Personal Loans

Banks Granting Student Loan in Nigeria

Education has become more than a necessity. It has been embedded into the culture of an average Nigerian household regardless of their status.

Just like every other thing that attracts huge interest, education doesn’t come cheap. As such, there are now platforms where you can get a student loan in Nigeria to finance your schooling.

In this post, we have explained what a student loan is about and outlined some ways to get a quick loan for your school fees.

What is a Student Loan?

A student loan is designed to help students pay for education and its associated fees. This loan differs from other kinds of loans in the sense that the interest rate is relatively lower, and the repayment schedule is much more flexible.

How to Get A Student Loan in Nigeria

1. Access Bank Student Loan

The Access Bank student loan is an advance for school fees that is designed to provide students with short-term financing to cover tuition fees.

Features

• Ensure that nothing interrupts the education process.
• You can get up to ₦5 million
• There is an option to refinance the loan
• Lastly, remittance services are available

Requirements

• A completed application form
• Your admission letter
• Tuition advice
• Also, letter of domiciliation of your salary account or your parent’s/sponsor’s salary account
• Copy of employment ID or valid means of identification belonging to you or your parent/sponsor
• BVN (See how to check BVN)
• Credit checks

2. GT Bank Student Loan

GT Bank’s school fees advance is a loan facility designed to finance the payment of your child’s/ward’s school fees for schools in Nigeria only.

Features

• You can get up to ₦5 million in student loans with a maximum tenure of 4 months per request
• Competitive interest rate
• Immediate access to the loan

Requirements

• Completed application form and employer undertaking form
• School fees bill and credit insurance
• Lastly, ensure that staff terminal benefit is domiciled in GTBank or obtain Corporate Guarantee

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Get a loan up to N100,000 at the best affordable rates in Nigeria

Now you can compare interest rates from different lenders with our loan simulator and get the best deal. Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today

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3. First Bank FirstEdu Loan

First Bank’s FirstEdu loan is targets proprietors. It offers flexible funding for upgrading school facilities and meeting funding gaps pending the receipt of school fees.

Features/Requirements

• It has a flexible repayment plan spread for 90 days
• Access to a maximum amount of ₦10 million
• The only collateral requirement is domiciliation of school fees with First Bank
• The School must have been in account relationship with FirstBank for a minimum period of 6 months or 12 months with other banks
• Target markets are private schools duly under CAC and their State Government
• Lastly, the school population must be a minimum of 100 students

4. Federal Government Education Loan

The Nigerian government approved the establishment of education banks and student loan boards by states at concessionary interest rates to allow students easy access to funds.

The government also approved the establishment of education funds by all states of the federation. Special emphasis is on funding teacher development and secondary education, as well as establishing a special intervention fund for individuals with special needs.

In Conclusion

Funding education should not be a herculean task with this array of options available for accessing quick loans in Nigeria. All you need is to choose from any of the platforms granting loans for school fees and ensure that you meet all their requirements. However, considering the fact that there are several options to choose from, you can make a more informed decision by comparing loan offers from different lenders within minutes using this platform and get the best deal for you.

When you need the money and have a poor credit score, it’s easy to accept any offer for a personal loan. But there are scam artists waiting to take advantage of that situation. They may offer loans via online website advertisements.

In this article, we would be discussing some of the warning signs that are usually experienced by victims of loan scams.

How can I identify loan scams and fraudsters?

Here are some of the easiest ways to know there’s something fishy going on:

1. No Interest in Your Credit History 

Legitimate lenders evaluate a person’s creditworthiness BEFORE making a loan. Never listen to claims like “Bad credit? No credit? No problem!’’, else you’d fall for loan scams. There’s definitely a problem. It’s YOUR problem. A credible lender always has ties with the credit bureau.

2. Phone Offer 

It is illegal to make loan offers over the phone. Any offer must be put in writing. It must prominently mention all associated fees.

3. Upfront Fees 

The lender may disguise these as application or document fees, but they aren’t. Think about this: You are asked to send money before you get a loan. That’s a scam. A loan scam. Legitimate lenders must disclose all their fees. Typically, they are rolled into the cost of the loan, not paid for in advance.

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Get a loan up to N100,000 at the best affordable rates in Nigeria

Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today

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4. Wire Transfers 

If the lender demands you to wire money for fees, that’s a red flag. Never wire money to an individual. Always ask for the lender’s physical address. Then reach out to the Attorney General or Financial Regulations office in the state to verify if it’s a legal business or a loan scam.

