National financial organization Lapo Microfinance has offices in Benin City, Edo state, and Lagos state. It seeks to eradicate poverty through a pro-poor movement, which empowers low-income people socially and economically by providing them with access to reliable financial services.
For small firms, Lapo Loan offers unsecured loans up to NGN 500,000, while for small and medium-sized enterprises, it offers up to NGN 5,000,000.
Offering financial services to those without access to established financial institutions like banks is known as microfinance lending. The loans are intended for people who were once deemed “unbankable” by larger financial organizations. These are borrowers who might deal with tiny sums of money every day, reside in remote places, lack credit histories, or don’t meet what the banking industry considers to be “conventional qualifications.”
Loans for microfinance companies specifically should not be used in circumstances where they encourage a cycle of debt or dependency. This is a very bad practice if you are taking out the loan to pay off another loan.
PROS
The payback plan is adaptable.
Simple paperwork
Throughout the course of the loans, insurance is given to every borrower.
CONS
Guarantors are needed.
Coverage is only available in Lagos and Edo states.
On-site evaluation
Eligibility Requirements
- Application for loan letter
- Properly filled out the application
- Two guarantors
- A legitimate form of identification, such as a passport or a national identification card.
- Present-day utility bill
- Four current passport-size photos
Different LAPO Loans
Business Loans
Loans for large businesses are necessary. The “SME Loan” from LAPO Microfinance Bank is a credit product created especially to help Nigerian Small and Medium Scale Enterprises (SMEs) operators.
Regardless of the industry in which your business operates, LAPO MfB is ready to help you by providing a credit facility of up to N5,000,000 for business expansion. With the SME Loan for business expansion, Nigerian SMEs can now maximize their potential at a reasonable interest rate.
Features
• Amount up to N5,000,000 for facilities.
• Individualized methodology
• Timeframe: 12 months
Benefits
• No security
• Having access to capital for business growth
• Modular repayment schedule
• Instruction in fundamental business planning, financial management, and customer relations
• Access to professional financial advice
Documentation
• Loan request letter
• A properly filled-out application
• Two sureties
• A legitimate form of identification, such as a passport, driver’s license, voter card, or national ID.
• The latest utility bill
• Four current passport-size photos
Loan For Agriculture
The purpose of agricultural financing is to provide farmers with loans so they can improve their yields. Loan amounts range from $30,000 to $1,000,000
Features
• N50,000 (minimum) to N500,000 for facilities (maximum)
• Individual, group, and corporate methodologies
• Timeframe: 1 to 12 months
• 30- to a 60-day grace period
• Prospective clients must be active farmers who can provide documentation of their past farm investments.
Benefits
• No security
• Provides funding for agricultural endeavors
• Modular repayment schedule
• Minimal interest rate
• Access to professional financial guidance
Documentation
• A properly filled-out application
• Two sureties
• Two current passport-size photos
• The latest utility bill
• A legitimate form of identification, such as a passport, driver’s license, voter card, or national ID.
Regular Loan
This loan product is made to function using a collective (union) methodology. A union is a self-selected group of individuals with group guarantees but individual access to credit. The purpose of a Regular Loan is to assist clients who own small businesses in obtaining the working money they require. . Features
• N30,000 (minimum) to N150,000 for facilities (maximum)
• Methodology: Group responsibility but individual lending
• Timeframe: 8 months
• Philanthropic trusts
• 2-week grace period
Weekly repayments are required.
• Customers must be union members.
Benefits
• No security
• Having access to capital for business growth
• Modular repayment schedule
• Instruction in fundamental business planning, financial management, and customer relations
• Minimal interest rate
• Access to professional financial guidance
Documentation
• A properly filled-out application
• Two sureties
• Two current passport-size photos
• The most recent power bill
• A legitimate form of identification, such as a passport, driver’s license, voter card, or national ID.
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