Online Loan Platforms In Nigeria And Their Interest Rates

online loan platforms

Online loan platforms in nigeria and their interest rates as published on so many media platforms

The most popular loan lending structures compete with a number of activity rates.

Financial technological know-how corporations are disrupting the lending enterprise and some of them provide quick, convenient and cheap loans with no collateral.

Unlike the ordinary banks that offer loans with high interest rates, journey-of-no-return paperwork or necessities as properly as provision of guarantors among others, these fintech companies, in any other case regarded as lending structures grant loans in simple and tremendous ways.

online loan platforms

Notably of mention is Kwik Cash that gives mortgage on USSD platform in partnership with banks, technology companies.

Kwik Cash is one of the most nice and convenient approaches of getting quick and immediately loans in Nigeria. Others also provide immediately loan by means of cellular apps and websites.

Business Insider Sub-Saharan Africa appears at some of the most famous loan lending structures and their hobby charges for customers to make an knowledgeable selection whilst taking quick, instant and low priced loans in Nigeria.

These are the popular loan lending platforms in Nigeria at the moment:

online loan platforms

1. Paylater

Paylater is a speedy on-line lending platform that provides short time period loan besides collateral for urgent desires 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.

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.

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.

Requirements: BVN
Platform: Mobile App
Interest rate: 4 – 29%
Loan tenure: 1 to 2 months
Top up: No
Repayment channels: Direct debit

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)

Requirements: BVN
Platform: USSD, Mobile App
Interest rate: 15%
Loan tenure: 1 month
Top up: No

Repayment channels: Direct debit

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