5. Copycat Name

In an attempt to appear legitimate, clever loan scam artists will come up with a business name or website that looks or sounds genuine. It’s always advisable to check with the Better Business Bureau to authenticate the address and phone number. If the mailing address appears as a Post Office Box, please be cautious.

6. Personal Information 

Never give out your social security number, date of birth, bank account number or other important personal information unless you are certain you’re dealing with a responsible lending institution. Loan scammers can use your personal information for identity theft or steal from your bank account. Today, there are banks that even offer loans without collateral and much information.

7. State Registration

Lenders and loan brokers are to register in the states where they do business. You can check through the Attorney General’s office Financial Regulation or Department of Banking in your state. That won’t guarantee the perfect experience with the lender, but it can help spot a loan scam.

8. Customer Service

Reputable lenders have phone numbers you can call. If you aren’t comfortable with customer service, you shouldn’t give the company your business. Don’t settle for the phone robots, either. You should be able to speak with a person.

9. Reviews 

Online reviews are now influential. They can also help you pick a reputable lender. You can Google the outfit or person’s name, while you check Facebook, the Better Business Bureau or other sites that specialize in lending reviews. If there are bad reviews, take note. If there’s consistency across several locations, with everyone forming an unfavourable impression, that is a warning.

10. Red Flags 

There are several things that should prompt immediate concern. Be suspicious of email messages contain errors in spelling, capitalization, punctuation and/or grammar. That’s a lack of professionalism. Be wary if you get a free period (like a year with no payments) before the loan must be repaid. Definitely beware if the lender says they don’t use credit checks and will lend money regardless of past financial problems.

Conclusion

The amount of loan scams seems to be increasing by the day, with many falling victims. If you’ve been the victim of a loan scam or personal loan fraud, contact your local law enforcement as soon as possible.

Need a loan? Kindly check out this platform that allows you to compare loans from several lenders in minutes. This would help you make the best decision for you.

Are you looking to secure a car loan anytime soon in Nigeria? Grab a seat and relax. We have outlined these stages in bite-sized steps for you to comprehend. Contrary to popular opinion, car loans are actually very easy to obtain as long as you know how to.

What are the Step-by-step procedures to apply for a car loan in Nigeria?

Simply follow the procedures below to apply for a car loan in Nigeria:

Step 1

Identify the kind of car you intend to buy. Whether it’s a fairly used car or a brand new one, the banks are always willing to finance. This is a very important step as you do not want to approach a bank or car loan company without knowledge of what you want. That way, you have a guide even if you decide to change your mind in the long run. 

Step 2

Find out the price and when the car will arrive once you pay. That is pretty much easy. All you need to do is to go to a car shop and identify the car you intend to get. Once this is done, you can get a proforma invoice – a draft invoice. 

It is noteworthy to mention that banks usually don’t finance the entire purchase of your car. They normally fund 60% or 70% while you fund the remaining with your own cash (equity). Say, for instance, the car costs N2 million, the bank will give you 60% of that which is N1.2m while you are responsible for N800K. Again, you will be obligated to buy car insurance which is about 5% value of the car. Following our estimation, that amounts to N100k incurred. 

Step 3

Find out if your dealer has an existing arrangement with your bank. Some banks make prior arrangements with car dealers to facilitate the loan process. 

Step 4

Banks offer several products that outline their terms for a car loan; although the details are pretty much the same. Ideally, if you use a bank that offers a product relating to car loans, the better for you. If your bank doesn’t, then you can either proceed with them or try another bank. However, almost all banks offer such products. 

Step 5

Say your bank offers such deals, do get in touch with your account officer, and request a car loan. If you would rather approach another bank, you could make enquiries from their customer service. However, you would have to open an account with such bank.

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Get a loan up to N100,000 at the best affordable rates in Nigeria

Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today

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Step 6

Now that you have resolved everything with your bank, you will be asked to draft a formal application for a car loan. You will be requested to attach a copy of your payslip, the [final] invoice for the car, and a copy of your employment letter. Your account officer will need these details for processing.

Step 7

Upon submitting your application, all that is left is to await processing. The bank, through the account officer, will present you with a couple of forms to fill. These could include information like your personal details, salary details, residential address, and the like.

