Sometimes, getting the best loan offers means taking time to compare the top, most promising providers. In a nutshell, loan terms and costs can vary widely from lender to lender. To find the best deal, you need to compare such items as interest rates, fees and terms before you make a decision.
There are several kinds of loans out there, but the most popular of them is personal loans. They are easy to acquire, come with less paperwork and can be paid in installments.
Know the process
Getting a loan from any app in Nigeria is easy and takes just a few steps. While the process may vary with the different apps, the basics are pretty much the same.
- Download the app
- Create an account
- Fill out the necessary information
- Upload the required documentation
- Apply for your desired loan
- Wait for a review
- Get credited with funds, if approved.
While waiting, it is important to ensure that your credit score is on point. nairaCompare can help you evaluate your credit score to know if you are credit worthy.
Loan terms to note
In trying to get the best loan offer, there are some loan terms you need to familiarise yourself with. These will help you find the right loan for your budget and circumstances. When you’re borrowing money, you want to find a loan that meets your needs at the most affordable terms. Some of the keywords to look out for include but are not limited to the following.
- Interest rate and APR (Annual Percentage Rate)
- Loan term
- Monthly Payment
- The total amount
Having familiarised yourself with these terms, you can then launch into the search for a loan offer that best suits your need. However, because there may not be time for you to scout the net, nairaCompare has taken that burden off you. Below, in no particular order, are 10 of the best loan providers that will credit you with funds within minutes.
1. Carbon Loan
One of the best-known instant loan providers in Nigeria, Carbon offers its customers loans whenever they need them. Carbon offers affordable, collateral-free loans which can be used to grow your small business or fix personal emergencies.
With an app that is available all day round, borrowers get funded in minutes and can access up to ₦1,000,000. With Carbon loans, borrowers do not need guarantors or any form of paperwork to be able to access them.
As an added advantage, the platform rewards borrowers with cashback on interest paid once they repay on time. By making payments on time borrowers also stand a chance to unlock higher loan amounts and lower interest rates.
2. Kuda Loan
Although relatively new to the Nigerian market, Kuda, which morphed into a Microfinance Bank, has gained popularity in the Nigerian financial market. As with others, it also offers instant short-term loans without paperwork.
At a 0.3% daily interest, Kuda offers its short-term loans, dubbed ‘Kuda Overdrafts’ to those who regularly maintain their account on its platform.
As a bank. Kuda’s loan facility is linked to the borrower’s account and will allow them to withdraw money in excess of their available balance, up to a stipulated limit.
This overdraft usually comes with a 90 days tenor beginning from the date on which the amount is credited into the Borrower’s account.
With a daily 0.3% rate, Kuda loans usually have a cooling-off period which means that borrowers can decide to reject the terms of the loan within a period of three business days from the date of receiving it. Borrowers will not be charged any fees for this withdrawal.
3. Branch Loan
Branch designs its loan process to fit the needs of its borrowers. As is the standard practice, borrowers who build credit with Branch are able to unlock larger loan amounts.
Branch also offers little or no paperwork and its loan approval process can take anything from minutes to as long as 24 hours.
It offers flexible withdrawals so that borrowers can access their money anytime, anywhere.
With no late fees or rollover fees, Branch offers loans from ₦2,000 to ₦500,000. Loan terms range from 9 – 52 weeks. Interest ranges from 17% – 40% with an equivalent monthly interest of 1.5% – 20% and APR of 18% – 260%, depending on your loan option.
4. FairMoney Loan
As a loan service provider with a lot of competition, FairMoney promises its customers that loan decisions are provided within 15 seconds and, if approved, the applicant receives funds within five minutes.
Its loans are delivered via its Android mobile app, with lending decisions provided almost instantly.
It also offers loan amounts from between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30%.
5. Migo Loan
With no documentation or collateral required, borrowers on the Migo Loan app can receive their funds in two minutes or less. The platform also offers interest as low as 5%.
Migo describes itself as an embedded lending platform that enables companies to extend credit to consumers and small businesses in their own apps.
Migo builds proprietary algorithms to assess credit risk using the company’s data and then automates credit facilities via a cutting-edge cloud infrastructure, simplifying the complex world of lending with a simple API.
Migo also expands economic access by enabling credit for populations ignored by traditional credit bureaus, in many cases providing life-changing opportunities to lower-income customers.
Migo is headquartered in San Francisco and currently operates in Nigeria and Brazil.
6. Aella Loan
With over 10 years of doing business in Nigeria, Aella offers loans to individuals and businesses while seeking to grant credit access to the unbanked and underbanked. Whether the funds are for personal use or business use, Aella assures a guaranteed loan in five minutes.
Its application process is simple. Download the Aella app, create an account by filling in all required fields accurately, check your eligibility and borrow the amount that works for you. Factors that determine one’s ability to get a loan include credit history, bank details, location, and more.
7. Alat by Wema
Alat By Wema is a digital virtual banking platform that offers the majority of its services online. Its services range from creating savings plans to giving out loans.
By using the platform, borrowers are offered the full banking experience but from the convenience of their phones.
Alat Instant loan in Nigeria is designed and structured to help people with urgent needs and it is clear in the repayment period including the loan interest rate.
With Alat Instant loan, salary earners are able to receive a minimum of ₦50,000 and up to ₦4,000,000 within hours and will have between 3 to 24 months to pay back with only a 2% interest rate per month on a reducing balance basis.
8. Palm Credit Loan App
Palmcredit offers flexible loan products within minutes. Owned and developed by Newedge Finance Limited, Palmcredit provides instant online personal loan to new and old borrowers up to ₦300,000.
The loan app uses the interconnected relationships between itself, telcos, and banks to provide convenient and instant credit to its users without any paperwork or collateral.
Applying for a Palmcredit loan is arguably one of the simplest things you can do with your smartphone. However, before you get anything from them, you must have some things in place. The following must be really available before you can get an instant Palmcredit loan.
Borrowers on the Palmcredit app are expected to have an active bank account, a Bank Verification Number (BVN), and a smartphone and must be 18 and above. Once the loan request is approved, borrowers get an instant bank credit alert.
9. OKash Loan
One of the many promises Okash Loan makes to its numerous customers is its ability to deliver a fast loan approval.
Okash is Opay’s automated lending service focused on increasing access to credit to financially under-served/excluded individuals in Nigeria.
For borrowers on the Okash platform, loan decisions are provided within 15 seconds and if approved, the applicant receives funds within five minutes.
OKash platform says that it allows a maximum period of 24 hours from the moment of disbursement within which the loan can be cancelled.
10. Credit Direct “Sharp Sharp” Loans
Unlike the others, Credit Direct does not operate via a mobile app. Its services are rendered via the web.
Credit Direct Limited is a leading financial services company based in Lagos, Nigeria with branches spread across the Country.
The company is said to have pioneered the unsecured micro-lending space in Nigeria. Its services are based on a partnership with employers to provide friendly innovative loan and investment products. To capture a broader market, Credit Direct launched the Emergency/Payday Loans, otherwise known as Sharp Sharp Loans.
Sharp Sharp Loans offers quick emergency funding without collaterals for salaried workers; Federal and State government ministries and parastatals.
Disbursement of cash is the same day upon submission of complete documentation. It doesn’t require any pre-liquidation charges and the loan tenors range from one to 12 months.
While the lenders make sure to do their due diligence before giving out a loan, you as a borrower owe it to yourself to extend the same favour.
Before taking a loan, be sure to guard against the activities of illegal loan platforms.
Having gone through the various loan app platforms and settled for one, be sure to check for authenticity before taking that step.