How To Qualify For a Loan In Nigeria 2021

How To Qualify For a Loan In Nigeria 2021

Which Loan Application is Best In Nigeria

To get a loan you’ll have to qualify for it. Lenders only make loans available when they believe they’ll be repaid. There are a few factors that lenders use to determine whether you are eligible for a loan or not.

Your credit score is a key factor in helping you qualify since it shows how you’ve used loans in the past. If you have a higher credit score then you’re more likely to get a loan at a reasonable interest rate. Many people may not know this but credit scoring centres around three (3) C’s – Character of the borrower, their Capacity to repay and their Capital exposure (follow us on social media for our AMA on this subject). 

If you don’t have a strong credit score, or if you’re borrowing a lot of money, you may also have to secure the loan with collateral—otherwise known as a secured loan. This allows the lender to take something that will be sold if you’re unable to repay the loan. You might even need to have someone with good credit co-sign on the loan, which means they take responsibility to pay it if you can’t.

However, you can now have a shot at loans irrespective of who you are without  any collateral, paying job or income. This is the freedom SpottR is giving to all and sundry to be able to have a shot at financing to improve the quality of their living. 

SpottR loans will be given to those who hold CLIQ tokens (a native currency of the SpottR app) at 3.5% if they have held 1/5th of the amount they want to access as loan for at least 3months and at 5% interest rate per annum if they want the loan instantly. 

To make this clearer, let’s say a business owner needs a sum of N5,000,000 as loan. All he needs to do is provide one-fifth of the total amount he wants which, in this case, will be N1,000,000. They will need to purchase our native currency, CLIQ Token, and then the loan will be disbursed instantly. 

To know more about how the SpottR loan works, kindly visit the link below. 

CLIQ Token is now listed on
This is default text for notification bar