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How To Get Loans In Nigeria – With and Without Collateral



Instant Online Loan in Nigeria

If you are a small or medium business owner, setting up a relationship with a financial institution by way of opening an account can assist to enhance your business.

Banks are the predominant lending institutions to which people and organizations go for financial assistance especially loans. However, to obtain loans from banks, you need to know what is required before you can qualify for any loan.

It is cardinal to note that banks no longer just give out loans to everyone that reach out to them. They need sufficient proof from whoever wants to borrow money from them to rest assure that the person or institution has the potential to paybackthe loan when it is time.

See: How to Build Powerful Customer Service In Business Enterprise

Most times, Banks attach their granting of loans to particular projects or events such as meeting up urgent situations or to help out the plans of the business.

Usually, it’s far less difficult for employees who work in longstanding and established firms to get loans from banks in which they have their salary accounts so that these financial institutions can deduct a certain amount from their monthly salaries as way of payback till the borrowed money is completely paid.

If the person has no salary account, then what will be required is the collateral security. However, some of these banks may still offer some loans without requesting such provided you meet other requirements.

What You Should Do or Know About Getting Loans in Nigeria With Collateral

Do Your Business Registration:

Do no longer wait until you want a credit facility before you start your commercial enterprise. Have your businesscontemporary account domiciled in your bank. You are likely to get loans with banks that you have a good relationship with, that is, that you have been banking with over time. This is because no bank will give attention toborrowers they arenot familiar with.

Have Specific Purpose For The Loan:

Try as much as possible to convince the bank that you need the money for your business and that you are not using it for something else. The money can be used to acquire new machines or pay for items amongst other uses. The bank wants to be satisfied that you will be able to pay back later based on your intention for the loan.

Know the exact Amount You Want and when you’ll pay back:

Be precise on exactly how much you need as loan from your bank and when you will pay it off. Any SME Loanis not more than a million naira.

See Also: How To Start Car Wash Business In Nigeria

You could also try and borrow some money from spouse and children and buddies who will not ask for interest. It will make the burden easier because bank loans could apart from being tedious to get have charges attached to them in the form of interests sometimes up to 10% of the amount borrowed from the bank.

Make Your financial Books and Business Plan Ready:

You must also have good records of your business. Your income and expenditure books must be intact. You must also have a good business plan because some banks will want to see it before they can give you loan. You may have to tender all these to the bank as proof of your income and expenditure flow, your vision and business strategy, your capacity to payback as at when due, etc.

You Need Guarantors:

When applying for bank loan, you may be required to provide a guarantor or guarantors. So, you need to get someone or people who will help surety you by filling the guarantor form for you. This is done just in case your business plan is not working according to plan or for onereason or the other, youcannot repair your loan.The guarantor you must present must be someone of financial integrity, working in a reputable organization

You Need Bank Statement Of Account:

One of the documents needed is your current statement of account showing how you operate the business.

How to Get Loan In Nigeria Without Collateral

To the general public and a wide section of the society, getting a loan in Nigeria without providing a collateral or guarantor is not feasible. But I want to say congratulations to anyone in need of such opportunity or someone that has been struggling to get started out in any business, but due to insufficient fund, he or she has been stranded.

AB Micro Finance

Getting a loan in AB Micro finance is quite simple due to the fact that the bank is owned by a group of Germans, that doesn’t work with protocols.

All you can do is to stroll into their office located in 9, Oba Akran road, Ikeja, Lagos and request for information on how you could get a loan for your business.

The staff will certainly bring out the form for the loan and you’ll fill it under the assistance of the micro finance staff in charge.

Within the next 24 hours, a loan officer can be assigned to you in order to come visit your shop or workplace and source information from you like the type of business you do, your weekly or monthly income and some little other information .

Related Post: 8 Tips to Make Cool Money From Bookshop Business In Nigeria

Since the banking network covers mainly the Mainland of Lagos, it is important to be smart and get an area around Mainland as a physical location for your business.Within a week after all the regular procedures have been settled, your loan will be authorized.

