Quick Loan in Nigeria: Most often, we require extra funding or capital in terms of business loans to expand or keep our business going. When all other means of raising fund for your business has been exhausted, the best alternative is to consider getting a business loan.
Loans from traditional lenders are constrained for low income and self-employed consumers due to high-interest rates, short loan maturities, strict documentation requirements, and the inability to provide collateral.
Loans play an important role in stimulating the Nigerian economy due to the relatively under-developed capital markets. While most of these platforms claim to offer quick loans without any collateral, it is advisable to carefully study their Terms & Conditions (T&C) before throwing in an application.
Whatever may be the kind of loan, all have full-fledged facilities. All kind of loans has its own importance. Above all, the need for money explains the importance of . Applying for a loan is very easy.
Apply for that loan whichever is needed to you. But before applying you should go through different lender’s policies and apply for that lender which is beneficial for you.
What is a Loan?
A loan is when you receive money from a friend, bank, or financial institution in exchange for future repayment of the principal, plus interest. The principal is the amount you borrowed, and the interest is the amount charged for receiving the loan.
Since lenders are taking a risk that you may not repay the loan, they have to offset that risk by charging a fee – known as interest. Loans typically are secured or unsecured. A secured loan involves pledging an asset (such as a car, boat, or house) as collateral for the loan.
1. Renmoney
Renmoneycustomers can get loans up to N4,000,000 that can be repaid within a period of nine months without tendering collateral or a guarantor.
To apply for a loan on Renmoney, you’ll have to meet certain conditions. Applicants are expected to be between the age of 22-59, have a steady source of income with a functional current or savings bank account and a valid means of identification.
Upon request, the applicant is expected to provide verification of their monthly income and a report of their previous loans from a credit bureau. All these are to be submitted to any Renmoney office for confirmation.
2. Chase Microfinance Bank
Chase Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Nigeria. This is for entrepreneurs, traders and students to access for existing businesses.
Microlending is the provision of financial services for people who don’t have access to traditional financial services such as banks. The loans are aimed at individuals who were previously considered “unbankable” by larger banking institutions.
3. Page Financials
Page Financials is an innovative retail financial institution offering various quick personal and salary advance loans to meet the financial request of customers.
On-Page Financial, it takes six steps to request a loan and the first one is inputting your BVN details. For its loan, Page Financials offers a daily rate of 0.5% which accrues on its Debit card issuance also known as Pledge Finance.
Pledge Finance debit card is a preloaded with up to N500,000 depending on your net monthly income. The company also charges a one-off fee of N1,500 for the card valid for a period of 3 years.
READ ALSO: Best Quick Online Loans in Nigeria Without Collateral for 2021
4. Cedar Microfinance Bank
Cedar Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Nigeria. Cedar Microfinance Bank group-based loans are loan facilities designed for micro-enterprise operators, who do not have conventional collateral.
These are up to ₦200,000 and have a short tenor. To supplement collateral requirements, the loans are secured partly by cash and partly by group guarantees. To access these types of loans one has to be a member of registered and unregistered groups of 5-30 members.
Group lending is where individuals borrow in the group by use of a co-guarantee mechanism and any other appropriate securities accepted by the bank.
5. Credit Direct
Credit Direct is an online moneylender that provides Payroll based consumer loans to eligible individuals through their employer. The amount borrowed is then deducted from your monthly salary.
Their minimum loan amount is N100,000 and the upper limit for a new customer is N2,500,000. The size of the loan and interest rate charged is determined by data provided by your employers such as salary, length of service, and position.
The loan can be up to 50% of your Monthly Salary and the loan tenor is from 3 months to 6 months. Once you decide on the amount you want and you have set up your repayment schedule money is sent to your salary bank account instantly.
6. KiaKia
KiaKia is a moneylender that provides direct personal loans at flexible rates, and also match borrowers with individual or corporate lenders at mutually-agreed rates. They offer loans from N10,000 and N200,000 for a minimum duration of 7 days and a maximum of 30 days.
Responsible borrowers who earn financial responsibility trust points over a period of time will be able to access much bigger amounts at longer tenure and more flexible interest rates.
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StudentsandScholarship Team.
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