abokiBorrow Loans are classified in three – Personal, Business and Asset Loan each with its own upper and lower bound and at different IR.
All loan application will be made via a referral process from an already registered creditable client of abokiBorrow.
All borrowers must purchase and filled the application form stating all the needed information as truthful as possible or via our mobile app and web portal.
Loan application can take up to 48 hours of a business day for processing and official documentation.
IR on all loans will be clearly stated to the client which he/she must accept or reject before the loan processing will continue accordingly.
Duration of all personal loan is 30 Days (4 weeks) from the date of approval of the loan while Business loan can last to a maximum of 120 Days (12 Weeks) unless other arrangement is made.
All IR for both personal and business shall be made after a period of 30 Days unless other arrangement is made.
Communication shall be established via phone call, WhatsApp, email, by proxy or any means available to get information between abokiBorrow and the client.
Any change in address, phone number, bank account, and any information shall be dully communicated from both the client and abokiBorrow.
All loans applications will be processed one at a time, no multiple will be allowed for either personal or business loan unless other arrangements are made.
A maximum addition of 3 days grace period is given for loan repayment after which any legal procedure can be established.
All business loan will only be available for resident within Yola, as it will require a physical verification as the case may be.
A Copy of a means of identification (ID card) shall be requested form the client. Acceptable ID includes Voter card, National ID card, International passport or Driver’s License.
abokiBorrow reserves the right to approved, disapproved or otherwise for any requested amount.
Credit score for each client shall be design and calculated automatically. This will serve as the basis for the range of available fund a client can access. Factors been considered here include Total Amount Borrowed (TBA), Date of the payment, Personal Credibility, Referral made among others.

Personal Loan

This loan type is design for individual use and last only for 30 days.
IR on this type of loan is capped at 15% unless other arrangement which will be paid after 30 days.
Grace period of 3 days is added to the client unless other arrangement.
Loan amount ranges from N5,000 to N300,000
Approved amount will be disbursed to the client in full.
After the maturity of the loan, both the IR and principal shall be pay back to abokiBorrow.

Business Loan

Business loan is design to allow business owners to get access to huge amount with a more flexible payment option.
Business loan is expected to last between 2 to 4 months.
Loan amount ranges from 300K to 1M.
IR ranges from 8.5% to 11.5%.

Disbursement Option

• Full amount disbursement: Here the requested amount by the client is fully disburse at the start of the loan month. This option comes with an IR of 11.5%.
• Partial disbursement: Here the requested amount is divided and disburse to the client in stages. IR ranges from 8.5% to 9%.

Assets Loan

Under this category of loan, the client receives the needed asset for smoothing running of this business.
It is expected to last between 6 to 12 months.
Loan amount ranges from 500K to 2M.
IR ranges from 9.5% to 12.5%.

Disbursement Option

• Full amount disbursement: Here the requested amount by the client is fully disburse at the start of the loan month.
• Partial disbursement: Here the requested amount is divided and disburse to the client in stages.