FCMB Quick Loan is a great choice for business owners and private school operators in Nigeria seeking substantial funds without complex requirements. Offering up to ₦50 million, this product features extremely fast processing and no collateral is required for qualified applicants. For the School Support Facility, you can borrow from ₦250,000 up to ₦20 million at 29% per annum, repayable within 2 years. The Temporary Advance Facility gives established or new SMEs access to between ₦500,000 and ₦50 million at a competitive interest rate, repayable in 180 days, with rates starting from just 3.75% per month.

How to Apply

To apply for the School Support Facility, visit FCMB’s school loans page. For the Temporary Advance Facility, head to the nearest FCMB branch, speak with an account officer, or email their SME helpdesk. Non-customers must open an account prior to applying. The process involves document submission and account review, with approval often granted quickly if eligibility requirements are met.

Pros of FCMB Quick Loan

One major advantage is that no collateral is required for both products, reducing the barrier for small businesses and schools. Fast application processing means funds can be accessed swiftly, keeping your operations uninterrupted. Flexible eligibility also allows non-FCMB customers to use their transaction history from other banks as part of the approval process.

Cons of FCMB Quick Loan

On the downside, the interest rate for School Support Facility is relatively high at 29% per annum, which could be a stretch for some. Additionally, the loan is restricted to business use only, excluding individuals seeking personal loans for non-business activities. There are also limits for businesses in certain restricted sectors.

Verdict

FCMB Quick Loan is one of the best in Nigeria for SMEs and private schools seeking unsecured, high-limit funding with minimal hassle. While interest rates can be on the high side for some, the lack of collateral requirements and speed of access make it very competitive. It’s an excellent financing option for those eligible, especially for rapidly growing businesses looking for quick turnaround on working capital.