Most often, many individuals and business owners might need some extra-cash to in handling some financial issues around them. In times like this when all means of getting money has been exhausted, the best alternative is to consider getting a quick and easily affordable loan online.
The process of accessing quick loans in Nigerian banks is quite lengthy and tedious for any individual that is only looking to access a small amount of loan for only a short period of time.
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.
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.
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.
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.
4. Kwik Cash (Mines)
Kwik Cash offers both internet-based, app and USSD loan options. It partners with banks, mobile network operators, and technology companies on a mission to make personal banking services convenient and accessible to all Nigerians.
On Kwik Cash, you can get a loan as high as N15,000 at 15% interest rate for 15 days (half a month)
5. Rosabon Finance Quick Loan
Rosabon finance is one of the fastest and easiest ways to access a personal loan in Nigeria without collateral.
On Rosabon platform, a loan of N70,000 for interest attracts a 4-month repayment of N82,915. That's about between 4 to 6% per month.
Some of the requirements for getting a quick cash loan from Rosabon finance include being in a paid employment, between 21 and 58 years, have a salary account, have a pension account or tax ID, have a valid Proof of Identification and a recent utility bill.
Zedvance Limited is a consumer finance company providing a quick and fast loan at a highly competitive rate.
For Zedvance, the interest rate depends largely on how well you can bargain and the level of risk involved in your loan. It is for salary earners in the country.
Zedvance's quick cash loan, interest stands between 4.0% to 4.5% and loan amount largely depends on your net pay.
Using its loan calculator, a loan worth N70,000 for 4 months will attract N82,456 in total repayment.