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For many, getting a loan in Nigeria can take some work, but luckily there are many avenues for getting a loan depending on your situation. This guide provides useful tips on how to get a loan, whether it is through Fidelity Fortune or one of our competitors. We’re here to help guide you through many of the steps and provide you with useful tips along the way.

Step 1 – Understand Your Situation

What is your situation? Do you work for a big company or do you own your own business? Are you a civil servant or know a civil servant? The answers to these questions will affect the loans you can get.

If you work for a small business like a hotel, or a shop then the easiest way for you to get a loan may be through your bank. If you are not looking for big money, then you might qualify for a salary advance or small loan after the bank checks through your account statements. Some new banks like Kuda, can even give you an instant loan through overdraft protection. They will automatically offer you an overdraft if you have a bank account through them and meet their requirements.

If you can’t get a loan through your bank, you might still qualify for a loan through a finance company like Fidelity Fortune. Fidelity Fortune offers personal loans to private sector workers (people who are not civil servants), if you know a civil servant who can help guarantee your loan. In most instances, if you qualify you will receive your loans within 24 hours.

Depending on where you work, you might also want to go through a cooperative. For many individuals this might be a good option for getting a loan since cooperatives will often times have very competitive rates.

Step 2 – Understand Your Options

For some people, like civil servants and some private sector employees, there are many options available to you for taking a loan. You might be able to get a loan through your bank, a finance company and a cooperative. If you have several options available, then be sure to weigh the pros and cons of each before signing a legally binding agreement. For instance, you might find that a finance company might have more flexible terms by allowing you to top-up your  loan or pay off early without charging your a penalty. Some finance companies may even be willing to waive late fees if you miss a payment. In other instances, you might find that the lower interest rates that many cooperatives give outweigh the benefits you receive from banks or finance companies. No matter what the pros are, spend some time to weigh your options before signing anything.

Step 3 – Apply

After you understand your situation and have reviewed the available options, you can go ahead and apply. In some situations like with Kuda, the loan is automatically given to you if you qualify. For other situations, like with finance companies and cooperatives, you’ll still need to fill out an application form either online or in person.

Fidelity Fortune allows you to get a loan by filling out a pre-application form online. To prevent fraud and to gain your trust, we’ll sometimes ask that you visit one of our many branches and meet with a manager so that you can sign and finalize your applications. Luckily though, the entire process takes minutes and your money will be deposited the same day that you finalize your application.

In conclusion, getting a loan online in Nigeria can take some work, but with a little know-how and some work your efforts can get you solid results.