Applying for a loan is simple and can be done in three easy steps:

• Step 1: Use our online loan calculator to determine your loan amount and terms
• Step 2: Fill in your personal information and click "Apply for This Loan"
• Step 3: Our team will contact you within 24 hours to complete your application and verify documents

You can also visit any of our branch offices to apply in person with our loan officers.

The timeline varies depending on the loan type and completeness of your documentation:

• Initial Review: 24-48 hours after submission
• Document Verification: 1-2 business days
• Credit Assessment: 2-3 business days
• Approval & Disbursement: 1-2 business days after approval

Most applications are completed within 5-7 business days from initial submission to fund disbursement.

While you can submit multiple applications, we recommend applying for one loan at a time. If you need financing for different purposes, consider:

• Applying for a larger loan amount that covers multiple needs
• Discussing with our loan officers who can help structure a comprehensive financing solution
• Waiting until your first loan is approved before applying for additional financing

Having multiple pending applications may affect your credit assessment and approval chances.

After submission, here's what you can expect:

• Immediate: You'll receive a confirmation email with your application reference number
• Within 24 hours: A loan officer will contact you to discuss your application and request any additional documents
• 2-3 days: Your application undergoes credit assessment and verification
• 4-5 days: You'll receive a decision (approval, conditional approval, or decline)
• 6-7 days: If approved, funds are disbursed to your account

Yes! Our loan calculator allows you to save different loan scenarios. However, for the official application:

• The initial online form should be completed in one session
• If you need more time to gather documents, inform your assigned loan officer
• Incomplete applications are held for 30 days before being archived
• You can always start a new application if your previous one expires

To be eligible for our loans, you must meet the following criteria:

• Be at least 18 years old (21 for business loans)
• Be a Nigerian citizen or legal resident
• Have a valid means of identification (National ID, Driver's License, International Passport, or Voter's Card)
• Have a verifiable source of income
• Have a Bank Verification Number (BVN)
• Not be bankrupt or undergoing bankruptcy proceedings

Additional requirements may apply depending on the loan type.

For Personal Loans:

• Valid government-issued ID
• Proof of residence (utility bill not older than 3 months)
• Proof of income (salary slips, bank statements for last 6 months)
• Employment letter or business registration documents
• Bank Verification Number (BVN)
• Two passport photographs

For Business Loans (additional documents):

• CAC registration certificate
• Tax Identification Number (TIN)
• Business bank statements (last 12 months)
• Financial statements or business plan
• Proof of business address
• References from suppliers or customers

Collateral requirements depend on the loan type and amount:

• Personal Loans (up to ₦500,000): No collateral required, but you'll need guarantors
• Personal Loans (₦500,000 - ₦2,000,000): Collateral or guarantors required
• SME & Business Loans: Collateral typically required for amounts above ₦1,000,000
• Equipment Financing: The equipment itself serves as collateral
• Agricultural Loans: May require land title or farm assets as collateral

Acceptable collateral includes: property titles, vehicles, equipment, fixed deposits, or business assets.

While we don't have a strict minimum credit score, your credit history is an important factor:

• Excellent Credit (720+): Best rates and terms, higher approval chances
• Good Credit (680-719): Competitive rates and standard terms
• Fair Credit (640-679): May require additional documentation or guarantors
• Poor Credit (Below 640): May face higher rates or need strong collateral

Even with poor credit, we consider your overall financial situation, income stability, and willingness to repay.

Absolutely! We welcome applications from self-employed individuals and business owners. You'll need to provide:

• Business registration documents (if applicable)
• Bank statements showing regular business income (minimum 6 months)
• Tax returns or tax clearance certificate
• Evidence of business operations (contracts, invoices, receipts)
• Business plan or description of business activities

We have specialized loan products designed specifically for entrepreneurs and small business owners.

Having existing loans doesn't automatically disqualify you, but we will assess:

• Your total debt-to-income ratio (should be below 40%)
• Your repayment history on existing loans
• Your ability to service multiple loans comfortably
• The purpose of the new loan

You may also consider our loan consolidation options to combine multiple debts into one manageable payment.

