Connect with like-minded individuals, ask questions, share ideas, and participate in discussions on a variety of topics.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Do banks have another source of income apart from charging interest on the loan given to individuals and businesses? How do banks make a lot of money, do they also involve in business?
Do banks have another source of income apart from charging interest on the loan given to individuals and businesses? How do banks make a lot of money, do they also involve in business?
Read less
AB Microfinance Bank is one of the fastest for instant loans in Lagos. You can walk into any of their branches with valid ID, utility bill, and proof of income, and get a loan decision same day — especially for small business loans or traders in markets like Balogun or Alaba. Another solid option isRead more
AB Microfinance Bank is one of the fastest for instant loans in Lagos. You can walk into any of their branches with valid ID, utility bill, and proof of income, and get a loan decision same day — especially for small business loans or traders in markets like Balogun or Alaba.
Another solid option is LAPO Microfinance Bank, especially if you’re a market woman, small business owner, or civil servant. They approve loans within 24 hours and don’t always need collateral for smaller amounts. Some people in places like Ikorodu and Mushin even report collecting loans by next day once they have guarantors.
Quick list of microfinance banks in Lagos that offer fast loans:
AB Microfinance Bank – Walk-in approval for SMEs
LAPO MFB – Popular in markets, very active with agents
Accion MFB – Known for fast processing and low default tolerance
Mutual Trust MFB – Targets civil servants, loans disbursed quickly
Renmoney (though it’s digital) – Technically not a traditional MFB, but operates similarly and very fast if you have good BVN records.
Raw truth: If your documents are clean and your bank statement makes sense, you’ll get loans fast. But if your BVN is flagged or you have unpaid loans elsewhere, these microfinance banks will blacklist you without wasting time.
Instead of wasting transport going branch to branch, start by calling their customer care or checking their WhatsApp or USSD loan codes.
See lessOnline banking refers to the use of the internet to access banking services, including checking account balances, transferring funds, paying bills, and more. What are the major advantages of online banking?
Online banking refers to the use of the internet to access banking services, including checking account balances, transferring funds, paying bills, and more. What are the major advantages of online banking?
Read less
Online banking refers to the use of internet to access all of traditional bank services, the most important advantage of online banking is that it is cross border and you can have access to it anywhere if there's internet. It also open up opportunities to those in business because it allows them toRead more
Online banking refers to the use of internet to access all of traditional bank services, the most important advantage of online banking is that it is cross border and you can have access to it anywhere if there’s internet.
It also open up opportunities to those in business because it allows them to in clients from anywhere in the world, hence increasing their market reach.
See less
While insurance companies and banks both manage financial risks, what are the key differences between their business models, such as banks focusing on loans and insurance companies focusing on underwriting policies to absorb losses?
While insurance companies and banks both manage financial risks, what are the key differences between their business models, such as banks focusing on loans and insurance companies focusing on underwriting policies to absorb losses?
Read lessEven though banks and insurance have similar services, they are very different, for this reason, let's discuss the differences between the two as follows: 1. Service Objectives Banks have the aim of collecting funds from the public in the form of savings (general savings, education savings, Hajj savRead more
Even though banks and insurance have similar services, they are very different, for this reason, let’s discuss the differences between the two as follows:
1. Service Objectives
Banks have the aim of collecting funds from the public in the form of savings (general savings, education savings, Hajj savings, etc.), deposits, checking accounts, etc., and channeling them back to the community in the form of loans or credit. Meanwhile, insurance companies collect funds in the form of premium payments and provide risk protection to their customers.
2. Flexibility in Withdrawing Money
If you have savings in the bank, it will be very easy for you to withdraw your money anytime and anywhere, either at an ATM or using mbanking. It is very different from insurance, even though you pay a premium every month for your policy, you cannot easily withdraw your money unless an event occurs that corresponds to the risk being insured.
We all know that bank is the safest place to easily save our money because of tight security, but some people are scared of going to bank especially the illiterate. So guys, do we have another safest place to save our ...Read more
We all know that bank is the safest place to easily save our money because of tight security, but some people are scared of going to bank especially the illiterate.
So guys, do we have another safest place to save our money except bank?
Read less
These days, you do not have to go to the bank physically to save money. You can easily save through mobile banking. That is my most preferred saving method. You could also save through joining contribution groups. Those will help you a lot if you don't want to go to the bank or if you don't have selRead more
These days, you do not have to go to the bank physically to save money. You can easily save through mobile banking. That is my most preferred saving method.
