Top Online Loan Providers in Nigeria
Advent Tech looks at the top online money lending providers in Nigeria and how they work.
Very often a lot of businesses and individuals run out of cash and the process of getting loans from banks is usually very discouraging. What if I told you there are quick, easy and less frustrating ways to get loans online. The loans offered range from ₦1,000 to ₦4,000,000 on the various applications and most times they require no collateral, no paperwork, and little charges. Below is a list of top lending applications in Nigeria. (Take note that the list below is not based on any form of hierarchy).
With Carbon (formally called Paylater) you get quick, online loans in Nigeria without collateral. The platform also allows you to make bill payments, buy mobile airtime and invest money to earn interests. With Carbon, you can access up to ₦ 500,000 credit with no collateral. You can also apply 24/7 and receive funds in your account in as little as 5 minutes. On-time loan repayment gives you access to higher credit limits on your next loan. It’s quick, secure and works every minute of every day.
2. Branch:
The Branch Loan app is one of the fastest loan apps in Nigeria where you have access to amounts between ₦1,000 and ₦200,000 and it also works 24/7 without collateral. All you need to do is complete a form within a few seconds and you receive your loan in your bank account within 24hours. It is fast, convenient and reliable. The initial amount of loan allowed to be borrowed is for 30 days repayable over a period not surpassing a month.
3. Kwikmoney:
Kwikmoney lets you get an instant loan of up to ₦500,000 direct to your bank account. Typically the duration for the loan is 14 to 30 days, with interest rate between 5% and 15%. As you take loans and payback, the system trusts you more offering you higher amounts each time. No collateral or documentation is required. Kwikmoney also allows users to open an instant mobile account in a bank or microfinance bank and earn 10% annual interest. As users make deposits the system trusts them more and offers them higher loan amounts.
4. Renmoney:
Renmoney is a fintech lending company working under a microfinance banking permit in Lagos, Nigeria. They give loans to individuals and private ventures through their mobile app, contact center, agent network, and branches. They additionally offer market leading rates on Fixed Deposits and Savings accounts. Renmoney provides individual loans of up ₦4,000,000 with no collateral conveniently spread over 12 months with flexible repayment.
Aella Credit is another financial platform that makes it easier for individuals and businesses in Africa to gain access to financing. Aella Credit is a loan lender with direct integration with the Nigerian credit bureaus. The system also provides employee lending options for companies. The employee loan application process requires only the employee’s Name and ID number. Aella Credit uses a credit scoring algorithm to determine the creditworthiness of its users. You can start by taking your first loan, repay on time, and you’ll automatically be eligible for a higher amount on your next loan.
6. Kiakia:
KaiKai, also known as Mr. K, is a portable mobile application that gives you access to individual and private company loans and furthermore empowers savers to loan out money at negotiated interests. KiaKia uses digital forensics, big data and machine learning for credit scoring and risk assessment. This enables them manage their credit process to give out loans to both individuals and small businesses.
7. ALAT Loan:
ALAT is a financial app run by Wema Bank Nigeria, although it is designed to function as a digital bank for the bank, users can now apply for loans without paperwork, no visitation to any physical location and it takes a few minutes for the loan disbursement. You can borrow as much as ₦200,000.
8. Quickcheck:
QuickCheck is a modern lending platform for individuals and small businesses. With quickcheck clients can receive quick and readily available loans of up to ₦30,000 and below without any collateral for a duration of either 15 or 30 days. Loans from QuickCheck comes with interest at 1% daily interest rates for the number of days you will be holding the loan (30 days maximum).
9. Palmcredit:
Palmcredit offers loans of up to ₦100,000 in minutes via your phone. With PalmCredit getting a mobile loan is easy, all you need to do is apply for your loan limit in minutes, then take as many instant loans as you need without further approval steps. As soon as you repay, your credit score is updated. Repay on time and your credit limit grow to ₦100,000.
10. FairMoney:
With Fairmoney you can apply for loans of up to ₦150,000 to pay off bills or cover urgent personal/business needs. The application is quick and easy and loan repayments can be spread in multiple installments. If repayments are made on time users can get rewards such as access to higher amounts of money, discounts or flexible interest rates. They also have a few packages such as personal loans, education loans, business loans & more.
Author: Similoluwa Adelore | Editor: Yewande Odumosu
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