C24 Capital Business Loan Review

C24 Capital front page

C24 Capital, a financial institution in Nigeria, specializes in providing retail loans for consumers in need of quick financial solutions. The company, headquartered in Lagos, emphasizes ease of access to its services, which can be availed online using any internet-enabled device.

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C24 Loan Products and Services Offered

C24 Capital offers a range of loan products tailored to different needs. The types of business loans provided are:

    • Overdraft: This facility helps businesses manage emergencies by allowing them to withdraw more money than they have in their accounts.
    • LPO Financing: Aimed at reputable vendors and contractors, this loan provides advance capital for work and purchase orders.
    • Lease Financing: This loan helps beneficiaries purchase equipment, tools, and machinery for business use, with the option to spread payments over time.

Interest Rates and Fees

C24 Capital charges an interest rate of 4% monthly and a one-time 4% management fee. The management fee is included in the repayment plan. Loan repayment periods range from three to nine months, with options for repayment through direct debit, cheques, and POS terminals. Notably, C24 imposes a 1% daily charge for late repayments.

Eligibility and Application Process

The eligibility criteria for C24 loans include being actively employed or having worked for at least six months before the application. Applicants must be at least 22 years old, have a functional bank account, and demonstrate sufficient transactional history to ensure repayment capability.

C24 application process

Customer Reviews and Testimonials

While customer experiences and testimonials need to be more detailed in the sources, the company’s rapid approval process and flexible loan options are highlighted as strengths. However, it’s important to note that the services are geographically restricted to Lagos and involve substantial paperwork.

Strengths and Weaknesses

C24 Capital is known for its fast approval process and a high maximum loan limit. However, the company’s operations are limited to Lagos, which is a significant geographical limitation. Additionally, the application process involves considerable paperwork, which might be a drawback for some customers.

Wrap Up

C24 Capital stands out in the Nigerian market for its swift loan approvals and flexible rates. The company’s emphasis on accessibility and online service delivery aligns with contemporary consumer needs. Despite the geographical limitations and paperwork involved, C24 remains a viable option for those in Lagos seeking quick financial solutions.

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