Our interest rates are determined by several factors:

• Loan Type: Different products have different risk profiles and rates
• Loan Amount: Larger loans may qualify for better rates
• Loan Term: Longer terms may have slightly different rates
• Credit Profile: Your credit history and score
• Collateral: Secured loans typically have lower rates
• Income Stability: Consistent income may qualify for better rates

Use our loan calculator to see estimated rates for your specific situation. Final rates are confirmed after credit assessment.

We quote rates on a monthly basis for transparency:

• Monthly Rate: The interest applied to your balance each month (e.g., 3% per month)
• Annual Percentage Rate (APR): The yearly cost including interest and fees

Example: A 3% monthly rate equals approximately 36% annual rate (3% × 12 months). However, due to compounding, the effective annual rate may be slightly higher.

Our loan calculator shows both monthly payments and total interest you'll pay over the loan term.

We believe in transparency. Here are the possible fees:

• Processing Fee: 1-2% of loan amount (one-time, deducted at disbursement)
• Late Payment Fee: ₦1,000 - ₦5,000 per missed payment (varies by loan size)
• Early Repayment Fee: 0-1% of outstanding balance (only for some loan types)
• Loan Insurance: Optional but recommended (0.5% of loan amount annually)
• Legal Documentation: For secured loans only (varies by collateral type)

All fees are clearly disclosed in your loan agreement before you sign. There are NO hidden charges.

While our rates are competitive, there may be room for negotiation if you:

• Have an excellent credit history
• Are borrowing a large amount
• Provide strong collateral
• Are an existing customer with good repayment history
• Can demonstrate very stable income

Speak with your loan officer about your specific situation. We're committed to finding the best possible terms for qualified borrowers.

Our loan products offer flexible amounts and terms:

• Personal Loans: ₦50,000 - ₦2,000,000 | 3-18 months
• SME Business Loans: ₦50,000 - ₦50,000,000 | 3-36 months
• Working Capital: ₦50,000 - ₦30,000,000 | 3-24 months
• Equipment Financing: ₦100,000 - ₦50,000,000 | 6-36 months
• Trade Finance: ₦50,000 - ₦50,000,000 | 1-12 months
• Agricultural Loans: ₦50,000 - ₦20,000,000 | 6-24 months
• Inventory/PO Financing: ₦500,000 - ₦20,000,000 | 1-6 months

Use our loan calculator to explore different scenarios and find the right fit for your needs.

All our loans come with fixed interest rates, which means:

• Your monthly payment remains the same throughout the loan term
• You're protected from interest rate increases
• You can budget accurately knowing exactly what you'll pay
• No surprises or unexpected payment changes

The rate agreed upon at approval is locked in for the entire duration of your loan.

Once your loan is approved and all documentation is complete:

• Funds are transferred directly to your bank account
• Disbursement typically occurs within 24-48 hours of final approval
• You'll receive an SMS and email confirmation when funds are sent
• The processing fee is deducted from the disbursed amount

Example: If approved for ₦1,000,000 with a 2% processing fee, you'll receive ₦980,000 in your account.

Your first payment is typically due:

• 30 days after disbursement for most loan types
• The exact due date will be specified in your loan agreement
• You'll receive payment reminders via SMS and email 7 days before due date
• A payment schedule showing all due dates will be provided at disbursement

You can also download your complete payment schedule from our loan calculator after approval.

We offer multiple convenient repayment options:

• Direct Debit: Automatic deduction from your bank account (recommended)
• Bank Transfer: Transfer to our designated account
• Mobile Money: Pay via USSD or mobile banking apps
• Standing Order: Set up with your bank for automatic monthly payments
• Branch Payment: Visit any of our offices to make cash or card payments
• Online Portal: Pay through our secure online platform

Payment details and account information will be provided in your loan agreement.

Yes! We encourage early repayment. Here's what you need to know:

• You can make early repayment at any time
• Some loan types have a small prepayment fee (0-1% of outstanding balance)
• Personal loans under ₦500,000 have NO prepayment penalty
• Early repayment reduces your total interest paid
• Contact your loan officer to get an early settlement quote

Partial Early Payments: You can also make additional payments to reduce your principal and shorten your loan term.

