Loan for Non Salary Earners
loan facilities are opened to non salary earners as well, if they have a good bank statement record. If you are a business owner, the option is opened to you.
Getting a business loan is an option opened to many business owners but not all business owners do qualify for the loans.
Getting a loan sometimes requires the business to have been thriving for more than a year or for the business owner to have a high credit score.
Another hurdle business owners have to face is providing collateral to gain access to business loans.
In this post, I am going to show you how to get a business loan without collateral in Nigeria
Loan for Non Salary Earners
- Family and Friends
- Bank of Industry (BOI)
- Grants and Angel investors
- Business Loan
1. Family and Friends
Getting a business loan from family and friends cannot be entirely easy. You have to earn their trust and they also have the belief in your business idea.
Sometimes you may need to give them a percentage for them to be invested in the business fully
2. Bank of Industry (BOI)
The Nigerian government through the Bank of Industry offers grants to businesses both startups, SMEs and Large enterprises.
To apply for BOI funding, you will have to write a formal application letter, complete some forms and questionnaire and wait for feedback.
3. Grants and Angel investors
With grants and angel investors, you can get capital and business support. Most times you may get the funds in exchange for ownership shares.
4. Business Loan
A business owner who doesn’t earn a salary can still apply for a business loan in Nigeria and get approved.
However, the requirements are different. The place of business and income flow of the business needs to be verified.
Collateral and Guarantor may be required in some cases, and a direct debit mandate on their business account may be required as well.
If all these requirements are met, you can proceed to apply.
Requirements for a Loan for Non Salary Earners
- – Business address and utility receipt
- – Bank statement of account for the past 6 months.
- – Bank Verification Number
- – Valid National ID card
- – Work ID card
Get a Loan for Non Salary Earners from GTI Microfinance Bank
If you fulfil any of these requirements and have the relevant documents, our internal credit officers will review your application within 24 hours.
If your loan is approved, it will be credited to your account immediately. If it is not, then one of our internal credit officers will call you to rectify the problem.
Please note that Repayments are made directly as deductions from your company salary account on the agreed payment date(s).
Begin your loan for non salary earners application, or call 07081051231.
