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Personal Loans are loans that can be accessed by professionals in the banking sector or blue chip/multinational organizations. This category of loans is secured by proof of employment and may not require collateral but will require a guarantor(s) depending on the amount. A personal loan is intended to meet an urgent need and the amount ranges between N500, 000 and N4,000,000 in compliance with Labor laws. Repayment is expected monthly and typically runs for a tenure of 3-12 months.
Asset Finance is an extended rental agreement where the asset financed belongs to the financier until the lease has been fully paid down through monthly lease payments. The client is required to make an equity contribution of at least 30% of the value of the asset to be purchased while the financier pays the balance. Vehicles and office equipment fall into this category. Vehicles financed will be tracked and insured, while assets will also be insured against fire and theft. The tenure for asset finance is 12 – 24 months.
Working capital is a loan that can be used to enhance business operations and increase the profitability of small and medium scale enterprises. This loan is available for businesses that have been in operation for at least 2 years. The current needs of the business and its ability to repay (after enhancement of operating capital) are critically evaluated. While the business cash flow projections are important the historical assessment is equally critical for this category of loans. Businesses that keep records and bank proceeds stand a higher chance of accessing working capital/bridge finance to take the business to the next level. The tenure for this is usually 6 – 12 months.
Invoice discounting is an alternative solution to business finance, which provides instant access to cash based on receivables of the organization. An invoice discounting facility makes cash available for jobs/contracts that have been successfully executed and it’s usually more flexible than a typical loan. The repayment is tied to the agreement subsisting between the issuer of the contract/purchase order and the contractor/supplier. Usually, only an agreed percentage of the invoice value is discounted.
Purchase order financing is a short-term commercial finance option that provides capital to pay suppliers upfront for verified purchase orders. The tenure for this facility is as specified in the Purchase Order by the issuer. The payment for goods supplied or services rendered as stated in the purchase order is usually domiciled with the financier or to an escrow account.
Contract finance is a loan provided by a signed contract that has been awarded to a business or an individual. The contract papers will be verified, while the liquidity and reputation of the issuer, as well as the operational/technical capacity of the contractor, will be critically evaluated. The profitability analysis of the contract and the financing need of the contractor amongst other parameters usually determine the terms of the contract finance. Thus this product is typically a tailor-made financial solution.