Looking to get a loan in Nigeria but not sure where to start? You’re in the right place.
LoanRequirement.com.ng is your trusted guide to understanding all types of loans available in Nigeria. From personal loans to salary advances, student loans, business loans, and quick online lending platforms—we help you understand what’s available, what you need to apply, and how to improve your chances of approval.
What We Do:
We provide clear and updated information on:
- Types of Loans in Nigeria – Learn about personal, business, student, and emergency loans.
- Loan Requirements – Find out what documents and conditions are needed.
- How to Apply – Step-by-step guidance to help you submit the right information and avoid rejections.
- Fintech & Bank Options – Discover trusted lenders offering fast approvals and flexible repayment terms.
How to Request a Loan:
- Choose the Loan Type that suits your need.
- Read the Requirements such as ID, payslip, bank statement, etc.
- Click to Apply with a trusted loan provider listed on our platform.
Whether you’re employed, self-employed, a student, or running a small business there’s a loan product for you. Our job is to help you find it fast and apply with confidence.
What are the requirements to get a loan in Nigeria:
Getting a loan in Nigeria whether from a bank, microfinance institution, or fintech app—usually depends on your income, credit history, and ability to repay. While requirements vary by lender, here are the most common documents and conditions you’ll need:
1. Valid Means of Identification:
Accepted ID types include:
- National ID (NIN slip/card)
- Voter’s card
- International passport
- Driver’s license
2. Bank Verification Number (BVN):
Most lenders require your BVN to verify your identity, check your credit history, and prevent fraud.
3. Active Bank Account:
You’ll need a functional Nigerian bank account for loan disbursement and repayment.
4. Proof of Income:
This shows you can repay the loan:
- Salary earners: recent payslips or employment letter
- Business owners: account statements or business registration documents
- Students: sponsorship proof (if applying for student loans)
5. Bank Statement (3 to 6 months):
Lenders check your bank statement to assess how you manage money your inflow, outflow, and account balance trends.
6. Utility Bill or Proof of Address:
To confirm your location, lenders may request:
- Electricity bill
- Water bill
- Rent agreement or any official address proof (not older than 3 months)
7. Passport Photograph:
A clear recent photo may be required during online or offline applications.
8. Guarantor (Sometimes Required):
Some lenders, especially for larger loan amounts, will require a guarantor with a steady income and good credit record.
Optional But Helpful:
- Collateral: For secured loans (e.g., land documents, car papers)
- Credit Score: While not all Nigerian lenders check your score, having a good one helps.
Tip:
Which Bank Gives a Loan Easily in Nigeria?:
Looking for a bank that offers fast and easy loans in Nigeria? While all banks have their own processes, some stand out for quick approvals, minimal documentation, and digital loan platforms.
Here are the top banks known for easy-access loans in Nigeria:
1. Access Bank (QuickBucks):
Access Bank’s QuickBucks platform allows customers to apply for loans through their mobile app or USSD code (*901#). It’s fast, and in many cases, you can get funds within minutes.
- No collateral required
- Avaable to salary earners and business owners
- Repayment: 3 to 12 months
- Requirements: BVN, bank statement, valid ID
2. GTBank (Quick Credit):
GTBank’s Quick Credit is one of the easiest bank loan options in Nigeria. If you have a GTB account with regular income, you can qualify automatically.
- Loan amount: Up to ₦5 million
- Interest rate: ~1.5% monthly
- USSD: 73751*51#
- Instant disbursement
3. First Bank (FirstAdvance & Personal Loan):
First Bank offers FirstAdvance loans for salary earners and personal loans for longer-term needs.
- Instant salary advance via *894#
- Personal loans available through bank branch or app
- Tenor: Up to 36 months
- Collateral: Not needed for small amounts
4. UBA (Click Credit):
UBA’s Click Credit is targeted at UBA salary account holders and is disbursed within minutes.
- Up to ₦5 million
- Monthly interest: ~1.8%
- Apply via mobile app or internet banking
- Simple approval, no paperwork
5. Zenith Bank (eazyLoan):
Zenith’s eazyLoan platform is open to salary earners with a good transaction history.
- Use *966# USSD for quick access
- Loan depends on account activity
- Auto-deductions from account for repayments
Quick Summary: Best Bank for Easy Loans:
| Bank | Platform | Instant Loan? | Collateral? |
|---|---|---|---|
| Access Bank | QuickBucks | ✅ | ❌ |
| GTBank | Quick Credit | ✅ | ❌ |
| First Bank | FirstAdvance | ✅ | ❌ |
| UBA | Click Credit | ✅ | ❌ |
| Zenith Bank | eazyLoan | ✅ | ❌ |
FHA Loan Requirements (2025 Guide):
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA), designed to help low-to-moderate income borrowers qualify for homeownership. FHA loans are popular because they require lower down payments and have easier credit requirements compared to traditional loans.
Here’s what you need to qualify:
1. Minimum Credit Score:
- 580 and above: You qualify for the 3.5% down payment option.
