₦airaland Forum

Has anyone here ever been rejected for a loan from a commercial bank for their small business? What reason did they give you?

Yes oooooooo. I can’t forget , about 28 years ago before I entered University. It was during university where I studied Finance I now knew the reason. Different accounting ratios will be calculated to ascertain your payment capacity and if you would not default on the loan. Things like bad day, normal and good day sales will be taken into consideration along with your collateral (liquidation value) in case you default.

I was just a young guy wanting to delve into a small business just to start up after Secondary school, but I was turned down because I hadn’t “established “ myself yet.

Such is life sha !

Yes no characters needed

My account type is saving instead of corporate account. could we get a precise direction.

Bank dey give una loan?
Abeg give update.

The way commercial banks frustrate credit facilities is what made these criminal Fintech apps charge exorbitant rates for loans.

msacent:
Has anyone here ever been rejected for a loan from a commercial bank for their small business? What reason did they give you?

dem never tell you to bring your 105 years father and his mother and land in the sky before you can access loan

Stephen0mozzy:
Bank dey give una loan?
Abeg give update.

.
This word "update" here sounds VERY suspicious.

Provide your address so we can pick you for questioning.

DeepSight:
.
This word "update" here sounds VERY suspicious.

Provide your address so we can pick you for questioning.

Lol... Baba, share update make I carry loan boost my business. Or you fit kukuma patronize me... She you sef no go like get website? 😅

Uncountable times sef.

I am already used to their rejections that I don't even bother to apply anymore

Stephen0mozzy:
Lol... Baba, share update make I carry loan boost my business. Or you fit kukuma patronize me... She you sef no go like get website? 😅

What is your address, I want to send a team to pick you for interrogation.

Nice work you do by the way, keep it up. However WIX sorts me out.

DeepSight:
What is your address, I want to send a team to pick you for interrogation.

Nice work you do by the way, keep it up. However WIX sorts me out.

Thanks Chief 🙏🏾
Wishing you the best.

Yes, they do offer loans to customers. However, based on my experience, these loans are primarily given to already established businesses with high turnover, businesses that often do not even need the funding. In many cases, they actively encourage or persuade such businesses to take the loans.

How economy go grow when institutions don’t have faith or see the visions of SMEs?

They’ll say it’s safety. But they forget that in most big economies of the world, institutions and government give SMEs room and support to thrive.

They all give loan, mainly to salary account or govt workers. Or a reputable company that pays consistently.
Another way you can go about it is, open a salary account with them. After 6 months of consistent payments you can demand for a loan. Access bank can run that for you, if you meet the prerequisite.

If you have any business that turn over 5 million above daily. Na bank go approach you by their self, there are even many loan companies that you won't know they have your data , they just they monitor you till you reach that mark.

Depending e get some bank if you run ordinary dere Savings well you don't need to go anywhere from inside the app you will qualify for some million.

Access bank will direct you to an account officer who will never pick your call again immediately you mention loan. It doesn't matter how viable the business is, they will never reply your mails, chats or ever return your calls.
But when the funds finally came from another source I use them do yeye taya

Have they ever accepted?

Nigeria banks do not give loans . I wonder where they declare profits from

Banks in Nigeria don't typically give small business loans,if you want a small business loan it's better to approach a micro finance Bank

Emeskhalifa:
Uncountable times sef.

I am already used to their rejections that I don't even bother to apply anymore

Lol, Zenith bank staff said to me hoha they do not give loans say them no get time to pursue people for their money.

koladata:
If you have any business that turn over 5 million above daily. Na bank go approach you by their self, there are even many loan companies that you won't know they have your data , they just they monitor you till you reach that mark.

lol, shey one branch of bank self turn over 5m naira daily. I mean for ealxample, one branch of uba, dhe he turnover 5m naira daily

shortgun:
Access bank will direct you to an account officer who never pick your call again immediately you mention loan. It doesn't matter how viable the business is, they will never reply your mails, chats or ever return your calls.
But when the funds finally came I use them do yeye taya

Can you blame them? When the average Nigerian wants loan, they are meek, humble when seeking the loan, but when it comes to making payments they become bold like lions, they know the best lawyers to avoid paying. Making a Nigerian pay loan is like dragging an ekuke to have a bath. You will hear all emotional talk of how their father died or their kid fell ill when it was time to make payment. You heard of the guy VDM spoke about that got loan through the goodwill of his judge friend, time to pay the man started trying to blackmail the lady judge that he will expose that she is the real owner of the money. Vdm got the man's bank statement, the whole money (100m)went on his wife, his girlfriend, phones, bet naija, nairabet etc. This was someone that said he got a fgn contract and needed loan to finance it. All the money gone within 2 months, all that was remaining was like 5k!
See it is not in our nature to pay loan as Nigerians, the average Joe will take sokoloan, fairmoney, opay etc, chop the money and come on this forum to claim loan app is disturbing him, and he will get plenty of support from fellow onigbese. The fastest way to make enemies with your siblings or close friends is to lend them money how much more a bank you have no emotional attachment to.

Curious345:
Nigeria banks do not give loans . I wonder where they declare profits from

Lol…just dey play o. Dey play.

People that refuse to pay loan app N10,000 will soon be here to vomit and lament.

I know many business that turn over 50millionaire per week... not guess businesses i know personally

Lekan239:
lol, shey one branch of bank self turn over 5m naira daily. I mean for ealxample, one branch of uba, dhe he turnover 5m naira daily

Yes, severally. It really taught me a lesson that nobody in this world can help you except God through hard work and resilience. Our banks are scammers and slave drivers. They only give loans to their associates, even without collateral

msacent:
Has anyone here ever been rejected for a loan from a commercial bank for their small business? What reason did they give you?

I don't know. Banks hardly give loans to people, except their proxies

msacent:
Has anyone here ever been rejected for a loan from a commercial bank for their small business? What reason did they give you?

Bank de give una loan for Nig?