Features Of The Bank

  1. Fast and transparent
  2. No hidden charges
  3. No preceding savings required
  4. All you need is an existing business

Kinds of loans

  1. AB commercial enterprise Flexi
  2. AB commercial entreprise Plus
  3. AB entreprise Max

AB micro finance is a part and parcel of worldwide micro finance network with distinct shareholders such as

  1. Get right of entry to maintenance (Germany)
  2. African development bank AFDB
  3. KFW (Germany)
  4. IFC (international financial institution)
  5. The Impulse (Belgium)

Ways To Acquire Soft Loan Without Collateral In Nigeria Using Mobile Apps

The processinvolved in getting a loan from banks in Nigeria is a long and rigorous one. As for people that have applied for the loan utility of any banks, the process is always too tedious and getting the loan itself almost impossible with requirements for several security instruments (i.e., guarantors). The terms can affect small-scale business owners, and many people want to apply for a quick loan in the country without going through the stress of seeking collateral and much interest charges.

It is also discouraging to have to wait till the end of the month before you can access the money when what you need is urgent money for your business.

Paylater and AellaLoan are technological driven startups that offer loans to people free of charge without requesting for anything. They charge as low as 7% interest rate or even less. They, in particular, have their target clients who’re constant monthly income earners (i.e. salary earners)

Here are the easy steps to get a loan in Nigeria in 24 hours or less

Step 1

Download PaylaterorAellaLoan application from the Google Play store or iTunes; theydo not exceed a file size of 35MB each.

Step 2

Enter your financial info along with your credit card details and Bank Verification number (BVN) as they will be used to debit your account when the agreed repayment date reaches.

Step 3

After filling the form, submit the application form from within the app and if your request is granted, your account will be credited in much less than seventy two hours.

The loans normally start from around ₦10,000 and grow with each repayment which is being made. Please be aware that your loan request could be rejected if it does not meet the statutory criteria. The reasons for loan rejection range from an incomplete application form to not supplying the right information while signing up.

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1 Comment

1 Comment

  1. Visa

    April 5, 2019 at 5:01 pm

    Nice post

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Business Ideas

How to Start DJ Service Business in Nigeria and Make Money




The entertainment industry in Nigeria is one ever-growing sector that reaches out to all regardless of their background and there are opportunities for youths in this business which are profitable.

If you love a kind of music and have a passion for sounds mix or beats, this is the business for you. You can start providing disc jockey services and get paid for it, as simple as that.

There are people who are already doing this just as a hobby without any idea that they can make money off this skill set and turn it into a business which is lucrative.

See: 5 Steps to Start a Distributorship Business in Nigeria

This is a business that involves mixing different music or sounds, pleasing to the listeners and for their entertainment at their event. You can mix up songs from a  different artist with use of turntable which produces awesome sounds and burns the mix into a compact disc and put them out for sale. Therefore people can play them in their homes, cars, stores or supermarket and so on and forth

If you have a  passion for music, you can start this business and this also goes for individuals who love to attend ceremonial activities and network with them.

This business can be done part-time with a very flexible schedule which is the amazing thing about this business. Therefore you can have a full-time job and by the side work out your disc jockey business, playing during the weekends at events. This is a business that enables you to plan your time of work to suit your circumstances.

Students can also be involved in this business especially those who want to earn little income while they stay in school till they graduate. They could raise enough funds from this business to develop further in the business

If the business is planned properly, it can develop into a successful one which will be very profitable.

See Also: How to Start Diesel Business in Nigeria


People love listening to music be it on their mobile phone, at their events, and in their cars. People can go the extra mile to call a person who is willing to play great music to make their show or events a thrilling one.

The live band could play and sing the songs of other musicians, however, some people will like to listen to the sounds of their favorite musicians and since it is not possible to get the artiste to their event. The services of a disc jockey come into play as he scratches favorite songs from their favorite musicians.


DJ services are needed to produce a means of fun and entertainment coupled with relaxation. Which is why the services of a DJ is needed on various occasions and ceremonial activities such as birthdays, weddings, anniversaries, burials, meetings, seminars, workshops and many more.

It is a belief that any event without a DJ dishing out good music is an incomplete event and makes the demand for the services of a DJ to have reason over the years.


An experienced DJ is versatile and has knowledge of all kinds of music and with great exposure, makes doing business easy for all kinds of events such as children party, business symposium, conferences etc.

Related Post: How to Start Diesel Business in Nigeria

You can play soul, rap, rock, Hip Hop classical and a lot more local music too.



