How to Request for a Loan Using the Crust Business App in 6 Steps
While we’re not a loan company, we provide business owners who use Crust Business app with capital to help them kick-start, grow or scale their operations.
Running a business in Nigeria is not for the weak. Sudden changes in policies and a double digit inflation make it a challenging and capital intensive venture for most business owners.
Because of this, a lot of business owners find themselves in a bind when they need capital on a short notice. Most times, they have to resort to loan sharks and unethical loan companies with unreasonable interest rates. And before you know it, there’s a mugshot of you with a tag that says “Thief” floating around on WhatsApp and social media.
To avoid this, you can simply request for loans from reputable organizations.
That’s why we’ve made it easy for businesses to access capital on the Crust Business app. In this post, we’ll show you just how easy it is to access the funds you need to grow and scale your business in just 6 steps.
1. Download the Crust Business app
The first thing to do is to visit the Google Playstore and download the Crust Business App. Search for “Crust Business App’’, then click Install.
If you’re using an iPhone, we’re working on the iOS version and you’ll be able to download Crust Business soon.
2. Sign up on the app
After downloading the app, start the sign-up process.
First, input your business name, phone number, BVN and then input other KYC requirements and now you have a Crust account!
Now you have access to financial tools and services we’ve specifically built for you to make your business efficient.
3. Click on the “Loan” tab and input the loan amount
After logging in to your account, navigate to the “Loan” tab, and here you’ll see the current amount available to you.
This loan amount can increase over time based on your credit score, your repayment history with previous loans and your transaction history.
Then click on “Apply for Loan”, after which you’ll fill in the loan amount you want.
4. Fill in cluster information
After filling in the loan amount, fill in the cluster head information. We give out loans in clusters because we’ve seen that this method helps keep our customers accountable.
A Cluster is usually made up of a group of people who are in the same location and managed by a cluster head. If you have a cluster head, please input their number and if you’re not, call this number to join a cluster.
5. Fill in the required business information
This part of the loan application process is the longest and the most tedious, but it’s quite straightforward.
Fill your business name, your location, business registration details, your guarantor’s information and other relevant information.
6. Accept the terms and conditions
After filling all your business details and necessary information, read through and accept the terms and conditions. Then, submit your loan application. Now you’re done and then our credit team will review your application.
This review process typically takes between 3 to 7 days and after this,you’ll receive the funds in your Crust account if we approve your application. If the application process is unsuccessful, you’ll have to reapply at a later time.
