10 Online Loans With Monthly Payments in Nigeria

Introduction

In this guide, we will explore the top 10 online loans with monthly payments in Nigeria, perfectly suited for entrepreneurs looking to better manage cash flow. We will look at key features, interest rates, required documents and step-by-step application instructions for each platform. Whether you need capital to stock up on inventory, hire staff or simply cover operating costs, there is an online loan here that can meet your needs.

The financial landscape in Nigeria is rapidly evolving, with online lending platforms offering new opportunities for individuals seeking accessible financing. Getting approved for a personal or payday loan from traditional banks can be difficult due to strict requirements and lack of credit history. This is where online loans step in to provide easy and fast loan disbursement along with flexible repayment options.

The Rise of Online Lending in Nigeria

Online loans in Nigeria have steadily grown over the past decade, driven by increased internet and smartphone penetration. While traditional banks still dominate lending, fintech companies have tapped into digital finance to provide quicker and more accessible loans. Using technology and algorithms, online lenders can assess creditworthiness faster using smartphone data, reducing turnaround times from weeks to days or even minutes.

This has been a game changer for the unbanked and the banked who struggle to provide collateral or steady salaries required by banks. Online loans rely on alternative credit scoring models, using data like airtime purchase history, app usage and other metrics. This democratization of lending has allowed many Nigerians to access capital for the first time.

Top 10 Online Loans with Monthly Payments in Nigeria

Now that we've covered the benefits of online loans with monthly payments, let's look at the top lending platforms in Nigeria that offer this feature. We've ranked the top 10 based on loan amount, interest rates, repayment period, eligibility criteria and application process.

NOTE: Some of the application process and features on these platforms may have changed at the time of reading this article. We will constantly update this post to reflect future changes.

1. FairMoney

FairMoney offers instant loans between ₦1,500 – ₦500,000 with repayment periods from 91 days to 180 days. They have reasonable interest rates starting from 10% per month and offer flexible repayment schedules.

Features

1. Minimum loan: ₦1,500.
2. Maximum loan: ₦500,000.
3. Repayment period: 91 – 180 days.
4. Interest from 10% per month.
5. No paperwork or collateral required.
6. Instant disbursement into bank account.

How to Apply

1. Download the FairMoney app.
2. Provide personal details and BVN.
3. Get approved within 5 minutes.
4. Receive loan instantly.

2. Renmoney

Renmoney provides personal loans up to ₦5 million with 6–12-month tenors. They have an easy online application process with moderate interest rates.

Features

1. Minimum loan: ₦50,000.
2. Maximum loan: ₦5,000,000.
3. Repayment period: 6 – 12 months.
4. Interest from 1.33% per month.
5. Loans paid directly into bank account.

How to Apply

1. Go to renmoney.com.
2. Click on 'Get Started' and complete form.
3. Upload documents like ID, payslips, etc.
4. Get approved within 24 hours.
5. Receive loan disbursement.

3. Carbon

Carbon provides instant loans up to ₦1 million with flexible 3–12-month repayment periods. Interest rates are between 10-20% per annum.

Features

1. Minimum loan: ₦50,000.
2. Maximum loan: ₦1,000,000.
3. Repayment period: 3 – 12 months
4. Interest 10-20% annually.
5. Instant disbursement to bank account.

How to Apply

1. Download Carbon app and register.
2. Complete KYC verification.
3. Apply for loan and get instant approval.
4. Loan amount credited immediately.

4. Aella Credit

Aella Credit offers loans between ₦50,000 to ₦500,000 with flexible 1-12 month repayment plans. They use an AI-powered underwriting technology for faster approvals.

Features

1. Minimum loan: ₦50,000.
2. Maximum loan: ₦500,000.
3. Repayment period: 1 – 12 months.
4. Interest rate from 1.5% per month.
5. No paperwork or collateral.

How to Apply

1. Visit Aella Credit website and sign up.
2. Complete loan application form.
3. Upload requested documents.
4. Get approved within hours.
5. Receive loan disbursement.

5. Zedvance

Zedvance offers flexible loans up to ₦2 million with 6–12-month repayment tenors. Only BVN is required for instant approval decision.

Features

1. Minimum loan: ₦50,000.
2. Maximum loan: ₦2,000,000.
3. Repayment period: 6 – 12 months.
4. Interest from 1.16% per month.
5. Instant approval using BVN.

How to Apply

1. Download Zedvance app and register.
2. Provide personal and income details.
3. Get instant loan decision using BVN.
4. Receive loan amount in account.