Step 8

Following this, the bank will present you with an offer letter. The offer letter from the bank is a document showing the amount lent to you by the bank, the interest rate, repayment structure, fees, security, and the likes. Furthermore, they may require standing orders. These are an order from you to your bank to deduct from your salary every month. 

In whichever case, you should always check your bank statement at the end of the month to verify how much was debited from your account. If the difference is more than 10% in any given month (i.e your repayment schedule says N80k for a given month then suddenly you see N88k for that month), you should quickly call your account officer for an explanation. 

Step 9

Once you accept the offer and fulfill all the requirements of the bank, the loan will be disbursed to your account. However, the bank will only disburse the amount to you when they are about to issue a bank draft to the car dealer for the purchase of the car. 

Step 10

The bank will issues a draft to your dealer after which you get the car. Car ownership will be shared between yourself and the bank. Therefore, your name and the bank’s name will reflect on all car documents. It is noteworthy to mention that banks do not usually request collateral. Their security is basically the comprehensive insurance which you pay for and the car itself. So when you default in payments, the bank can seize the car from you and sell it to recover for the loss.

Conclusion

Applying for a loan is not rocket science. The steps we have described above do not explicitly follow a routine and dogmatic format. By and large, there may be modifications in the eventual processing of the loan. This is, however, intended to crave an indulgence in car application operations. Also, read more on how to get a car loan in Nigeria.

Do you need a loan? Be sure to visit this loan platform that allows you to compare loans from different lenders in minutes. It offers the best and ensures that you get nothing less.

The Federal Mortgage Bank of Nigeria (FMBN) launched in 1956 before assuming the status of the apex mortgage institution for Nigeria, in 1994. Since then it has managed and administered the contributory savings scheme known as the National Housing Fund (NHF)

The NHF is a social savings project to mobilise long-term funds to advance concessionary loans to contributors.

It operates as one of the core mandates of the FMBN. The Federal mortgage bank loan in Nigeria is under the National Housing Fund Act(1992).

Who Can Apply for a Federal Mortgage Bank Loan? 

You must be a Nigerian and above the age of 18 years. They must have been a contributor to the National Housing Fund for six months. Applicants must also have evidence of a regular flow of income.

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Get a loan up to N100,000 at the best affordable rates in Nigeria

Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today

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Purpose of a Federal Mortgage Bank Loan

The loan shall be mainly for building, purchasing, or renovating residential accommodation. No credit shall be for refinancing. 

Requirements of The FMBN Loans

• Savings account with a registered primary mortgage bank
• Contribution to the fund for a minimum of six months.
• Evidence of a regular flow of income.
• Photocopies of other substantiating title documents.
• Survey and site plans
• A copy of an approved building plan
• Bill of Quantities (If you have one) 
• Valuation report prepared by registered surveyors and valuers where applicable
• Tax clearance certificate for three years
• Letter of consent to your chosen primary mortgage bank
• Completed mortgage loan application form
• Evidence of National Housing Fund contribution
• Payslips for the previous three months
• If you are a self-employed applicant, a copy of Articles and Memorandum of Association and a copy of Certificate of Incorporation should be submitted.

How To Apply for a Federal Mortgage Bank Loan

Basically, the applicant is to apply through a licensed and accredited primary mortgage institution and not to the Federal Mortgage Bank of Nigeria (FMBN) directly.

The primary mortgage institution of the applicant’s choice must be under by FMBN to access the national housing fund facility. 

Forms for application of the NHF loans are obtainable from the primary mortgage institutions. In essence, they are primary mortgage institutions under the Central Bank of Nigeria to carry out mortgage banking. You can also read more on how to apply for home equity loans.

How Much Can You Apply For?

A borrower can be eligible for a maximum loan of N15m, or sometimes as advised by the bank. However, no individual should get credit above 90% of the value of the mortgaged property. 

You can obtain a comprehensive loan, tailored to your specific needs by using this platform. Basically, it allows you to compare loans from different lenders across Africa, ensuring the best option doesn’t slip through.

Interest Rate

The interest rate shall be as prescribed by the National Housing Fund Act, which is not more than 6% per annum.

Loan Tenure

The maximum repayment period shall be for 30 years. Therefore, individual borrowers shall make repayment through the primary mortgage institution through which they got the loan. 

The Federal mortgage bank operates on a model that targets partnerships with organizations with financial and technical capacity, interested in delivering affordable mass housing for the low-income end of the market.

