Occasionally, we all have urgent financial obligations that cannot wait for payday. Sometimes, the failure to meet such urgent expenses may have far-reaching consequences. Yes, support from families and friends, either as loans or gifts may help to solve such urgent needs, but sometimes that traditional help won’t come, or you may not even want to expose yourself unduly. So, you just need to borrow from lenders, who can promptly provide quick loans to meet your need. Whether it is to meet unexpected expenses like stocking up inventories in your shop, paying school fees or hospital bills, or taking advantage of an investment opportunity, everyone sometimes needs to access cash very quickly to meet a need. While there are many lenders in Nigeria, including banks and Fintech, very few can be trusted to avail you of a loan within 24 hours. Some spend days if not weeks or months reviewing your application, with no assurance as to whether or not they would grant you a loan. So, you need to be sure of the lender you are approaching when you need the loan quickly – time is of the essence!
Many lenders insist on getting collateral before disbursing loans to customers. You cannot blame them for being careful and making sure they have something to fall back on if the customer does not pay back the loan. Often, it is an unnecessary request, especially for someone who wants to access a loan quickly. Some borrowers do not have assets that can be pledged to the lender as collateral but even those who have would not be able to pledge such assets to access a quick loan given time constraints. So, you do not just need a lender who can avail you of a loan quickly but also a lender who can do so without collateral.
Yes, several lenders can be fast at appraising your loan request and may be ready to give you a loan without collateral but with conditions. The fact that you need the loan urgently does not mean a lender should take advantage of your situation like “loan sharks,” who lend to customers at an extremely high rate and onerous terms. Many times, once people need quick cash, they feel stranded and surrender their right to negotiate with the acclaimed “messiahs,” who offer quick loans at the worst terms anyone should not dare consider. You are not a beggar and only beggars cannot be choosers. Since it is a loan, and you would be paying back with interest, it is no free lunch. You deserve the best terms. It is bad enough that you have an urgent cash need, why would anyone make the situation worse by offering unfair terms to you. That is why nairaCompare has got you covered, to search for the lender whose terms best suit your need. nairaCompare is not just about the cost or interest rate on the loan but also repayment terms, required documentation, and turnaround time.
Whilst you may feel stranded, many lenders are also stranded looking for good borrowers like you. All you need is to visit the loan “Supermarket” – nairaCompare, where great lenders meet good borrowers. You get to review different terms for quick credit from different lenders and decide. So, let us have a glimpse at the top lenders offering quick credit without collaterals:
Powered by United Bank for Africa Plc (UBA), Click Credit is a quick loan that can be accessed through the bank’s mobile or online banking application. Customers can also apply through the bank’s ATM or USSD (*919#). Customers can access a minimum of ₦50,000 and a maximum of ₦ 5 million, depending on the account profile of the customer. The loan, which is processed and disbursed within 24 hours, can be paid back between one and twelve months and attracts an interest rate of 1.6% per month or 19.2% per annum. Notably, to qualify for the loan, you would need to ensure that you receive at least ₦25,000 into your UBA account every month.
This is a FinTech-styled application powered by Wema Bank. It grants up to ₦ 4 million quick loans with a repayment period between six and twenty-four months. Alat charges a 2.0% interest rate per month or 24% per annum. An important thing to note is that the Alat loan is for salary earners, unlike UBA Click Credit which is open to any customer.
This is a microfinance institution that offers a minimum of ₦30,000 and a maximum of ₦5milllion. However, unlike UBA and Alat, whose lending rates are fixed at 1.6% and 2.0% per month respectively, Renmoney uses a risk-based pricing model, and the interest rate can be as low as 2.6% per month or as high as 5.3% per month. The minimum tenor of the loan is one month whilst the maximum duration is twenty-four months. A customer only needs to provide a valid means of identification, such as an international passport, driver’s license, or voter’s card, in addition to a valid bank account number in which the funds would be disbursed.
This is a microcredit offer from Zedvance microfinance. It offers quick credit of ₦2,500 up to a maximum of ₦100,000 at 2.9% per month. Borrowers can pay within one month but can extend the repayment period to sixteen months. The only thing you need to access the loan is a valid bank account and your online application. The rest of the story is that the cash would be paid to your account the same day!
This is a quick loan at a 4.0% interest rate per month. You can access a minimum of ₦1,500 and a maximum of ₦ 1 million and can pay back between one and three months. You only need a valid bank account to qualify, and you get the loan the same day you applied without any documentation.
This is a technology-based microfinance bank that offers a minimum of ₦100,000 and a maximum of ₦2.5millon credits for a maximum period of 12 months at an interest rate of 5.0% per month. Whilst the loan is suited for salary earners, other customers are also considered for the loan.
Interestingly, you can compare the terms of the loans and access them through nairaCompare.
Besides the above lenders, there are other quick loan providers such as Fairmoney and Money in Minutes, which offer quick loans. The best way to ensure you are getting the loan from the right source is to do a comparison of the terms on nairaCompare. Every savings you can make on the interest matters, so do not rush into getting a loan without comparing with alternatives available in the market. You may just be saving yourself a lot of cash and headache by choosing the right loan!