Personal Loans

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.  

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.

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.ng
• 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 comes a time in everyone’s life where you have to take a breather, particularly time off work. 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. 

Getting a mortgage loan is one of the fastest ways to becoming a property owner. We can simplify a mortgage as; give me the property now, I’d make a down payment and complete it over time. However, for you to benefit, you have to know how to get mortgage loans, especially in Nigeria, where the practice is not so common. Although the average citizen might be ignorant about how to obtain a mortgage, the opportunity still exists. In this article, we would show you just how to get mortgage loans.

Where can I get mortgage loans?

The first thing to do in getting a mortgage loan is to know where to obtain it. In reality, the sources you can get a mortgage loan from are:

Mortgage brokers: 

mortgage brokers are the most prominent supplies of mortgage loans; that’s literally their job. Although they are rapidly reducing in number, they still exist, and their job is to act as a middleman. Therefore, mortgage brokers bring together the borrower and lender. Also, many times, the mortgage broker is also a banker, although not all bankers are mortgage brokers.

Commercial mortgage bankers: 

there are established commercial bankers that specialized in providing mortgages. Most times, they work for mortgage banks and are different from mortgage brokers. Also, mortgage bankers provide loans that are funded by the banks they work for.  

Commercial banks: 

although not all, most commercial banks offer mortgage loans to their customers to help fund property acquisition. However, there are limits to the amount and nature of the property that these banks fund.  

Savings and loans associations: 

savings and loan associations are not commercial banks, neither can they be called a full-blown financial institution. Rather, there exist somewhere in-between. In addition, these associations offer loans to their members for mortgage purposes. Also, most of them do not make business or commercial loans.  

Credit unions: 

credit unions are a special organization that doesn’t operate under the regulations governing a regular financial institution. In addition, a group of people can form a credit union, as long as they have a common interest. You also have to be a member and meet certain qualifications before being able to obtain a mortgage loan from a credit union.   

Private individuals: 

of course, there’s always the option of going directly to private individuals for mortgage loans. However, their loans usually come with strict conditions and have really high-interest rates. Also, anybody can offer mortgage loans as long as you abide by the loan regulations guiding your state and meet the legal disclosures.

Stock brokerages and online lenders: 

lastly, stockbrokers and online traders pretty much trade in everything. This includes offering mortgage loans, as they gladly offer borrowers with good credit history loans.

How to get mortgage loans

Follow the step below to successfully obtain a mortgage loan:

1. Firstly, start by deciding with the institution you intend to obtain a loan from.
2. After deciding, visit any of their official outlet or website to discover their loan details. This is because application process, loan, and repayment conditions, differ from one organization to another.
3. Follow the due process as instructed by the agent of the institution
4. If successful, they would disburse the loan into your account or the account of the property dealer depending on your agreement.

Also, note that it is important you study and fully understand a loan document before committing. In addition, you should even run it through professional eyes for a double-check.

Conclusion

There are several mortgage loans available today, which you can benefit from. Therefore, with the right mortgage, you can become an instant property owner and pay up over time. Always do well to establish a repayment plan before opting for a mortgage loan. 

In financial terms, a loan is money you (the borrower) receive from a bank or financial institution with an agreement to pay back the principal amount, plus interest within a specified time. 

Loans are useful for the economy because by lending to new businesses; there is an opportunity for more healthy competition, which in turn increases overall cash flow in the marketplace.

Sometimes, the borrower will pledge some piece of property to the lender to secure the repayment of the loan. This property is the collateral. The interest rates paid on loans are also a primary source of income for the bank or financial institution.

Types Of Loans

There are two types of loans in Nigeria. Secured and Unsecured loans. All other types of loans typically fall under these two categories. Several factors differentiate the different types of loans. These factors also determine the terms and condition of the loans. 

Secured Loans

A secured loan is a loan that has the backing of a collateral, i.e. it is ‘secured’. A typical example is banks requiring loan applicants to present housing documents or proof of ownership of an asset until they repay the loan. The idea is that the lender can sell the asset to repay the loan should the borrower default on payment. Other assets used for collateral are stocks and bonds. Examples of secured loans are Mortgage loans and Term loans.

Mortgage Loans: A mortgage is a type of secured loan in which property or real estate is used as collateral. I.e. The property is ‘mortgaged’ until the borrower pays back the loan. A mortgage loan is also a home loan. You can use it for the purchase of a home.

Term Loan: This is a loan that banks and other financial institutions grant for an amount and repayment terms. The loan typically has a fixed interest rate and which you are to pay over a period. Most loans from financial institutions, especially banks, are term loans.

