FAQs
1. What does CICOBEN provide?
CICOBEN is a direct lender of secured / unsecured personal and business loans in West Africa. You can apply for personal loans ranging from USD1000 to USD10,000.
The amount of business loan we can offer is subject to evaluation report of the size of your business.
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2. Am I eligible to apply?
Anybody is welcome to apply with CICOBEN as long as the individual / company satisfies the following eligibility requirements:
Have a full time job with verifiable documentation, Be over the age of 18 and a resident of the Benin, Togo, Burkina-Faso, Niger, Nigeria or Ghana.
3. How much can I borrow?
We can provide you a loan anywhere from $1,000 to $10,000 for individuals, and $50,000 to $15M for SME's and Corporate organizations.
For individuals, we look at your credit score with the respective Credit Bureaus of your country of residence, employment history, spending patterns and other factors that will paint a clearer picture of your credit-worthiness and will provide you with an instant answer online.
Owners / managements of corporate bodies is required to submit loan applications in our offices with requisite documents in person for proper evaluation.
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4. What is the cost of my loan?
With CICOBEN loan, the only fee you will pay is the daily or monthly minimum interest accrued on your loan. Your payment schedule will be clearly displayed on your contract before you sign.
Other flexible payment channels are available. Please call to speak with an agent today.
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5. How can I repay my loan?
Loan release are transferred by CICOBEN to your bank account. Thus, Loan repayment must be through bank to bank instruments.
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6. What if I can't pay back my loan on time?
Don't panic just yet. We understand that unexpected situations can happen. If you find that you can't make an upcoming payment, call our friendly Customer Service agents or visit any of our nearest offices for possible payment reschedule. Depending on how we assess your circumstances, we may be able to offer you forbearance options to give you some needed time.
If you do not repay on time, you will be subject to a daily or monthly 1% default charge on the repayment amount.
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7. Can I make an early or additional payment without penalties?
In case of early liquidation, you can always make a payment outside of your scheduled due dates or even pay down your loan sum completely at any time you choose. You only pay interest due for the month and the principal balance outstanding on your loan, so any early payments immediately help you save on interest charges for the tenor.
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8. What are the required documents for personal loans?
Letter of Employment / Letter of Confirmation or Recent Promotion, Work ID card and other valid means of identification (National ID, International Passport, Driver’s License, Voter’s Card). 6 Months Statement of your Salary Account. Last 3 months' pay slips. Letter of Introduction from Employer. One Recent Passport Photograph