7 Quick loan companies in Nigeria that disburse within 24hrs
Have you ever been in a situation where you needed quick loan so badly? Is your story similar to mine?
It was the 15th day of the month, I had just 2 days left to my 20th birthday and my total net worth at that moment was N5,000.
Although I had been saving towards my birthday since 6 months earlier but I had to send all the money I had to my mum who suddenly fell ill and needed urgent medical attention.
Salary wouldn’t be paid until the 30th day of the month and I definitely had to celebrate my birthday because I already invited all my friends for my birthday party and I would also be needing money to take care of myself for the rest of the month, the only option I had was to borrow money till when I received my salary.
Unfortunately, none of my friends could come to my aid they were all giving me one story or the other, so I had to start searching for another way out.
I thought of visiting my bank to request for a loan but I remembered how stressful it was when I tried it once and I ended up not getting the loan then even after filling a lot of paper and queuing at the bank for almost the whole day.
Then I decided to search through the internet for online quick loan companies in Nigeria that give quick loan within 24 hours and a couple of results came up.
From the search, I realized that most of these companies offer easy, cheap and quick online loans as against the usually stressful, paperwork-filled and high-interest rate loans that most commercial banks offer but I needed to choose the quickest and cheapest of them all to avoid see finish.
If your story is similar to mine and you have ever needed where to get an urgent loan in Nigeria within 24 hours, then this article is for you. Even if you feel like you don’t need a loan now, you should still read this because even Dangote has to take loans sometimes — you don’t know when you will need this information.
Well, in my own case celebrating my birthday was the most important thing to me at the time and it was all I needed the quick loan for. Your case may be different. Yours could be business, investment opportunity, accommodation or school fees.
I’ve needed for loan several other times after this experience and this has allowed me to try out different platforms. So, yes I have experience. The result of that experience is this article.
From my experience, I would be sharing 7 platforms that offer quick loan online in Nigeria and ho they work.
1. O3 Capital Nigeria Limited
O3 Capital Nigeria Limited (O3 Cards) is a financial service institution that offers online quick loans, credit cards and funds management.
The online quick loan platform enables salary earners and small Business owners borrow up to 2 million Naira without collateral to settle urgent needs and expenses.
This platform is highly recommended due to positive feedbacks from some of their satisfied customers. Also, because they have one of the highest quick loan offers with cheap interest rate. And guess what — they require no collateral, except for loans above 1 million Naira.
They process loan applications online within 24 hours or less and you can get your loan the same day.
Depending on the type of loan, disbursement can be made into your personal, business or Corporate account.
Their interest rate is 6% flat and the payment is spread over 3–6 months.
You can apply here.
Just to clear the air, they were the one who helped me to avoid see finish during my birthday and till the end of the month before my salary was paid.
2. Aella Credit
Aella Credit is an app-only quick loan platform for Africans. Individuals who can prove a source of income can access funds between N1,500 to N700,000 with an interest rate of 4% — 29% monthly.
To apply for a loan from them, visit their website.
3. Carbon (formerly Paylater)
Carbon is a mobile online lending platform that offers up to 1 million Naira loan at an interest rate between 12% — 15%.
The loan repayment period ranges between 3–12 months and a service fee is incurred once a loan request is placed.
Visit Carbon website to apply.
4. Branch Loan
Branch is a quick loan app that focuses more on small business owners. Their loans range from 1,000 Naira to 20,000 Naira and the repayment is every week. That means every week you have to pay a certain amount and complete it within four weeks.
Their interest rate ranges from 15%-34%
To apply for their loan, download their app here.
5. Page Financials
Page Financials is a retail financial institution offering various quick loans.
It takes six steps to request for a loan on their online platform and the first one is inputting your BVN details.
Page Financials offers a daily rate of 0.5% which accrues on its Debit card issuance and this totals to a 15% monthly interest rate.
The company also charges a one-off fee of N1,500 for the debit card called pledge finance, this is where the money lent is preloaded on.
They lend up to 500,000 Naira monthly and payment can be made over 3–12 months.
You can apply here.
6. Lidya
Lidya is an online Loan platform that is focused mainly on providing finance for small and medium businesses.
They use technology and algorithms to assess the risk before granting their loans.
Before a business can apply for the loan, it has to be duly registered and must have been in operation for 3–6 months.
For further information and application, visit Lidya website.
7. FINT Loans
Unlike other online quick loan platforms, FINT is a loan marketplace that matches lenders (people who want to lend their money out) that are looking for the high returns with creditworthy borrowers.
FINT offers loans between 20,000 Naira to 1 million Naira with fixed return terms of 3,6 or 12 months. There is no collateral required for the loan.
For further enquiries on how it works and application, visit FINT website.
Conclusion
While it makes sense to be in a hurry when you need loan, you also should think of paying back. This is why you should also look closely at the interest rate before applying for a loan anywhere.
Most of the companies listed above have reasonable interest rates. However, with a flat rate of 6%, O3 Cards appear to be the most reasonable and economically friendly. This explains why, among other reasons, it sits at the top of this list.
