Fidelity Bank offers loans and lines of credit to small businesses across Nigeria. Whether you are expanding your business or starting from scratch, it’s not always easy to find the money you need to fund your next big endeavor.
If you are like most business owners in Nigeria, you might even be skeptical of banks and other financial institutions, which don’t always have your best interests in mind when they offer loans or credit facilities to small businesses. Luckily, Fidelity Bank Nigeria provides honest, reliable small business financing options that are designed to help entrepreneurs like you succeed.
So to be eligible for a Fidelity Bank Small Business loan, you will need to prove that you are credit-worthy by providing detailed information on your business, including your financial and personal details, existing assets, and any previous businesses you have owned. Plus, you will need to provide information on the products or services you plan to offer so we can properly assess your ability to pay back the loan amount you request. If you are interested in applying for a business loan at Fidelity bank. Below is how to apply for a Fidelity Bank Small Business loan so you can start your small business dream in no time!
What is Fidelity Bank Small Business Loan?
Fidelity Bank Small Business Loan is any type of credit that enables you to start or grow your business. These loans are typically unsecured, which means they are riskier for banks and require greater earnings potential on your part. To determine eligibility and funding opportunities, you will need to fill out an online application with Fidelity Bank Nigeria to access the loan.
Steps for Applying for a Fidelity Bank Small Business Loan
1. Open an account. If you don’t already have one, you will need to open an account with Fidelity Bank before your application can be processed. If you do have an account, login and apply for the business loan online.
2. Complete your application.
3. Get ready for instant approval! Once we receive your completed application, our underwriting team will get back to you in as little as two business days, often much faster than that!
It is important to note that while applying for the small business loan may take just minutes, getting approved could take up to three weeks
A high credit score is required at the time of submitting your loan request. Approval process is quick and easy if applicant meets all the eligibility requirements set by the Fidelity bank.
When the loan has been approved, funds are deposited into the borrowers account within 24 hours.
Upon approval, please present ID cards (e.g., driver’s license) and proof of residence (e.g., utility bill) at any of our branches to collect the cashier’s check.
You must also sign a promissory note, which details terms and conditions for repayment of the Fidelity bank small business loan, then return it with a copy of your signed contract.
What Will I Need When Applying For A Fidelity Bank Small Business Loan?
These are some of the things you will need in order to apply for a Fidelity bank small business loan:
An original copy of your National ID card or birth certificate.
Proof of business ownership (this could be anything from your company’s registration documents, licenses, etc.)
Proof of permanent residency in Nigeria (this could be anything from your passport or national ID card) – Your bank statement.
A contact phone number and email address are also needed when applying for a small business loan online with Fidelity Bank Nigeria.
Make sure to input your mobile phone number and email address into the appropriate boxes on the form before submitting it.
How Can I Increase My Chances of Fidelity Bank Small Business Loan Approval?
You can increase your chances of approval by following through with these three easy steps:
1) Decide on your loan amount,
2) Complete and submit an online application, and
3) Submit any supporting documents requested by Fidelity Bank.
What If I Am Turned Down For A Fidelity Bank Small Business Loan?
You may be turned down for a loan if you have bad credit or your business doesn’t make much money. If you are turned down, don’t panic. You still have options! You can still work on improving your credit score (which will help you qualify in future) and grow your business until it is at a point where you can apply again. You can also consider applying for loans from other lenders such as Fidelity Bank Nigeria Online Loan Application or other banks.
Frequently Asked Questions About Fidelity Bank Small Business Loan
These are all common questions that come up when we talk about securing small business loan from Fidelity bank Nigeria plc. .
- How much does it cost? – -Zero. Fidelity Bank does not charge applicants any fee when applying for loans online. Our small business loan application form is free and takes minutes to complete.
- Do I need collateral? — No, you do not need collateral or personal guarantees with your Fidelity Bank Nigeria Online Loan Application. We use our technical underwriting system to automatically assess your eligibility using information provided on your credit application form which includes details of revenue, tax information and other banking relationships. Your finance request will be processed by a fully qualified underwriter in Nigeria. You will be notified by email as soon as your request has been approved and funds have been sent to your account.
- How long does the process take?– If you apply online, you can expect to receive an approval notification within 24 hours after submitting your request.
- Is there a repayment plan for my Fidelity Bank small business loan application? Yes, repayment plans are available at competitive rates and terms based on how long it will take you to repay your debt.
- What should I do if my Fidelity Bank bank refuses my application? Contact other banks immediately so that you can explore other financing options that might suit your needs better.