There are many platforms to apply for instant loans in Nigeria. With the increasing number of digital service financial platforms offering quick loans to different customers, you can now get cheap instant loans in Nigeria online, using the mobile loan app.
Listed below are some loan apps in Nigeria that provide you with quick access to all types of loans.
- opay loan
- Aella credit
- Fint Loan
Formerly known as PayLater, is a lending platform that offers you quick loans in Nigeria. The app is a simple digital finances management platform” that provides instant online loans to help you cover urgent and unexpected cash expenses.
The platform accesses your Bank Verification Number (BVN) to determine your loan worth. Its loan amount is up to N20 million while interest varies.
Carbon is available on the web and mobile apps (Android and iOS). Their interest rates range from 5 – 15%, depending on the loan repayment period and the amount of money you wish to borrow. Carbon also provides a platform that allows its customers to recharge airtime, transfer funds, and pay bills.
Branch is another platform that offers quick and instant loans in Nigeria. You can get access to loans from ₦1,000 to ₦200,000 within 24hrs, with a period of 4 to 40 weeks to repay It is regarded to be one of the most reliable loan apps in Nigeria because of its mode of operation. Its interest rate rages from 15% to 34%.
As an applicant, you don’t need any collateral or salary account to get a loan. Interest rates are determined by a number of factors, including the lender’s repayment history and the cost of lending. Branch has made it convenient for Nigerians to access urgent loans from anywhere in the country without physical engagement or collateral.
This is a licensed loan app that offers quick loans to help with bill payments. It requires your Bank Verification Number and your debit card to obtain a loan. they offer funds from ₦2,500 to ₦150,000. Loan interests on FairMoney start at 5% and can grow up to 28% depending on how much you are borrowing. Also, it runs a loan term duration of 4 rates if – 26 weeks. it has a low-interest rate If you repay on time
4. Opay Loan
Opay loans Mainly known as Okash Loans is a lending platform owned by the tech giants – Opera. They have positioned themselves as one of the reputable loan companies in Nigeria today. To get an instant loan, all you have to do is to download the Okash mobile app, open an account, provide your details, and wait for approval. You’ll get your loan within 24hrs of the application.
Who is eligible for opay loans?
The eligibility requirements are:
- The applicant must be a Nigerian resident
- The age range of applicants must be between 20 to 55 years
- Possess a steady monthly source of income with a valid reason to obtain the loan
- Valid ID card and BVN number
5. Aella Credit
Aella Credit is a loan app in Nigeria designed to help employees access more funds between 1,500 to 700,000 and an interest rate between 4% – 29% monthly. Aella Credit is also available in Ghana, Nigeria, and the Philippines. Like other platforms, the Bank Verification Number is one of its requirements. Its loan duration spans between 1 to 2 months.
This platform is one of the loan companies in Nigeria that provides micro-business loans up to N4 million. To be given a Renmoney SME loan, your business must have a good income statement history and can boast of constant monthly earnings for repayments. The minimum loan amount is N100,000 while the interest rate is 2.8% per month. For capital-intensive businesses the platform also makes their process of getting access to funds quick and easy.
Kiakia is a platform where you can get a loan in Nigeria as an individual or a business. the platform is backed by Sterling Bank Plc, the lending platform also allows savers to lend out funds at negotiated interests through intuitive conversations. Its minimum loan amount starts at about N50,000 with an interest rate of 3.5% per month.
QuickCheck offers up to NGN 500,000 instant loans online in Nigeria. As a new customer, you can only access up to N10,000 for a period of one month. early repayment of loans guarantees lower interest rates and higher amounts. Additionally, interest on loans is only paid for the number of days you use the loan.
QuickCheck requires your BVN for security and verification purposes, and a bank account number to process your loan approval.
9. Fint Loan
Fint Loan grants you access to cheap loans. This is one of the loan companies in Nigeria that gives you the opportunity to borrow as low as 2% monthly for your rent, medical bills utilities, and school fees for yourself and your co-workers once your company is registered on the FINT employment model.
10. Jumia Loan
This is a quick and urgent cash loan platform created by Jumia to provide its customers with instant loans. the jumia loan can be accessed from the JumiaPay Android app on Google Play Store.
You must install the app, go through the ‘financial services’ section, and provide your details. Once your request is successful, you’ll get your loan without collateral.
When it comes to getting online loans people frequently ask questions like:
How do I qualify for an SME loan?
The criteria that qualify you for a loan are mostly stated by the lender. all you have to do is visit their website and read the terms and conditions on the particular loan you’re applying for. you must also keep a good credit record when it comes to previous loans.
How can I get an urgent loan online
- choose an online loan platform
- Authenticate Yourself – Instant KYC and with OTP
- Personal Loan Offer- Set your loan amount and tenure.
- Setup Repayment- set up your monthly installment.
- Sign Electronically- sign the loan agreement.
- Get loan disbursal- Get money in your bank account.
- GTBank Quick Credit loan: How to Apply & Requirements
- Central Bank Of Nigeria (CBN) Loans / How To Get A Loan From CBN
- www.nasims.gov.ng Portal | Check Npower Shortlist
- Access Bank Loan: How to Borrow Money From Access Bank
- GTBank Loan – How to Borrow Money From GTBank
- Central Bank Of Nigeria (CBN) Loans / How To Get A Loan From CBN
- First bank Loan application – How to get a loan with the first bank mobile app
While most of these loan platforms claim to offer quick loans without any collateral, you are advised to carefully study their Terms & Conditions (T&C) before applying.
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