There is a sigh of relief for individuals and businesses, in need of cheap loans, after loan and asset financing firm, Orange One unveiled an array of financial products that would see the firm extend credit to the economy.
Managing Director of Orange-One Finance, Iyobosa Iyamu, listed six financial products on offer by the company, to meet the needs of its growing clientele base. They include, among others – Personal loan, Asset Finance, Working Capital Loan and Invoice Discounting Facility. Others are Local Purchase Order (LPO) Financing and Contract Finance. “We do engage our customers- individuals as well as SME’s – in building a beneficial relationship that helps us partner with them in achieving their financial and business goals,” Iyamu said.
The Orange-One boss disclosed that the company’s personal loan which ranges between N100, 000 and N4 million was targeted at meeting urgent needs of customers. The loan which is payable in a space of one year, is available to professionals in the banking sector or blue chip/multinational organisations. “This category of loans is secured by proof of employment and may not require collateral but will require a guarantor(s) depending on the amount,” she said.
The Asset Finance product of the company is an extended rental agreement where the asset financed belongs to the financier until the lease has been fully paid down through monthly lease payments. The client is required to make an equity contribution of at least 30 percent of the value of the asset to be purchased while the financier pays the balance. The tenure for asset finance is 12 – 24 months.
Iyamu said her company’s working capital facility is a loan that can be used to enhance business operations and increase the profitability of small and medium scale enterprises. This loan is available for businesses that have been in operation for at least 2 years.
Meanwhile, she noted that the current needs of the business and its ability to repay after enhancement of operating capital are critically evaluated. “While the business cash flow projections are important the historical assessment is equally critical for this category of loans. Businesses that keep records and bank proceeds stand a higher chance of accessing working capital/bridge finance to take the business to the next level. The tenure for this is usually 6 – 12 months.”
Iyamu added: “With our Invoice Discounting facility, we provide instant access to cash based on receivables of the organization. An invoice discounting facility makes cash available for jobs/contracts that have been successfully executed and it’s usually more flexible than a typical loan. The repayment is tied to the agreement subsisting between the issuer of the contract/purchase order and the contractor/supplier. Usually, only an agreed percentage of the invoice value is discounted.”