Hello Rockstar!!


How’s the economy at your end? We understand these days might be tougher than others and we thought to bring some light to the beginning of the tunnel.
If you ever get stuck in a situation where you need that extra help to fulfill your loan obligation, you can always turn to family and friends to help (well, those that have money to spare) and as such we give you 3 ways your friends and family members can help you pay back your loan with SnapCash.


## Direct transfer
When you are in need of money to pay back your loan and have had a nice long discussion with that Uncle (or friend) that wants to help, you can send them your bank account details so that they can directly send you the money.
From there you can now wire the pending loan amount to your SnapCash virtual account. This is everyone’s choicest method, the individual gets in touch with a friend or family member who’s kind enough to offer help, and they send the money to them so that the individual can make the payments themself.


## Share your SnapCash virtual wallet
This method can work well alongside direct transfer. Instead of asking a friend or family to send the money to your bank account, you can simply provide them with your SnapCash-issued virtual account number. They can directly send the money to your virtual account and then you can pay it back with ease. This method is especially helpful as a means to avoid any extra transfer charges your bank might slap you with.


## Share your payment link
Another method others can use in helping you pay back your loan is the payment link method. This link takes the friend or family to a webpage created for the specific purpose of paying money into your SnapCash virtual account. A payment link is usually single-use, so it can’t be used more than once.


## Payment links tend to have many purposes but in this sense, they offer an individual a way to clear up a loan debt. Remember, if you ever get stranded in paying back a loan at SnapCash, you have the option to share the payment link with a friend or family member willing to help you out.
…
At SnapCash, we understand that some days are tougher than others and you can have great intentions to pay back your loan, but life just happens.
We urge that you don’t keep us in the dark or be unruly to us, send us a message at hello@snapcash.ng and find out the options available to you.


Best of luck rockstar!


3 ways others can help you to pay back your loan

Some months back, we broke down in bits all the nitty gritty details of the newly signed student loan act. We helped you fully understand just what the government had put into law and what it meant for Nigerian students. Today, we bring you an update as to when the official commencement of this act will take place.


## Here’s a brief recap on the student loan act
President Bola Ahmed Tinubu signed the Access to Higher Education Act 2023 into law on Monday, June 12, which was a significant decision. He fulfilled his promise by starting a test student loan program. The program aims to help more people access education, regardless of their background.


The “Student Loan Act” aims to provide Nigerian students in college with interest-free loans. Additionally, the Act establishes an Education Loan Fund, designed to assist Nigerians in funding their higher education interests.
On June 14, 2023, the government promised to prepare for the student loan program to start between September and October 2023. Since the announcement, there has been no updates or progress on the scheme.


Of course, we know the government has been working tirelessly to see this bill come into play. Good things take time after all.


Many people may have expected the delay in commencement, but the recent tuition hikes at many higher institutions were unexpected. Students and parents from the affected higher institutions have expressed worry and anxiety as the combination of increased tuition costs and the postponed introduction of the loan program has created financial instability amongst many. Coupled with the many other hikes in various spheres of the Nation.


## Here comes the good news
Many Nigerians are skeptical about the bill’s implementation, given the government’s history of poor follow-through. This skepticism is understandable. President Tinubu announced that the government will start giving student loans to Nigerians in January 2024.


At a summit in Abuja, the President announced plans to expand the student loan program to help Nigerians, easing their difficulties and reaffirming his commitment to this goal.


David Adejo, the Permanent Secretary of the Federal Ministry of Education, confirmed that the Nigerian government will begin offering student loans in the 2023/2024 school year. This announcement was made during a meeting with the House of Representatives Committee on Student Loans.


However, he dismissed rumors that federal universities have increased fees following the enactment of the Students Loan Act. We beg to differ.
As we await more action and less talking from the Government, we keep our fingers crossed and hope the implementation is more effective than we expect.


Now, fellow Nigerians, the ball is in your court. Share your thoughts on the latest update, we’d love to know what you think about the student loan act. Do we just stick to fast loan apps for educational loans or consider the Government’s new initiative. Send us a message now at hello@snapcash.ng!.