Having love for music and passion for sounds is not enough to make you a successful DJ. You need to gain knowledge and have experience of its operations in order to succeed.

In acquiring knowledge, you’ll need to learn the types of equipment you need to use, where you can get, where you can use them and how to use them. You need to understand the type of songs that goes on air at certain events and how to get the proper mix to produce great sounds.

To gather this knowledge, you need a mentor or someone who has been in the business for a long time, someone you can learn from can understudy.


What is the equipment you need as a mobile DJ?

Djs have lots of options in terms of selecting equipment and all these comes down to the taste of the DJ.

Most common set up is that of work with a laptop. The DJ moves with the laptop and when it’s time, selects the songs he wants to play and uses the wheels to spin the songs.

Some DJ may already have the songs on their iPods then just come over to the mixing dock and the events buzzing with unique sounds

Basically, you need a laptop, turntables to play music from and also a mixer with the very good speaker to produce quality sounds.

With the advancement in today’s technology, your setup can be easy and simple.


In this business you need to know your music very well, that is apart from knowing which equipment to use,  you have to decipher the genre of song that fits a particular event.

Most Read: How to Open a Blog and Make Money From it in Nigeria

Example there are certain songs you will be expected to play at a wedding ceremony which will not be needed at a birthday party.

This is an exciting business for individuals who like music and entertainment a lot. However, carry out a feasibility study to determine the gadgets you’ll need.


You can begin from your house for a start since you will be going out for events and parties. Ensure that your equipment is neatly kept safe in your house.


As your business begins to go grow and you finally have the capacity to expand, you can hire an assistant or a manager who will help in taking bookings, answering clients calls and listing.


This can easily be done right now with the level at which the use of social media has increased. The business promotion has been made very easy, rather than the distribution of flyers, you can promote online and you can have access to your potential customers.


Get your business registered and make sure you meet the necessary criteria required by the government.

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Business Ideas

5 Steps to Start a Distributorship Business in Nigeria




We are very much aware that the present economic situation of the country is a kind that you and I can not specifically point to when it will come to an end. As the saying goes that desperate situations require desperate measures, I guess you will agree with me that we need to do whatever it takes us to make money, as far as it’s legit.

There are some highly lucrative businesses in Nigeria today that we sometimes don’t pay much attention to and this might be as a result of financial constraint or other varying factors, but the truth is, we can always start any business as far as we have the information required to go about such business. This distribution business is very profitable when it comes to the high demand of widely used products especially in a country like Nigeria

Most Read: How to Start Diesel Business in Nigeria

This is the reason why I will be sharing with you, the processes or steps involved in setting up your distributorship business in Nigeria and I hope you’ll work towards setting up your distributorship business as soon as possible. However, the business is competitive but with the right plan and good mobility, you will be able to reach out to as many customers as possible.

A distributor can be anyone who has an affiliation with manufacturers which they stand for and most times buy from products from the manufacturer to deliver these items or products to the wholesalers or retailers, depending on the open market while sometimes the distributors tend to sell the product to the consumers when they are directly available. Simply put, the distributors purchase the product straight from the factory in large quantities and deliver them to the wholesaler or retailer, who then sells them to the consumers in little quantity. The distributor makes the product of the manufacturer to circulate in the open market regardless of the state of production; the distributor ensures that all products get to the strategic location for easy distribution to the consumers.

See: How to State a Crude Oil Business in Nigeria

As stated earlier, the business is lucrative but before venturing into this business, you need to understand how the market functions and the strategic plan to follow in order to make huge profits.


As soon as you decide to start your own distributorship business, the first thing you shouldthink about is carrying out your research. What do I mean by this? All you have to do is look at your environment and look at what your community is lacking. For instance, if there are many schools around you, its an opportunity to become a stationeries distributor especially if they don’t have a good customer base, it will be a good opportunity for you. We have different publishing outfits such as Lantern books, Evans books, Literamed and so on. Type on Google to find out more about these publishing outfits or any businessthat interest you.


Now you know the kind of goods you want to distribute but you don’t know how it works. You need to find out the pros and cons of being a distributor of your goodsand you also need to know how long it takes to keep such goods. You know that durable goods aren’t to be kept for too long unlike non-durable goods, so you need to know the kind of good you’re dealing with, in allits entirety. You need to understand every components of your product, so that when consumeinquiresre about them, you can give the correct answers promptly.


