• Bank Statements for the last 6 months either from Faulu or other banks
• Evidence of ability to raise an applicable deposit for the asset
• Clean credit history evidenced by a credit reference bureau report
• Performa Invoice from a Reputable Dealer for both new and used cars
• Sales Agreement to be obtained for used cars after approval
• Valuation report for the motor vehicle to be done by approved values after preliminary appraisal by Faulu staff for used vehicles only
• Ability to repay

Options available :

• Direct debit from a Faulu Account to Loan Account
• Termly (3 times a year ) for schools
• Monthly through check-off for employed people

• Eligible to customers who have banked with Faulu for at least 3 months
• 6 months certified bank statements or 3-month recent payslips, delivery receipts etc.
• Evidence of ability to raise an applicable deposit
• A proforma Invoice of the Asset being financed from a reputable dealer (for both New & Used)
• Certificate of Incorporation & Memorandum and articles of Association for any company [NB: A company Search MUST be Contacted]
• PIN Certificate / National I.D copy of the applicants of company directors
• Copies of Trading License and other specialized licenses where applicable

If you wish to apply for a loan then we will, with your prior consent, conduct a search of your credit history with a credit reference agency. This will leave a record on your credit file which will be seen by other credit providers you may apply to. We may decline your application if you provide us with false information as part of your application, or if there are issues with your credit scores when we check your details with a credit reference agency. We will give you details of the agency that we used to inform our decision so you may contact them. For more information, a leaflet called ‘your application and credit scoring’ is available on request.

Put simply

To apply for a business loan you must agree to us conducting a credit check on you. It’s very important to provide accurate information in your application. We might decline your application based on the results of your credit check, or if you have provided false information.