We’ve all come to a point in our life when we need to do something big, take a bold step of faith towards fulfilling our dreams or find ourselves in tough situations. Almost everything we need is already in order, except the most important thing – Money. You could be trying to build a new house, buy a piece of land, organise a wedding, bail a loved one out of jail, etc. but your pocket just can’t meet the demands.

Getting loans from people can be tedious and embarrassing, so why don’t you go to your personal bank?

  • First off, it’s important that you have an active account with the bank you plan on getting a loan from. This shouldn’t be hard considering that most Nigerians – educated and otherwise – have active accounts. Making transactions on a regular basis helps the bank trust you as a reliable costumer.
  • Depending on the type of loan you want to collect, it’s necessary that you get to know the different loan packages that exist in your bank. You could ask the customer care service centre in the bank directly or simply Google it.
  • Another major thing that you’ll need is a reason. A good one. The bank needs to know why you need the loan. If possible, present it as a document. For example, if you need a business loan to start up a business, it’ll be necessary to document your business plan. This helps in evaluating if your reason for collecting the loan is genuine.

  • Most banks would require collateral. This simply serves as a guarantee that you’d pay back. In most cases your collateral should cost as much as the amount you’re collecting or more, but certainly not less. However, for small businesses like petty trading, collateral may not be required especially in microfinance banks.
  • For major customers of banks like Diamond bank, if you operate an exclusive account, your account activity and the duration of time you’ve owned the account determine if you’re eligible to collect a loan. With an account like this you may not need to collect a bank loan formally. You could even withdraw above your account balance especially if you’ve maintained a standard and the bank trusts that you’d pay back.
Weigh all your options carefully, ask a ton of questions when things confuse you and provide whatever necessary documents would be  required to make the process a smooth one. And the loan is yours. Good luck!

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