Loans are now easier to get in Nigeria thanks to the latest financial technology platforms. Many people no longer need to visit a bank branch, fill long forms, or find a guarantor. One of the platforms that offers quick loans is Sycamore, owned by Sycamore Integrated Solutions Limited in Lagos.
Sycamore provides loans to two main groups — salary earners and business owners. Both loans come without collateral and have a quick approval process. In this review, we will explain the loan types, interest rates, requirements, and how to apply.
Salary Loans
Salary loans on Sycamore are for Nigerians who earn a fixed monthly salary. They are meant to cover personal expenses such as house rent, home renovation, car purchase, or urgent bills.
Loan Features
- Amount: ₦100,000 to ₦5,000,000
- Repayment period: 3 to 12 months
- Approval time: 24 hours
- Interest rate: 2.3% to 6% monthly
This means you can get a large loan quickly if you meet the requirements. The repayment is spread over several months to make it manageable.
Requirements for Salary Loans
To apply, you will need:
- Six months’ bank statement
- Valid ID (Driver’s License, International Passport, Voter’s Card, or National ID)
- Utility bill showing your Nigerian home address
- BVN or NIN
- Recent passport photograph
Business Loans
Sycamore also offers loans for registered business owners who need funds to grow, expand, or boost operations.
Loan Features
- Amount: ₦500,000 to ₦5,000,000
- Repayment period: 3 to 12 months
- Approval time: 24 hours
- Interest rate: 2.3% to 6% monthly
Business loans can be useful for buying inventory, upgrading equipment, or funding marketing.
Requirements for Business Loans
To apply, you will need:
- CAC registration documents
- Six months’ bank statement
- Valid ID (Driver’s License or International Passport preferred, but Voter’s Card and National ID also accepted)
- Recent passport photograph
- BVN or NIN
How to Apply for a Sycamore Loan
The application process is designed to be fast and easy.
- Download the Sycamore app.
- Register and create an account.
- Verify your identity.
- Select the loan type — salary or business.
- Enter your desired amount and repayment period.
- Upload the required documents.
- Submit your application.
If approved, the money is sent to your bank account within 24 hours.
Interest Rates and Example
Sycamore’s interest rates range from 2.3% to 6% per month. Your exact rate will depend on your profile and loan type.
Example:
If you take a ₦1,000,000 salary loan for 12 months at 5% monthly interest:
- APR: 60%
- Total repayment: ₦1,600,000
- Extra cost: ₦600,000 in interest
This shows why it’s important to borrow only what you can repay.
Loan Approval Speed
Sycamore promises loan approval within 24 hours after you submit all documents. This is faster than many traditional banks. However, delays can still happen if your documents are incomplete or if extra verification is needed.
Repayment Terms
Repayments are monthly. The repayment period is flexible between 3 and 12 months. Shorter terms mean you pay less interest overall. Longer terms reduce your monthly payment but increase total interest.
No Collateral Needed
Both salary and business loans on Sycamore are unsecured. This means you don’t need to pledge property or assets. Instead, the loan is approved based on your income, documents, and creditworthiness.
Is Sycamore Loan Legit?
Sycamore is a registered Nigerian company offering loan services. The company clearly states its interest rates, requirements, and process. While the interest rate is higher than some bank loans, the speed and convenience make it attractive for people who need funds urgently.
Who Should Use Sycamore Loans?
Sycamore loans can be a good option if:
- You earn a stable salary and need a personal loan quickly.
- You own a registered business and need working capital.
- You can meet the document requirements.
- You can repay comfortably within the set period.
If you don’t have the required documents or your income is unstable, you may find it harder to get approved.
Final Thoughts
Sycamore provides quick loans for both individuals and businesses. You can borrow from ₦100,000 up to ₦5 million as a salary earner, or ₦500,000 to ₦5 million as a business owner. The approval process is fast, and no collateral is needed.
The main drawback is the high interest rate if you take long repayment terms. Always review the repayment schedule before agreeing. If you borrow responsibly, Sycamore can be a useful tool for meeting urgent financial needs.
