Finance

Lapo loan Microfinance Bank Review – What You Should Know

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Lapo loan Microfinance Bank Review – What You Should Know

 Lapo loan Microfinance Bank Review – What You Should Know

Microfinance institutions exist to lessen the arbitrary burden associated with borrowing money. Therefore, one can start to wonder how microfinance banks operate and which ones offer goods that are appropriate for their clients’ needs. As a result, microfinance banks represent the last ditch effort of the socially oppressed classes.
Microfinance Banks provide clients with reasonably priced products and set interest rates that are manageable for most people. They are essentially banks that offer specialized services to people who cannot obtain loans from ordinary banks due to a number of impossibly high requirements.
Basically, there are a lot of Microfinance banks that sell goods that suit your wants, and Lapo Microfinance Bank is one of them.

About Lapo Microfinance Bank

The CBN granted The Lapo Microfinance Bank a license to operate as a national Microfinance bank in 2012, making it one of the most well-known and widely used Microfinance Banks in Nigeria. Additionally, the Microfinance Bank provides credit and lending options for people and small enterprises without taking credit scores into account.

What products does Lapo Microfinance Bank offer?

Basically, Lapo Microfinance Bank offers a number of products and they include: 

1. SME Plan

The “SME loan” from a microfinance bank is a type of credit created especially to help Nigerian small- and medium-sized business (SMEs) owners. Lapo MFB is eager to help people by providing credit facilities up to 5 million naira for business growth.
They provide regular loans, in which borrowers organize groups to access the funds. Small business owners are the primary audience for this. Additionally, they provide student loans that can only be used to pay for primary and secondary school tuition.

2.Savings Plan

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In fact, many people have projects they need to complete, thus the Lapo Microfinance Bank created Savings Plan Accounts for its clients, individuals, and groups, where they can save money for their particular projects for a predetermined amount of time. Customers’ money in their savings account will earn interest.

Get a loan up to N100,000 at the best affordable rates in Nigeria

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What are the advantages of Lapo Microfinance Bank?

  • No collateral is required on loan requests.
  • Also, there’s easy access to funds for business expansion.
  • It upholds a flexible repayment structure.
  • Lastly, they operate with a low interest rate.
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What are the disadvantages of Lapo Microfinance Bank?

The bank limits individual loan services as they generally operate group loans instead.
There is the need for guarantors.
Loan products last for maximum of a year.

What are Lapo Microfinance bank loan requirements?

  • Loan application letter.
  • Duly completed application form.
  • 2 guarantors.
  • Also, a valid identification which could be the national ID, driver’s license, voter’s card or international passport.
  • Current utility bill.
  • Lastly, 4 recent passport-size photographs.

Conclusion

Lapo Microfinance banks essentially provide loans with low interest rates so that customers can access services tailored to their individual needs.

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