Bank Loans Easy or Hard To Obtain


New member
How easy is it to get a bank loan when you want to start a business? I am sure you have to show your business plan, but in your experience how difficult is it to obtain a loan from your friendly local bank?


New member
Bank loans are not as easy as one could think. The first difficulty in getting a bank loan is its cumbersome documentation. You would be required to complete many forms as though you are registering as a university college student. This puts one off, especially if you are one who do not like repetitive task. You would be asked to supply the same information in many copies. If forms were to be completed online, this would not have being much of a problem, banks hardly ever ask you to complete forms online, they would prefer you to have you information on paper.

Bank loans are usually come with interest payment incorporated in the repayment plan. This makes the borrower pay more than the sum borrowed. Inflation is one of the most dreaded economic occurrence by borrower. Inflation erodes the value of money, and makes the borrower pay more that he actually borrowed. Default in the repayment of loan is better imagined than experienced. The embarrassment alone could make the defaulter think of suicide. The banks would not only go after loan guarantors, they also, foreclose on the property of the borrower if the loan has been used to acquire a property.


How easy is it to get a bank loan when you want to start a business? I am sure you have to show your business plan, but in your experience how difficult is it to obtain a loan from your friendly local bank?

Bank loans are not hard to obtain if you have huge bank account with them and have collateral to show. If you won't have any of them, chances are they will ignore your proposal. Some bank loans are approved if you have the capabilities to pay them. Showing collateral would help you to get approve from bank loans but if you won't show any proof that you could pay them if your business won't succeed they won't approve you bank loan. Giving good business plan won't guarantee to have a bank loans but they might give some amount depending on your collateral. If you're business plan is feasible you can convince the bank manager that it will work.


New member
Bank loans is not hard to obtain, when you got good background and have no intention of evasion. Basically the bank will just have to approve your petition for loan and you must provide all the necessary requirements, nevertheless, you should meet their standards and pray for the approval of your loan.


New member
It is not hard to get loans to form a bank. depends on what type of loans you looking for. it's also on your credit score. if you have a bad credit score then its hard to you for getting loans from a bank. otherwise not hard as much.

alvina clair

Active member
As you said, it is not easy to get a business loan. You must make a proper documentation on your business and there are some other eligibility factors also that are important. So, if the lenders get convinced with your documentation then they approve the loan. But remember the process takes some time so be patient.


New member
Bank Loans are difficult as you need a collateral in exchange of loan which is called secured loan. One of the best way to get loan without keeping anything as security is an NBFC. Financial Institutions like Lendingkart offer Business/SME loans without any collateral and you can receive loan as quick as 3 days with proper documentation.


New member
Getting a business loan is not easy. If you have a good credit rating, you can apply to banking institutions. In this case, you need to submit all the necessary documentation about your business.


Well-known member
My experience so far has been difficult with the bank loans. Like those loans require you to have some sort of the credit score. And if you dont have that score good enough, they tend to deny you for the loan. And another thing is that a lot of times such loans are high percent one. Which makes your life a bit difficult. Unless you have a strong job you should be living few miles away from them. That seems to be the only way for you to work around the loans and the savings would take care of the things when the percent may affect you.

I have never applied for the home loan. But I wish to as of now I got loan for buying the electronic items. And that seems like a good approach for building the credit score. But it does not seem like all people can get the loan with the credit score that they have.


Well-known member
Bank loans can really be difficult to obtain. The documentation process really puts me off and I guess that is one of the biggest reasons why I have never considered taking bank loans. Another thing that puts me off is having to pay high interest rates. It is so discouraging to have to pay a high amount that does not compliment what you actually used. Moreover, bank loans are so hard to get during your first time. Most banks prefer giving loans only to people who have build a good reputation for themselves by taking a loan and paying it. First timers face a harder time securing the loans.


Valued Contributor
In our country a bank loan is not easy to obtain because of the strict requirements of the bank. The first and foremost of the requirement for a bank loan is the capacity to pay. If you are a businessman who is starting a business and you have no permanent job then I do not think that you can be qualified to obtain a bank loan. The next requirement is the collateral. In case the borrower (that is you) cannot pay back the loan then the bank will repossess the collateral. That is how bank loans work here. The bank has always the advantage and the borrower is always the underdog.


Well-known member
My country is one of the worst places to obtain a bank loan. There are many reasons for this difficulty. First they are hard to secure.

You have to pass series of departments and officers before you get a chance for an interview.

The next hurdle you will have to bypass in order to secure a loan in the bank is surplus collateral. The collateral the bank will request for will be multiple folds of the you ask from them.

Though some bankers claimed that people don't know the right process to secure a bank loan. You might be think of the right channel with this statement.

They literally say most people who want a bank loan are not ready to part with some of the before they receive it.

Meaning that if you want a loan of one million naira, you must be ready to part with at least a hundred thousand naira as an incentive for the bankers in charge.


Well-known member
How easy is it to get a bank loan when you want to start a business? I am sure you have to show your business plan, but in your experience how difficult is it to obtain a loan from your friendly local bank?
It's easier to get a loan from a bank if you have a good banking history in terms of savings and loan repayment. Once you have your name blacklisted in the CRB then it becomes hard to get a loan. Your financial period also determines the amount of loan you'll be given something that you'll be able to pay.

It becomes more easier if you have a property that will act as a guarantee if you won't be able to pay the property is sold to repay the loan. Furthermore if yo want to get a loan for your business then you have to come up with a good business plan which should include name of the enterprise, type of goods and services, capital needed and many other. It should be easy for one to read and interpret.


New member
Trying to get your bank to loan you can be very hard am talking from experience especially in this country, the bank will first have to fustrate you into doing some many unnecessary things before you can be given the loan you want.


Well-known member
Before you go to repay me a loan from Bank first thing you need to do is to build up a good record with a bang. What I mean by this is you need to have an account first with the bank you want to take a loan from it can't either be a salary account where your expenses will be monitored then after a while with consistent money being sent into the account you can then be qualified to take a loan, but the process is not really that hard, once they see that you have a good record with them you will be granted a loan, but like I always say loans are tricky, if you don't have a good collateral it's not advisable to apply for a loan so you won't end up regretting it later.


New member
Bank loans are not really difficult to get provided you meet up with the necessary requirements needed in obtaining the loan. Most Banks prefer to give loans because they make so much money on interest rates. The interest rates are so high so most people who opt for bank loan do so when they have exhausted every possible means of sourcing for money.


Well-known member
The processes involved in acquiring a bank loan is too tedious. So many documents will be required from you. I remember sometimes ago when I applied to get a loan for my business at a particular bank in Nigeria. I could tell the hell I went through. I was asks to provide series of documents which I managed to provide. I was also told to provide two guarantors who have certain amount of assets man's one of them must be a civil servant who is already a level 12 officer. I struggle to get that too only to get to a certain time and I was told that I needed to acquire a particular document from government agency, that I was how I couldn't continue with the loans processing because I couldn't fulfill the requirement for the document.