Getting access to funds for business growth and expansion can be severely daunting, especially in the financial space such as the one operated in Nigeria. Getting loans or credit facilities from traditional financial institutions requires applicants to have huge collaterals and several other bureaucratic bottlenecks that hinder or thwart efforts of getting these needed loans. Financial technology platforms have made access to business financing through loans very easy through well-structured loans, one such financial technology company is Flutterwave. In this guide, you’ll learn how to obtain a business loan from Flutterwave, and several other things about Flutterwave loans.
Flutterwave is a financial technology company that processes payments across the African continent and major regions of the globe. Flutterwave serves as a bridge for payment processing between merchants and their clients. Flutterwave as a fintech company was founded by Olugbenga Agboola, Iyinoluwa Aboyeji, and Adeleke Adekoya in the year 2016. Flutterwave provides a very secure global payment infrastructure for global merchants and payment service providers.
Flutterwave is headquartered in San Francisco, California USA, with operations in Nigeria, Kenya, South Africa, Uganda, Ghana, South Africa, and several other African countries. Flutterwave has done several series of funding raising millions of funding at each of the series funding from A to D, Flutterwave has a company valuation of more than $1 billion and was the first start-up to reach unicorn status in the Nigeria fintech space.
Does Flutterwave Give Loan
Yes, Flutterwave gives loans to users of the fintech company. The Flutterwave Capital is the product of Flutterwave that gives the Flutterwave loan to businesses in Nigeria. Currently, the Flutterwave Capital loan is only available to businesses in Nigeria but will be rolled out to other areas of operation of Flutterwave with time. Flutterwave Capital offers loans to its users through the use of lenders such as CashConnect MFB and several others.
Flutterwave Loan Interest Rate
Flutterwave Capital offers loans to users of the platform using lenders and the interest rate charged on the loans depends on the lender you decide to borrow from through Flutterwave. CashConnect MFB for instance charges a 5% per month rate on loans.
Flutterwave Loan Eligibility
To get the Flutterwave Capital loan you need to satisfy the eligibility requirements for the loan as explained below:
- Your Flutterwave account must be fully verified with all KYC documents and BVN to pass all compliance checks
- You need to have used Flutterwave to receive payments from your customers for at least six months, this transaction history is very important for your loan application on Flutterwave
- You need to receive a minimum of five payments every month, totalling NGN 10,000 and above
- You need to have no or very few unresolved chargebacks, this means that your business has a healthy charge-back history
- Your business needs to be located or incorporated in Nigeria
Flutterwave Loan Application Process
Applying for the Flutterwave Capital loan for business takes a simple process that is straightforward. To apply for the Flutterwave loan follow these steps:
- Login to the Flutterwave website or log in to your merchant account on Flutterwave
- Click on the get started button on the website and continue to fill in all the other required information, you can also navigate to the capital button of your merchant dashboard to click and apply
- Submit your application then wait for the disbursement of your loan into your Flutterwave account
Benefits of Flutterwave Loan
Flutterwave Capital loan is beneficial to users in many ways some of which include:
- You are guaranteed to get a loan offer provided you meet the loan eligibility
- The Flutterwave loan is focused on businesses to help the businesses grow
- Flutterwave serves as a guarantor for users to be able to get Flutterwave loans which are given by Flutterwave lenders
Pros & Cons of Flutterwave Loan
There are several advantages and disadvantages of collecting a Flutterwave loan.
Pros of Flutterwave Capital Loan
- You do not need collateral to get the Flutterwave loan
- No worries about documentation and cumbersome paperwork
- No stringent terms to get the loan
Cons of Flutterwave Loan
- The repayment structure for the Flutterwave Capital loan can be worrying for some people given that the loan repayment starts the next day after your loan has been disbursed.
- The interest rate of the loan can be expensive over time.
Getting a loan from Flutterwave is very easy if you satisfy the loan eligibility requirements, with Flutterwave Capital businesses that use Flutterwave for their payment processing and collection. Therefore if you have a business account with Flutterwave, have regularly received payments with your Flutterwave account, and you need a business loan without stress, head to your merchant account dashboard and apply for a Flutterwave loan today.