Microfinance Banks You Can Get Up to N5 Million Loan Easily

Microfinance Banks You Can Get Up to N5 Million Loan Easily

If you are a business owner and you are looking for how to get a loan to support your business, then you are at the right place. I will be walking you through some microfinance banks that can offer you up to N5 million loans easily.

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According to research, Businesses often fail because of insufficient capital to kickstart operations, sustain the business, or scale. Despite the crucial role that MSMEs play in the economy, particularly in developing nations like Nigeria, they are usually disadvantaged when it comes to sourcing funds from big commercial banks.

Microfinance banks (MFBs), on the other hand, provide easier access to financial services including the grant of loans to a large segment of small businesses and enterprises who would otherwise have little or no access to these facilities. In this article, we explore three MFBs where you can source up to five million nairas easily to fund your business or personal need.

Microfinance Banks You Can Get Up to N5 Million Loan Easily

Below are some Microfinance Banks you can get Loan easily

Ren Money

The first on our list is Renmoney, it is a fintech lending company operating with a Microfinance Banking license in Lagos. The company is passionate about leveraging technology to deepen financial inclusion. They offer personal and business loans from ₦6,000 to ₦6,000,000 to employees and entrepreneurs; as well as high-interest savings and fixed deposits.

With Renmoney, you can apply for a loan of ₦6,000 – ₦6,000,000 without collateral and repay in 3 -24 months. Monthly interest rates range from 2.4% – 9.33% and the maximum Annual Percentage Rate (APR) is 35.76%. No other fees are charged.

Features and benefits of Ren Money Microfinance bank loan

• Fast and convenient loans from ₦6,000 – ₦6,000,000
• Flexible repayments from 3 – 24 months
• Money in your bank account in minutes
• Lower rates and longer tenure on your next loan
• No paperwork
• No collateral or guarantor needed
• No hidden charges – you always see your loan terms before you commit

AB Microfinance Bank

AB Microfinance Bank offers business owners of Small and Medium Size Enterprises the opportunity to access loan products in a quick, transparent, and efficient way. AB Microfinance Bank Nigeria is committed to its passion of helping to improve the business opportunities of entrepreneurs by availing them of easy access to affordable loans, as well as improve the general financial status of everyone with its deposit accounts. All that is needed is an existing, viable business.

Features and benefits of AB Microfinance Bank loan

• Loans from NGN3,000,000 to NGN20,000,000 for your existing business
• Competitive interest rate starting from 3.0% monthly on reducing balance
• Disbursement fee of 1.0% of the loan amount
• Maturity period from 6 to 24 months with equal monthly installments
• A broad range of collateral items accepted
• Upon submission of all required documents, loan disbursement is guaranteed within 3 working days

LAPO Microfinance Bank

The LAPO Microfinance Bank “SME Loan” is a credit product designed specifically to support Small and Medium Scale Enterprise (SME) operators in Nigeria.

Licensed by CBN in 2010, LAPO Microfinance bank has focused on developing small businesses in Nigeria. With over 1 million entrepreneurs empowered, LAPO microfinance bank has provided entrepreneurs with reliable microfinance services.

Irrespective of the sector your enterprise is operating, LAPO MfB is willing to support you with a credit facility up to N5,000,000 to expand the enterprise at reasonable interest rates.

Features and benefits of LAPO Microfinance Bank SME loan

• No collateral
• Access to funds for business expansion
• Flexible repayment structure
• Facility amounts up to N5,000,000
• Duration of 12 months
• Training on basic financial management, business planning, and customer relations
• Expert financial advice available when you need it