In Nigeria, there are various options for obtaining an
urgent loan. You may now acquire a rapid online loan within 24 hours, or
sometimes in less than five minutes, on numerous loan applications thanks to
the growing number of digital service financial platforms offering quick loans
to potential customers.
We decided that it would be incredibly helpful to have a
platform where you can compare requirements and interest rates from 50+ loan
applications in Nigeria since there are so many lenders offering loans within
24 hours.
With the help of modern digital technologies, which make
borrowing easier and more comfortable, traditional financial services companies
are now being disrupted.
Let's look at a list of loan companies in Nigeria in no
particular order. There are no hidden fees, and you can compare loan offers
from various online lenders here. The list below was created based on
popularity and acceptance by the general public.
Some of them, nevertheless, will require a strong credit
rating before you can apply for a loan. You may learn how to easily raise up to
N10,000,000 in financing for your business.
Instant online loans without collateral are offered via loan
applications in Nigeria.
Here is a collection of Nigerian loan applications that give
you rapid access to all different kinds of loans. Click on any of them to go to
that section.
- Loanspot
- Renmoney
- Carbon
- Branch
- Credit to Aella
- Fairmoney
- Migo
- Lidya
- Kiakia
- Community Lender
- QuickCheck
- C24 Loan
- Credit Loan
- Loan Specta
- Jumia Lending
- Loan Opay
1. Loanspot
One of the top loan apps in Nigeria, Loanspot offers quick
loans to consumers. The purpose of this platform is to make it simpler for
enterprises, entrepreneurs, and regular people to obtain loans that will
improve their standard of living.
On that basis, they created this platform to connect you
with a number of lenders throughout Nigeria by enabling you to quickly compare
loans from various lenders. You can always find a lender on this platform who
can fulfill your needs, which is wonderful.
They used the marketplace approach to prototype this
platform. Loanspot exists to assist you in gaining access to credit choices at
a lower cost, much like Uber, which enables you to obtain affordable
transportation with the push of a button.
In fact, Loanspot assisted more than 180,000 people get
information on loan products as of the writing of this article.
App Features
At the time this post was written, the Loanspot app was not
accessible. The software should be accessible for download on the Google Play
Store and the iOS App Store shortly.
2. Renmoney
One of the loan companies in Nigeria offering microloans up
to N4 million is Renmoney. Your company must have a solid track record of
income statements and be able to demonstrate consistent monthly revenue in
order to qualify for a Renmoney SME loan. The monthly interest rate is 2.8%,
and the minimum borrowing amount is N100,000.
The platform also streamlines the process of obtaining
funding for capital-intensive firms, such as a real estate firm in Nigeria.
App Features
Access to all Renmoney Services Immediately. These consist
of investments, savings, and payday loans.
You can use the app to transfer money between different bank
accounts and your Renmoney account.
The download size is 7 MB.
Pros:
The Renmoney loan application offers a fantastic user
interface and a highly responsive page.
opportune and safe
The highest security and privacy standards were used in the
app's design.
The app's loan application process is simple and
hassle-free.
Cons:
Once a loan application is submitted, there is no way to
cancel it.
3. Carbon
Carbon Loan, formerly (and widely known as) PayLater, is a
lending platform that enables you to obtain a loan in Nigeria within a short
period of time. The three-year-old lending application takes pride in being
"a straightforward digital finances management platform" that offers
immediate online loans to support you in meeting short-term cash requirements.
To calculate the value of your loan, the site uses your Bank
Verification Number (BVN). It offers loans up to N20 million with variable
interest rates. If you no longer have your information, see how to check BVN.
Both mobile apps and the web offer Carbon (Android and iOS).
Depending on the loan payback duration and the amount you want to borrow, their
rates might range from 5 to 15%.
In addition to being one of the leading loan providers in
Nigeria, Carbon offers a platform that lets its users transfer money, recharge
their airtime, and pay their bills.
Website for carbon
App Features
Free money transfers to any Nigerian bank.
Access to Carbon Services Right Away. This includes saving,
investing, paying bills, and borrowing between N1500 and N1 million.
Savings interest of 11%
accessible for download from the iOS app store and Google
Play. The download size is 21 MB.
Pros
The app offers carbon financial services around-the-clock.
Easy and safe loan application
The bank transfer happens quickly, and the fees are
reasonable.
Cons:
There are issues in the app. However, the majority of the
app's bug problems are typically fixed by an update.
4. Branch
Another website that provides speedy online loans in Nigeria
is Branch Loan. Within 24 hours, you can apply for loans ranging from $1,000 to
$200,000 with repayment terms of 4 to 40 weeks.
