About Best Loan Lenders In Nigeria
Financial technology companies are disrupting the lending industry and some of them offer quick, easy and cheap loans with no collateral. Unlike the traditional banks that offer loans with high interest rates,...
Financial technology companies are disrupting the lending industry and some of them offer quick, easy and cheap loans with no collateral.
Unlike the traditional banks that offer loans with high interest rates, journey-of-no-return paperwork or requirements as well as provision of guarantors among others, these fintech companies, otherwise known as lending platforms provide loans in simple and effective ways.
Notably of mention is Kwik Cash that offers loan on USSD platform in partnership with banks, technology companies. Kwik Cash is one of the most effective and convenient ways of getting quick and instant loans in Nigeria. Others also offer instant loan via mobile apps and websites.
Business Insider Sub-Saharan Africa looks at some of the most popular loan lending platforms and their interest rates for consumers to make an informed decision while taking quick, instant and cheap loans in Nigeria.
These are the popular loan lending platforms in Nigeria at the moment:
1. Paylater
Paylater is a quick 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.
Here's a screenshot from the app:
Paylater lending app Paylater
Paylater lending app
Requirements: BVN, Passport photograph and address
Platform: Mobile App
Interest rate: 12 - 15% (Depending on risk level)
Loan tenure: 3 to 12 months
Top up: No
Repayment channels: Direct debit
2. 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 % between 4% to 4.5% per month.
Renmoney lending app renmoney
Renmoney lending app
Requirements: BVN, Bank statement, Valid ID card, Employment letter
Platform: Internet
Interest rate: 4 - 5%
Loan tenure: 3 to 12 months
Top up: No
Repayment channels: Quickteller, cheque, POS, Cash and Online transfers.
3. Aella Credit
Aella credit is an app-only easy and quick 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.
Aella lending platform aella
Aella lending platform
Requirements: BVN
Platform: Mobile App
Interest rate: 4 - 29%
Loan tenure: 1 to 2 months
Top up: No
Repayment channels: Direct debit
Previous Versions
Here you can find the changelog of Best Loan Lenders In Nigeria since it was posted on our website on 2019-11-06 11:47:37.
The latest version is 1.0 and it was updated on 2024-04-19 22:54:01. See below the changes in each version.
Best Loan Lenders In Nigeria version 1.0
Updated At: 2019-08-15
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