Accion Microfinance Bank Review: Nigeria Personal Finance Loan For Individuals

Accion microfinance bank is one of the financial institutions that combine the savings services of a commercial bank while retaining its microfinance status. This simply means that it offers easy to access loan services. Accion is the answer of many to the issue of inaccessible loans to the low to medium income class. This article reviews Accion, and all the services it offers.

About Accion Microfinance Bank

Accion Microfinance Bank was established in 2006 but didn’t begin operations till May 2007 after it secured a license from the Central Bank of Nigeria. Run by a competent management team consisting of professionals with experience, you can trust them to deliver. Accion Microfinance bank is a subsidiary of ACCION International, who have representatives on the board of the bank.

Just like other microfinance banks like Nirsal Microfinance Bank, they have a goal to empower micro-entrepreneurs and low income earning citizens. Accion microfinance bank does this by providing suitable banking services.

What Interest rates apply with Accion Microfinance Bank?

This is dependent on the amount you intend to borrow. However, Accion services are diversified and designed to help you take advantage, depending on your specific needs. In general, their loan interest rates are competitive.

What Happens When a Co-signer Dies?

When someone you love dies, it can be a very tough situation both emotionally and financially. However, If you have financial connections with that person, you have to sort them out as soon as possible to avoid future problems. One of the major concerns is when this person cosigned on a loan you took. What then happens to the loan?

There are various types of loans with varying agreements such as personal loans, mortgages, car loans, or student loans. Hence, depending on your loan agreement, different situations could occur if your cosigner passes away. However, what mostly happens when a cosigner passes away is that the entire liability will fall on the primary borrower.

If you are a primary borrower, you will do just fine as long as you continue to make timely payments. In fact, you can even continue to pay the loan payments without any worry. However, if you are already defaulting by the time your cosigner dies, the lender can recover the loan you owe from the estate of your late cosigner.

This is usually the case for various types of loans like personal loans, mortgages, car loans, and student loans.

Do I Need To Pay The Full-Loan Amount Immediately Once My Cosigner Dies?

If you are troubled about whether you would have to pay the loan amount fully immediately after your cosigner dies, you have to check the terms of your loan. Some sections of the agreement specify what will happen with the loan if your cosigner dies.

Generally, many loan agreements will permit you to continue with the agreement as long as you make timely payments. However, some other loan agreements may require you to pay the loan in full as soon as possible.

One section that you should look out for in your agreement is the “Automatic Default Clause”. Basically, if you see this clause is on your loan agreement, know that your loan balance becomes due immediately after your cosigner dies. This means that you have to complete the payment as soon as possible.

PROSPA Business Loan– Everything you need to know

An Overview of Prospa

Prospa is a technology organization creating the operating system for African business owners. Basically, the platform focuses on providing a current bank account for your business. This bank account comes with benefits that are suitable for the growth of your business.

The company is privately-held and was founded in 2019 to provide financial services to Nigerians. Essentially, the organization has a sole mission to help Africans in increasing financial prosperity.

What services does Prospa offer?

Basically, the services Prospa offers aims to help you manage your business and banking. These services include:

What are the requirements to open a business account with Prospa?

To open your business account, you need the following documents:

1. Your BVN

2. CAC registration forms

3. Certificate of Incorporation

4. A government-issued identity card

5. A recent utility bill

6. TIN

7. 2 References

Lastly, you need a Board resolution. You can generate this document from your dashboard.

Access Bank Loan: How to Borrow Money from Access Bank, Requirements, and The USSD Code Option

The Access Bank Loan

Getting a loan in Nigeria is inevitable, whether it’s from a loved one or an institution; almost everyone probably has a story where they had to obtain a loan.

The Access bank loan is designed to finance that need which made you request for it in the first place.

Types of Loans Offered By Access Bank

  •  Creative Sector Loans: This is a Central Bank of Nigeria loan that is designed for capacity building and provision of employment for individuals and businesses into industries like fashion, information technology, movie production and distribution, music, and so on.
  • Lending Against Turnover (LATO): This is an instant loan product that targets non-salary account holders who already have a relationship with the Bank for over six months and above. This type of loan requires no documentation or collateral from the recipient and lasts for 30 days. You can conveniently apply for this type of loan using the Access Bank loan code – *901*11*1#. See USSD code for loans in Nigeria.
  • Personal loan: This type of loan targets employees to empower their needs through a salary administration product. It is flexible, and lasts for 36 months.
    • Small Ticket Personal Loan: For this type of loan, Access Bank offers up to 400% of your net monthly salary. You will be expected to repay this loan within 12 months.
    • W Power Loan: This unique Access Bank loan product helps close the financing gap for female-owned businesses. W Power Loan provides them access to loans and credit facilities.
    • Advance for School Fees: As a parent or guardian, you can borrow to pay your child/ward’s school fees. This type of loan also allows you to borrow to pay for professional courses and certifications.
    • Device Finance: This is an Access Bank loan scheme designed to help you finance the purchase of mobile devices.
    • Maternal Health Service Support (MHSS): This loan is designed to finance birth and fertility related procedures.