Unsecured Loans

An unsecured loan, on the other hand, means that nothing is backing up the loan. That is, the borrower doesn’t need to put up any property or asset as collateral. For this category, financial institutions are comprehensive when assessing applicants. They meticulously look through financial records to estimate if the borrower can pay back the loan. Unsecured loans have more risks for the lenders, making the interest rates typically higher than secured loans.

Loans that fall in this category include:

• Personal Loan: This loan is granted to an individual for their personal use. Financial institutions give these loans out depending on the applicant’s credit history and capacity to payback.
• Credit Card Loan: This loan is money a person borrows with their credit card. The card permits them to make purchases when they don’t have cash. The lender provides the cash to make the purchases. However, the borrower is to pay back the loan at an agreed-upon time. 

Other Categories of Loans that you should know about

Asides the two major types of loans, we can also classify loans according to the following categories:

According to the mode of repayment

Single payment loans:

Just as the name implies, this loan allows you to borrow a certain sum of money, and repay at once. However, it also requires you to pay the amount in full at a go, and within a fixed time.

Monthly payment loans:

Monthly payment loans takes the opposite turn compared to single payment loans and allows you repay gradually. Furthermore, it is scheduled in such a way that you repay a fixed amount every month depending on the loan principal and interest. Also, the date in which repayment starts are fixed during the loan process.

Salary advance loans:

This loan tends to short frame financial needs that arise before your paycheck. Also, it works by businesses subscribing to personal loan companies, therefore, giving their staff access to loan as a result. The loan is repaid by deduction from the staff’s next salary. Generally, salary advance loans comes with high interest rates and fees.

According to rates

Fixed rate loans:

Fixed rate means that the loan keeps the same interest rate throughout the span of the loan. Asides this, it could be any of the type loans explained in this article.

Variable rate loans:

This is the opposite of fixed rate loans because it comes with varying interest rates. Also, the interest rates are estimated based on certain changes to the underlying interest rate index. However, the rate has upper and lower limits, which it cannot move beyond within a time frame.

Installment loans:

Installment loans are repaid with a set of scheduled payment. Usually, these loans could span really long (up to 30 years) or as little as a few months. A good example of installment loan is a mortgage. In essence, you borrow and pay up gradually.

Convertible loans:

These loans have a flexible nature and can be changed from one type to another. This means that they could start as a fixed-rate loan, but later switched to variable loan depending on the situation.

Loan Considerations

• Interest Rate and Repayment: It is essential to consider interest rates and repayment periods when choosing loan policies. Typically, the higher the interest rate on loan, the longer it will take to pay off the loan. Interest rates can be on either a simple or compound interest basis. Simple interest means a percentage of the principal amount.
• Compound interest: Compound interest, on the other hand, is the interest paid on interest. The borrower not only pays interest on the principal amount, but he also pays interest earned on both the principal amount and on the accumulated interest. Because interest is also earned on interest, earnings compound over time, like a snowball effect. It is favourable if you are the lender but works against the borrower as the more time it takes to pay back the loan, the more money you have to pay back. Time is money in this case.

Conclusion

Loans can be tricky. While they are an efficient one-time solution, it is easy to get sidetracked and lost in a cycle of repayment and debt. Many people lost homes as a result of their inability to pay back a loan. So before you apply for that loan, ensure that you can pay back at the specified time. It is also generally advisable to apply for loans on a strictly ‘need to’ basis, and not see them as a regular financial solution.

The GTB car loan is a GTB loan that enables corporate entities and salary earners who have accounts with GTBank to pay for their vehicle insurance premium upfront and make repayment over a 12-month period.

What You Get

• Immediate availability of funds to pay for your insurance premium
• An opportunity to pay for your car insurance premium monthly
• An insurance cover that does not require your presence in the insurance office

Features

• As an individual, you can get access to between N20,000 to N1 million while corporate organizations can get between N20,000 to N5 million
• The loan has a maximum tenor of 1 year
• The loan interest rate is 1.67% monthly
• There’s an equity contribution of 20% of your total insurance premium cost
• There’s a 1% one-off flat fee

How To Apply for The GTB Car Loan

You can apply for the GTBank car loan using either the internet banking platform or the GAPS/GAPS Lite.

Using the GAPS/ GAPS Lite:

1. Your loan is availed immediately
2. Your car insurance provider processes your insurance within 48 hours
3. A copy of your insurance certificate is sent to your email address
4. You repay the loan on a monthly baasis

The GTBank Max Advance Loan

The GTBank Max Advance loan is a type of GTB loan designed to provide personal loans to employees of specific private and public organizations who have their salary accounts domiciled with GTBank.

