Op talk to the bank of industry. http://www.boinigeria.com/

macklef:
MFB provide a credit facility of 5M?? For real?? Where wuld dey get such liquidity to float

I know of a MFB that gives up to 15Million. I think it's owned by IFC, ADB and some other European investors .Can't remember the name now.

Rexphobia: Don't try MfB loan... It will run you down

If MFB would run him down, what about the bigger banks that charge higher interest?

@Billionare WTF ??

Billyonaire: Banks ? No. Loan Sharks ? Yes.

Loan sharks will give you 5,000,000 with 10% interest per month till repayment date.

Meaning you will be paying 500,000 each month for the 5,000,000 until you are able to pay back the 5m.

No collateral, just recognition.

My brother, No bank will give you loan without collateral. If you like give them an excellent business plan. They are into business like you and what they will be looking at is what is in for them with all the possible risks, mitigated. A loan without collateral is a high risk credit. Even the Diamond Bank I believe will only give you short term facility i.e OD when you have a good track record and a personal guarantee.
I dont know the kind of business you want to do, I just want to believe you must have done your cash budget including your loan repayment and all the upfront fees...with my experience, when you do that you might see that maybe you just might not need the loan from a bank considering their upfront fees, interest rates, default rates etc except if the business you are about doing will give you a 200% profit.
NB: Banks will not look at your business plan to help enrich you...but they will check to see how profitable will it be to them with less risk and also if it is viable and will not affect the repayments. Bank Loan is not advisable for small business with less than a 100% profit.

Mr.Sky123:
I want to diversify my business and I have about Six Million naira (6,000,000 Naira) in my bank account and I need extra Five Million Naira ( 5 ,000,000 Naira).
I want to approach my bank for a loan but unfortunately I don't have any collateral to secure the 5,000,000 Naira loan needed for the project.
I want to ask the house how I can procure this loan from any bank with my bank statement of account and the business plan.
Thanks

HOW CAN YOU HAVE 6 MILLION NAIRA IN YOUR ACCOUNT AND NOT HAVE A COLLATERAL? ME THINK SAY YOU WANT TO DEFRAUD THE BANK.

If you have bad credit (little or no positive history of taking out loans and paying back in a timely manner), then why should a bank take a risk on you?

Like others have advised, go to diamond bank, they r good wit msme's. Here u could access finance via ahort term loans or over draft facilities of up to 10mil with out collatera.

Provided ur biz i very tight and shows a monthly turnover that is quite high.

However, they wont lend to u if ur business is on any of the following
Finance operating expenses like fueling, salary etc
Finance of intangible assets like copyright, patents etc
Hoarding
Speculation like forex
Personal construction. Ie u want to build a house
Guns
New, unproven line of business

Least u forget, u get acess to a credit card wit a 2.5mil credit limit without intrest if u spebt the money on pos/web and if u paid within the credit cycle.

I hoped i helped

Most banks don't even give loans for start-ups talk-less of without collateral.
You can get personal loans instead from 2 or 3 different banks to make up 5 million.

its very difficult this days for a bank to give you loan without colleratral,mind u even the bank does'nt belong to the manager... So taking such risk might be a threat to the bank' infact you on the other hand wont be serious to payback

Those of you sayin Microfinance banks don't give up to that amount, get your facts right...AB microfinance bank gives up to 10million naira but there must be collateral..you do not need to run an account before accessing a loan facility....I am sure of what I am saying..... Go to www.ab-mfbnigeria.com to check for the list of our branches...

Madam speaker: jst go to d bank nd show dem ur nairaland i.d card,signed by seun.....nd daz all

Supported. He could also get a reference letter from Seun and let Seun(Oga@TheTop of Nairaland) stand as a guarantor.

All dose sugestion re babooses, here is my advice
# 1. Ur father has to own a bank
# 2. Be rich like otedola dey'll sleep in ur house wt d money nt loan
# 3 if ur father get otumopo charm d ceo doughter u'll bath up and get loan
Dis is hw to get loan in Nigeria we knw it has nt change untill corruption is done away

vivacious vivi: There is one bridge after the Third roundabout on your way to Ijebu Ode.
When you get there, ask for Baba Nla...great babalawo.
He will ensure you get a loan without collateral!
Yeye.
U want to eat dry fish without spitting out bones!

I CAN BET THIS GUY IS NOT FOR REAL.....

jidegirl12: @Billionare WTF ??

no mind d guy e just dey blab na lie o... No mind am

You have 2 options to acquire a loan without a collateral.
1) Are you a salary earner? You can take a PLAS loan {monthly repayment i.e capital repayment + interest cannot exceed 33% (1st bank) or 35%(GTB) of your monthly salary}. Recently took a facility from GT @ 17% interest rate without collateral.
2) If all you have is ur business, contact BOI (Bank of Industry), they don't give you the money. They visit your already running business and help you to upgrade. They go with you to purchase whatever equipment you need and install it for you. They also keep a tab / eye on the biz. Interest rate is 6%. Mind you, they don't offer such services to biz that's just starting, they do for already running biz that needs better equipment or needs expansion. My 2 cents

Bizibi: Look for a good professional to ask nt on nairaland,this forum is filled with jokers who don't knw d meaning of advice

The truth is we have lotta undergrads (some who doesn't even know anything about the real world out there) and lots of unemployed peeps on nairaland. That's why quality / sensible advice is limited

md003: you have a whopping N6m and you dont know what to do with it? if i had that ammount it would double in a year because i would know the businesses to invest in.

