MFB Loan: How to Apply For Instant Loan.

MFB Loan this article is centered on how to get fast loan from microfinance banks, eligibility requirements and list of microfinance banks that grants this loans.

What is MFB Loan?

MFB stands for Micro Financial Bank. Microfinance Bank better known as MFB is financial institution targeting individuals and small business who lack access to conventional bank or related services. They also provide laons to individuals for personal or small business purposes.

MFB Loan is usually small amount of money and it doesn’t require Collateral,they charge low interest on low, long term repayment period. But it involves guarantor and paperworks.

Difference Between MFB Loan and Bank Loan

Microfinance institution offers loan to individuals without asking for collateral while in a Bank loan one has to provide collateral in form of asset.

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Requirements For MFB Loan

You must meet or provide the following documents to be eligible for Microfinance Bank loan.

• You must be 18 year and above
• Have Bank Verification Number (BVN)
• You must be a residing citizen of Nigeria
• Open an Account with the bank.
• Existing Business for atleast 1year and must have been in the location rfot atleast 6 months.

Documents Required When Applying For MFB Loan

The following documents must be provided when applying for Mfb Loan.

• Loan Application Form
• Government Issued I.D or Valid means of identification.
• Copy of current Utility Bill (Light Bill) not more than 3 months.
• Copies Of Recent Passport.
• Evidence Business Lactation (For Business Loan Purpose)
• Bank Statement or Account/Records.

List of MFBs that gives Loan in Nigeria

1. Solid Trust Microfinance Bank
2. Solid Allianze Microfinance Bank
3. Lapo Microfinance Bank
4. Snow Microfinance Bank
5. Shalom Microfinance Bank
6. Seed Capital Microfinance Bank
7. Safe Gate Microfinance Bank
8. Royal Exchange Microfinance Bank
9. Kuda Microfinance Bank
10. FFS Microfinance Bank
11. Global Initiative Microfinance Bank
12. High Street Microfinance Bank
13. Headway Microfinance Bank
14. GTI Microfinance Bank
15. Purple Money Microfinance Bank
16. CIT Microfinance Bank
17. AB Microfinance Bank
18. Grooming Microfinance Bank
19. Asset Microfinance Bank
20. Bowen Microfinance Bank
21. Cowries Microfinance Bank
22. Credit Afrique Microfinance Bank
23. Credit Express Microfinance Bank
24. Echo Microfinance Bank
25. Edo Microfinance Bank
26. Empire Trust Microfinance Bank
27. First Option Microfinance Bank
28. Finex Microfinance Bank
29. Flourish Microfinance Bank
30. Fortress Microfinance Bank
31. Desmonarchy Microfinance Bank Limited
32. TCF Microfinance Bank
33. Ultimate Microfinance Bank
34. VCL Microfinance Bank
35. Verdant Microfinance Bank
36. Verite Microfinance Bank
37. VFD Microfinance Bank
38. Wesley Microfinance Bank
39. Vineland Microfinance Bank
40. Pecan Trust Microfinance Bank
41. Project Microfinance Bank
42. Providence Microfinance Bank
43. RenMoney Microfinance Bank
44. Oko Microfinance Bank
45. Medalyn Microfinance Bank
46. Chibueze Microfinance Bank
47. Pyramid Microfinance Bank
48. NPF Microfinance Bank
49. Qube Microfinance Bank
50. Susu Microfinance Bank

Conclusion

Mfb Loan is the best platform or financial institution to get loan from. They are reliable,trusted and registered with Central Bank of Nigeria CBN. So always feel free to her money from them for personal or business purposes.