For further reading, here’s a CBN approved list of licensed mortgage lenders in Nigeria. Also, check out our posts on other commercial bank loans like the Zenith Bank loan, and so on.

GTBank has a wide range of offers for getting a loan in Nigeria that suits personal and business needs. You might get confused in the process of choosing the right fit.

For this reason, we have created this exhaustive list of every single GTB loan available and how you can get any one of them. Let’s dive in, shall we?

GTB Loan Types And How To Borrow Money From GTBank

1. GT Salary Advance

This is a GTB loan that offers you up to 50% of your monthly salary upfront. It is only available to private companies and government agency employees who have their salary accounts with GTBank. We have a post that goes in-depth into the GTbank salary advance. Check it out here.

How To Borrow a GT Salary Advance from GTBank

There are 3 different ways to apply for a GT Bank salary advance. They include:

• Use the GTBank internet banking platform
• Use the GTB loan code – *737*8*2#
• Visit any branch of GTBank or ATM

2. GTBank School Fees Advance (GTBank Student Loan)

Also known as the GTBank Student loan, this is a GTB loan facility that provides you the opportunity to pay school fees for your child/ward. One of the major conditions for accessing this loan is that the institution must be in Nigeria.

This credit facility is available to staff of private and public organizations who have their salary accounts with GT Bank. You can check out this post for an in-depth look into the student loan facility.

How to Borrow a GTBank Student loan

• Complete and submit an application form and an Employer undertaking form
• Provide the school fees bill and credit insurance
• Ensure that your staff terminal benefit is domiciled in GTB

3. GTB Quick Credit Loan

Quick credit is a GTB loan for both salary earners and the self-employed. The GTB quick credit loan facility provides you the opportunity to get cash instantly and pay back over a period of 6 – 12 months at an interest of 1.33%.

We have a comprehensive review that explains everything you need to know about the GTBank Quickcredit facility. See it here.

How To Borrow a GTB Quick Credit Loan

• Use the quickcredit GTB loan code – *737*51*51#
• Use any of the GTBank online and mobile banking platforms

4. GTBank MaxAdvance Loan

The GTBank Max Advance Loan is a type of GTBank loan that provides loans to select employees of private and public organizations who have their salary accounts with GTbank. Learn more about the Max Advance loan here.

5. GTBank MaxPlus

MaxPlus is a GTB loan that provides you with a larger loan facility and a convenient repayment plan. This is only available to platinum GTbank customers whose salary accounts are domiciled with the bank.

6. Computer Acquisition Scheme

This an NYSC loan scheme that offers loans to currently serving NYSC members to finance the acquisition of mobile devices. These corps members must have their allowance accounts domiciled with GTBank and the loan repayment must be completed within the service year.

How To Apply for The Computer Acquisition Scheme

• Complete and submit an application form
• Submit an Employer undertaking form
• Show proof of domiciliation of your NYSC allowance with GTBank.

7. GTBank Mortgage

GT Mortgage is a mortgage loan in Nigeria that provides loans to customers whose salaries or business accounts are domiciled with GTBank in order to help them own their homes.

Requirements for The GTBank Mortgage

• A completed application form
• The property’s title document
• Offer letter to sell property from vendor
• Get a valuation report from GTBank’s approved estate valuer
• Search report from GTBank legal group

8. GTBank Premium Advance

This is a revolving overdraft facility that is placed on your Debit Naira MasterCard.

Requirements for Getting A Premium Advance from GTBank

• Ensure you are already a platinum customer
• Your average monthly salary must not be less than N1million in the last 6 months
• Your annual turnover must not be less than N10million
• Your salary account in the last consecutive 3 months must have been with GTBank

9. GTBank Travel Advance

The Travel Advance is a GTBank loan designed to meet the travel needs of their customers with salary accounts domiciled with the bank. This loan is available for taking care of your airline ticket, hotel reservation, airport pickup and transfer, tours, and events.

10. GTBank Vehicle Insurance Premium Financing

The GTB car loan enables salary earners and companies with GTBank accounts pay for their car insurance premium upfront and spread the repayment over a 12-month period.

GTBank Loan Calculator

The GTBank loan calculator is a web application that helps you calculate how much your loan payment will be. The loan payment will depend on the kind of loan and its interest rate.

To make use of the loan calculator, you input your loan information (Amount, interest rate, period of repayment). After that, the calculator will help compute your monthly payments, total payments, and total interest payments.