Whats whopping about N6m Depends on what dream you've got. It might not even be adequate for infrastructure for the planned biz. Depends on what the OP's biz idea is

Are you a salary earner and you need loan within 48 hrs, pls visit our office www.consumerinvests.com , millennium builders plaza, FCT. No collateral. Ur salary is our recovery and ur job is our security. 08062453344 , 08091019529 , info@consumerinvests.com.
simple documentation and one qurantor
Pls Note that the amount of loan to be issued to you will depend on your monthly take home wrt DSR

pls note only for people resident in Abuja, cos alot of calls came in from outside Lagos

bank is a place where they will lend you money if you can prove that you don't need it. lmao.

if you want a loan without. collateral,sure you will get. but you need to provide your other bank details, guarantors in form of bank accounts with the same bank, your clients,major customers,suppliers, etc. if you can provide all these, am sure the bank will definitely provide you the loan.note, bank will loan you the money if you can convinced them beyond reasonable doubt that you can pay back. the major thing you should be worring about is the interest rate.

pDude: You will secure that loan when Satan gives his life to Christ

Abeg who get Nokia pin mouth charger

This is why i enjoy Nairaland,It is just a house full of commotions.

PM for Nokia Big mouth charger MUMU

You can please PM me and i will show you how to get the loan from AJEGUNLE

I am surprised that some people here are saying that I have 6,000,000 Naira and also looking for 5,000.000 Naira.The is very absurd and immature thinking.
Without much ado,I want to tell such commentators that yes,I have the 6,000,000 Naira and I want to EXPAND my business concern and as such the need for the loan.
For such people,I need to remind them that Dangote is worth billions of dollars yet he just secured big time loan from many banks in Nigeria to finance his latest business.
This money was realized from my business and as an ambitious business man I want to pump in more money into the same business to make more money. ( call me a greedy business man if you want) but I was made to understand that every business man want to make more money which is what am trying to do here.
My only concern is that I dont have any collateral which is why I want to know from serious business men/women here who are more experience in loan matters to advise me.
For those who are asking that I have 6,000,000 and yet I dont have a collateral,yes,I have this money intact in my account but unfortunately I dont have any collateral because I have been using every kobo I made form this business back to the business which is why I can save this amount of money because I have a big dream. I wish also to let you know that I dont have a car despite the fact that my kind of business is car related.

@Sky no point giving yourself headache over those negative comments. Appreciate the positive ones and do what you think is best for you. Afterall it's your money and your business.
Stay focused!

bros u will need a gun and some able body men and women

Fajzay:

The truth is we have lotta undergrads (some who doesn't even know anything about the real world out there) and lots of unemployed peeps on nairaland. That's why quality / sensible advice is limited

and u are one of dem..... Holy one have u done anytin different?? Was dat an advice??

Mr.Sky123:
I am surprised that some people here are saying that I have 6,000,000 Naira and also looking for 5,000.000 Naira.The is very absurd and immature thinking.
Without much ado,I want to tell such commentators that yes,I have the 6,000,000 Naira and I want to EXPAND my business concern and as such the need for the loan.
For such people,I need to remind them that Dangote is worth billions of dollars yet he just secured big time loan from many banks in Nigeria to finance his latest business.
This money was realized from my business and as an ambitious business man I want to pump in more money into the same business to make more money. ( call me a greedy business man if you want) but I was made to understand that every business man want to make more money which is what am trying to do here.
My only concern is that I dont have any collateral which is why I want to know from serious business men/women here who are more experience in loan matters to advise me.
For those who are asking that I have 6,000,000 and yet I dont have a collateral,yes,I have this money intact in my account but unfortunately I dont have any collateral because I have been using every kobo I made form this business back to the business which is why I can save this amount of money because I have a big dream. I wish also to let you know that I dont have a car despite the fact that my kind of business is car related.

u just cleared a confusion... Most NL tot u are a new startup businessman... U did not made tins clear enuff.. Stop throwing punches... Well my advice is for u to take d advice oda reasonable NLs concerning Diamond bank smeme

I sent you an email. Contact me so we can talk.

@ boy_tonero: Please send me your email so that I can contact you.I couldn't fine the email you said you sent to me thanks

Onye~Ego:


and u are one of dem..... Holy one have u done anytin different?? Was dat an advice??

Sorry man!!! Have you read my previous comments / advice on this same issue. I only responded to Bizibi's allegations of many jokers and less advisers. FYI - Left Uni 10yrs ago. So if you are one of the dem and my comments itches you ... just calm down, u'll grad. one day. Just stay focused. Moreso i never said 'all' undergrads ... I said 'some'.

OP check out this site http://www.boinigeria.com/about.php
It'll be of help