How To Get LAPO Microfinance Bank Loan

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Are you searching online for how to get LAPO Microfinance Bank loan in Nigeria? You’ve come to the right place. This page features all you need to know to successfully apply for a loan from Lapo MFB.

What is a Loan?

A Loan is a sum of money borrowed by an individual from a financial institution, which the borrower agrees to repay at a later date with interest agreed by both parties.

Unfortunately, many people may find it difficult to get loans because they have poor credit history or are unemployed or probably have mixed feelings for what organization to apply for loans due to varieties of high interest on loans these days by financial institutions.

However, there are various types of loans that can be seized. The most common loans accessible are called microfinance loans (micro loans or small loans).

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Microfinance Loans

Microfinance banks have a star impact on the lives of small business owners and businesspersons. They render these individuals with a chance to access loans which can help them develop their business, and these borrowed cash are mostly called “Micro Loans”.

This is why it is essential to know how you can get a loan from a microfinance financial institutions / banks if you are living in Nigeria.

LAPO Microfinance Bank Loan

One option to gain access to a microloans is the Lapo Microfinance Bank loan. It is a loan offered by Lapo Microfinance Bank, and it is fashioned for a group of people who need financial aid with settling their obligations.

It’s important to note that this is not a personal loan, but rather a business or project finance loan.

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They render several other services like mobile money transfers, bank accounts etc. to helps people in Nigeria build their lives. The Lapo Mobile App makes it easy to apply for loans on the go so you can keep up with your finances wherever you are.

Lapo MFB offers insecure loans of up to scope of N30,000 to N5,000,000.

How To Apply For LAPO MFB Loans And Their Requirements

To get access to the LAPO MFB loans, just walk into any Lapo microfinance bank and request for the loan application form, supply all the mandatory informations like 2 guarantors, legitimate means of identification that will enable you measure up for the loan in-respective of the package.

Lapo Microfinance Bank is one of Nigeria’s largest microfinance institution and some of their loan packages are;

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SME Loans

This type of loan is to assist small or average scale business. The package offers to give up to N5,000,000 with repayment period of 12 months.

Requirements

  • Loan application letter
  • Completely filled application form
  • Recent utility bill
  • 2 guarantors
  • Four passport sized photographs
  • Valid ID (voters card, National id, E-passport, etc)

Agric Loan

This is a special kind of a loan fashioned for farmers and those who want to enhance their business in rural locations. Time frame for repayment of the loan views all the factors of the farming and the maximum amount is set at N500,000.

Requirements

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  • A filled application form
  • 2 guarantors
  • To passport sized photographs
  • Valid identification
  • Recent Utility bill

Asset Loan

This kind of loan was premeditated for those who want to invest possessions and yield some income. Maximum amount is set at N400,000.

Requirements

  • Must have a savings account with LAPO microfinance bankable
  • Two guarantors
  • A filled application form
  • 2 passport sized photographs
  • Valid Identification
  • A recent utility bill

Education Loan

This loan plan is mandated or designed to cover only educational bills, mostly primary and secondary education. Maximum amount is set at N40,000.

Requirements

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  • A loan application letter
  • Duly filled application form
  • 2 Guarantors
  • Valid Identification
  • Recent utility bill
  • 4 passport-sized photographs

Overdraft Loan

This is also called an emergency loan for the householder or for a business. Maximum amount is set at N500,000.

Requirements

  • A loan application letter
  • A filled application form
  • 2 guarantors
  • Recent utility bill
  • Valid identification
  • 4 passport sized photographs

Regular Loan

The loan type is meant for beginners for startup businesses to start or support a business enterprise. Payment of loan is done weekly for a period of 32 weeks. Maximum amount is set at N150,000.

Requirements

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  • Completely filled application form
  • 2 guarantors
  • Recent utility bill
  • Any Identification
  • 2 passport-sized photographs

Final Words On How To Get LAPO Microfinance Bank Loan

LAPO customers are accepted to solicit for loans and the procedure is not hard. The microfinance bank loan is an easy to go system. LAPO MFB is trustworthy for extra funds.

Please note that during all loan applications clients are expected to disclose valuable information about their business.

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