How To Get Loan In Minutes In Nigeria

How To Get Loan In Minutes In Nigeria

Are you Searching for a financial technology industry or money lending platform where you can get loan in minutes in Nigeria with out any stress? If yes, then this post is for you.

On this post we are going to be showing you some of the financial technology industries that gives out loans in minutes in Nigeria without collateral, less paperwork and no stress.

How To Get Loan In Minutes In Nigeria

Diverse from the commercial banks that offer loans with high interest rates, provision of guarantors or lots of paperworks and lots more, these money financial technology industries in Nigeria provides loans in minutes with out any stress.

Below is a list of some of the best financial technology industries that offers loan in minutes in Nigeria without any stress.

These are the top financial technology industries that gives out loan in minutes in Nigeria :

1. Zedvance

Zedvance Limited is a consumer finance company providing a quick and instant loan at a highly competitive rate.

For Zedvance, the interest rate depends largely on how well you can bargain and the level of risk involved in your loan. It is for salary earners in the country.

Zedvance’s quick cash loan, interest stands between 4.0% to 4.5% and loan amount largely depends on your net pay.

Using its loan calculator, a loan worth N70,000 for 4 months will attract N82,456 in total repayment

2. Aella Credit

Aella credit is an application instant loan platform. It is designed to help employees access more funds between 1,500 to 700,000 and an interest rate between 4% – 29% monthly.

Aella credit is available in Ghana, Nigeria and the Philippines.

3. Rosabon Finance Quick Loan

Rosabon finance is one of the fastest and easiest ways to get a personal loan in Nigeria without collateral.

On Rosabon platform, a loan of N70,000 for interest attracts a 4-month repayment of N82,915. That’s about between 4 to 6% per month.

Some of the requirements for getting a quick cash loan from Rosabon finance include being in a paid employment, between 21 and 58 years, have a salary account, have a pension account or tax ID, have a valid Proof of Identification and a recent utility bill.

4. kwikmoney

kwikmoney platform offers both internet based, application and USSD loan options. It partners with banks, technology companies mobile network operators. Kwikmoney goal is to make personal banking services convenient and accessible to all Nigerians.

On kwikmoney, you can get a loan as high as N15,000 at 15% interest rate for 15 days (half a month)

5. Renmoney

Renmoney customers 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.

For Renmoney quick loan request, a N70,000 loan would worth N83, 690 in four months repayment plan.

This implies a percentage between 4% to 4.5% per month.

6. FINT Loan

FINT helps match lenders (individuals looking to lend) with creditworthy borrowers for a competitive return and at an attractive interest rate.

The instant loan platform offers interest rate based on risk score using a numerical expression based on a level analysis of a person’s information.

Apart from this, like other lending platforms in Nigeria, FINT charges the borrower two fees that are both one-time payments. The first is a verification fee (NGN 3000) and the second is a closing fee (8%). The closing fee is to be paid before disbursement of the fully-funded loan. In addition, a transfer fee (1.8% + NGN100) is passed on to the borrower.

FINT interest rates range from 3% to 5% per month depending on borrower’s risk score.

Fint lending platform

7. Page Financials

Page Financials is an innovative retail financial institution offering various quick personal and salary advance loan to meet the financial request of customers.

On Page Financial, it takes six steps to request for 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 charge a one-off fee of N1,500 for the card valid for a period of 3 years.

The interest rate is accrue daily at 0.5% which is about 15% monthly on the loan card.

7. Paylater

Paylater is an instant online lending platform that offers short term loan without collateral for urgent needs and expenses.

Through Paylater, you can get a loan from N500,000 to N1 million at different interest rates between 5 to 12.6%. The loan is determined by the risk involved and cash activities via your BVN.

When I checked out Paylater app, I applied for a loan of N70,000, the system automatically generated N68,500 (meaning some charges of about N2,000 have been incurred). The system also pegged interest rate at 12% monthly for a four-month repayment plan at N25,345 per month.

This simply means I will return N101,380 to Paylater in April 2019 for a loan of N70,000 in January 2019.

 

You must have noticed that despite the quick access, providing of loans in minutes and collateral free loans, most of the financial technology industries listed above still charges a very high interest rates compared to your local banks.

Note: We are not endorsing any of the money lending platforms, make sure you make an in-depth research before committing to any of the platforms.

Feel free to drop your comments or questions below in the comment section!!!

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