FAQs

faqs

Most Popular Questions

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What types of facilities do you offer?

We currently offer the following types of loans:

-Local Purchase Order Financing

-Short Term Loan

-Trade Finance

-Invoice Discounting

-Asset Leasing

-PayDay Loan

Are you a licensed Finance company?

Yes, Redoak Trust and Investment Limited is a Central Bank of Nigeria (CBN) licensed and regulated Finance Company

What are your usual facility tenors?

The tenor of our loans range between 30-180days. However, asset leasing can run for 12 months depending on the asset financed.

Do you offer pay-day loans?

Yes we do. It is a 30-day bridge finance accessed by salary earners of reputable organisations. Repayment is made when the salary is paid.

Does Redoak finance offer all types of Local Purchase Orders (LPO)?

We finance LPOs from reputable blue-chip companies with a good track record of payment.

What is the maximum amount you can borrow?

A maximum of N10,000,000.00 (Ten Million Naira only) and N30,000,000.00 (Thirty Million only) can be availed to individual and corporate bodies respectively.

Does Redoak require credit checks?

Yes, this is a major part of our loan criteria and is important for your loan request appraisal.

Can I extend my loan?

Yes, your loan can be extend when you have formally requested for an extension. This subject to a rollover fee and additional interest charges. Also, a review of loan performance and documents showing ability to repay over extended period.

How does your deposits interest rates compare with the Banks?

Our interest rates are between 2 to 5% higher than rates offered in Banks subject to the amount and tenor of the deposit.

Can I get my interest upfront?

Yes, you can get your interest upfront with funds placed for a minimum tenor of 90days (fixed, no pre-liquidation allowed in this case)

What is your pricing like?

Interest rates and other fees? Our upfront (management and processing) fees are 1% flat payable upfront while the interest rate is 6%flat monthly for leases and 7% flat monthly for other loans.

Can we repay the facility before expiry?

Yes, loans can be repaid before its maturity date. However, for liquidations under 30days, a flat interest charge for the first 30days will be taken.

What types of collateral/securities must be provided?

The collateral/security must cover atleast 120% of loan amount and can be any or a combination of the following:

Property: Legal mortgage over property belonging to either the obligor or third party with Forced sale value of 120% of the facility amount.. Title document must be in a perfectible state.

Automobile/Assets:  Executed bill of sale of obligor’s assets/vehicles along with all original shipping/title documents and spare keys (applicable to automobile). This would be kept in custody of RTIL till facility is liquidated.                   
Stocks:   Lien over  Shares of blue – chip companies and  bonds  owned by the obligor

Personal Guarantee supported by the posted cheque of the guarantor.

What are the requirements to approve a loan?

A formal application for the loan should be sent to RT&IL and depending on the type of loan, the other requirements would be advised.

Do you provide loans to corporate bodies or individuals only?

We offer loans to both Individuals and corporate bodies.

How long does our loan approval take?

Our turnaround time is a maximum of 48hours subject to the availability of all necessary documentations and confirmations.

Do you give loans to Corporative?

No, we do not grant corporative loans for now.

Are your leases limited to brand new assets?

Yes, we only finance acquisition of brand new assets

Do you give mortgage loans?

No, we do not grant mortgage loans for now. Our loans are usually short tenored loans.

Do you accept Deposits?

Yes, we accept deposits at very competitive interest rate.

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