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
- 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