Because of how it functions, it is likely one of the most
dependable lending apps in Nigeria. Its interest rate fluctuates between 15%
and 34%.
You don't need any assets that can generate revenue or serve
as collateral in order to be a borrower. The lender's history of repayment and
the cost of lending to Branch are two variables that affect interest rates.
Nigerians now have simple access to loans from anywhere in
the nation without a physical presence or security.
App for Branch Loan
App Features
accessing branch loan options quickly
The app offers a great saving option that lets you save and
get a return of up to 20%.
Free Transfer to Any Nigerian Bank.
Pay all bills with Naira 0.00
The app may be downloaded from the Ios Store and Google
Play. The download is 7MB in size.
Pros:
The application is simple and easy to use.
Data encryption and world-class security are used by the
Branch Mobile app to protect user information.
The user interface is elegantly designed and simple to use.
5. Credit to Aella
In Nigeria, there is an app called Aella Credit that
provides loans to workers with interest rates ranging from 4% to 29% per month
and amounts ranging from 1500 to 700,000. The Philippines, Ghana, and Nigeria
all offer Aella Credit. The Bank Verification Number is one of its
prerequisites, just like other platforms. Its loan term is between one and two
months.
Website for Aella
In-App Feature
Access to loans in 5 minutes is quick and simple.
Bill-Paying functionality. You can pay for things like
airtime recharges and utility bills.
Care for Aella using a mobile app to gain access to health
insurance
Notes from Aella The software allows you to invest and earn
rewards of up to 26%.
The app may be downloaded from the Ios store and Google
Play. App size is 5.3MB.
Pros:
With new users in mind, the app is simple to use.
To make any transfer, you are not required to pay an agent
or convenience charge.
6. FairMoney
A certified loan app called FairMoney provides rapid loans
to cover demands like bill payments. To get a loan (from 2,500 to 150,000), you
need your debit card and bank verification number. Depending on how much you
borrow, FairMoney's loan interest rates might range from 5% to 28%.
Additionally, the loan length extends from four to twenty-six weeks.
On FairMoney, you would pay back your loan at a lower interest
rate if you did so before the due date.
Website for FairMoney
App Features
Accessing Fairmoney Loan alternatives is simple and quick.
Send money to any Nigerian bank account.
Invoice number. You can obtain an account number with this
software, which you can use to receive funds from any account in Nigeria.
payment of bills
Pros:
The app's loan processing is simple and hassle-free.
The software is simple to use and designed with new users in
mind.
attractive user interface
7. Formerly Kwikmoney, Migo
A platform where you can get a quick loan in Nigeria was
created through a partnership between businesses, banks, and other technology
companies. This platform is called Migo Loan. You can get up to N500,000 in
immediate collateral-free loans by providing your Bank Verification Number
(BVN) and account number.
You can use the loan app or Migo's web interface to access
their lending services. You can use the Migo USSD code if you don't have a
device that can access the internet.
The USSD code for loans in Nigeria can be found in this
post.
You have between 14 and 30 days to return your loan, and
Migo charges a fee of 5 to 15%, depending on how much you borrow.
It offers cutting-edge financial services to the mass retail
market, which is underserved financially. It's a straightforward digital
finance management tool that offers quick cash loans to aid with unforeseen
costs or immediate cash demands.
Website for Migo
App Features
TBA
8. Lidya
One of the top loan providers in Nigeria is Lidya. It began
operations in November 2016 with the goal of bridging the credit gap in Nigeria
and other emerging markets.
If all prerequisites are met, businesses applying for loans
at Lidya can do so online or via their mobile device and receive a decision
within a few hours.
At Lidya, loans start at N150,000 and go up from there, with
a monthly interest rate of 3.5%.
Website for Lidya
App Features
Simple and intuitive design
fast-responding system
Option for financial management
Companies or people that can demonstrate consistent cash
flow over the last six months
Pros:
easy access to loans
Quick time for payment
There is no need for guarantors or collateral.
Cons
The maximum loan amount is determined by your credit score,
thus it is typically minimal.
9. Kiakia
A loan can be obtained through the KiaKia Loan platform in
Nigeria for both individuals and businesses. The lending platform, which is
supported by Sterling Bank Plc, also enables savers to loan out money through
simple discussions at agreed-upon interest rates. Its monthly interest rate is
3.5%, and the minimum borrowing amount is N50,000.
Website Kiakia
App Features
amazing P2P lending opportunities
Rapid response and speedy loan approval
Who is qualified?
For a Kia Kia loan, you must fulfill the following criteria:
being a Nigerian citizen
Over 21 years old
The applicant must have a bank account with a major
commercial bank and a Bank Verification Number (BVN).
proof of a legitimate source of income (paid employment or
business)
Valid forms of identification, such as a Work ID for
applicants who are employees
bank statements or screenshots of notifications over the
past six months are acceptable forms of income documentation.