A loan calculator is an invaluable tool. It enables you to make a more informed decision on what loan package suits you best.

It is no longer news that the Nigerian Communication Commission (NCC) has made it compulsory for all Nigerians to link their NIN with their SIM cards in 2021. This is to ensure that they remain connected to their Network service providers.

Shortly after NCC made this announcement, the major network service providers released ways by which their customers can link their NIN to their Number.

In this article, we will show you how to link NIN to Airtel, MTN GLO, and 9 Mobile in 2021 really fast. Without further talks, let’s get to business

How to link NIN to MTN

Dial *785* NIN Number followed by the # key. If you do this correctly, the NIN number will be linked automatically to your mobile number. Alternatively, you can visit: https://mtnonline.com/nin/ You can also download the MyMTN app to submit your details.

How to check NIN on MTN

To check your NIN dial *346#. After this, you will have several options displayed. Select NIN retrieval by typing 1. This service costs only N20 on your mobile phone network.

Glo NIN registration

Simply send UPDATENIN Your NIN Number FirstName and LastName to 109. Immediately you do this, they will automatically identify your NIN with your mobile Number. 

Using USSD for Glo NIN registration

Dial *109* your National Identity Number followed by the # key. E.g “109” 80123456780#. Follow the prompt that comes up after this to submit your details. After this, you can wait for the response of the network provider. This should be a successful message telling you about the successful linking of your NIN number with your GLO sim.

Using the online registration portal for Glo NIN registration

Glo Nigeria has designed a portal specifically to cater to the linking of your NIN to your sim. To do the linking of your SIM with your NIN immediately you can visit http://mobileapp.gloworld.com/glonin/home

How to check NIN on Glo

To check your NIN dial *346#. After this, you will have several options displayed. Select NIN retrieval by typing 1. This service costs only N20 on your mobile phone network.

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Get a loan up to N100,000 at the best affordable rates in Nigeria

Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today

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How to link NIN to 9Mobile

Visit 9mobile.com.ng/nin. Alternatively, you can dial *2008*# This should automatically link your National Identity Number to your mobile number.

How to check NIN on 9mobile

To check your NIN dial *346#. After this, you will have several options displayed. Select NIN retrieval by typing 1. This service costs only N20 on your mobile phone network.

How to link NIN to Airtel

You can link your NIN to Airtel by dialing *121*1#.

How to check NIN on Airtel

To check your NIN dial *346#. After this, you will have several options displayed. Select NIN retrieval by typing 1. This service costs only N20 on your mobile phone network.

Linking your NIN number to your SIM card should not be a problem at all. Follow these steps we have listed to easily link your NIN to your mobile number.

Education they say is the Best Legacy. In fact, we cannot overstate the importance and benefits of Education at this present time. However, Education is expensive, and in fact, getting a quality education is even more expensive. Many students around the world do not have access to a quality education because of one financial constraint or the other. That is where mpower financing comes in.

If you are one of these students. You need not worry. MPower financing got you covered. They provide loans to undergraduate and graduate students in the US, Canada, and also international students. In this article, we will discuss all you need to know about Mpower financing. This includes their requirement and how to process a loan with them.

About Mpower Financing

Mpower is an Education lending platform that provides students with fixed-rate education loans. They believe that millions of students worldwide Struggle to get into school because of financial constraints. And it is in this vein that they created this offer to help students tackle this pervasive issue.

Mpower financing teams up with investors and universities to provide students around the world with a forward-looking education financing product. They are not just an education lender. Their goal is to set students up for academic, professional, and financial success.

Unlike several other education lenders, Mpower financing does not require a cosigner. Instead, they look at your credit report, home country, career, academic potential, and university. In fact, this makes them the toast of many students around the world.

In addition to all these, Mpower financing also provides students around the world with a no-cosigner scholarship.

 

Pros and Cons of Mpower Financing.

• Mpower financing loans and scholarships are available to international students with no cosigner. You can easily qualify for a loan option on your own without a cosigner.
• Unlike most educational lenders that perform lengthy credit checks on applicants, Mpower financing does not do this. So, this means you do not need to go through credit checks before you can get a loan.
• M power financing has different interest rate discounts you can leverage. This includes automatic payment discounts, on-time payment discounts, amongst several others.

Cons:

• Their loan limit is low. As a student you have access to about $25, 000 per year and a lifetime limit of $50,000.
• Mpower interest rates are higher than other private education lenders. Their interest rates for graduates are about 11.59% and 13.63% for graduates.

