Obtaining loans in Nigeria by startups, and small and medium businesses in Nigeria is very difficult. You may meet all the requirements and still have your loan declined. Sometimes, it might just be one requirement left out and the banks will decline your loan application. Requirements such as collateral or credit score? Seriously?
Most of these small businesses may not have collateral to use for loan applications, they may not have enough records to even build their credit score and banks will not even care but continue rejecting their loan. We really will not blame them. They are running the banks for profit and not for charity.
In the present time in Nigeria, we now have the gift of PayHippo. PayHippo was introduced in Nigeria by visionaries to all these funding problems faced by small and medium businesses. PayHippo is a digital money lending company that operates in Nigeria to specifically provide business loans for SMEs and Startups.
When they were interviewed by journalists, they said that “SMEs are the engine for building the economy of a country” and seeing the challenges faced by them in the area of funding, something has to be done and that is why they launched PayHippo. So even if businesses do not have collateral, PayHippo will provide them with loans to expand their businesses without extensive paperwork.
To be able to get a PayHippo loan, first, you have to be a business owner. That is the first and most important criterion. PayHippo loan can be obtained either through the PayHippo loan app.
The PayHippo loan app can be downloaded on play store for android users and it is also available for iOS users on App Store.
What are the requirements to get PayHippo loan?
As we earlier said, you do not need to have a collateral or credit score. The requirements are highlighted below:
Note that your business must have been in operation since the past 3months and must have a good business record.
No, our loans are specifically for small businesses and startups. We do not provide salary loans or personal loans.
You can get as high as ₦3M naira and as low as ₦50k to support your business. The major thing is that you meet all the requirements.
The repayment period of the loan is short-term, usually 30 days at a rate of 6.5%. Long-term loans are provided to their trusted and credible customers.
Usually, it is expected to be within 3 hours. PayHippo loan app ensures that businesses get loans at an instant to be able to serve urgency.
After submitting the loan application and all requirements are met, a loan offer will be sent to the applicant. Immediately the loan offer is accepted, the money will be disbursed to the bank account connected to the PayHippo loan app.
To repay your loan, you will do it on the loan app. Proceed to the app and your dashboard and click on the option to pay back loan. A unique bank account details will be generated for you and all you need to do is transfer the amount you want to repay there.
Also, if you pay back your loan early before the repayment deadline, you will be offered a discount.
The loan can also be paid back in instalments using the unique bank account details generated for your profile.
Yes, they can be trusted and are very reliable. They are registered and licensed by CBN.
To contact them using the following contact details:
Office address: 174b Corporation Drive, Dolphin Estate, Ikoyi, Lagos, Nigeria
Official website: www.payhippo.ng
Phone Number: +2349045969825
Email Address: hello@payhippo.ng
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