Looking for where to get an online loan in Nigeria quickly? A loan is a financial instrument that helps you to meet financial targets or obligations. While most lenders will often require a form of collateral for security purposes before they give out loans to ensure payment, there are a variety of sources that don’t require collateral.
This is because not every Nigerian or Nigerian business can tender collateral as access to a loan. Fortunately, for such kinds of individuals, businesses there are many loan options that do not require putting up collaterals.
In this article, we will discuss where to get an online loan in Nigeria to grow your business, meet a personal need or financial target.
I have outlined 15 places to get an online loan in Nigeria and they are as follows;
- Fast Cash
- Quick Check
- Aella Credit
- Quick Credit
Let’s quickly hit the nail on the hammer wasting no time by telling you how these platforms work.
Accessing personal loans have taken a different dimension over the years but the basic requirement to get an online loan in Nigeria usually will include:
- Valid bank details and BVN
- 5% to 58% interest payment
- 15 days to 1-year tenure payment
- Cash or direct transfer repayment channels
Below are 15 platforms that offer online loans in Nigeria that you can assess easily and hassle-free.
Smedan is a government-backed initiative that offers quick and easy business loans to Nigerian SMEs in need of financing. This in line with the organization’s core mission, which is to promote entrepreneurship among Nigerians and provide capital to start businesses. If you are a Nigerian salary earner with the Federal Government looking to access an online loan, this is a good option for you.
Lidya offers online loans in Nigeria to both individuals and organizations. If your loan needs are between $500 to $15000, the platform offers small and medium-sized businesses with unsecured loans of that amount. This platform uses a complex system of algorithms and technology to access the risk associated with granting loans before offering them to customers.
- Fast Credit
Fast credit offers business loans to micro, small and medium-sized enterprises to support business growth. However, these loans are backed by guarantors and are only for a period of six months for those who meet the criteria. Fast credit is a trusted way to get an online loan in Nigeria should the need arise.
Specta grant loans of up to 5 million naira on just one transaction online! You do not need collateral, paperwork or visit to any office. With Specta, you can access two loan plans; MySpecta, which offers individual online loan services and Specta4Business, which is for corporate and business owners who need access to quick loans.
- Quick Check
Quick check is a money-lending platform that is based on mobile technology and is focused on lending to individuals and small businesses. Users according to the platform can access loans of up to 30,0000 naira without any collateral for the duration of 15 to 30 days.
This is a microfinance institution that understands the need for small cash hence its commitment to providing quick cash and loans. The mission of C24 is to create an avenue for people to access the opportunities around them that need quick financing and to help these individuals bypass the stress associated with other financial loan institutions in Nigeria.
With kiakia.co, you can get money “kiakia” which is the Nigerian word for “fast”. According to the owners of these platforms, their solution is easy and fast while managing to maintain efficiency and effectiveness.
With its digital moneylender for Nigerians, Kiakia uses a complex system of algorithms to determine the Nigerian businesses they can loan money. Many individuals and SMEs have benefitted from their scheme and if you are looking for where to get money online in Nigeria, then this can as well be your first stop.
As the name implies, you pay later when you apply for a loan with this easy and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria. Carbon helps you access up to 500,000 Naira loan with no collateral. Once your application has been approved, your funds should be in your account within 1-3 business days.
To further access loans on this platform, it is advisable that you pay back loans on time to grant you access to higher credits for your loan should you want to apply for one next time.
- Aella Credit
Aella Credit is aiming at building a platform that makes it increasingly easier for Africans to gain access to financing. They do this by mainly focusing on employee lending and empowerment and are credible because they have been associated with the three main bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.
Aella’s algorithm, which was built by a team of highly experienced people who were gathered over five years of market data and analysis.
If you are frustrated and considering selling your cherished valuables to meet urgent financial needs, Loan35 is the savior you need. Access quick cash loans in Lagos using your car or jewelry in just 35 minutes. In three simple steps, you can get the money you need with loan35 by applying online at Loan35.com, verifying your collateral, and receiving your online loan.
Pettycash is a lending firm with customers in the 36 states of Nigeria. While they do not have branch offices yet, they are a digital platform that allows Nigerians to loan money online. Their services are mainly focused on instant loans to salary earners in Nigeria through their employer or individually.
Creditdirect Limited is a leading innovation-driven financial services company based in Lagos that pioneered unsecured micro-lending space in Nigeria and is currently positioned to be the dominant market leader in the country and beyond.
They are particularly known for providing quick turnaround loans with little documentation and also their top-notch customer service.
If you are in dire need of money, this may be an option for you to loan money online in Nigeria.
Zedvance offers loans at a 7.5 to 58%interest rate on a web android platform. Loan tenure may take any period from 1 to 12 months with the loans being either nano or salary loans. While the nano loans do not require much documentation, salary loans require proof of employment, means of identification, and utility bill.
Branch requires some information on your phone to decide whether or not they can grant you a loan. Loans on Branch are typically repaid at an interest rate of 20% in four weekly installments. If you wish to apply for a loan with Branch, you will have to download their mobile android app and while you are at it, remember that they do not accept multiple loans at a time.
- Quick Credit
Quickcredit is Guaranty Trust Bank’s loan platform. To access this loan, you must have an active GTB account and proof of regular income. Users can access loans from 10,000 to 5 million naira with a repayment period of six months to one year.
GTB is one of Nigeria’s leading banks, hence if you need to secure an online loan in Nigeria; you should consider opening an account with them especially if you do not have one at the moment.
These are our top picks on where you can get online loans in Nigeria with little or no stress. Also, they are very efficient once you follow their procedures adequately.
We hope this info will help you make a decision when next you need an online loan and seem not to know which loan institution or platform to pick.
Also, read How to Get Money to Start a Business in Nigeria
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