6. Kiakia

Kiakia provides loans and advances up to ₦10 million with flexible 6-12 month repayment periods.

Features

1. Minimum loan: ₦100,000.
2. Maximum loan: ₦10,000,000.
3. Repayment period: 6 – 12 months.
4. Interest rate from 1.5% monthly.
5. Multiple loan products.

How to Apply

1. Visit Kiakia website and create account.
2. Fill loan application form.
3. Upload required documents.
4. Get approved within 2 days.
5. Loan disbursed to account.

7. QuickCheck

QuickCheck offers personal loans up to ₦3 million with 3-12 month flexible repayment tenors.

Features

1. Minimum loan: ₦50,000.
2. Maximum loan: ₦3,000,000.
3. Repayment period: 3 – 12 months.
4. Interest from 1.33% monthly.
5. Online application and fast approval.

How to Apply

1. Go to QuickCheck website.
2. Complete loan application form.
3. Upload KYC documents.
4. Get approved within 24 hours.
5. Receive loan disbursement.

8. Specta

Specta provides startup loans and working capital up to ₦5 million with 6-12 month repayment periods.

Features

1. Minimum loan: ₦100,000.
2. Maximum loan: ₦5,000,000.
3. Repayment period: 6 – 12 months.
4. Interest rate from 1.25% monthly.
5. Industry-specific loans.

How to Apply

1. Go to Specta website.
2. Fill loan application form.
3. Upload required documents.
4. Get approved within 2 days.
5. Loan amount disbursed to account.

9. Migo (formerly KwikMoney)

Migo offers personal loans from ₦2,500 to ₦500,000 with flexible repayment up to 180 days.

Features

1. Minimum loan: ₦2,500.
2. Maximum loan: ₦500,000.
3. Repayment period: 30 – 180 days.
4. Interest rate from 6% flat monthly.
5. Instant disbursement.

How to Apply

1. Download Migo app and register.
2. Provide personal details.
3. Get instant loan approval.
4. Loan amount credited to account instantly.

10. Quick Credit

Quick Credit provides personal loans from ₦5,000 to ₦100,000 with 30-day repayment period.

Features

1. Minimum loan: ₦5,000.
2. Maximum loan: ₦100,000.
3. Repayment period: 30 days.
4. Interest rate of 5% flat.
5. Fast online application.

How to Apply

1. Visit Quick Credit website.
2. Fill online loan application form.
3. Provide personal and income details.
4. Get approved within hours.
5. Receive loan disbursement.

Before you select which of the online loans with monthly payments you want to apply for, make sure to visit nairaCompare to compare interest rates, fees and requirements and select the loans that is best suited for your needs.

More Than Just Loans

The top online lenders provide more than just quick access to loans. Many offer free financial advisory services, credit counseling and tips on improving your credit score. For entrepreneurs struggling with multiple loans, debt consolidation plans can be customized to reduce interest costs by combining loans into one.

Make use of these additional resources offered on the lenders' websites or chatbots to strengthen your overall financial position.

Risks and What to Consider Before Applying

While online loans provide much needed access to financing, there are risks to weigh before applying.

1. Carefully read loan terms and conditions to avoid misunderstandings later.
2. Check if there are early settlement fees or prepayment penalties attached to the loan.
3. Research the lender’s credibility and license status before sharing your personal data.
4. Avoid borrowing more than you can repay comfortably based on your cash flow.
5. Compare interest rates and features across multiple platforms to get the best deal.
6. Understand how defaulting on repayments affects your credit score and future loan options.

Conclusion

We have explored the 10 leading lending platforms in Nigeria that offer online loans with flexible monthly repayment plans for individuals. Each caters to different needs based on loan amount, interest rate and eligibility criteria. Be sure to evaluate your financing needs, compare options and assess repayment capacity before applying.

Used responsibly, these online loans provide a lifeline for individuals to bridge income gaps and fuel growth during challenging times. The introduction of fintech has made personal and payday loans more accessible than ever in Nigeria.

FAQ

What is the minimum credit score needed for these online loans?

Most lenders do not require a credit score and rely instead on alternative credit scoring models. However, a score above 500 will improve your chances.

How quickly can I get approved and receive funds?

Instant loan disbursement within 24 hours is common amongst the top fintech lenders profiled above.

Are there prepayment penalties for early repayment?

No, most lenders do not charge prepayment fees allowing you to repay early without penalties. But do confirm this before applying.

Visit nairaCompare for more information on loans, savings and investments!