Fast Approval Checklist
- Step 1: Mandatory Car Collateral — You or your resident Nigerian sponsor must have a registered motor vehicle (car) to pledge as collateral.
- Step 2: Car Evaluation Report (₦15,000 – ₦25,000) — Complete an independent car evaluation via Car 54, Cars45, or other accredited automotive valuation platforms and submit the evaluation report to us so we can determine the exact worth of the vehicle.
- Step 3: Park the Car in Our Company Facility — Bring the car to our secure hub at 17A Dele Adedeji Street, Lekki Phase 1, Lagos, where it will be safely parked until the loan is fully repaid.
- Step 4: Verification of Relocation Documents — Present your visa sponsorship letter, foreign admission letter, flight quote, or embassy requirements.
- Step 5: Disbursement in 24 Hours — Funds are wired directly to your commercial bank account with flexible repayment terms spanning 3 to 18 months.
The Reality of Travel and Relocation Loans in Nigeria
Every year, thousands of Nigerian professionals, healthcare workers, tech specialists, and international scholars achieve their dreams of relocating abroad—to the United Kingdom, Canada, the United States, Germany, Australia, and Italy. However, between receiving your visa approval and boarding your international flight, you face massive upfront capital demands:
- International flight tickets (averaging ₦1.5M to ₦4M per adult on major airlines).
- Mandatory immigration healthcare surcharges (such as the UK NHS IHS surcharge exceeding £1,000 per year of visa).
- Embassy biometric fees, visa submission fees, and tuberculosis medical tests.
- First month’s foreign apartment rent deposit and settlement allowance.
Why Having a Car as Collateral is a Non-Negotiable Must
Many applicants ask: "Can I get a travel or relocation loan without collateral or using just my monthly salary?"
The honest answer from reputable Nigerian financial institutions is no.
Having a registered car that can be used as collateral is a strict and mandatory requirement for travel and relocation loans at Kredio. Here is why this is an absolute must:
1. Cross-Border Flight Risk
When a borrower takes an unsecured personal loan and relocates permanently abroad, traditional Nigerian credit recovery mechanisms (such as Remita direct debits, BVN freezes, or court summons) become virtually unenforceable once the borrower crosses international borders. Unsecured travel loans carry an unsustainable default rate for commercial lenders.
2. Fast 24-Hour Approval Without Real Estate Hassles
Traditional banks demand landed property titles with Certificates of Occupancy (C of O) or Governors’ Consents—which take months to verify at land registries. By requiring a registered motor vehicle (car) as collateral, Kredio can inspect your vehicle, confirm registry ownership, and disburse your relocation funds within 24 hours, ensuring you never miss a flight window or visa appointment.
3. High Loan Capital (Up to 80% Vehicle Value)
Unlike micro-lenders that cap personal loans at ₦200,000, pledging a motor vehicle allows you to unlock substantial capital—from ₦500,000 up to ₦10,000,000—giving you the full liquidity needed to cover comprehensive family flight bookings and settling-in funds.
You Must Park the Car in Our Company Premises Until Full Repayment
For both our Travel & Relocation loan and our Car-Backed loan, borrowers will have to park the car in our company premises until they fully repay the loan.
- Secure Lekki Facility: The vehicle is parked at our company headquarters at 17A Dele Adedeji Street, Lekki Phase 1, Lagos.
- Full Repayment Duration: The car remains safely parked in our compound until the principal and interest are completely settled.
- 24/7 Monitored Protection: We provide 24/7 armed security, round-the-clock CCTV surveillance, covered parking, and comprehensive storage insurance.
- Exact Mileage Logged: Your odometer mileage is documented in writing upon handover and verified upon collection. Your vehicle is never driven.
- Battery & Engine Maintenance: Our certified technicians provide routine weekly battery trickle-charging and periodic engine idling to ensure your car stays in optimal running condition.
- Instant Release: The moment your loan is cleared from abroad, your keys and vehicle are handed back immediately to you or your designated family proxy.
Car Evaluation via Car 54 & Other Platforms (₦15,000 – ₦25,000)
In order for our credit committee to know the exact worth of the car and determine your loan eligibility, you will need to do a car evaluation and submit the evaluation report to us:
- Evaluation Platforms: This can be carried out via Car 54, Cars45, or any other certified third-party automotive valuation platform.
- Estimated Cost: An official evaluation report typically costs around ₦15,000 to ₦25,000, payable directly to the evaluation service.
- Purpose of the Evaluation: The report documents the vehicle’s mechanical health, chassis integrity, body condition, mileage authenticity, and current Nigerian market and forced-sale valuation. This gives both you and Kredio complete transparency on the car's worth.
- Submitting the Report: Once completed, simply upload or WhatsApp the evaluation report to our desk (+234 810 366 9924). We immediately calculate your loan limit up to 80% of the verified valuation.
What If You Don't Own a Car Personally?
You do not have to own the car yourself. If you are a student or job seeker without a personal vehicle:
- Parents, spouses, siblings, or family sponsors residing in Nigeria can act as your registered guarantor and pledge their car as collateral on your behalf.
- The vehicle owner simply provides the vehicle documents, submits the Car 54 evaluation report, and parks the car at our Lekki Phase 1 office.
Comparison: Travel Loan Options in Nigeria
| Feature | Traditional Bank Loan | Loan Apps | Kredio Car-Backed Relocation Loan | |---|---|---|---| | Travelers Approved? | Rare (Declined due to flight risk) | No (Capped under ₦100k) | YES — Dedicated Relocation Facility | | Collateral Required? | C of O Landed Property | None | MANDATORY: Registered Car | | Company Parking? | N/A | N/A | MUST park car in company until repayment | | Car Evaluation? | Opaque bank assessor | N/A | Car 54 / certified report (₦15,000 – ₦25,000) | | Disbursement Timeline | 4 to 8 weeks | Instant but tiny | 24 Hours Payout | | Maximum Amount | Strict salary multiples | ₦50,000 - ₦150,000 | Up to ₦10,000,000 | | Repayment Horizon | Rigid local salary deduction | 7 to 14 days | 3 to 18 Months (Flexible) |
Helpful Loan Resources & Links
- View Travel & Relocation Loan Terms
- Calculate Monthly Repayment Amounts
- Chat with Kredio Relocation Desk on WhatsApp
- Visit Kredio Office at 17A Dele Adedeji St, Lekki Phase 1
- Nigeria Civil Aviation Authority (NCAA)
Frequently Asked Questions
Can I get a travel and relocation loan without a car as collateral?
No. A registered car is an absolute, mandatory requirement. We do not provide unsecured travel or relocation loans under any circumstances.
Do I have to park the car in your company until the loan is repaid?
Yes. You will have to park the car in our company premises (17A Dele Adedeji Street, Lekki Phase 1, Lagos) until you fully repay the loan. It is kept under 24/7 armed protection with written odometer logs and storage insurance.
How is the car evaluated and what does it cost?
You will need to do a car evaluation and submit the report to us so we can determine the exact worth of the car. This can be done via Car 54, Cars45, or other certified automotive valuation platforms, costing approximately ₦15,000 to ₦25,000.
Can my sponsor or parent provide their car instead of mine?
Yes! If you are traveling and don't own a car, your parent, spouse, or resident Nigerian relative can pledge their car as collateral on your behalf and park it in our facility.
How much can I borrow against my car for relocation?
We disburse up to 80% of your vehicle's evaluated market value, ranging between ₦500,000 and ₦10,000,000.
