You need a quick loan to meet an urgent financial requirement, be it to fund a business while in employment, to fund an Asset while in Employment requires careful planning. Some of the various loan companies can be very useful to resolve your emergency needs but care must be taken to ensure that you do not over borrow. Borrowing money to meet some of the financial needs for Capital Projects while in Full time employment in Nigeria may be a risky business if care is not taken.

If you're one of the many people struggling to save up for a deposit to buy an Asset you may be thinking about borrowing money - whether in the form of a bank loan, emergency loan or from family or friends. Borrowing can add another layer of risk to an already stressful requirement.
You may need to consider various factors when it comes to borrowing to part fund the deposit for Asset acquisition or a business while in employment.

Putting your deposit together
To start a business while in Employment, you need to have done your business plan. To purchase a car on lease or a property on Mortgage, you will need to find a deposit of at least 5 to 10% of the purchase price of the Asset in order to meet some of the basic requirements but due to other pressing obligations, the deposit may not have been completed in good time to acquire the Asset when it is needed hence the need to get an additional loan to meet the deposit. This decision may be very tricky for the borrower if not well managed. Affordability is extremely important here.

The Borrower should also note that it may affect their qualification for the Car Lease or Mortgage (Unless he/she has an offer Letter for the Lease or Mortgage), if the Lender finds out through the Credit Reference Agencies that the money for the deposit is from another Loan.

Loans from the Bank or Emergency Loan Providers
The Credit Company or Bank providing the Loan to part fund this Asset will also consider the affordability before granting the Loan. This is because the Loan to part fund this Asset may also increase the Borrower’s liabilities thereby making it difficult for the Borrower to repay the Loan as well as the Monthly Lease rentals or House Mortgage. The type of Loan to be used will depend on the timing of the requirement and the cost of the Loan.

If the deposit is needed urgently to secure the Asset in Lagos, the Loan may be secured from emergency Loan Providers like Ren-credit, Zedvance, Kwikpay Credit, Page Credit etc. These providers cater for client needing funds within 24hours but the cost of such Loans are higher than securing such funds from the Bank. The repayment period usually allowed are between 1month to 6months. If time is not of essence, it is always more prudent to get a Bank Loan which is usually cheaper than Emergency Loans like those of Kwikpay Credit and the likes.

Borrowing from Friends or Family
Getting funds from Family and Friends to meet the business needs or deposit requirements to acquire an Asset may be a cheaper option for the borrower because it may be with little or no interest and repayment may not be as stressful as getting funds from the bank or Credit Company.

Credit cards
The Borrower may also use his or her Credit Card to get cash to part fund the deposit to acquire an Asset or setup a business but this may not advisable because the Interest rate for cash withdrawal on Credit Cards are much higher compared to other forms of Loan request. The Monthly repayment of credit Card may add more stress and financial constraint on the Borrower, going forward.

Have little or No Financial Stress
The individual might decide to postpone the purchase of the Car or the House until the deposit required is complete, this decision can save the intended borrower a lot of stress. Although such decision may be the most sensible but the individual should remember that postponing may lead to the Asset not been available in future or it may be available but at a higher price.

For businesses, it may mean that such individual would have more time to put the right strategy or planning in place before extra funds are made available to set up the business. The individual must weigh his or her options and must ensure that any decision taken will be sustainable in the long run vis-vis the monthly repayment of the Loans. The inability to meet one’s financial obligation is very stressful and depressing and it should be avoided at all cost.

isaac65:
You need a quick loan to meet an urgent financial requirement, be it to fund a business while in employment, to fund an Asset while in Employment requires careful planning. Some of the various loan companies can be very useful to resolve your emergency needs but care must be taken to ensure that you do not over borrow. Borrowing money to meet some of the financial needs for Capital Projects while in Full time employment in Nigeria may be a risky business if care is not taken.
If you're one of the many people struggling to save up for a deposit to buy an Asset you may be thinking about borrowing money - whether in the form of a bank loan, emergency loan or from family or friends. Borrowing can add another layer of risk to an already stressful requirement.
You may need to consider various factors when it comes to borrowing to part fund the deposit for Asset acquisition or a business while in employment.
Putting your deposit together
To start a business while in Employment, you need to have done your business plan. To purchase a car on lease or a property on Mortgage, you will need to find a deposit of at least 5 to 10% of the purchase price of the Asset in order to meet some of the basic requirements but due to other pressing obligations, the deposit may not have been completed in good time to acquire the Asset when it is needed hence the need to get an additional loan to meet the deposit. This decision may be very tricky for the borrower if not well managed. Affordability is extremely important here.
The Borrower should also note that it may affect their qualification for the Car Lease or Mortgage (Unless he/she has an offer Letter for the Lease or Mortgage), if the Lender finds out through the Credit Reference Agencies that the money for the deposit is from another Loan.
Loans from the Bank or Emergency Loan Providers
The Credit Company or Bank providing the Loan to part fund this Asset will also consider the affordability before granting the Loan. This is because the Loan to part fund this Asset may also increase the Borrower’s liabilities thereby making it difficult for the Borrower to repay the Loan as well as the Monthly Lease rentals or House Mortgage. The type of Loan to be used will depend on the timing of the requirement and the cost of the Loan. If the deposit is needed urgently to secure the Asset in Lagos, the Loan may be secured from emergency Loan Providers like Ren-credit, Zedvance, Kwikpay Credit, Page Credit etc. These providers cater for client needing funds within 24hours but the cost of such Loans are higher than securing such funds from the Bank. The repayment period usually allowed are between 1month to 6months. If time is not of essence, it is always more prudent to get a Bank Loan which is usually cheaper than Emergency Loans like those of Kwikpay Credit and the likes.
Borrowing from Friends or Family
Getting funds from Family and Friends to meet the business needs or deposit requirements to acquire an Asset may be a cheaper option for the borrower because it may be with little or no interest and repayment may not be as stressful as getting funds from the bank or Credit Company.
Credit cards
The Borrower may also use his or her Credit Card to get cash to part fund the deposit to acquire an Asset or setup a business but this may not advisable because the Interest rate for cash withdrawal on Credit Cards are much higher compared to other forms of Loan request. The Monthly repayment of credit Card may add more stress and financial constraint on the Borrower, going forward.
Have little or No Financial Stress
The individual might decide to postpone the purchase of the Car or the House until the deposit required is complete, this decision can save the intended borrower a lot of stress. Although such decision may be the most sensible but the individual should remember that postponing may lead to the Asset not been available in future or it may be available but at a higher price. For businesses, it may mean that such individual would have more time to put the right strategy or planning in place before extra funds are made available to set up the business.
The individual must weigh his or her options and must ensure that any decision taken will be sustainable in the long run vis-vis the monthly repayment of the Loans. The inability to meet one’s financial obligation is very stressful and depressing and it should be avoided at all cost.

Nice Write up!

Entrepreneurship is the best. Salary earning should just be like a stepping stone.
The major hindrance to business set up in Nigeria is capital. People have so many business ideas but no capital to set it up.


I think it is easier to raise capital through the credit body like Kwikpay, Zedvance …. Mentioned than commercial banks. The requirements are not burdensome and their turn around time is usually within hours. This allows meeting up of the capital for immediate use when the need arises.

Saving could have been the best option to raise capital but the Nigeria economy doesn’t really give room for this . The so call salary is nothing to talk about in meeting up with basic exigencies talkless of reserve for business


But no matter what, One should save at least a tenth of one's salary!.