Looking for trusted loan companies in Nigeria? Learn about the best platforms to secure quick loans with no stress.
You would agree that the conventional salary given to individuals is not enough. One needs to possess multiple streams of income to survive in Nigeria. Unfortunately, not everybody can boast of this. Some rely on solely one means of income, which can be detrimental.
However, there is good news! As a means of supporting oneself, there is an avenue you can request for Money.
You can leverage the different loan platforms in Nigeria to help out. Many loan companies are willing to support households and businesses with finance. Do you care to know some of them?
Thanks to this article, we will be looking at the various loan companies in Nigeria. Read along!
Table of Contents
Loan Companies In Nigeria
Here is a list of loan companies in Nigeria:
Fair Money
Fair Money is one of the best loan companies in Nigeria. Fair Money offers loans to different classes of people.
It is a financial institution that offers rapid access to Money when in need. An amazing feature of Fair Money is that their loans are processed almost immediately after request.
Talking about the interest rate, Fair Money charges based on the amount collected. For example, if you request a loan of N1,000, your interest rate would be 2.5%.
On the other hand, if your loan amount is N1m, your loan interest would be up to 30%. Additionally, Fair Money also charges some amount if you delay the repayment of your loan.
Branch Financial Services
Branch Financial Services is another renowned Fintech organization that can help process your loan. CBN duly registers the loan platform. Branch makes the loan process very easy. All you need to do is wait 24 hours for your loan to be processed.
You can request as much as N1,000,000 with Brach Financial Services. The interest rate for this platform ranges from 1.5% to 15%. Unlike other Fintech organizations, Branch Financial Services does not charge fees for delayed payments.
However, the amount you would receive on the platform depends on your app usage.
| Platform | Approval Time |
|---|---|
| Fair Money | Almost immediate |
| Branch Financial | 24 hours |
| Carbon | <30 minutes |
| Green Bond Financial | Anytime (24/7 service) |
| Accion Microfinance | Not specified |
Carbon
Carbon is a loan companies that offer a variety of loan packages to people.
It has been in existence for over 5 years. The Central Bank of Nigeria registers it. The company takes less than 30 minutes to approve your loan request.
The interest rate for this fintech organization ranges from 4.5% to 30%. The loan structure allows individuals to pay gradually. An amazing feature of this app is that it doesn’t harass customers over the phone for repayment. Instead, it adopts other modern methods for receiving funds.
Green Bond Financial Services
Have you ever seen loan platforms that offer loan solutions even at midnight? Green Bond Financial Services allows individuals to request loan services at any time of the day.
Another amazing feature about this loan company is that they do not ask for collateral. Knowing the need for this has prompted them to be the favorite of people.
Green Bond Financial Services is an employee-friendly loan platform. It offers salary advances against each monthly cycle for workers and employees. With this platform, it is possible to request a loan to buy electronics in your house, too!
Accion Microfinance Bank
Accion Microfinance is a platform that offers loans to different classes of people. This company has been in operation for 17 years now. This Fintech organization offers both personal and business loans.
Accion understands that the need for cash in Nigeria is high right now. Therefore, they have opted for seamless financial services for people.
Parents and guardians can head over to Accion Microfinance to obtain loans to finance their ward’s education.
It is important to note that they have a competitive interest rate. They have a 4.2% interest rate. This rate is very flexible and easy to pay.
New Edge Finance Limited
The New Edge Finance Limited is one of the duly licensed Microfinance organizations in Nigeria. The CBN registered it in 2019.
New Edge has been in the business of helping individuals and organizations obtain loan amounts. This loan app is a conglomerate of many loan platforms.
It is a parent company to Xcredit, EasyBuy, Xcash, and others.
Pay later
Paylater is an automated loan business that aims to increase credit access for financially underserved/excluded individuals across Africa.
Credit has had revolutionary effects on people all over the world who have previously been denied access to basic financial services due to a mix of mistrust, stringent documentation requirements, and infrastructural obstacles in remote areas.
FAQ
Which loan company is easier to get?
Some of the loan companies listed above are the easiest to get. They do not need collateral or a guarantor to obtain loans from them. Some of them include Green Bond Financial Services, Carbon, and Pay Later. In addition, if you have a bad credit score, you would need to obtain a loan from other platforms. One of these mediums is through pawnshop loans.
How to get urgent Money in Nigeria?
You can get urgent Money in Nigeria by obtaining a loan. You can do this by following these steps:
Step 1: You can get urgent Money in Nigeria by obtaining a loan. You can do this by downloading any quick loan app in Nigeria listed above.
Step 2: Open an account
Step 3: Read the agreed terms and conditions.
Step 4: Choose the loan amount.
Step 5: Wait for loan request approval.
Step 6: Voila. You can choose to withdraw your Money to the bank.
How do I qualify for a Lapo loan?
You can qualify for a Lapo loan by meeting the following criteria:
• Four recent passport photographs.
• Two sureties.
• A completed application form.
• Utility Bill ( PHCN Bill).
• Valid means of identity such as Passport or Voter’s Card
Is CBN giving out loans?
The Central Bank of Nigeria does not give out loans to individuals but offers credit facilities to commercial banks. Learn about the Federal Government Grant Loan as another funding option.
Conclusion
All in all, it is wise to conduct personal research before applying for loans in Nigeria. Carefully study the loan repayment and interest before applying, and understand the difference between a grant and a loan to choose the best financial support for your needs. Thanks for reading.