Services

MEETNEEDS PRODUCT SUITE

MEETNEEDS SALARY ADVANCE FACILITY –M-SALAD

Target market – Salary earners who earn a regular monthly salary paid into their Salary account but require quick cash to meet very urgent needs.

Features/Requirement

  • Maximum Tenor of 3months.
  • Interest is 8% monthly flat rate but on reducing balance.
  • Maximum loan amount of N300,000.00 subject to customer’s disposable income.
  • 3months salary account bank statement preceding request date required.
  • Prepayment is allowed and pro-rateable.
  • Turnaround time is 48hrs.
  • See general loan information for further details

 MEETNEEDS SALARY BRIDGE FACILITY–M-SALBRIDGE

Target market – Salary earners who earn a regular monthly salary paid into their Salary account but require a loan to meet relatively large long term cash needs.

 Features/Requirement

  • Loan tenor of 3-6months.
  • Interest is 5% monthly flat rate.
  • 3months salary account bank statement preceding request date required.
  • Turnaround time is 48hrs.
  • See general loan information for further details

MEETNEEDS GROUP FACILITY –MEETGROUP

Target market – This is targeted at top-rated cooperative societies and reputable organizations that wish to make cash loan facility or lease facility available to their members who earn salaries or make contributions monthly.

 Features/Requirement

  • Loan tenor of 4-6months per applicant.
  • Corporate guarantee of the employer or cooperative society.
  • Interest is 4% monthly flat rate.
  • Cooperative to deduct loan rental from each member and remit bulk to Meetneeds.
  • No personal guarantors, no cheques, no fees, no individual bank statement required.
  • Turnaround time is 48hrs.

 MEETNEEDS HOME IMPROVEMENT LEASE – M-HILLS

Target market – Salary earners who earn a regular monthly salary but require a lease facility to buy basic household gadgets like generators, electronic gadgets, inverters and others.

Features/Requirement

  • Loan tenor of 4-8months.
  • Interest is 4.5% monthly flat rate.
  • Fees – 1.5% – inclusive of processing, insurance and others.
  • Proforma Invoice from a reputable vendor/store
  • 4months salary account bank statement preceding request date required.
  • No guarantor for amounts below N400,000.00 but all-assets purchased will be in the name of Meetneeds.
  • Turnaround time is 72hrs.
  • See general loan information for further details

 MEETNEEDS RENT SUPPORT FACILITY – M-RENTSUPPORT

Target market – Salary earners who earn a regular monthly salary paid into their Salary account but require a loan to settle their existing rent or pay for a new accommodation.

 Features/Requirement

  • Loan tenor of 6months maximum.
  • Interest is 5% monthly flat rate.
  • 4months salary account bank statement preceding request date required.
  • Current rent bill and evidence of payment of last rent (landlord receipt).
  • Loan to maximum of 70% of rent bill.
  • Turnaround time is 5working days.
  • See general loan information for further details

MEETNEEDS SCHOOL SUPPORT FACILITY –M-EDUSUPPORT

Target market – Salary earners who earn a regular monthly salary or into a viable enterprise and require loan to support their Children’s School fees.

 Features/Requirement

  • Loan tenor of 3months maximum.
  • Interest is 6% monthly flat rate.
  • 3mths salary account bank statement and/or 6mths business account statement.
  • Current School bill and evidence of last terms school fees paid required.
  • 20% of school bill required as contribution, upon approval Manager’s Chq will be issued in the name of the school for full value of the bill.
  • Turnaround time is 5working days.
  • See general loan information for further details

 MEETNEEDS BUSINESS LEASE FACILITY – M-BIZSUPPORT

Target market – For business owners who desire to acquire particular assets needed for their enterprise. Business owner must have a verifiable cashflow with a bank account they run their business on. It is not for start-ups, business must have operated for at least one(1) year.

Features/Requirement

  • Loan tenor of 6-8months.
  • Interest is 6% monthly flat rate.
  • Proforma Invoice from a reputable vendor/store
  • Fees – 2.5% – inclusive of processing, insurance and others.
  • 6months business account bank statement preceding request date required.
  • 1 guarantor and guarantor cheque required inclusive of all-assets purchased will be in the name of Meetneeds.
  • Turnaround time is 5 working days.

 FINANCIAL ADVISORY

We assist corporate organisations in the area of cashflow management, business advisory, loan restructuring, debt recovery e.t.c. Find out more…

 

GENERAL LOAN INFORMATION

 LOAN QUALIFICATION AND APPROVAL

  • Every loan request is assessed by a seasoned and experienced credit analyst working with a set of risk assessment criterion that ensures every request is treated on its own merit with uttermost objectivity.
  • All our products except Business Support facility are tied to the applicant’s monthly disposable income.
  • Every loan application is assigned a relationship Officer who is expected to service you at your designated business location (applicant’s office). Visiting our offices does not in any way accelerate the turnaround time.
  • We are obliged to confirm any and/or all information supplied in and with each application.

 GUARANTOR REQUIREMENTS -

  • Guarantors must be full staff for loan amounts of above N200,000 must have run a current account where their salaries are paid.
  • Loan amounts of less than N200,000.00 require only 1 guarantor (except for M-Hills, Bizsupport and Meetgroup).
  • Loan amounts of between N200,000 and N299,000 require 1guarantor and I guarantor’s cheque of same level or superior colleague (except for M-Hills, Bizsupport and Meetgroup).
  • Loan amounts of between N300,000 and N450,000 require 2 guarantors but 1 guarantor’s cheque of same level or superior colleague (except for M-Hills, Bizsupport and Meetgroup).
  • Loan amounts of above N450,000 require 2guarantor and both guarantor cheques.

 IMPORTANT NOTICE TO GUARANTORS

  • Please note that it is dangerous to guarantee someone not well known to you.
  • The guarantee of a guarantor is for both the principal and all accrued interest until the loan outstanding is fully liquidated.
  • The guarantee of each guarantor is several irrespective of the number of guarantors.
  • Without prejudice to the guarantor requirements, guarantors are accessed on case by case basis and requirements may be varied due to perceived credit risks assessments.

  FEES PRICING – applies to all products except M-Hills and Bizsupport

  • Loan amount of N100,000 and below attracts a N2,000 processing fees
  • Loan amount of N101,000 to N299,000 attracts a N3,000 processing fees.
  • Loan amounts of N301,000 to N450,000 attracts a N4,000 processing fees.
  • Loan amounts above N450,000 attracts a N5,000 processing fees.

TURNAROUND TIME

  • The turnaround time refers to the time spent between processing to getting our response by way of an Offer Letter or otherwise.
  • For processing to commence, the customer must have submitted all documents required for processing.
  • Upon receipt of our Offer and getting your account credited, this takes a few hours after the applicant must have executed the Offer letter and met other conditions.