Federal government empowerment loans 2022

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In recent times, the federal government of Nigeria has made loans available to boost the production of SMEs in the country. Therefore, there are a good number of loans that you can apply for across different sectors in Nigeria today. Essentially, these Federal Government Empowerment Loans in 2022 could also come in form of a grant and are open to all citizens. As long as you meet the minimum criteria, you stand a good chance of getting funds for your business.

What are the latest Federal Government Empowerment Loans in 2022?

Here are the top federal government empowerment loans so far in 2022:

Survival fund loan

The federal government of Nigeria created this survival fund loan as a way to help businesses that suffered losses during the lockdown. Basically, most businesses weren’t allowed to run, therefore, incurred great losses that some haven’t recovered from till today. Therefore, the government made this fun accessible to all companies for a duration of three months to help the business recover.

Bank of Industry and Central Bank intervention fund

This fund would distribute a total of N235, offering it to companies in the manufacturing, refinancing and restructuring sector. Basically, the loan is a result of a collaboration between the bank of industry (BOI) and the Central Bank of Nigeria (CBN).

Npower Nexit Loan

The government designed the Nexit loan to act as a follow up for passing out Npower scheme beneficiaries. More so, the aim is to help them embrace entrepreneurship by providing funds for them to open a business. However, unlike Npower, the Nexit loan is not a grant but a loan. This means that all beneficiaries would have to pay back the sum and applicable interest to the government.

SEIFAC and CBN Anchor Borrowers program 

This program focuses on farmers and their respective cooperatives across the nation. It is an initiative that embraces wet cropping, encouraging farmers to farm in Agricultural production clusters (Agro PCs). In addition, this is a cluster farming model that pools resources to ease the challenges faced by small scale farmers.

Bank of agriculture (BOA) and SMEDAN Loan matching fund programme

This is an ongoing program that offers medium-sized loans to businesses in need. Essentially, the BOA and SMEDAN loans range between N1.2 million and N5 million depending on certain conditions. The SMEDAN loan also does not require any collateral, as it includes a waiver of collateral letter.

NYIF Loan

This loan is specially reserved for the youths in Nigeria. It is opened to interested citizens between the age of 18 and 35 across all states in Nigeria. Successful candidates would attend online business training at different centres, before being given a loan to establish a business.

GEEP Loan

This loan is an initiative that aims at boosting the Nigerian economy by empowering farmers, artisans, and traders financially. It basically covers three areas, which is the farmer Moni for farmers, trader Moni for traders, and Market Moni for other artisans in the country.

CBN AGSMEIS Loan

The Central Bank of Nigeria designed this loan to help all agricultural-related businesses in Nigeria. Farmers and agricultural-related entrepreneurs are encouraged to apply, after which they consider the application and select successful candidates.

NHF Loan

The federal mortgage bank of Nigeria handles the NHF loan. It is a housing loan that aims at providing cheap and affordable housing for Nigerians all across the country. However, there are certain requirements to meet before qualifying for the loan.

Conclusion

Regardless of your business and industry, there is an empowerment program for everyone. All you need to do is to put together the required documents and applied. Currently, note that some of these loans are not currently running and may or may not be opened in the future. 

Can a Retired Person Get a Payday Loan?

 It is normal for every working-class person to get bothered about retirement, especially when it’s close. Usually, people in this situation ask a lot of questions concerning their finances and how to get cash when they retire. One of the most common questions people ask is “Can a Retired Person Get a Payday Loan?”. Here is a direct answer to that question and other questions about applying for a retirement loan.

Can a Retired Person Get a Payday Loan?

The straightforward answer to this question is: yes, a retired person can get a payday loan. Whether you are obtaining a personal loan, funding the purchase of a new car, or even remortgaging your property, loans in retirement are feasible.

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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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What do lenders consider when I apply for a loan in retirement?

Basically, there are several considerations to keep in mind if you’re imagining how to get a loan when you retire. Before you start planning, you need to realize that retirement is equivalent to making financial changes that you would not have considered pre-retirement.

Essentially, since you’ve lost your regular income from employment, lenders will be cautious of your financial status. Moreover, you will become a greater risk since you’re not earning a regular income. This is because having a regular income is what makes you capable of obtaining a loan. 

However, if the lender checks your pension and finds it suitable to repay the loan, you have overcome one major hurdle to taking out a loan. Other factors lenders consider include:

1. Your assets

If you choose to obtain a secured loan, you will likely use your assets as security. Basically, before you take out a secured loan, it’s crucial to consider the financial repercussions. If you are incapable of repaying the loan, lenders will repossess your property. Hence, it is necessary to bear these risks in mind before you commit to this kind of loan agreement.

2. Your age

Usually, most lenders set a maximum age for their loans. If you’ve crossed their specified age limit, you automatically become unqualified for the loan. While some lenders have a cut-off point of 75, others may choose to set it below or above this age.

Why might you obtain a loan in retirement?

Many retirees take out loans for a couple of reasons. They may find themselves wanting to do things that they didn’t have enough time to do before. Usually, these things like going on vacations, home improvements, buying a case, or even lending money to family members cost a lot of money. 

