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We offer loans to petty business owners without collaterals – Fasuyi
Option Financial Services (OFS), founded by Habeeb Fasuyi (a distinguished entrepreneur and founder/chairman of a diverse group of companies in the United States and Nigeria, his country of origin) is a leading financial technology company dedicated to providing innovative financial solutions to individuals and businesses in Lagos State and beyond. Its mission is to bridge the financial inclusion gap in Nigeria by providing access to affordable and flexible loan products. OFS says it is committed to helping petty business owners grow their businesses and contribute to the economic development of Lagos State and Nigeria as a whole. Thus, on 5 December, OFR will launch its innovative product, designed to empower small and medium entrepreneurs at Lagos Marriott Hotel, 122 Joel Ogunnaike Street, Ikeja GRA, Lagos. In this interview, Fasuyi explains how traders can benefit, from the different loan packages, repayment modes and others.
What motivated you to set up this scheme, despite that Nigeria has many loan companies?
We recognized a significant gap in the market for accessible, affordable, and flexible loan solutions tailored to petty business owners in Africa and worldwide. As Lagos State is the economic powerhouse of Nigeria, accounting for over 30% of the country’s GDP, we saw an opportunity to create a positive impact on the state’s economy by supporting petty business owners. This led to the creation of Daily Loan Solutions, a revolutionary loan product designed specifically for petty business owners. Our goal is to empower these entrepreneurs with the necessary funds to grow their businesses, create jobs, and contribute to the economic development of Lagos State and Nigeria as a whole.
What makes yours different?
Daily Loan Solutions stands out through its unique features, including flexible repayment terms, competitive interest rates, minimal paperwork, quick disbursement of funds, and a customer-centric approach. Our loan product offers ₦100,000 to ₦500,000 with a 2% processing fee. We also provide a range of benefits, including free financial advisory services, business analytics, and strategic alliances with other big companies.
How will you deal with defaulters?
First and foremost, we believe that when our clients succeed, then we’re successful. We understand that unforeseen circumstances may arise, leading to difficulties in repayment. Our approach to dealing with defaulters is empathetic and supportive. We will work closely with our customers to renegotiate repayment terms, providing assistance and guidance to help them get back on track.
Furthermore, we offer our clients free financial advisory services and business analytics that likely minimize the likelihood of business failure or prevent common avoidable mistakes by small business owners. Our team of experts provides personalized guidance on financial management, helping our clients make informed decisions and drive business growth. Additionally, we provide strategic alliances and partnerships with other big companies that can benefit our clients, further reducing the risk of default.
How far with the necessary paperwork in Nigeria?
We have completed all necessary registrations and obtained the required licenses to operate in Nigeria, with a focus on Lagos State. Our company, Option Financial Services, has been in successful operations for the past 3 years in Lagos, located at SO&C HOUSE, 17, INDEPENDENCE STREET, OFF AKINREMI STREET, ANIFOWOSE, IKEJA, LAGOS STATE.
During this time, we have focused on other loan products catering to medium-scale entrepreneurs who can go through our more stringent paperwork requirements. Notably, we have provided loans totalling over ₦750 million to medium-scale entrepreneurs, demonstrating our commitment to supporting businesses in Nigeria. With the launch of Daily Loan Solutions, we are expanding our reach to support petty business owners in Lagos State and beyond.
Are the targets only petty traders? What about owners of medium-scale enterprises?
While our primary focus is on supporting petty business owners in Lagos State and beyond, we also cater to owners of medium-scale enterprises. Our loan products are designed to be flexible and adaptable to the diverse needs of businesses across various scales. We recognize that different businesses have different needs, and we are committed to providing tailored solutions that meet those needs.
How does a loan seeker apply?
Loan seekers can apply through our website, https://optionfinancialservices.com/, mobile app, or by visiting any of our designated branches in Lagos State. Our user-friendly application process requires minimal documentation and provides quick turnaround times for approvals and disbursements. Our team of experts is available to guide applicants through the process, ensuring that they receive the support they need to succeed.
What are the requirements or criteria for a loan application?
Our requirements include an active Business Owner, Valid Business Registration, Bank Account, and Verifiable Income Source. The applicant must be between 20 and 65 years old. The applicant must also have a Valid ID Card and Utility Bill, Character, and Capacity to Repay. We also conduct a thorough credit check and risk assessment to ensure our clients can repay the loan.
Can an applicant receive the loan in under one month?
Yes, our accelerated approval process allows for loan disbursement within 24 hours.
What are the different categories of loans?
We offer a range of loan products, including working capital loans, business expansion loans, equipment financing loans, and emergency loans.
Each loan product is designed to meet the specific needs of our clients, providing them with the necessary funds to grow their businesses.
What are the interest rates?
Our interest rate is 10% flat, which is competitive and affordable for petty business owners. We believe this interest rate will enable our clients to access the funds they need to grow their businesses without being burdened by high interest rates.
Do you require collaterals?
We do not require collaterals for our loan products. Instead, we focus on the creditworthiness and repayment capacity of our clients. This approach allows us to provide loans to petty business owners who may not have the necessary collateral to secure a loan from traditional financial institutions.
What are the benefits of Daily Loan Solutions?
The benefits of Daily Loan Solutions are numerous and include Quick access to funds. Our loan product provides petty business owners with quick access to funds, enabling them to take advantage of business opportunities as they arise. Flexible repayment plan. Our flexible repayment plan allows clients to repay their loans in daily or weekly instalments, making it easier for them to manage their cash flow. Affordable interest rate. Our interest rate of 10% flat is competitive and affordable, enabling petty business owners to access the funds they need to grow their businesses without being burdened by high interest rates.
Also, there is no collateral required. We do not require collaterals for our loan products, making it easier for petty business owners to access loans. There are Financial Advisory Benefits. We provide our clients with free financial advisory services, enabling them to make informed decisions about their businesses.
Business Expansion Opportunities: Our loan product provides petty business owners with the necessary funds to expand their businesses, increasing their revenue and profitability.
Improved Cash Flow Management: Our flexible repayment plan enables petty business owners to manage their cash flow more effectively, reducing the risk of default.
– Enhanced Business Stability: Our loan product provides petty business owners with the necessary funds to stabilize their businesses, reducing the risk of business failure.
What are the benefits for early birds?
Early birds will enjoy exclusive benefits, including, 50% off processing fees (pay just 1% instead of 2%), free financial advisory services for six months, discounted interest rates for loyal customers who repay their loans on time, priority access to our loan products and services and an invitation to exclusive business training and networking events.