Pros:
Quick loan disbursement
simple loan application procedure
There is no need for guarantors or collateral.
Cons:
Only those with steady employment or income are eligible for
loans.
Your employment status and income level will determine the
maximum loan amount.
10. Community Lender
An online, social, and mobile lending service called Social
Lender is built on social reputation. It helps those with little access to
formal credit fill the gap of immediate fund access.
Social Lender assigns a social reputation score to each user
after conducting a social audit of the person on social media, online, and
other relevant platforms.
Website for social lenders
App Features
Release 1.3.0
Updated on April 19, 2021
10,000+ downloads
Size of Download: 11.50 MB
App is accessible on both iOS and Android.
Who is qualified?
Candidates must have a positive social reputation score,
which is determined by logging into the app with your social media accounts.
Pros:
It enables access to urgent loans.
simple application procedure using a mobile app
Optional USSD application
There is no need for guarantors or collateral.
Cons:
Your social network accounts must be accessible for the app
to rate you.
N10,000 is the relatively small maximum borrowing amount.
Your ability to borrow more is largely influenced by your
social standing.
11. QuickCheck
In Nigeria, QuickCheck offers a quick online immediate loan
of up to NGN 500,000. However, during your first 30 days as a user, you can
only access up to N10,000.
Early repayment of loans, according to their repayment
terms, ensures reduced interest rates and bigger amounts. In addition, interest
is only charged on loans for the days they are actually used.
For security and verification reasons, QuickCheck, like
other loan platforms, needs your BVN; for the disbursement of your authorized
loan, QuickCheck also needs your bank account number.
Site QuickCheck
App Features
Release: 4.3
Updated on June 23, 2021
Downloads: over a million
Size of Download: 16.25MB
Provided By: borrow money
Published on: July 5, 2016
Who is qualified?
Your credit score is used to assess loan eligibility after
you've registered and provided all the required information.
Pros
There is no need for guarantors or collateral.
Rapid distribution following loan acceptance, taking only a
few minutes.
convenient platform
Cons
a N200,000 maximum loan amount
up to 30% in high interest rates
12. C24 Loan
Another website where you can obtain an urgent loan in
Nigeria is C24 Loan. Their application form may be finished in under five
minutes, and you will receive application feedback very instantly.
They have a flexible repayment schedule, so paying them back
won't break the bank.
The loan platform states that it has provided credit
facilities totaling more than NGN 5 billion to more than 150,000 consumers.
Website C24
App Features
enables quick cash, personal loans, and business financing
Calculate loans
User-friendly and simple to use platform
Who is qualified?
Individuals and proprietors of businesses
People who live and work in Lagos are the only ones eligible
for personal loans.
Minimum age of 22 and evidence of stable income from your most
recent six-month bank statement
Good credit history and a working bank account for pay
Pros
Maximum loan amount of N1,000,000 is somewhat high.
Cons
Lots of paperwork is needed for application and
registration.
rather long time to disburse loans
13. Credit Loan
You have access to low-cost loans thanks to Fint Loan. Once
you register your business on the FINT employment model, this lending company
in Nigeria allows you the chance to borrow money for as little as 2% per month
to pay your rent, utility bills, medical expenses, and education expenses for
both you and your coworkers.
Good Website
App Features
An incredible tool for finding investors for your business
Who is qualified?
Lending is restricted to verified business owners.
Pros:
It provides a platform for companies to obtain
nontraditional investment.
Fint assists investors in finding high-value companies to
purchase and profit from.
Cons
long procedure of verification
Due to the fact that Fint is more of an investor than a
company platform, the level of competitiveness is extremely high.
14. Loan Specta
If you need an emergency loan in Nigeria, turn to Specta
Loan. The business provides three different lending packages, including:
MySpecta offers five-minute loans up to NGN 5 million.
SpectaScore is a tool for evaluating your credit and
predicting your net worth.
For obtaining business loans, use Specta4Business.
Website for Specta
App Features
Release 13.0.1
Latest Update: June 16, 2021
50,000+ downloads
Size of Download: 11.43 MB
Sterling Bank Plc is the provider.
Release Date: February 13, 2020
Who is qualified?
evidence of a consistent income within the last six months
Age requirement of 21
The applicant must have both a salary account and a BVN.
Pros
does not call for a guarantor or security
After loan approval, quick distribution of around five
minutes is required.
Customers with accounts outside of Sterling Bank are
eligible.
Loan amount is relatively big, up to N2 million.
