The FCMB Quick Loan allows individuals and small business owners to access up to ₦50 million without the need for any collateral. This gives entrepreneurs, SMEs, and school proprietors in Nigeria an easy route to quick funding without the headaches of property or asset guarantees.

Interest rates are competitive, starting as low as 3.75% cost of fund per month for the Temporary Advance Facility (TAF) and a flat 29% per annum for the School Support Facility (SSF). Loan tenures are flexible, ranging from a maximum of 180 days for TAF to up to 2 years for SSF, catering to different funding needs and repayment capacities.

How to Apply for FCMB Quick Loan

• Identify the loan type: SSF (for schools) or TAF (for businesses).
• For schools, applications can be completed online via FCMB’s portal.
• For businesses/SMEs, visit the nearest FCMB branch or email their helpdesk.
• Provide necessary documentation including bank statements and business details.
• Follow up for quick approval and disbursement.

Pros of FCMB Quick Loan

One of the most attractive features is the absence of collateral, making it accessible for business owners who do not have assets to pledge.

The quick approval and disbursement process is another major advantage, ideal for urgent funding requirements or business cycles that demand speed.

Cons of FCMB Quick Loan

The interest rates, particularly for the SSF, can be relatively high when compared to secured loans or some other market options.

Loan availability is restricted to certain sectors, and the application might require existing bank relationships or strong financial records for best results.

Verdict: Should You Apply?

If you’re running a school in need of financial support or an SME seeking a temporary advance with minimal paperwork, FCMB Quick Loan is a strong contender. The convenience and speed outweigh the costs for many borrowers, so it’s worth considering for eligible businesses.