In the past, it used to be very difficult for small-scale entrepreneurs in Nigeria to access loans for their businesses. However, in recent years, various loan platforms have emerged, making it very easy for business owners to get quick loans. In this article, we will discuss the Starta Loan platform and how you can get easy business loans from them.
An Overview of Starta Loan
The Starta loan platform was founded in 2020 and aims to provide adequate funding to small-scale businesses in Nigeria. Just like other loan platforms, this platform starts by offering entrepreneurs a small amount of loan, which will then be increased if you pay back on time.
Also, this digital lender provides support by educating business owners on how they can manage their businesses. They organize regular training for entrepreneurs to enlighten them how to expand their businesses.
How Does Starta.ng Work?
The Starta.ng online platform caters to entrepreneurs in Nigeria by granting them access to quick business loans.
The whole process is easy. Entrepreneurs have to create a profile for their business on the Starta platform and apply for a soft loan. If the loan is approved, they will get the loan within 24 hours.
Starta.ng has helped more than 1,000 businesses to access instant funding. Currently, they have approved over $20 million in loans and are gradually gaining a reputation in the Nigerian fintech industry.
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What Types Of Loan Does Starta Offer?
Here are the two types of loan this lending platform offer Nigerian entrepreneurs:
1. Non-registered business loan
The non-registered loans are specially designed for businesses that are yet to be registered with CAC (Corporate Affairs Commission). If your business is not yet registered with the CAC, this kind of loan is suitable for you. The loan amount for this category is between the range of N100,000 – N1,000,000.
2. Registered business loan
The registered loans are specially designed for businesses that are already registered with the CAC (Corporate Affairs Commission). This loan package offers you a higher amount since your business is already registered with the CAC.
How can I apply for a Starta loan?
If you want to apply for a business loan on Starta, follow these instructions:
1. Follow the link, https://starta.ng
2. Next, sign up on the platform by creating a profile for your business.
3. Once your profile is set up, apply for your business loan by filling out the online application form.
3. Wait to get approval from Starta. If your loan is approved, you will receive it within 24 hoours
What documents do I need to apply for a Starta Loan?
To take out the non-registered business loan, you will have to provide your personal details such as your name, email address, phone number, business name, and other basic details of your business.
On the other hand, if you want to apply for the Starta registered business loan, you have to provide your business details, such as the income statement, cash flow, as well as your CAC certificate.
What are the loan duration and Interest rate on Starta Loan?
Starta loans are extremely flexible. The maximum tenor of the loan can be as high as 5 years, depending on the amount of money you borrowed. As for the interest rate charged on your loan, it is also dependent on the amount of money you requested. However, the standard charge is about 6% per annum.
How long does it take Starta to approve and disburse loans?
The loan approval process on this lending platform is a bit slow. This is because they will have to verify your business documents first and this process can be time-consuming. However, once your application is approved, you will receive the loan immediately.
What are the eligibility requirements to borrow a business loan?
To borrow a loan from this lending platform, you must meet these important requirements:
1. You have to be a Nigerian citizen by birth and be living in Nigeria.
2. Be at least 18 years old
3. Have a valid ID card
4. Lastly, your business has to be not more than 5 years old.
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What Are The Benefits Of Starta Nigeria?
Here are some amazing benefits of the Starta.ng platform:
- The registration process is very easy and seamless
- There are zero hidden fees or any other prepayment penalties
- Starta.ng offers you competitive rates
- Reasonable interest rate
Final Thoughts
If you need a business loan, the Starta.ng platform is a great place to start. Their loan tenor and reasonable interest rate is one reason why many business owners prefer it to other platforms. To borrow a loan, just set up your business profile on their website and apply for a loan through your profile. It is very easy, seamless, and straightforward.
