Frequently Asked Questions (FAQs)

What makes me eligible?

You must be in a paid employment
Your age should be between 18 and 58 years
You must have an active salary account
You must have a clean Credit Bureau Report

What documentation are required?

1 Recent Passport Photograph
A valid means of Identification - International Passport, Drivers Licence or National ID card
Employee ID Card
NUBAN Cheques and Direct Debit Mandate
Salary bank statement for the last 6 months OR 12 months bank statement for SME loans.
Proof of business and residential address - SME loans only

How much can I borrow?

Our minimum loan amount is N100,000 and the upper limit for a new customer is N2,500,000. Both depends on borrowers capacity to repay based on verifiable income level and other selection criteria.

Can I have more than one loan running at the same time?

You cannot have more than one loan at a time, but you can apply for a top up loan after three repayments on your existing loan.

Does Essential Finance Limited require a credit check?

Yes, your application is subject to a credit check before approval.

Do I need to come to the branch to apply for a loan as an existing customer?

No, your application can also be made online through our website. After the application has been made,our customer care representative or sales officer will contact you.

Do I have to be in paid employment to get your loans?

Yes, you must be a salary earner or a registered business owner

How will I know if it has been approved or rejected?

You receive a status text or email.

How do I make repayments on my loan?

You can make repayments via our different channels depending on which is convenient.
NUBAN Cheques: Your cheques serve as a fall back plan for repayment and will be presented only in cases where we are unable to claim your repayment via DDM.
Online Payments: You can make transfers to our bank accounts which is readily available.

When will the repayment be due?

On your salary pay day.

Can I pay down my outstanding loan before the end of the loan tenure?

Yes, you can pay down/liquidate your existing facility at any time.

My salary has been delayed and my account is not funded?

We will hold your cheque from being presented for 24 hours, during which we would implore you to keep us posted on the status of your account.

My employer has changed and so has my salary date, can my repayment date be changed?

Yes, your repayment date can be changed. To facilitate this change, please send this request via mail to with evidence of the change of employment.

When there is a case of double debit in the same month, what do I do?

Please send us an email at or call our Customer Contact Centre on 09019999920 and we will refund the second debit after due confirmation.

How do I retrieve my remaining cheques?

You can visit our office to retrieve your cheques at least 24 hrs after request, once loan has been fully liquidated.

What are the hidden charges associated with this loan?

There are no hidden charges.

How do you compute the liquidation amount?

The liquidation amount consists of your outstanding principal, outstanding management fee and interest accrued to date of liquidation. Please note that the amount is valid daily because of running interest.

How long do I have to wait after repaying a loan in full before I can reapply for a new one?

You can reapply any time after your loan has been settled.

Can I make part payment on my loan?

No, you cannot make part payment as your loan repayment date are agreed before loan disbursement,however a change in repayment date is possible depending on your cash flow.Charges will apply in case you change your repayment date.

Can I pre-liquidate my outstanding loan?

Yes you can pre-liquidate your loan, however there is a pre-liquidation fee of 5% of loan value.

How do I repay if I do not want my cheques presented?

If you do not want your cheques presented you can make payment in our account details as follows and contact us via email at 

Our account details are : 
Essential Finance Limited- XXXXBank – AC number XXXXXXXXX

What is the penalty for defaulting on loan repayment?

The default penalty is 0.5% on installment amount for each day of default. If the default passes 30 days, more stringent measures may be applied which may include

Reporting defaulter to his/her employer
Reporting defaulter to Credit Bureau

Can I pick up cheques after liquidation?.

Yes you can pick up your cheques after liquidation within 24 hours

What is the minimum amount I can fix with Essentail Finance Limited?

The minimum amount is N500,000

What is the minimum tenor?

The minimum tenor is 60 days

If I have urgent cash needs, can I liquidate and get my funds?

Yes, however, there is a 20% pre-liquidation charge on the accrued interest.

How can I get my interest?

Interest payments can be paid into your account of monthly, quarterly, annually or upon maturity

Can I get my interest upfront?

You can get your interest upfront with funds placed for a minimum tenor of 180 days.

Are there any associated charges?

No. However, there is a 10% withholding tax to be charged on the accrued interest.

Where can I get additional information on the products?

For any additional information,please call 09019999920, visit our website or walk into our office.