Starting your distributorship business does not have to be difficult after having the information above in step 1 and 2. You can always start small and expand as time goes on and as such, finance should not be the primary determinant of how your business will thrive. Also, note thatGetting a shop shouldn’t be an hindrance to starting your distributorship business and as such, you can start without it if you don’t have the means right away, your home can serve as a store pending the time that you’re able to get your desired store, shop or warehouse


What else are you waiting for? You have created the foundation of your business and the next thing is to build on this foundation. The next thing you should do is just to find means of contacting your distributor and kick off on your long-awaited distributorship business. This shouldn’t be a hard nut for you to crack as you can always go online, search for the product and company you’re interested in and follow the steps you that will be required of you to be a distributor for them.


The last but not least of these steps is to find customers for your goods. This is the most delicate and important part of setting up your business as this will determine the success of your business in the long run. Getting customers for your goods is not as important as keeping them and that’s why you need to work on your marketing skills and learn a few tips on how to get and keep your customers. The more customers you get require more expansion that is, you will need to be mobile whereby you can easily move products from one location to another.

Related Post: How To Start Crayfish Business In Nigeria

Items mostly distributed in Nigeria

  • Drinks
  • Noodles
  • Cars
  • Salt
  • Cement
  • Rice
  • Petroleum product and so on

Tips to successful distributorship in Nigeria

  • Maintain is a responsible, loyal and trust-worthy relationship with your good customers.
  • Rapidly grow the numbers of your customers. The idea behind distributing product is not about the product itself but about the customers you distribute to. The more customers you distribute to, the more money you earn. Therefore develop a strategic plan to increase your customer’s number.
  • Regularly reach out to customers and inquire about the demands of your customers.

Check also: How to Get Loans in Nigeria With or Without Collateral

Lastly, enjoy your business and make it grow by reinvesting your profit. Although the business is highly competitive but with the proper planning, you can break forth beyond your competition and supply widely to all regions possible.Wish you all the best!

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Business Ideas

How to Get a Job in Debt Management Office Nigeria (DMO)




DMO Recruitment Guide – http://www.dmo.gov.ng

This guide covers all you need to know about the DMO Current Recruitment. With this Debt Management Office Recruitment guide, you will get to know about the functions of the Debt Management Office, the requirement, how to apply and other essential information on Debt Management Office recruitment this year.

See: How to Get a Job in Niger Delta Development Commission (NDDC)

Also covered in this guide is the DMO Recruitment Form, the DMO Recruitment portal, etc.

About Debt Management Office

The DMO was established on 4th October, 2000 to centrally coordinate the management of Nigeria’s debt, which was hitherto being done by a myriad of establishments in an uncoordinated fashion. This diffused debt management strategy led to inefficiencies. For instance, in the FMF alone, four different departments have functions for the management of external debt in the following format:

  1. External Finance Department: responsible for all Paris Club debts and for the management of public debt statistics;
  2. Multilateral Institutions Department: responsible for relationships with all multilateral institutions (excluding the African Development Bank and its subsidiaries such as ADF and the NTF, which is handled by the ABER Department). It is also responsible for managing and servicing multilateral debt;
  3. Africa and Bilateral Economic Relations (ABER) Department: responsible for liaising with the ADB and its subsidiaries, ECOWAS, and all non-Paris Club bilateral creditors;
  4. Treasury Department (OAGF): responsible for issuing mandate to the CBN for payment of all external debts;
  5. Foreign Exchange and Trade Relations Department: responsible for issuing reconfirmation for payment externalization to the CBN and for documenting repayment and servicing of external debts;

In the CBN, the following departments had some involvement with external debt management:

  1. Debt Management Department: responsible for the London Club debts consisting of trade debts, par bonds, and promissory notes;
  2. Debt Conversion Committee: responsible for managing various debt conversion options such as debt-for-debt, debt-for-equity, debt-for-export, debt-fornature, and debt-for-development; and
  3. Various departments: responsible for processing and effecting loan repayments on behalf of all the other agencies or departments of government listed above.