We understand that financial difficulties can occur. Here's our process:

• Day 1-7 overdue: Courtesy reminder via SMS and email
• Day 8-14 overdue: Phone call from our customer service team
• Day 15 overdue: Late payment fee applied (₦1,000 - ₦5,000)
• Day 30 overdue: Account marked as delinquent, reported to credit bureaus
• Day 60+ overdue: Account may be referred to collections

Important: If you anticipate difficulty making a payment, contact us immediately. We can discuss payment plans or temporary arrangements.

Yes, we offer loan restructuring options for customers facing genuine hardship:

• Loan Extension: Extend the term to reduce monthly payments
• Payment Holiday: Temporary pause in payments (subject to approval)
• Refinancing: Replace existing loan with new one at better terms
• Consolidation: Combine multiple loans into one payment

Restructuring is available for customers with good payment history who are experiencing temporary financial challenges. Contact your loan officer to discuss options.

You can monitor your loan through multiple channels:

• SMS Alerts: Receive confirmation after each payment
• Email Statements: Monthly statements sent to your email
• Online Portal: Login to view balance, payment history, and schedule
• Mobile App: Download our app for on-the-go access (coming soon)
• Customer Service: Call or visit any branch for account information

Your loan dashboard shows: outstanding balance, payments made, next payment due, and total interest paid.

Each monthly payment consists of two components:

• Principal: The portion that reduces your loan balance
• Interest: The cost of borrowing (calculated on remaining balance)

Example for a ₦1,000,000 loan at 3% monthly for 12 months:

• Month 1: ₦100,484 total (₦70,484 principal + ₦30,000 interest)
• Month 6: ₦100,484 total (₦83,577 principal + ₦16,907 interest)
• Month 12: ₦100,484 total (₦97,557 principal + ₦2,927 interest)

Over time, more of your payment goes toward principal and less toward interest. View the complete breakdown in our loan calculator.

Absolutely. We take data security very seriously:

• All data is encrypted using industry-standard SSL/TLS protocols
• We comply with Nigerian Data Protection Regulation (NDPR)
• Information is stored on secure servers with restricted access
• We never share your data with third parties without consent
• Regular security audits and updates are performed
• Staff are trained on data privacy and confidentiality

Your privacy is protected throughout the application, approval, and repayment process.

If your application is not approved, we will:

• Provide specific reasons for the decline
• Suggest areas for improvement (e.g., credit score, income documentation)
• Recommend alternative loan products that may suit your situation
• Advise on when you can reapply (typically after 90 days)

A decline is not permanent. Many customers successfully reapply after addressing the concerns raised in their initial application.

Once a loan is disbursed, you cannot increase that specific loan. However, you can:

• Before Disbursement: Request an increase during the approval stage
• After Disbursement: Apply for a top-up loan once you've made at least 3-6 payments
• Refinancing: Replace your existing loan with a larger one (after 6 months)

Customers with good repayment history often qualify for larger amounts on subsequent loans.

Yes, we offer optional loan protection insurance that covers:

• Death: Outstanding balance is paid off
• Permanent Disability: Loan payments are covered
• Critical Illness: Temporary payment relief
• Job Loss: Payment suspension for up to 3 months (terms apply)

Insurance costs approximately 0.5% of your loan amount annually. While optional, we highly recommend it for peace of mind.

We're here to help! Reach us through:

• Phone: Call our hotline at 0700-EARNWELL (0700-327-6935)
• Email: admin@earnwellmicrofinance.com
• WhatsApp: Send a message to +234-XXX-XXX-XXXX
• Branch Visit: Visit any of our offices nationwide
• Online Chat: Use the chat feature on our website
• Social Media: Facebook, Instagram, Twitter (@EarnwellMF)

Operating Hours: Monday - Friday: 8:00 AM - 5:00 PM | Saturday: 9:00 AM - 2:00 PM

Our loan services are currently available only to individuals and businesses operating within Nigeria. To qualify, you must:

• Be a Nigerian citizen or legal resident
• Have a Nigerian bank account
• Provide a Nigerian address and phone number
• Be available for in-person verification if required

If you're a Nigerian living abroad but have business interests in Nigeria, please contact us to discuss specialized solutions.