What is a
CashDrive Business Loan(CBL)?
CashDrive Business Loan(CBL)?
The CashDrive Business Loan (CBL) is a business loan that allows a
merchant/ business to sell a portion of its future sales in exchange
for an immediate cash injection. This financing provides the
merchant/business with funds to meet their immediate business needs
and/or finance their growth ambitions.
There are a few ways to repay the financing line, depending on your type of business. Ultimately, we rely on the business’s cash flow so there is no collateral required. Typically, the funding amount is based on a one-month average of sales revenue, bank deposits or POS transactions. To qualify, the merchant will need to have a steady and sufficient cash flow history.
With our secured lending products, CashDrive customers benefit from the ability to complete the loan process online, get instant approval decisions and same day cash funding. Our proprietary technology platform delivers new financial products to the millions of consumers outside the formal financial system who are seeking financial solutions that suit their needs and lifestyle
There are a few ways to repay the financing line, depending on your type of business. Ultimately, we rely on the business’s cash flow so there is no collateral required. Typically, the funding amount is based on a one-month average of sales revenue, bank deposits or POS transactions. To qualify, the merchant will need to have a steady and sufficient cash flow history.
With our secured lending products, CashDrive customers benefit from the ability to complete the loan process online, get instant approval decisions and same day cash funding. Our proprietary technology platform delivers new financial products to the millions of consumers outside the formal financial system who are seeking financial solutions that suit their needs and lifestyle
How do
Business Loans work?
Every eligible business/merchant can apply for a business loan to secure upfront cash quickly. In return, the business/merchant agrees to pay back CASHDRIVE, a minimum fixed sum (including interest and fees) daily or weekly via direct debit/standing order, until the financing obligation is fully paid off.
The daily or weekly fixed repayment amount is calculated based on a tenor of between 3 - 12 months but the business/merchant can increase his weekly repayment amount to clear out his outstanding financing obligation faster.
Benefits Of Business Loans
- Cash Advance between ₦1 Million - ₦50 Million
- Same Day Funding Available
- Unsecured by Assets
- Bridge to Busy Season or Large Order Fulfillment
- Minimal Documentation
- Business Protection
We offer eligible business/merchants between ₦1 Million – ₦50
Million subject to satisfying our requirements.
Typical turnaround time for a business loan is 2 business
days, however, for deals under NGN 5 Million, we can fund on
the same day.
The best part of a business loan is that you don’t need assets
to secure funding. The funding is secured by future cash
flows. So if you don’t have any assets but solid cash flow,
you still qualify
The business loan is perfect to prevent cash shortfalls as you
wait for the busy season to come or you have an immediate need
to fulfil a large order or sales contract.
We already pre-qualify all eligible businesses/merchants
through our partners. The only additional documents required
are 6 months bank statement and postdated cheques.
The business loan is bundled with Business Insurance to
protect your assets, stock/inventory et al against the risk of
fire or theft.
Uses Of Business Loans
- Inventory Purchases
- Equipment Purchases
- Payroll
- Marketing & Advertising
- Business Renovation
- Technology Upgrade
- Business Expansion
Eligibility Criteria for Business Loans
- You are registered by the Corporate Affairs Commission and have been running your current business for at least (2) years.
- Your business must have registered active POS terminal(s).
- You have a minimum of N5 Million as average monthly sales revenue processed via your POS terminals or bank account(s).
- You can provide 12 months' bank statement.
- Business Renovation
- Valid ID for Director(s)
- Located in Lagos or Abuja