Categories: Term Loans

A Review of C24 Loan: Everything You should Know

Getting credit or borrowing money from commercial banks in Nigeria is more like a herculean task. They will stress every piece of bone in your body. Excluding the delay, they might cause especially if you need the money to solve immediate needs, they could still reject your application.

Their requirements are enough to put you off. They demand collateral, ask you to do plenty of paperwork, and they might even ask to see the tomb of your ancestors. LoL. I am just saying in essence that they will frustrate you.

Today, there are now plenty of registered loan apps and loan providers in Nigeria that can give you instant loans, low-cost loans, collateral-free loans, and loans without a heavy documentation process. These loan providers even operate online and you can apply for any amount of money that you need in the comfort of your home. You will not need to go to any physical bank to join some long queue.

Among the very common loan operators in Nigeria is C24 Limited which provides a retail loan known as the C24 loan to business owners and even individuals. C24 loan does not demand collateral and its application process is very fast. As long as you meet their requirements, you will be credited to your bank a few hours after completing or submitting your application.

In this article, we will be doing a detailed review of C24 loan. This review will address cogent and important questions that many people ask about C24. So, ensure you carefully read through till the end.

Does C24 Offer More than One Loan Product?

Yes, they offer more than one loan product. The have the personal loan for individuals and the business loans for businesses. These packages or products will be fully explained below:

Personal loans

This type of loan package is available for individuals for their personal use. You can use this loan to do anything you want such as shopping, paying bills, to sponsor events, ceremonies etc. You can get as much as ₦2M under this package as long as you meet their requirements.

Another reason why it is personal loan is because the repayment term is short. The repayment term is within 3 – 6months. So, you should borrow the amount you know you can pay back before the deadline of the repayment term.

If you are collecting this loan for the first time, you should know they cannot trust you with a very big money yet. But as you continuously use their service and maintain a good credit score, the amount you can borrow will also increase.

To be eligible for the personal loan, you have to meet some requirements, which are:

A valid means of Identification
Your bank account statement not more than 6 months old
A recent utility bill of not more than 3 months old
A means of Identification to verify your employment status such as the employment letter
An active bank account where the loan will be disbursed

Business Loans

As this implies, this is a loan designed by C2$ Limited for Business owners. It is also splitted into 3 categories:

Overdraft: This is like an extension of the current account balance of businesses. This comes in handy especially in emergency situations. The businesses have some additional money as an extension of their bank account. One beautiful thing about this is that the overdraft will only attract interest rate only when you use from it. But as long as it remains in your bank account and you do not use or touch it, there will be no charged interest.
Lease Financing: Here businesses are able to purchase business assets with the aid of C24. C24 still holds exclusive right to the asset but as soon as the business completes the repayment of the loan and interest, the complete ownership will be given to the business.

What are the Requirements for Business loans?

The requirements are similar with that of personal loans. The only additional thing is the evidence that your business is duly registered under CAC and your business is workable.

What is the interest rate on C24 Loan?

The interest rate is charged monthly at 4%. There is also a maintenance rate of 4% charged once during the service period of the loan.

What is the Repayment term of C24 Loan?

The personal loan has a repayment plan of 3 months to 6 months but the business loan is up to 12 months.

What happens if I default?

If you default, your debt will keep increasing with 1% daily. If the debt is overdue, they will start disturbing you with texts, calls and may even trace you to your home address. It is best to pay them on time to avoid embarrassment.

Does C24 have loan app?

As at the time of writing this article, they do not operate using a loan app.

How Do I Apply?

To apply you have to either visit their physical office or visit their website https://www.c24ng.com/ to apply. To apply for the loan on their site, follow the instructions below:

Choose the loan category you wish to apply for, whether it is personal or business loan or whichever
Proceed to the next step where you provide all your personal details and banking details
Proceed to the next step where you specify the amount of loan you want to apply for and your preferred repayment plan. You can also calculate your rate of interest on loan borrowed using the loan calculator on their site
Proceed to submitting your application
After a successful application, your account will be credited with the amount borrowed within 24 hours to 72 hours.

Is C24 legit?

Yes, they are legit. They have their head office located in Lagos. There are also many people that have patronized them without issues. They are registered and also insured by NDIC.