How do I apply for a Mpower Financing Loan?

Applying for a Mpower loan is a straightforward process. You can complete the whole process online. Kindly follow these guidelines to take a student loan with Mpower financing:

• Visit https://www.mpowerfinancing.com/
• Click on the call to action button “Get Started”
• After this, they will redirect you to an eligibility page
• Complete the Eligibility check by entering the necessary details. These include your name, university, Email, degree, etc.
• After entering these details, click on the “check now” button.
• If eligible, you can start your application immediately.

Maximum and Minimum amount you can borrow:

Mpower financing offers a maximum of $25,000 per academic period. And if you wish, you may borrow a lifetime of $50,000. Before you can access any of their loans, you must submit a loan application.

Repayment Terms

If approved for a loan. Mpower interest rates are between 11.99% and 13.99%. As an international student, you will need to make little, interest-only payments towards the repayment of your loan. And, on graduation, you will have six months of privilege before a 10 years repayment begins.

Conclusion:

If you wish to study abroad, but can’t due to one financial hurdle or the other, you can leverage Mpower financing scholarship and loan options. Visit their official website to get started.

There are tens of loan apps in Nigeria today that functions well, providing small scale loans for customers who need them. However, for a while, people who need loans above the 100k mark found it difficult, as many apps do not offer up to that. If you are one, this article puts your search to an end as it discusses loan apps that can give more than 100k in Nigeria.

What are the loan apps that can give more than 100k in Nigeria?

The tested and trusted applications that can give more than 100k in Nigeria are:

Carbon (formerly Paylater): 

Carbon is a rapid loan service available to you through your mobile phone. Also, they have two major packages available to salary earners only, and another for everyone else. Furthermore, you can use the app in paying other bills including recharge cards and PHCN.

Branch: 

Branch is an app that offers you a loan with no collateral. In reality, all you need to do is to register by providing your personal details. After registration, you can borrow as low as N1,000 or as high as N200,000 with considerable interest.  

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Get a loan up to N100,000 at the best affordable rates in Nigeria

Now you can compare interest rates from different lenders with our loan simulator and get the best deal. Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today

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Aella credit: 

This app makes it easier for individuals looking for quick cash to gain access. Furthermore, it focuses on employees with a stable income and is affiliated with different credit bureaus in Nigeria. This is because they make use of an algorithm to determine your creditworthiness before approving loans.

KiaKia: 

Quick, easy, and stress-free like its name kiakia, which means fast in Yoruba. This loan app offers you up to N200,000 with varying interest rates depending on the nature of the loan. Also, the term is within 7 to 30 days.

Xcredit: 

Although not very popular, xcredit is one of the top loan apps in Nigeria that has put together a good loan package for customers. Currently, they offer a minimum loan of N2,000 and a maximum of N500,000. Also, their loan range spans about 5 months and they do not require a collateral. However, you are expected to provide your bank account details.

9ja cash: 

Just like xcredit, 9ja cash is an application that is not well known, but works absolutely well. They allow you to borrow up to a whopping N300,000, for a tenor of 180 days. However, their interest rate could be quite exorbitant as it spans between 1% and 34%.

Honorary mentions include: Palmcredit, 9credit, lend me, and Sokoloan. However, we did not include them on our list because they offer a maximum loan of 100K at the time of this writing. Although things could change in the future, they do not exactly fit into the requirement of this article. However, they are reliable and can be trusted to use.

To make a thorough and informed decision before deciding on a loan app, make use of this loan comparison platform that allows you to weigh the pros and cons of the different app offers within minutes. This ensures that as much as possible, you’re only going for the offer that works best for you.

How do I apply for a loan?

The application procedure is simple and applies to all these applications. Simply start by downloading their official app off the play store and then registering. On successful registration, you can then apply for a loan. Also, note that some apps puts a cap on the maximum amount a new user can borrow and increases it over time.

Conclusion

The importance and use of loan apps are rapidly rising, with many citizens now starting to realize how easy it is to obtain a loan. Furthermore, you can be rest assured that all the apps listed on our site are tested and trusted. You simply need to download and register to enjoy their loan benefits.

 Housing, more accurately captured as shelter, is one of the three basic needs of man for survival. Without a shelter over your head, there’s pretty much nothing else that can go well. This is because it’s from the comfort of your home that you can earn a living to provide for your other basic amenities; food and clothing. Furthermore, rent is pretty expensive, especially when you live in a major city. If you cannot afford one, there are rent loans in Nigeria that could help you meet your immediate needs, and allow you to pay up over time. 

