Personal loans

Personal financing is very vital and pivotal to the achievement of secure personal development. But there are those dark days when the sun refuses to shine towards financial ease when those days come, the only light to shine is a personal loan. Personal loans are well available in the Nigerian finance space, with ease of procurement now a reality. 

It is without difficulty that people get loans nowadays, since money lending organisations are now all over the internet, with interest rates well below those of most commercial banks. This does not mean that commercial banks do not offer personal loans; some of them provide personal loans even without collateral. 

The very essence of personal loans tends to differ from person to person, as each individual tends to have different priorities. Due to this fact, a personal loan could also be in the form of an urgent loan or emergency loan used to meet immediate needs. And sometimes, personal loans could be used to carry out individual projects. 

General Requirements for personal Online loans

The requirements for obtaining a personal loan from an online sources differ based on whether it is a personal loan for an individual loan or a loan to be used by a corporate body/ business (I.e., a personal loan obtained for a small or medium scale business Enterprise (SME’s).

For individuals:

• Bank Verification Number  (BVN)
• Passport photograph
• Address
• Salary account, pension account or tax ID
• Employment letter

For SMEs /Business

• A copy of passport photograph
• A means of identification (this could be drier's license, international passport, national passport)
• Last six-month bank statement of account
• Certificate of incorporation
• Memorandum of association
• Post-dated NUBAN cheques from the client
• A suitable guarantor who would provide the following:
  • Letter of confirmation/employment
  • One undated NUBAN cheque
  • A copy of staff Identity Card
  • A filled guarantor form

Where to get personal loans

• Commercial banks: these are amazing and excellent sources of personal loans, however, it is advisable to look before you leap when it comes to opting for personal loans from them. One reliable source is the United Bank for Africa (UBA) Bank Nig. Plc. They offer personal loans of up to 30 million naira without collateral and a loan tenure of up to 36 months. That is very notable and unlike many commercial banks. Stanbic IBTC Bank is another commercial bank that offers personal loans.
• Money lending organizations: these are tech-based online money lending platforms that offer fast, reliable, and instant loans. Their system is automated, and personal loans can be obtained from them without any physical meeting of any sort. You only need to be proven eligible by providing the requirements. Some of them include:
• Start Credit
• c24
• Page financials
• Rosabon financial service, etc

Benefits of personal loans 

• It helps you to achieve your goals despite financial difficulties.
• You get to lend a helping hand to your loved ones through the financial provision, even when you seem to be broke.
• It helps you live with zero financial worries in periods of financial crises or economic recession.
• Through personal loans, you can hit milestones in Life; you never thought you could achieve due to your financial state. 
• With a personal loan, you would come out of emergencies with smiles on your faces and not regrets. 

Conclusion: getting a personal loan could be all that's needed to lift off the burden of financial difficulty from you. With the ease of accessibility, any day, any time, money can no longer be a limitation to personal development and fulfilment.