This is usually given against your credit/debit card. During application, you’ll be required to input your credit/debit card details. When this is done, no additional document is needed. The disadvantage in this one is that when you fail to repay on time, the lender will and without prior notice, withdraw the loan amount from your account. This type of loan is usually done online and you can get quick loans in just minutes. Curently, Loan against debit/credit card is the quickest and fastest way to secure a loan in Nigeria.
Cash Backed Loans
This type can be backed by fixed deposit or your investment. It’s strictly a non-salary loan. The loan amount is determined by either the fixed deposit or your investment. It’s usually 80% of either your fixed deposit or your investment. The interest rate is 15% while the maximum loan tenure is 12 months.
Loan Against Fixed Deposit
Here, your fixed deposit is the collateral, and it’s secured with same the bank where you have your fixed deposit. The loan amount is usually high. It’s up to 80% of your fixed deposit. They also come as non-salary loans.
Loan Against Investment
This is another type of non-salary loan in Nigeria. It has the investment as the collateral. 80% of your investment is given to you as the loan sum. The interest is higher than your investment when added to the loan amount.
Loan Against Insurance Schemes
This is applicable only if your insurance scheme is eligible for loan. The loan amount can be availed from the insurer, and the investment as the collateral.