Rent loans in Nigeria 

Saving up for annual rent is outrightly a challenge for many Nigerians. The situation of things in the country is hard enough, with frequent inflation pushing up prices of goods. Therefore, this has left the country with a large percentage being poor, and individuals turning to family and friends to borrow in order to meet needs. However, in the end, these families and friends also have needs to meet, therefore leaving most to figure out things for themselves. 

As a way out, you can simply opt for one of the rent loans in Nigeria. Currently, you can easily obtain a loan of up to N5 million at competitive rates. There are several third-party institutions that connect citizens in need of rent loans to financial partners willing to provide it.

Which institutions offer rent loans in Nigeria? 

There are a good number of institutions that offer rent loans in Nigeria to individuals in need. Some top examples of these organizations are: 

• Credit nigeria 
• Paymyrent
• Sparta capital limited 
• Resort savings and loans plc

How do I apply for a rent loan in Nigeria? 

Most rent loans providers in Nigeria have their individual approach as to how customers are to apply for a loan. Therefore, you can simply visit the company’s website or any of its physical offices to inquire, and an agent would be on ground to put you through. However, most of them require that you provide important details like:

• Bank account and BVN details 
• Means of identification 
• Company details (for the employed)
• Business details and proof of steady income (for business personnel)

Conclusion

With the numerous institutions providing rent loans in Nigeria, you should not find it difficult to pay your housing bills. However, keep in mind that these institutions need you to show that you can repay the money before approving your loan. Therefore, you must have a business with regular cash flow or a job that offers a fixed salary. There are also loan options available for Lease and Hire Purchase.

There comes a time in everyone’s life where you have to take a breather, particularly time off work or to study abroad. Some do this by taking a casual leave from work and sleeping it off at home, while others prefer a more exotic trip to the Bahamas. However, the problem is that the Bahamas are pretty expensive, and someone needs to pay for the trip. This is how travel loans in Nigeria gained its prominence. It basically helps you meet your travel needs now and allows you pay back later. This article explores travel loans in Nigeria, as well as every other thing you should know.

What are travel loans in Nigeria?

In simple terms, a travel loan is pretty much getting funded for all your travels. However, it mostly involves expensive flights, rather than casual low-value ones. Therefore, you can go anywhere you desire on credit and pay back over time. Also, the required qualification for obtaining travel loans in Nigeria varies from one financial institution to another. As a result, it is necessary that you obtain adequate knowledge beforehand to see if you made the cut.

What do travel loans in Nigeria cover?

Once again, the specificity of travel loans in Nigeria differs from one financial institution to another. Basically, it is a totally open-ended agreement that can be tailored to suit your needs or simply left generic otherwise. Generally, travel loans in Nigeria usually cover the following:

• Airline ticket
• Tours and events
• Airport pickup and transfer
• Hotel reservations  

From the points above, we can see that the loan could cover two major areas; your transportation and the vacation cost itself. Therefore, with a travel loan, you can either help yourself travel now and pay later or opt for a full-blown vacation schedule.

What are the minimum requirements for obtaining travel loans in Nigeria?

Pertaining to requirements, it also varies from one financial institution to another. However, they generally share the following requirements in common:

• You must have your salary account domiciled with them (if it is a commercial bank), or provide all your necessary account details to the company.
• Also, you must have received the last few months of your salary or traceable income through that account. This is to ensure it is active and your major cash account.

How can I apply for travel loans in Nigeria?

Institutions that provide travel loans in Nigeria usually observe the following application procedures:

• Visit their online platform and create an account (some have a mobile application that you can use)
• Scroll to their travel advance tab and initiate a new request
• You would be prompted to supply several information about yourself and bank account details
• Finally, a confirmation is made with your bank to be sure that it is you who made such an application

However, note that the amount of travel loan expense they allow you to incur mostly depends on your financial capacity. Therefore, the higher you earn, the more likely you are to get access to higher travel loans. The interest rates also differ from one institution to another and would be clearly stated during the loan application process.

Conclusion

Travel loans in Nigeria are a very good way to ease the immediate financial burden that comes with expensive trips. Also, as long as you have a good credit rating and debt repayment history, you can be sure to easily get a travel loan to the place of your choosing.