You could also save through joining contribution groups. Those will help you a lot if you don’t want to go to the bank or if you don’t have self discipline to save in your mobile bank. The contribution group treasurer will be responsible for taking the money to the bank and keeping people accountable to save.
See lessDo you think collaterals are very necessary to obtain loans from banks or financial institutions? Can I get a bank loan without collateral?
Do you think collaterals are very necessary to obtain loans from banks or financial institutions? Can I get a bank loan without collateral?
Read lessBroadly speaking, banks or other financial institutions provide two types of loans, namely collateralized loans and unsecured loans. In general, loans with collateral are for large loans or investments. Types of collateral can be land certificates, motor vehicle (car) certificates, gold, etc. Of couRead more
Broadly speaking, banks or other financial institutions provide two types of loans, namely collateralized loans and unsecured loans. In general, loans with collateral are for large loans or investments. Types of collateral can be land certificates, motor vehicle (car) certificates, gold, etc. Of course, you can take out a bank loan without collateral for business capital, investment or education funds. But every bank has different requirements if you are going to take a loan without collateral. There are several banks that require borrowers to have a credit card in advance, the loan limit is only $ 20k, etc.
See lessCan minors apply for loans? How likely are the minors to get a loan approval? What requirements should a minor fulfil in order to get a loan from the banks?
Can minors apply for loans? How likely are the minors to get a loan approval? What requirements should a minor fulfil in order to get a loan from the banks?
Read less![[Deleted User]](https://advisordia.com/wp-content/plugins/WPQA/images/default-image.png "[Deleted User]"){kind=avatar}
No I don't think Minor can't apply for bank load because the lack the legal capacity. Banks typically require loan applicants to be of legal age and have the legal capacity to enter into a binding contract. However, a minor may be able to obtain a loan with a co-signer who is of legal age and willinRead more
No I don’t think Minor can’t apply for bank load because the lack the legal capacity.
Banks typically require loan applicants to be of legal age and have the legal capacity to enter into a binding contract. However, a minor may be able to obtain a loan with a co-signer who is of legal age and willing to take responsibility for the loan if the minor fails to repay it. Keep in mind that specific rules and regulations may vary by location, so it’s important to consult with a local bank or financial institution for the most accurate information regarding loans for minors in your area.
Is there a maximum age for getting a loan? can senior citizens get loans? Let’s say someone is 75 years of age, how likely is this person eligible to get a loan?
Is there a maximum age for getting a loan? can senior citizens get loans? Let’s say someone is 75 years of age, how likely is this person eligible to get a loan?
Read less
The maximum age to get a loan varies depending on the lender and the type of loan. In some cases, lenders may have an upper age limit for borrowers. However, many financial institutions offer loans to individuals of any age as long as they meet the necessary criteria such as income, credit score, anRead more
The maximum age to get a loan varies depending on the lender and the type of loan. In some cases, lenders may have an upper age limit for borrowers. However, many financial institutions offer loans to individuals of any age as long as they meet the necessary criteria such as income, credit score, and repayment ability. It’s essential to check with specific lenders to determine their policies regarding the maximum age for loan applicants.
See less
Management of finance is usually viewed as one of the important aspect of management because it is a kind of field that involves many thing. Is it true that bank can help us manage our personal finance? If so, how?
Management of finance is usually viewed as one of the important aspect of management because it is a kind of field that involves many thing. Is it true that bank can help us manage our personal finance? If so, how?
Read less
Banks can indeed assist in managing personal finances. They offer different business services like savings and checking accounts, which can help track and manage income and expenses. Banks provide tools for online banking, enabling easy access to one's account information and transactions. They alsoRead more
Banks can indeed assist in managing personal finances. They offer different business services like savings and checking accounts, which can help track and manage income and expenses. Banks provide tools for online banking, enabling easy access to one’s account information and transactions. They also offer financial advice, investment products, and retirement planning services. Credit cards, loans, and mortgages are available for different financial needs. However, it’s essential to be mindful of fees and interest rates associated with these services. While banks provide resources, individuals should also educate themselves about these personal finance, set budgets, save, and also invest wisely to achieve their financial goals effectively.
See less
Banks make money in different ways by collecting Credit card feesAnnual fees, late fees, and interest charges on balances also contribute to a bank's revenue. They do also make with loan services:Banks use deposits to provide loans for things like mortgages, car loans, etc Infact , The interest collRead more
Banks make money in different ways by collecting Credit card feesAnnual fees, late fees, and interest charges on balances also contribute to a bank’s revenue. They do also make with loan services:Banks use deposits to provide loans for things like mortgages, car loans, etc
Infact , The interest collected on these loans is a major revenue stream.Fees and service charges are also other means
See less