Questions & Answers

Who Are We?

We are a money lending company licensed under the Lagos State Government Money Lenders Law. Our focus is on consumer credit & salary advance to salary earners and micro, small and medium enterprise loans.

What We Offer?

We provide cash loans to individuals and group of individuals directly or through third party such as corporate organisations, professional associations and informal associations.

How does it work?

Complete our form online or call our phone number and submit the necessary documentation. Our loan officers will review the information provided and the documents submitted, and a decision will be taken within 24 hours. You may also visit our office at 72, Ire-Akari Estate Road, Isolo, Lagos.

How much can I borrow?

How much you can borrow depends on your monthly income. Your monthly repayment should not exceed 33.33% of your monthly income.

What is the interest rate?

We operate a risk – based pricing model to determine interest payable.

What do I need to be eligible?

You must be in a paid employment in Lagos State.
Your age should be between 22 and 55 years.
You must have an active salary account.
You must have a pension account.

How much loan can I borrow?

You can access up to N1,000,000.00. The amount you can borrow depends on your level of income and tenure of loan.

Why is my BVN required?

Your BVN is used to verify that you are the owner of the provided bank account.

Why are my bank account details required?

It is the account to pay loan funds to if loan is approved.

What is repayment period?

Maximum loan tenure is 12 months and repayments are paid monthly and not at the end of the tenure.

Can I make part payment on my loan?

You cannot make part payment as your loan repayment date has been agreed before loan disbursement. But a change in repayment date is possible however, charges will apply.

Can I pre-liquidate my outstanding loan?

You can pre-liquidate your loan, however there is a pre-liquidation fee of 2% of loan value.

How early can I apply for another loan after repaying a loan fully?

You can apply immediately after a full repayment of existing loan.

What documents am I required to present?

1 Passport Photograph
A valid means of Identification (International Passport, Driver's Licence or National ID card)
You will be required to fill a "Request of Account statement form" which one of our representatives will take to your Bank to print out your statement
Employee ID Card
Pension Statement or Tax ID and Employment and/or Confirmation Letter
NUBAN Cheques or Direct Debit Mandate
If you are an outsourced employee or your employment has not been confirmed, you will be required to provide a guarantor who must be a permanent staff of your firm and must have capacity

How can I repay?

You can repay with Cheques or Direct Debit mandate

What happens if I default on my loan?

We want to maintain you as a valued customer, so kindly ensure that we receive your repayments on time. If you happen to be in a situation that makes it difficult to make your scheduled repayment, kindly contact us immediately. The default penalty is 1% on instalment amount for each day of default. If it exceeds 15 days, actions would be taken. We do our best to help our customers avoid these situations and the resulting consequences, including but not limited to;

Suspension of your access to our lending service
Reporting to multiple credit bureaus
Involvement with external collection agencies
Possible legal action

How can I review my data that HBA sends to credit bureaus?

You can order a self report on your credit history from any of the 3 nationally registered credit bureaus.

XDS Credit Bureau (www.xdscreditbureau.com)
Credit Registry Services (www.crservicesplc.com) or
CRC Credit Bureau (www.crccreditbureau.com) in order to review

Frequently Asked Questions