Pay My Rent
This is product designed to finance the house rent for low- middle class salary earners who may be changing accommodation or renewing their existing lease. It affords them the opportunity of spreading payments for up to 12 months.
- Beneficiary must be a permanent staff of a reputable organization in Lagos.
- Maximum Loan amount not exceeding N2.5Million.
- Loan is restricted to the payment of house rent.
- Client must present invoice/rent bill for clients who are moving to a new accommodation or previous payment receipt for client’s who are renewing their rent in their existing residence
- Monthly repayment schedule in line with salary dates.
- A maximum tenor of Twelve (12) months is also applicable on this product.
- Collateral substitute, in form of One (1) guarantor backed with a post-dated cheque covering principal and interest.
- Credit life insurance is applicable on all facilities.(Fee is factored into pricing)
- The borrower will issue post-dated cheques/direct debit mandate payable to Addosser MFB from his/her salary account.
- Turnaround time is estimated at 48hours (once all the required documents are in place).
- Fund will be credited directly to the Landlord/Agent’s account.