Basically, obtaining a loan can enable you to fund these plans without withdrawing money you have planned for long-term investments. Taking a low rate of interest by borrowing loans, will allow you to borrow cash over a shorter term without it having an impact on your longer term investments. These investments have to be left untouched to attain full retirement projections.

Also, taking out a loan enables you to settle emergencies, especially if your pension is not ready. 

Bottom line 

The simple answer to “Can a Retired Person Get a Payday Loan?” is yes. Basically, you can take out a loan when you are retired if you meet certain requirements. These requirements, which have been discussed above, will set the standard you have to meet to be eligible for a loan. Essentially, once you successfully cross this hurdle, your loan application is likely to get accepted.

Startup funding in Nigeria – What you should know

 One of the greatest obstacles startups face in Nigeria is finance. Many times, it is easy to get the planning, and other key aspects of the business right, however, when there’s no funding for execution, there’s pretty much no progress. Therefore, many of these businesses look to the available startup funding in Nigeria to grow. See some top business ideas in Nigeria.

Also, the starting capital of a business, determines to an extent, the level at which it enters the market. In addition, it also plays a key role in how long a business can fund its operation without making a profit, as most businesses start that way. If you are a business owner looking for the best startup funding in Nigeria, here are some of the best picks for you:

Types of Startup funding in Nigeria

Crowdfunding:

Since its emergence, crowdfunding has become one of the most common ways through which startups can raise funds in Nigeria. Primarily, it entails you pitching a business idea on the platform which hosts a lot of investors. Essentially, this means that your business can get funded without ever meeting the investors. Therefore, they could make one-time investments out of the free will, or choose to receive equity over time.

Business loans:

Anything loan most times pertains to a bank and lending companies. Today, there are several loans which you can obtain from both commercial and microfinance banks. However, they mostly attract high interest rates, therefore your business must be sure to yield substantial profit or it might be an awful choice.

Venture capital funding and angel investors: 

Although they differ, angel investors and venture capital funding share much of their mode of operation. Angel investors usually invest at the beginning of startups, with certain terms, while venture capital investors usually work with already established companies looking to expand. However, they both provide funds for startups in exchange for equity in the company. Also, their investment is guided by certain agreements made beforehand.

Accelerators and incubators: 

Although this might sound like a relatively new term as a startup funding in Nigeria, they have been around for a while. Accelerators majorly focus on startups that are viable to a certain degree and ready to expand. However, incubators on the other hand tend to startups at the early stage. Also, these two work hand in hand, creating a program or kind of system to vet startups, and the ones that make it through receives seed funding at the end of the program. The accelerators and incubators program is usually run by investors who receive equity in exchange for investment.

Bootstrapping: 

This primarily focuses on growing a startup through in-house funding. Therefore, all funds come primarily from the founder of the business as well as other revenues it generates. However, most times, this means that the company suffers in the absence of personal funds, therefore delaying growth and expansion. Also, the founders have absolute control and operation of the startup.

Conclusion

Although obtaining Startup funding in Nigeria could be difficult, you can put your business in the best position by having a solid plan. Most times, the proposal presentation is the stage at which an investor decides to go on or not.  

Rent loans in Nigeria – What you should know

Housing, more accurately captured as shelter, is one of the three basic needs of man for survival. Without a shelter over your head, there’s pretty much nothing else that can go well. This is because it’s from the comfort of your home that you can earn a living to provide for your other basic amenities; food and clothing. Furthermore, rent is pretty expensive, especially when you live in a major city. If you cannot afford one, there are rent that could help you meet your immediate needs, and allow you to pay up over time.

Rent loans in Nigeria 

Saving up for annual rent is outrightly a challenge for many Nigerians. The situation of things in the country is hard enough, with frequent inflation pushing up prices of goods. Therefore, this has left the country with a large percentage being poor, and individuals turning to family and friends to borrow in order to meet needs. However, in the end, these families and friends also have needs to meet, therefore leaving most to figure out things for themselves. 

As a way out, you can simply opt for one of the rent loans in Nigeria. Currently, you can easily obtain a loan of up to N5 million at competitive rates. There are several third-party institutions that connect citizens in need of rent loans to financial partners willing to provide it.

Which institutions offer rent loans in Nigeria? 

There are a good number of institutions that offer rent loans in Nigeria to individuals in need. Some top examples of these organizations are: 

• Credit nigeria 
• Paymyrent
• Sparta capital limited 
• Resort savings and loans plc

How do I apply for a rent loan in Nigeria? 

Most rent loans providers in Nigeria have their individual approach as to how customers are to apply for a loan. Therefore, you can simply visit the company’s website or any of its physical offices to inquire, and an agent would be on ground to put you through. However, most of them require that you provide important details like:

• Bank account and BVN details 
• Means of identification 
• Company details (for the employed)
• Business details and proof of steady income (for business personnel)

Conclusion

With the numerous institutions providing rent loans in Nigeria, you should not find it difficult to pay your housing bills. However, keep in mind that these institutions need you to show that you can repay the money before approving your loan. Therefore, you must have a business with regular cash flow or a job that offers a fixed salary. There are also loan options available for Lease and Hire Purchase.

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.