In finance, a loan is the transfer of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money.
The document evidencing the debt (e.g., a promissory note) will normally specify, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and the date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower.
The interest provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice, any material object might be lent.
Acting as a provider of loans is one of the main activities of financial institutions such as banks and credit card companies. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.
Get a Personal Loan
Employees are the backbone of every organization. Enable your employees to empower their financial independence with this salary-administration product.
Features
- Flexibility to meet individual needs.
- Loan amount up to 75% of net annual salary (for applicants with terminal benefit).
- Loan amount up to 50% of net annual salary (for applicants without terminal benefit)
- Up to 36 months tenure.
- Credit life insurance.
Requirements
- Completed Application Form.
- Completed Employee Status Inquiry/Employer’s Confirmation Form.
- Evidence of Confirmation (Letter of Confirmation, Last promotion letter etc.).
- Copy of Employment ID and valid means of identification.
- BVN
- Credit checks.
- Letter of Lien/Set off.
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Payday Loan
Sometimes emergencies arise before payday and you might be low on cash. This is where PayDay Loan comes in. Payday Loan is an instant loan product for customers (both salary and non-salary earners). With Payday Loan, you can borrow money at a low-interest rate with no documentation or collateral needed.
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Features
- 24/7 service which does not require visits to the bank and application is done conveniently via *901*11#, *426#, QuickBucks App, Internet Banking, Mobile App.
- No documentation required.
- No collateral required.
- Up to 36 months tenure.
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