BG loan is an acronym for Balogun Gambari. This loan platform aims to offer loans to individuals and businesses that need the loan, they’re known for being fast in the approval of loans, and they have a very low interest on their loans.
In this article, we will discuss extensively how to apply for a BG loan, the eligibility requirements for the application of a BG loan, how to apply for a BG loan, and who a BG loan is meant for. Then we will conclude this area by answering some of the most frequently asked questions you may have.
Overview Of BG Loan
BG loan stands for Balogun Gambari loan platform. This shows that this loan is under the category of private ownership. The BG loan platform offers loans to interested individuals or businesses who wish to scale up their businesses.
Over the last decade, there has been a tremendous quantum leap in businesses, so many companies have sprung up quickly. This led to the need for loans and the subsequent introduction and growth of the loan platform in Nigeria.
The BG loan platform has gained popularity among Nigerians, and this is because of the ease of application, low-interest rate, fast approval rate, and fast disbursement of loans to individuals’ standard bank accounts. This loan platform offers loans from 10,000 to over a million naira to individuals who wish to start, scale, or expand their business.
There are so many loan platforms in Nigeria, each with its uniqueness. The BG loan platform is not an exception. One of the things that made this loan platform unique is that you do not need collateral to apply for the loan. All you need to do is ensure you meet all the requirements and that the information you provided is correct.
How BIG Loan Platform Works
Every loan platform has a unique operation, and the BG platform is no exception. Before you apply for a loan on any loan platform, make sure you understand how the loan platform works, and here’s how the BG loan platform works;
- Before you start processing your loan application, the first thing you need to do is to check the eligibility requirements we will be listing in this article. Make sure you meet all the eligibility requirements for the loan application process. Missing any of the requirements might lead to the automatic disqualification of your loan application process.
- You will be required to provide all your important and necessary details during the application process. One of the most important requirements is your Bank Verification Number, and your Bank Verification Number is used to check if you’re eligible for the application of this loan.
- The platform will access your creditworthiness score to check if you’re eligible for the amount of loan you applied for. So make sure you have a high creditworthiness score. Your creditworthiness score is determined by how much you owe any loan platform.
- If you owe any loan platform, your creditworthiness score will be low, leading to your loan application not being accepted. So make sure you have a high credit score. The higher the score, the higher the chances of your loan application being accepted.
- The platform is very transparent because they operate on the principle of integrity. What this means is that if two people apply for the same amount of loan and they opt for the same repayment plan, the first person to be accepted is the most eligible person that has the highest credit score. This is why you need a high credit score when applying for a loan on this platform.
Eligibility Requirements For BG Loan
Before applying for this loan, you must meet all the eligibility requirements. The eligibility requirements for BG loan are as follows;
- The minimum age requirement is 18 years. This means that if you’re less than 18, you’re not eligible to apply for this loan.
- The maximum age requirement is 60 years. This means applying for this loan. You must be between the age of 18 to 60 years.
- You will be required to provide all the necessary documents and ensure you provide them correctly.
- You must be a citizen of the country. This means that foreigners are not eligible to apply for this loan.
- You must have a high credit score. When you meet all the eligibility requirements, and you have a low credit score, your loan application process will not be accepted. Make sure you have a high credit score before applying, and always repay your loan before the agreed period.
Benefits Of BG Loan
There are so many benefits of a BG loan, but we will be listing just a few of them. Some of the benefits are;
- Fast Approval Rate: This is one of the essential benefits of a BG loan. If you apply for a loan on this platform, if you’re eligible, your loan application will be accepted, and the money will be disbursed to your account in a matter of minutes
- Easy to apply process: The process of loan application in the platform is easy. It won’t take up to 10 minutes for you to apply for a loan on this platform.
- No collateral Needed: This is one of the most important reasons most business owners opt for this loan. You do not need collateral for the application. All you need to do is ensure you meet all the eligibility requirements.
- No paperwork or documents: You don’t have to worry about the stress of paperwork and elaborate documents. This loan can be applied entirely online and from any location in the country.
- Low-Interest rate: The interest rate of this loan is low. This is why anyone who applied for the loan can easily repay the loan they borrowed before the agreed period.
How To Apply For BG Loan
It is effortless to apply for this loan. All you need to do is to follow the steps below;
- The first step in applying for a loan on this platform is to download the app from the Google play store, and to do this, go to your Google play store, search, install, and download the app
- Click open the app and, sign up, provide the details that are being requested.
- Then click on apply for a loan. You will then be required to input your essential details, such as your BVN, active phone number, and other vital information.
- Ensure that the information you provide is correct, then click on apply for the loan. If you are eligible for the loan, your loan application will be accepted, and you will be credited in a few minutes.
How To Contact NG Loan
You can easily contact the platform through any of the processes below;
or call our Contact Centre on 08166252204
Frequently Asked Questions
Is BG Loan Legit?
Yes, the loan platform is very legit, this can be verified by the number of downloads it has on the Google play store, followed by the number of positive reviews it has, and this platform has over 100,000 of them. This shows that the platform is legit
What is the Interest Rate?
The interest rate of this loan is low, which is why most people opt for this loan. The interest rate of this loan is between 3% to 5% per year.
BG is a new and reliable platform with fast loan disbursement upon approval. We understand that emergencies may spring up, do not allow them to weigh you down while BG loan is there for you.