What’s next for the newly adopted student loan act?

Access to capital is one of the biggest challenges for small businesses in Nigeria. Some processes are slow, require collateral, and come with strict eligibility criteria. For businesses that need immediate cash to restock inventory, repair equipment, or cover urgent expenses, waiting weeks for approval isn’t an option.
This is where quick small loans make a difference. These loans are especially beneficial for industries that require constant cash flow to thrive. In this blog, we’ll explore five key industries that are benefiting the most from small loans in Nigeria and how quick financing helps them stay competitive.

## Retail & Trade
Retail businesses, from small corner shops to larger wholesale traders, often experience fluctuations in demand and supply. A sudden increase in customer orders, seasonal demand spikes, or the need to stock up on inventory can create cash flow challenges.

Small loans enable business owners to purchase goods in bulk, reducing costs and ensuring they always have products available for customers. Retailers often need emergency loans in Nigeria to cover unexpected expenses like supplier payments or urgent restocking.

Many small traders use quick loans in Nigeria to invest in additional product lines or expand their physical store space. A typical example is a shop owner in Lagos who experiences a spike in sales during festive periods. A quick loan allows them to buy extra inventory, meet customer demand, and increase profits.

## Agriculture & Agribusiness
Agriculture remains one of the largest contributors to Nigeria’s GDP, yet many farmers and agribusiness owners face funding difficulties. Farming is capital-intensive, requiring money for seeds, fertilizers, equipment, and labor. Since income in this sector is seasonal, small loans provide a safety net during planting and harvesting periods.

Farmers use loans to purchase seeds, fertilizers, pesticides, and farming tools. With additional capital, small-scale farmers can invest in mechanized equipment, leading to increased productivity.

They often earn income at specific times of the year, quick small loans help them cover expenses during off-seasons. For example, a maize farmer in Kano might need funds to buy fertilizers ahead of the planting season. A small loan enables them to prepare their land on time, leading to better yields and higher profits.

## Transportation & Logistics
The transportation sector is a crucial driver of commerce in Nigeria. Whether it’s ride-hailing services, trucking businesses, or delivery startups, access to funds is essential for maintenance, fuel, and operational costs. Fast loan apps in Nigeria provide drivers and logistics operators with quick financing options to keep their businesses moving.

Drivers often face unexpected breakdowns that require immediate repairs. Emergency loans help cover these costs without disrupting operations. Transportation businesses rely heavily on fuel, and price fluctuations can strain cash flow. Small loans help maintain operations during tough times.

For instance, a Bolt driver in Abuja might need funds to repair their car after an unexpected breakdown. A quick loan ensures they get back on the road swiftly, minimizing income loss.

## Fashion & Beauty Industry
Nigeria’s fashion and beauty industry is booming, driven by local designers, hairstylists, and beauty entrepreneurs. However, starting and running a fashion or beauty business requires capital for materials, marketing, and shop rentals. Many entrepreneurs in this space depend on quick small loans to sustain and grow their businesses.

Tailors and fashion designers use loans to purchase fabrics, sewing machines, and other essential tools. Salon owners use fast loan apps in Nigeria to pay rent, buy hair products, or expand their businesses.

For example, a fashion designer in Lagos may receive multiple orders but lack the funds to buy fabrics in bulk. A small loan can help fulfill orders on time, leading to satisfied customers and repeat business.

## Food & Hospitality
The food and hospitality industry is highly dynamic, with businesses ranging from local food vendors to small restaurants and catering services. Many food entrepreneurs face challenges such as rising food prices, rent costs, and equipment purchases. Quick small loans can help these businesses stay operational.

# Take your business to the next level
If you're a small business owner or artisan looking for fast and reliable financing, consider using SnapCash for quick loan approvals and flexible repayment plans. Reach out to us with your inquiries at hello@snapcash.ng and we’ll be sure to help you secure your first loan.



Top 5 Industries Benefiting from Small Loans in Nigeria

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Featured Articles

3 ways others can help you to pay back your loan

What’s next for the newly adopted student loan act?

Top 5 Industries Benefiting from Small Loans in Nigeria