We all know that applying for loans in Nigeria is not easy, to be honest, most commercial banks like UBA, Zenith, GTB, First Bank etc, don’t usually give loans easily, and while digital banks have been doing well and some loan mobile apps also performing better, it is said that microfinance banks give loan in the best ways possible. There are a lot of microfinance banks in Nigeria, but it’s hard to know which one of them is the best for taking loans, that’s why in this article you’re reading on NaijaKnowHow, we’ve handpicked the best microfinance banks to apply for a loan in Nigeria.
List of the Top Microfinance Banks That Give Loans in Nigeria
Note: There’s no affiliation between NaijaKnowHow and any of the listed microfinance banks. We will not be held responsible for any unforeseen circumstances, kindly read our DISCLAIMER PAGE to understand our position regarding this listicle.
1. CIT Microfinance Bank
Starting off the list is a top-rated microfinance bank in Nigeria called CIT Microfinance Bank, it’s one of the few microfinance banks where you can apply for loans online in Nigeria, it’s one of the best sites to borrow money and there are different types of loans you can get from CIT Microfinance Bank. If you need loans to pay house rent, school fees, support your business or buy a car, you’ll get them all from CIT Microfinance Bank. By getting a loan from this bank, you could get as low as ₦5,000,000 and it comes with a flexible repayment plan. You don’t need any collateral or guarantor to take loans from CIT, they have reasonable interest rates and that’s why getting a loan from them is never difficult. A very popular financial institution in Nigeria is LAPO MFB, you might have seen different social media trends about LAPO on popular apps like Twitter, Facebook and Instagram. Aside from the cruise people use LAPO for, it’s arguably one of the best microfinance banks in Nigeria and it’s a bank where loans can be gotten online and offline. Lapo Microfinance Bank has over five different loan categories, you could get a loan for your business, agricultural loan, education, asset loans and so on. Getting a regular loan from LAPO MFB is quite possible as well, there are no collateral, low-interest rates and you could get as low as N30,000 to N150,000.
3. Accion Microfinance Bank
Accion Microfinance Bank isn’t a bad choice for getting loans online, you could get an instant loan of up to 150,000 with a good repayment plan. One of the things you’ll love about Accion MfB is that there are over 8 different loan plans you can apply for. Before taking a loan from Accion, it’s always advisable to read their Key Facts Statement in order to get a summary of the loan you want to apply for. Accion is one of the best microfinance banks to get a loan in Nigeria. You’ll get a flexible interest rate depending on your loan amount. There are no guarantors needed if you want to apply for a loan from Accion MFB, it’s one of be microfinance banks to get a loan from.
4. Mutual Trust Microfinance Bank
Getting a loan in Nigeria from a good microfinance bank isn’t bad and with a bank like Mutual Trust MFB, you’ll get the best loan offers, this bank offers loans for salary earners, and you can also get a loan for small and medium businesses in Nigeria. Mutual Trust offers fast loans that’ll be processed within 10 hours. Getting a loan from Mutual Trust MfB does require having a guarantor, if you’re taking loans as a salary earner, you’ll need a good Netpay, and you must also be a confirmed employee in any private sector organization in Nigeria with an active status of duty, Mutual Trust is one of the best microfinance banks to loan money in Nigeria.
5. Advans Nigeria
If you’re hoping to get a huge loan offer from a microfinance bank in Nigeria, Advans Nigeria is one of the leading MfB that’ll give you one of the best mouthwatering loan offers in Nigeria. You can apply for personal and business loans from Advans and they offer business loans with an amount that is up to 75 million naira. Advans is a foreign microfinance bank operating in Nigeria and other African countries, it’s a trusted microfinance bank to take loans from. You can apply for loans from any of their branches in Nigeria.
6. Boctrust Microfinance Bank
Another financial institution to consider for getting loans in Nigeria is Boctrust Microfinance Bank, it’s a bank where you can get the financial freedom that you need, they offer different loan plans and their loans come with different interest rates. Boctrust MFB is very popular in Nigeria, you can get a loan offer ranging from N200,000 and above with a repayment plan of 3-6 months. Boctrust Microfinance Bank is one of the best microfinance banks to loan money in Nigeria, you can select from their different varieties of loan offers, and you pick the one that is suitable for you and apply for a loan. Loans don’t take too long to be processed on Boctrust MFB.
Conclusion
When it comes to getting loans from a microfinance bank (MfB) in Nigeria, the list of banks above is the best you can use for a loan application, they all have good interest rates and sometimes a strict policy is applied when you don’t repay loans on time
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