How to get a loan from LAPO microfinance bank

 

Do you need quick cash to set up a small business or settle some things? Here is an overview of a company that can help you with your financial needs.

LAPO Microfinance Bank is an off-shoot of Lift Above Poverty Organisation (LAPO), which was initiated in the late 1980s as a non-profitable and non-governmental organisation committed to the empowerment of low income Nigerians through the provision of responsive financial services delivered on a sustainable basis.

The bank provides micro-credits, but it also helps people in some aggravating situations. Any person can turn to LAPO if he or she needs some help.The bank’s major concern is using finance to deliver sustainable economic, social and environmental development, with a focus on helping to eradicate poverty in society, as well as supporting individuals to fulfill their potentials.

Lapo offers unsecured loans of up to NGN 500,000 for small businesses and NGN5,000,000 for small and Medium-scale Enterprises.

How to get a loan from LAPO microfinance bank

Types of LAPO loans

The organization provides different types of loans, the type of loan depends on the needs of the customer and his abilities to payback.

  • Regular loan
  • SME loan
  • Festive loan
  • Small business loan
  • LAPO agric loan
  • Asset loan
  • Education loan
  • Overdraft loan
  • Special loan

Before the application, it is advisable to be sure about the proposal and select the suitable one among the types. Use a loan calculator that can be found on official website of LAPO.

LAPO loan application process

The micro-finance bank doesn’t give huge amounts of money as a loan, it proposes short period of repayment. The process of applying for LAPO is not a difficult process as LAPO company created a convenient system for this. To receive any kind of the loan,a client should be eligible.

One more important requirement is that you should provide guarantee of the ability to pay the money back. Your business can be considered as such a guarantee of repayment ability. The process of the application can be much faster if you have an account in LAPO bank.

You should know what kind of loan you need, collect all the required documents and visit the office of LAPO. The manager should check all the details, and make a decision about your request. Usually, the process goes much faster and easier than in other banks.

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