Overdraft

Overdraft is an individual loan product designed by LAPO MfB to assist clients with both business and household emergencies. Overdraft enables clients have access to funds for emergencies at a very low interest.

  • Facility range: N500,000 maximum
  • Methodology: Individual
  • Duration: 1-90 days
  • Grace period: Negotiable

Benefits:

  • Access to funds in emergency situations
  • No collateral
  • Competitive interest rate
  • Flexible and convenient repayment structure
  • Expert financial advice available 
  • Loan application letter
  • Duly completed application form
  • 2 guarantors
  • Valid identification card (National ID, driver's license, voter's card or international passport)
  • Current utility bill
  • 4 recent passport-size photographs

1. Q: How long does it take to process this loan?
    A: Less than a week if the client makes the required documents available.

2. Q: Can the loan duration be extended?
    A: No. The maximum duration cannot be more than 90 days.

3. Q: Is there a limit to the number of overdraft I can access in a month

    A: Yes