How to Get Short Term Loans in Nigeria Within 24 Hours
Have you ever been stuck in that situation where you are expecting some money in a couple of weeks/days, but you need money now? Think about it. The last time you needed to quickly meet up with one financial obligation or the other, how did you raise money?
For salary earners and those with fixed income, it can be frustrating when you need money to pay for some urgent needs, but your payday is 2 weeks away.
Well, that’s why quick loans exist.
How Do I Get a Short-Term Urgent Loan in Nigeria?
Getting a short-term loan in Nigeria is quite simple. In fact, you can get a quick loan on the same day in Nigeria with the loan approved and disbursed into your account under 24 hours of you registering. Here’s how to get a quick loan in Nigeria.
O3 Capital
With O3 soft loans, you can get a loan to cover your immediate financial needs, whatever they are. The loans are available for both personal and business purposes and are given up to the tune of ₦2,000,000. The repayment plans are spread over 3–6 months and are flexible enough to accommodate your needs.
You can apply for a soft loan as a salary earner or as a business person and get your loan approved in a short while.
To get started, you’ll visit O3cards.com and fill out a loan application. You’ll also need to submit a couple of documents. The documents that you submit will depend on the kind of loan you’re applying for, that is, either a loan for salary earners or for a business.
Check the O3 Capital loan page for a complete list of all the documents that you’ll need to gather.
Once you submit all these documents, the risk department of the company goes to work. They’ll contact you within the day to let you know that your application is being processed.
Your application will be processed and approved within the day, provided you have submitted a completed guarantor form. After that, you’ll get a disbursement into your personal or corporate account, depending on the kind of loan you applied for.
The interest rate on the loans is 6% flat and can be repaid between 6 to 12 months
Aella Credit
Aella Credit is a Nigerian financial technology startup that provides easy access to funding and credit for Africans. Their main focus is on employee lending and empowerment for small businesses. They provide quick loans in Nigeria, and they can easily be accessed.
To get short term loans, all you need to do is download the Aella Credit app, fill in all the required details and update your profile by answering some questions about you.
Once that is done, Aella’s algorithm will calculate your creditworthiness, and you’ll see how much you are eligible to borrow. You can immediately apply for the loan amount you qualify for and get it disbursed to your account within 5 minutes or even less.
The loan amount that you will be eligible for will range between ₦2,000 to ₦1 Million depending on your creditworthiness
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Carbon (Formerly Paylater)
Carbon, formerly known as Paylater, is an online mobile lending platform available in Nigeria. They provide short term loans to meet up with unexpected expenses. To get started, download the Carbon app from the Google Play store.
Once downloaded, you’ll create an account within minutes, and you’ll get instant access to credit. Of course, the credit that you have access to depends on your creditworthiness.
Carbon charges interest rates of between 1.75% to 30%, with an equivalent monthly interest rate of 1 to 21% and a repayment term of between 4 and 64 weeks
You should note that when you pay your loan on time, you qualify for even bigger loans. Therefore, try to repay your loan before the due date to gain access to even bigger and better loan and credit opportunities
