarship covers all billable AU costs (full tuition, housing, and board) for one international student who will need a visa to study in the United States (ideally, an F-1 or J-1 student visa). Costs other than tuition and fees (such as required health insurance, books, plane tickets, and other expenses, which total about US$4,000 per year) will not be covered by the scholarship.

2. Masters Scholarships for African Students at Georgetown University

About the Scholarship: The Master of Science in Foreign Service (MSFS) is a two-year, full-time graduate degree program in international affairs. Among the topics covered by the courses are international relations, global commerce and finance, statistics and analytical tools, and historical perspectives on the world. Aside from that, students choose a specialization, such as International Relations and Security, International Development, or International Business, to further their education.

3. AAUW International Fellowship in 2022/2023. (Masters & Doctoral program in USA)

Regarding the Award: Women who are neither citizens nor permanent residents of the United States are eligible to apply for AAUW International Fellowships, which are granted for full-time study or research in the United States. Graduate and postgraduate study at recognized universities in the United States are encouraged.

Awards are worth a certain amount of money.

4. Scholarships award by Clark University

Undergraduate students can apply for Clark University Presidential Scholarships as part of the University’s ground-breaking Liberal Education and Effective Practice (LEEP) education model, which combines a rigorous liberal arts education with authentic engagement in the world and the workplace for undergraduate students.

If you are an overseas student applying to Clark University for your first year of undergraduate study, you may be eligible for one of the University’s merit-based scholarships.

How to Submit an Application

If you are interested in the Presidential Scholarship, you may indicate your interest by checking the appropriate box on the Common Application (available after Aug. 1).

You will then get full instructions on applying for the scholarship, including the subjects for the two short essays. Candidates who applied for Early Action, Early Decision, or Regular Decision must submit their essays by the first of February to be considered.

5. Obama Foundation’s Emerging Leaders Program to study at the University of Columbia.

The award has a monetary value of:

• monthly stipend to help with living costs in the city of New York
• A fully furnished studio apartment in the heart of Columbia University’s campus.
• Tuition and expenses for up to four courses at Columbia University are covered by this offer.
• Comprehensive medical, dental, and life insurance coverage for the length of the program.
• Air transportation to and from the home country, as well as any program-related activities
• Leadership development programs, coordinated by the Obama Foundation, that will assist scholars in gaining real-world skills, techniques, and experiences that will allow them to extend the impact of their work when they return to their home countries.

For more information, click HERE.