- 500 – 579: You can still qualify, but you’ll need at least 10% down.
- Below 500: Not eligible for an FHA loan.
2. Down Payment:
- 3.5% of the purchase price (if your credit score is 580+).
- Funds can come from savings, gifts, or down payment assistance programs.
3. Stable Income & Employment:
- You must show proof of steady employment and income for at least the past 2 years.
- Tax returns, W-2s, or bank statements are often required.
4. Debt-to-Income Ratio (DTI):
- Maximum DTI: 43% (Some lenders may allow up to 50% with strong compensating factors).
- This means your total monthly debt payments (including mortgage) should not exceed 43% of your gross monthly income.
5. Property Requirements:
- The home must be your primary residence (you must live in it).
- It must meet FHA appraisal and safety standards.
- The loan can be used for single-family homes, duplexes, or even condos (if FHA-approved).
6. Mortgage Insurance Premium (MIP):
- FHA loans require both:
- Upfront MIP (usually 1.75% of loan amount)
Annual MIP (paid monthly)
This protects the lender in case of default.
7. Valid U.S. ID and Legal Residency:
- You must have a valid Social Security number and be a legal resident or U.S. citizen.
Documents Needed:
- Government-issued ID
- Recent pay stubs
- Bank statements (2–3 months)
- Tax returns (2 years)
- Employment verification letter
Who Should Apply for an FHA Loan?
- First-time homebuyers
- People with low credit scores
- Buyers with limited savings for down payment.
What is a VA Loan?:
A VA loan is a special type of home loan offered to veterans, active-duty military personnel, and certain military spouses in the United States. It is backed by the U.S. Department of Veterans Affairs (VA), which means the government guarantees part of the loan, making it easier for veterans to qualify and buy a home.
Key Features of a VA Loan:
- No down payment required
Most buyers don’t need to save up for a down payment. - No private mortgage insurance (PMI)
Unlike conventional loans, VA loans don’t require monthly PMI charges. - Competitive interest rates
VA loans often have lower rates than other loan types. - Flexible credit requirements
Easier to qualify, even with lower credit scores or limited credit history.
VA Loan Requirements (2025 Guide):
Everything You Need to Know to Qualify for a VA-Backed Home Loan
The VA loan is a powerful benefit for U.S. veterans, active-duty service members, and certain military spouses. Backed by the U.S. Department of Veterans Affairs, VA loans offer zero down payment, no private mortgage insurance (PMI), and competitive interest rates.
Here’s what you need to qualify:
1. You Must Be Eligible Through Military Service:
You must meet at least one of these service requirements:
- 90 consecutive days of active service during wartime
- 181 days of active service during peacetime
- 6 years in the National Guard or Reserves
- Spouse of a service member who died in the line of duty or due to a service-related disability
You’ll need to obtain a Certificate of Eligibility (COE) to prove this.
2. Valid COE (Certificate of Eligibility):
This confirms to lenders that you qualify.
You can:
- Apply for it online through the VA eBenefits portal
- Ask your lender to help you retrieve it
3. Satisfactory Credit Score:
- No official VA credit score requirement, but most lenders require at least a 620 FICO score.
- Lower scores may still qualify with strong financials or a larger reserve.
4. Sufficient Income (Residual Income Rule):
The VA uses a unique residual income formula to make sure you can afford your loan:
- You must have enough income left after covering major expenses (bills, mortgage, family needs).
- This helps reduce the risk of default.
5. Debt-to-Income Ratio (DTI):
- Suggested maximum: 41%
This includes your monthly debts compared to your gross income. Some lenders allow higher with compensating factors.
6. Primary Residence Only:
- The VA loan is only for homes you intend to live in, not for investment or vacation properties.
7. VA Appraisal:
- The home must pass a VA appraisal to ensure it meets Minimum Property Requirements (MPRs) for safety and livability.
8. VA Funding Fee:
While VA loans don’t require PMI or down payment, most borrowers must pay a VA funding fee, which:
- Helps keep the program running
- Varies based on down payment and service type (ranges from 1.4% to 3.6% of the loan amount)
- May be waived for those with service-related disabilities
Documents You’ll Likely Need:
- COE (Certificate of Eligibility)
- Government-issued ID
- Recent pay stubs or retirement/pension proof
- Tax returns (2 years)
- Bank statements (2–3 months)
- DD-214 form (if separated from service)
Conclusion:
Getting the right loan starts with having the right information. Whether you’re applying for a personal loan, business loan, student loan, or exploring options like FHA or VA loans, understanding the requirements ahead of time can save you stress, time, and money.
At LoanRequirement.com.ng, we break down every loan type in clear, simple terms. From what documents you need, to how to improve your chances of approval — we’ve got you covered with up-to-date, reliable guides you can trust.
Final Advice:
Before applying for any loan, always:
- Check the lender’s requirements
- Compare interest rates and repayment plans
- Understand all terms and fees involved
- Ask questions if anything is unclear