Can I get a loan to pay my rent in Lagos Nigeria?

(Request from Nneka from Lagos, Nigeria) pls,how can i get a loan 2 pay my rent cos it’s due.

Dear Nneka,

Oceanic Bank International Plc has historically provided rental loans to Lagos residents. The bank was acquired by Ecobank Transnational Inc. in 2011.

Loans may be available for up to 24 months to help you pay your rent. Due to the complexities of bank mergers, you will need to contact the bank directly to determine whether the terms have changed. Additionally, you should expect that the qualifications for the rental assistance loans may have changed since the merger.

Be careful about borrowing money though, especially if you believe that you may have difficulty repaying the amount. You are usually better off selling an asset to generate quick cash, or picking up additional work to help bring in some extra income.

To contact the local branch affiliate of Ecobank Group, call (234) 1 2710391–5.

I realize that rent prices are rising in Nigeria and that it can be difficult to make your rent payments, especially if you have experienced a recent drop in income. A loan might help you get through the next couple of months while you are working on restoring your income.

I do recommend that you choose carefully, since there are some scams that often arise out of loan guarantees. Always stick with reputable lenders such as Ecobank, since smaller lenders may not be fully recognized by the Financial Services Regulation Coordinating Committee (FSRCC).

Most importantly, only borrow what you are sure that you can repay. If you have been out of work for 2 years, then borrowing is a bad idea. However, it can be useful if you need some quick cash while you are waiting on a paycheck from a new job. Your loan officer can help you understand the risks and costs of borrowing money for a loan.

One other potential resource is Kiva. This international microfinance lender can provide cash for personal housing expenses and business development. If you are ready for a permanent change for the better, Kiva may be able to help you make this transition in your life.