This study investigated the factors affecting loan acquisition among farmers in Otukpo LGA of Benue State of Nigeria. Primary data collected directly from the farmers were utilised in this study and analysed using descriptive statistics and probit analysis. The findings indicate that the loan collected during the 2006/2007 farming season was significantly lower (1000 times lower) that the amount of money spent on family obligations. This brings to the front burner the issue of food security and income stability of the small scale farmers. It has been discovered that many small scale farmers tend to sell off their farm produce when prices are low in order to repay social-obligated loans and also meet up some social obligations. Among the explanatory variables, interest rate charged and collateral given positively influenced loan acquisition while response to loan conditions impacted negatively on it. This findings indicates that farmers are favourable disposed towards taken loan with interest and given of collateral and this is contrary to what many researchers have tended to postulate.