How to Get Loan Fast Approval Using – Loan Agreement Template in Nigeria

The process of getting financing for a business is not easy. There are many lenders who can help you get the money you need to grow your business. However, not all lenders are the same and some require different forms of documents before they can approve a loan for an applicant.

The best way to get approved for a loan is by using a template that has been created by experts in the field. 

There are many lending companies that offer loans with low interest rates. Some also extend such services to individuals who may not have a perfect credit score, or a collateral to secure the loan. However, for those who are applying for a loan for the first time, it is not easy getting one. 

This article is an informative guide on how one can get a quicker approval of their application by any lender of their choice. If you want to know more about the process of getting approved by different lenders, read on.

Do your research

It’s important to research the lender that you want to go with because their criteria for approvals may differ. Second, if you’re looking for a quick approval, then it’s wise to ask around first at other companies that offer loans so that they can match or beat what they have available. 

Thirdly, don’t be afraid to call up customer service reps at various financial institutions and inquire about their loan programs in general; this will give you a better idea of what options are available for future endeavors. 

Finally, take into account all of the factors listed above when choosing which company will grant you your loan because sometimes there is no single best option for everyone; each person’s situation will vary depending on certain circumstances.

Check your credit score

Checking your credit score is important, this will enable the company to grant you a loan. It is also important that you know your credit score before applying for a loan. There are many ways of checking your credit score, but one of the most convenient ways is by using an online service. 

There are many online services that will give you your credit score for free and in no time at all. Once you have checked your credit score, if there is anything wrong with it, fix it as soon as possible.

Know what you can afford

Paying back a loan is important, so be sure to know what you can afford before committing. If you are not sure whether you can afford the monthly payments on your loan, the best thing to do is speak with a lender. The lender will help you determine what your budget should be and how much you can afford in terms of monthly payments. There are also other options for making monthly payments that may work better for you. 

One option is an interest-only payment which might be more manageable than paying off the entire principal at once, as long as it does not exceed what would be considered affordable. Another option is a bi-weekly payment plan which gives you 24 equal installments per year instead of 12.

Have a good reason for borrowing

Whether it’s for a business, for personal reasons, or both, borrowing money from an organization or company can be an effective way to get what you want. For some people it might be their first time borrowing money and they may not know how the process works. This is where this informative guide on how one can get quicker approval from lenders comes in handy. 

The main reasons for borrowing money are: (1) Starting a business; (2) Buying a home; (3) Paying off debt; and (4) Paying for education. If you’re planning on starting a business or buying a home, then you should read on because there are certain things that you need to do before getting approved by any lender of your choice. 

Be prepared to answer questions

Always be prepared to answer public or private questions concerning any loan you want to take. Nothing bad if the lender asks a lot of questions but just want to be sure, your agenda of borrowing the money is valid and will be used well. 

Choose the Right Lenders 

There are a lot of Lenders out there, both public and private companies who lend money to individuals but not all are actually real, some are scammers who duped people of their money advertising they lend out money with low interest rate. 

NT: Beware of scammers so you don’t fall victim.

Follow up after your loan is approved

Never relent until it’s approved, follow up with your request until they approve your loan application. It’s a gradual process. Check out the best loan application temple in Nigeria you can use. 

Download Top 5 Recommend Template to used when taking Loan from any company or person

Template Formats:

Note: below template should be arranged on Microsoft Word or Google Documents for better understanding to read.

THIS LOAN AGREEMENT is made the ________ day of _______________2016.

BETWEEN

_____________________________________of _____________________

___________________________________________ (hereinafter referred to as ‘the Lender’ which expression shall where the context so admits include his heirs, personal representatives, successors-in-title and assigns) of the one part,

AND

_______________________________________of_______________________________________________________________ (hereinafter referred to as ‘the Borrower’ which expression shall where the context so admits include his heirs, personal representatives, successors-in-title and assigns) of the other part,

WHEREAS THE PARTIES AGREE AS FOLLOWS:

1. That the Lender shall lend the borrower the sum of N1,000,000.00 (One Million Naira) Only.

2. That the lender shall collect ______________________ as collateral for the loaned sum of N1,000,000.00 (One Million Naira) from the borrower.

3. Receipt of the said N1,000,000.00 (One Million Naira Only) is hereby acknowledged by the borrower.

4. That the borrower shall repay the sum of ___________________ as interest on the loan.

5. That the borrower agrees to return the loan with the interest on the _________________________.

6. That the Borrower shall issue post-dated cheque(s) in the total sum of the loan and interest to the Lender.

7. In the event that the Borrower does not return the loan or/and interest on the aforementioned date, the Lender shall have authority to –

iii. 

IN WITNESS WHEREOF the parties have hereunto set their hands and signatures the day and year first above written.

SIGNED BY THE LENDER     ___________________________

In the presence of :

Name: ………………………………………….

Address: ……………………………………….

Occupation: ……………………………………

Signature:………………………………………

SIGNED BY THE BORROWER    ___________________________

In the presence of :

Name: ………………………………………….

Address: ……………………………………….

Occupation: ……………………………………

Signature:………………………………………

Download more in pdf format. 

Loan-Extension-Agreement

family-loan-agreement

Personal-Loan-Agreement

loan-agreement-template

Conclusion

There are many more templates which you can use to access loans fast, hopefully with the list above you’ll be able to pick one up and use it.

Please, if you have any questions kindly comments below;