This diffusion in the management of public debt created fundamental problems, including the following:

Operational inefficiency and poor coordination;

  1. Inadequate debt data recording system and poor information flow across agencies with consequent inaccurate and incomplete debt records;
  2. Extreme difficulty in the verification of creditors’ claims due to conflicting figures from the various bodies handling the debt management function;
  3. Complicated and inefficient debt service arrangements, which created protracted payment procedure and often led to penalties that added to the nation’s debt stock;
  4. Inadequate manpower and poor incentive systems for the affected personnel, which affected outputs and performance;
  5. Lack of consistent well-defined borrowing policies and debt management strategies;

The consideration of these myriad problems led government to support the establishment of a relatively autonomous debt management office, which resulted in the formation of the DMO in October 2000. The need for the creation of a separate public debt management office was therefore aimed at achieving the following advantages:

See also: How to Get a Job in National Sugar Development Council (NSDC)

  1. Good debt management practices that make positive impact on economic growth and national development, particularly in reducing debt stock and cost of public debt servicing in a manner that saves resources for investment in poverty reduction programs;
  2. Prudently raising financing to fund government deficits at affordable costs and manageable risks in the medium- and long-term;
  3. Achieving positive impact on overall macroeconomic management, including monetary and fiscal policies;
  4. Consciously avoiding debt crisis and achieving an orderly growth and development of the national economy;
  5. Improving the nation’s borrowing capacity and its ability to manage debt efficiently in promoting economic growth and national development;
  6. Projecting and promoting a good image of Nigeria as a disciplined and organized nation, capable of managing its assets and liabilities;
  7. Providing opportunity for professionalism and good practice in nation building;

Debt Management Office Management Team

  1. Director-General:Ms Patience Oniha
  2. Director, Special Assignments, Director-General’s Office: MijiAmidu
  3. Director, Organisational Resourcing Department: Hannatu Suleiman
  4. Director, Policy, Strategy and Risk Management Department: Joe Ugoala
  5. Director, Portfolio Management Department: OladeleAfolabi
  6. Head, Debt Recording and Settlement Department: Alfred Anukposi
  7. Head, Market Development Department: Monday Usiade
  8. Head, Strategic Programmes Department: Elizabeth Ekpenyong

DMO Academic Recruitment Requirements

  1. Possession of B.Sc, HND, NCE, OND in any discipline from a recognized institution
  2. West African School Certificate (WASC) or Senior Secondary School Certificate (SSSC) with Credits in not less than three (3) subjects including English and at least passes in two (2) other subjects; or
  3. National Examination Council (NECO)/General Certificate of Education (GCE) Ordinary Level with passes in four (4) subjects obtained at one sitting or five (5) subjects obtained at two sittings including English Language.)
  4. National Diploma (ND) obtained from a recognized institution. National Certificate of Education (NCE) from a recognized institution; or
  5. General Certificate of Education (Advanced Level) in two (2) subjects obtained at one sitting or three (3) subjects obtained at two sittings.

Related Post: How to Get a Job in Bureau of Public Procurement (BPP)

Other Things You Should Know about DMO Recruitment and Employment

Given the nature of work at the DMO, the organization normally initiates an intensive background investigation on all prospective applicants after they pass their interview process before they are given a conditional offer of any employment.

The investigation includes the following:

  1. A test for illegal drugs,
  2. Credit and records checks,
  3. A medical examination,
  4. Verification of all employment documents submitted to DMO by the candidate.
  5. Applicants must provide originals of HND, OND, NCE or B.Sc. degree in any discipline from recognized institutions.
  6. It’s mandatory to provide NECO/WAEC with two sittings (English should be included).
  7. Extensive interviews with former and current colleagues, teachers, business associates, neighbors, friends, etc.

General Requirements

  1. Applicants must be a Nigerian, either by birth or nationalization.
  2. All applicants must not older than 35.
  3. Your willingness to push yourself beyond your comfort zone is your greatest strength.
  4. Applicant must possess a valid means of identification, Such as a Voters card, driving license or international passport.
  5. Applicants may be required to take an online qualifying examination.

How to Apply for DMO Recruitment

The DMO conducts recruitment into its establishment every year.we are very optimistic that they will conduct for this year too.

Although the Debt management Office Recruitment form for this year is not yet out as at the time of compiling this article, understand that registration for the job is always done online on their website at http://www.dmo.gov.ng/.

Please, visit the agency’s official website to apply for this job or for further details on the job.

Searches related to Debt Management Office recruitment

  1. domestic debt management
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