This a kind of loan for different purposes. The major upside to it is that it offers a convenient repayment plan.

Documents Required To Access The GTBank Max Advance Loan

• A completed Max Advance loan application form
• An Employee undertaking to domicile you salary and terminal benefits with GTBank

Interest Rate and Repayment

The Max Advance loan interest rate is within 33.3% of your net monthly salary. The repayment of your principal is equal for every month.

The GTBank Student loan is one of the different types of loan facilities offered by GTBank. It is designed to help you finance payment for school fees. This loan offering by GTBank is one of the top sources for a student loan in Nigeria.

What You Get

• For this GTB loan, you have access to up to N5 million with a maximum tenor of 4 months per request.
• Competitive interest rates plus equal monthly payments
• Immediate access to funds for the school fees

How To Apply For A GTBank Student Loan

• Complete and submit a loan application form
• Submit an employer undertaking form
• Ensure that your staff terminal benefit is domiciled in GTBank. If not, you’ll have to obtain a corporate guarantee

Who Can Benefit From The GTBank Student Loan Facility?

To access this loan you must be a staff of selected companies Government Ministries, Parastatals and establishments, and you salary account must be domiciled with GTBank.

How Is The Student Loan Paid?

Once the loan is approved, it is paid by direct transfer to the school’s bank account or by raising a draft in the school’s name.

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 Access Them

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 Apply for A GT Salary Advance

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 Apply for 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 Apply for 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 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, a 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.

Many are choosing the self-employed path in Nigeria today, especially since is one of the best ways to financial freedom. The emergence of freelancers, and the existence of tradespeople, and investors point to the fact that being self-employed is becoming dominant. However, in such a category, getting a Self-employed loan in Nigeria might be inevitable because of the unstable guarantee in your income.

This article gives a general overview of a self-employed loan in Nigeria and brings to you everything you should know.

Who is a self-employed person?

This is an individual who does not hold a job for any specific employer. As a result of this, he or she, therefore, does not get paid on a salary or consistent bases. As a self-employed individual, you trade with businesses directly and earn income from such transactions. Many times, the employer does not withhold taxes, therefore it becomes your responsibility.

As a self-employed individual, it can involve you in different occupations, although highly skilled and major in a particular one.

What are self-employed loans in Nigeria?

Just as the name implies, self-employed loans in Nigeria are loan services available to you as a self-employed individual. The loan scheme and properties vary from one microfinance institution to another.

They design it for self-employed individuals to relieve financial constraints whether in executing a contract or for personal reasons.

Are self-employed individuals the same as Business owners (SMEs)?

Not necessarily. For one, the tax rules that apply to self-employed individuals are not the same as that of a business owner. The owner of a business may hire employees and supersede operations, but technically become an employee and receive a salary. A self-employed person on the other hand is the most times the primary and sole operator of the business.

Where can I obtain a self-employed loan in Nigeria?

Although being self-employed and a business owner differs, the loan service of most financial organizations blurs the line. This is true especially in Nigeria, where self-employed is normally classified with SMEs.

You can obtain a self-employed loan from any financial organization that offers it. This is basically every financial origination in Nigeria. It includes microfinance banks, commercial banks, fintech digital-based companies, individuals, and cooperates investors. 

What are the conditions for obtaining a self-employed loan in Nigeria?

The conditions for obtaining a self-employed loan in Nigeria differ from one financial institution to another. For example, microfinance bank loans are generally easier to access, with lesser paperwork and eligibility criteria too. However, they do not offer as much loan sum as commercial banks who have tedious and lengthy procedures/ requirements.

Individuals and corporate investors are not a reliable way of obtaining a self-employed loan in Nigeria. This is because many would rather invest for a share of equity, rather than offer you a loan like conventional banks.

Fintech digital platforms offer the easiest way to get a self-employed loan in Nigeria, with almost no requirements asides your bank details. However, they offer the lowest sum among all others.

With all that being said and done, getting a self-employed loan in Nigeria includes the following documentation:

1. A functional bank account and bank verification number (BVN).
2. A valid means of identification.
3. Loan request form

And other documents as requested by the institution.

Conclusion

Taking a self-employed loan is a quick way to get out of financial obligations. As a self-employed personnel, you can obtain a loan to fund your business or contracts during a trade. The good thing is that there are more than enough institutions willing to offer one. If you meet the criteria, you can simply apply to get a loan today.