Frequently Asked Questions

How do I apply for loan?
You can apply online or call us or we send our sales representative to you.
What are the qualification conditions?
1. You should be 18 – 59 years old
2. You must be a salary earner with a minimum of 1 Year in current employment
3. Must have a current account (Nuban Compliant) showing salary credits from employer
4. You must work and reside in Lagos
5. No history of returned cheques in your account(s)
What is the minimum and maximum loan I can get
We give Loans to individual and Group. Our loans range from 100,000 naira to 1,000,000 naira. Your repayment and any other LOAN repayments will be calculated based on customer’s net monthly salary.
What are the documents I need to submit?
1. Staff Identity Card
2. Valid identification i.e. driver's license, international passport or national ID
3. Employment letter and/or promotion letter, confirmation letter or salary review letter
4. One recent passport photograph
5. Bank statements showing 6 (most recent) salary credits.
6. Pay slips are compulsory for government workers) 7. Repayment cheques
Is it possible to change the amount I have applied for?
Yes, you can change the amount before the loan is approved and disbursed. Please note that this may cause delays in the process.
What period is my repayment due?
1. Your first repayment is due on the next salary date after the loan is disbursed into your account and subsequent repayments will be on same day of the month for the entire tenor of the loan. If the next salary date after disbursement is too close, we can move it to the next month and advise you.
2. Late payment will attract fractional percentage increase daily on overdue principal.
How do I repay a loan with Baines Credit?
1. Repayment will be taken using the postdated cheques you provide while applying for the loan.
2. We may allow you to make transfers before date on cheque to avaoid presentation
Is part payment of monthly installment due allowed?
Part payment is not acceptable, we only accept full monthly repayments at the agreed date and intervals, using your postdated cheques.
Is it possible to extend my loan?
Not possible. Please ensure you select repayment terms you are comfortable with as Baines Credit will expect you to strictly adhere to the contract.
Do you accept down payment of outstanding loan before it ends?
Yes.
Is it possible to have more than 1 loan at a time with you?
We do not offer multiple loans to customers.
How long does it take to reapply for a new loan after repayment ?
You can apply for a fresh loan instantly. Baines Credit will consider the performance of your previous loan(s) and your current financial circumstance before approving a fresh one.
What will happen if I default?
Where the obligor fails to pay a rental by the due date, Baines Credit MFB will charge a default interest rate of 3.0% a month on the unpaid sum
What portion of my salary can be used for a Baines Credit loan?
40%