Cons
high interest rate, ranging from 26 to 30% annually
15. Jumia Lending
Jumia developed this platform for quick cash loans so that
customers may get loans right away. The JumiaPay Android app on the Google Play
Store provides access to the Jumia loan.
Simply download the app, navigate to the "financial services"
area, and enter your information. If your request is granted, you won't need to
provide any security for the loan. Consider a Jumia loan the next time you're
trying to figure out how to secure a loan.
Jumia Lending
App Features
Release: 4.5.0
Accessed on: May 10, 2021
Downloads: over a million
Size of Download: 11.81 MB
Published on: September 8, 2017
Who is qualified?
You must fulfill the following criteria in order to be
eligible:
You must be in possession of a Jumia account.
BVN-enabled, operational bank account
Pros
does not call for a guarantor or security
simple application procedure
Quick time for payment
3.5% is a low interest rate.
Cons
Maximum loan amount is relatively little.
16. Loan Opay
This is a lending platform that is mostly known as the Okash
loan and is owned by the tech behemoth Opera. They have established themselves
as one of the leading loan providers in Nigeria right now.
Simply download the Okash mobile app, create an account,
enter your information, and wait for approval to get a quick loan. Within 24
hours, you'll receive your loan.
Loan Opay
App Features
Release: 1.3.8
Accessed on: June 9, 2021
Downloads: over a million
Size of Download: 11.86 MB
Blue Ridge Microfinance Bank Limited is the provider.
Posted On: November 28, 2019
Who is qualified?
The prerequisites for eligibility are:
The applicant must reside in Nigeria.
Candidates must be between the ages of 20 and 55.
possess a reliable monthly income and a good justification
for needing the loan.
Having a valid ID and BVN number
What are the app's benefits and drawbacks?
Pros
easy access to loans
Maximum loan amount is rather little at N50,000.
Cons
a significant annual interest rate of up to 36%
selecting the appropriate loan for you
Nowadays, there are an infinite number of loans available,
making it difficult for consumers to choose the best and most appropriate one.
Numerous elements, including the rate, tenor, and general terms and conditions,
must be taken into account when making this choice. The loanspot Africa
platform makes it easy to compare loans and suggests the best ones for you, which
simplifies the situation. To start now, just go to https://loanspot.africa/.
Questions and Answers
When it comes to instant internet loans in Nigeria, some of
the most common inquiries are as follows:
1. How do I become loan-eligible?
The lender often specifies the requirements for a loan. In
essence, all you have to do is go to their website and read the terms and
conditions for the specific loan you're interested in. Lenders typically
establish requirements based on income, credit score, assets, and collateral.
This means that certain lenders are less strict than others when it comes to
loan qualification, and Loanspot Africa is one of them.
2. Before disbursing a loan, what do banks examine?
Most banks begin by investigating your credit history and
rating. They then decide whether to approve your loan application based on how
shiny or unattractive it looks. They also take into account things like your
income, place of employment, possessions, net worth, and more. Each bank has
its own set of specific criteria that they take into account.
Loanspot Africa is the place to go if you need a platform to
obtain loans without onerous checks. They provide legitimate loans with the
fewest requirements and background checks.
3. What would happen if I was unable to repay the debt when
it was due?
Depending on your agreement, the specific penalty that
results from failure to repay at the appointed period will vary. The penalties
are often outlined in the loan terms and conditions and are implemented after a
default. Most lenders either raise interest rates or liquidate collateral.
The good news is that loanspot.com does not demand
collateral and does not resort to using force to collect repayment after the
deadline has passed. They operate a flexible repayment plan as a result,
ensuring that you practically never miss the due date.
4. What inquiries would I be subjected to when I apply for a
loan?
When you apply for a loan, lenders are free to inquire about
any aspect of your finances, business, or lending intent. These topics
frequently come up in the inquiries, which are crucial to the outcome of your
loan application.
However, contemporary lenders today, like loanspotafrica,
ask few questions and prioritize getting the loans to you as soon as feasible.
Conclusion
There are numerous additional ways to obtain loans without a
requirement for collateral. With platforms like Quickteller Loan, Page
Financials, and Palmcredit Loan, fintech companies are clearly in the lead when
it comes to accessing rapid loans and providing answers to the question, "Where
to borrow money in Nigeria." As the needs of the consumer changed
throughout time, they continued to update and improve their services.
Money can now be borrowed easily. We've included a few of
the best websites in Nigeria where you may apply for loans.
Yes, it is possible to obtain a loan in Nigeria without
putting up any security. Simply browse the list and select your chosen lender.
There are variations in the maximum amount you can borrow.
There are distinct borrowing caps for each lender.
Your loan request may be approved by some of these lenders
in as little as five minutes.
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