Personal Loans

Access Bank is one of the leading Financial institutions in Nigeria providing dependable financial services to the public, facilitating seamless transactions, helping to manage wealth, and creating it. 

Sometimes emergencies pop out of nowhere, and as a salary earner, or any income earner, waiting till the end of the month before your next influx of cash can be a really long wait. During an emergency, you’d need a payday loan. 

In this post, we’ll be looking at Access Bank Payday Loan and how you can apply as well as other factors surrounding the loan itself.

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Access Bank payday loan – what is it?

The Access Payday loan is a digital credit facility that disburses loans instantly to the requesting customer, as soon as they receive the application and approved. 

Approval of this digital loan product depends solely on whether you meet Access Bank’s lending criteria, which they call Risk Acceptance Criteria (RAC).

In a nutshell, the payday loan primarily targets providing financial assistance to salary earners and non-salary earners.

Access Bank payday loan eligibility

The following will make you eligible to be granted this Access bank loan:

1. No outstanding loan in Access bank or any other bank
2. A phone number that is linked to your BVN (here’s how to check BVN)
3. Evidence that you received salary payment in the previous month

The maximum Access bank payday loan you can get

With this Access Bank loan, you are eligible for up to a maximum amount of 75% of your monthly income. This rate is subject to the following factors

• Salary account holders with Access Bank: If you’re a salary account holder with Access Bank, you will be eligible for a payday loan amount of 75% of your monthly salary.
• Other bank customers: If you receive your salary through another bank, processed via IPPIS or Remita, you will be eligible for an Access bank payday loan amount of 50% of your monthly salary as long as it doesn’t exceed NGN 500,000.

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Applying for the Access bank payday loan

The payday loan is a digital product, and so you need not apply for it physically. You can get access to the payday loan through the Access bank payday loan code using the USSD – *901*11*1#, through internet Banking – which enables you to borrow money online instantly or even Access Bank’s WhatsApp Banking platform. You can also access it through the Access Mobile App and QuickBucks App.

You can check out this post for other USSD code for loans in Nigeria.

The application process usually takes up to 24 hours, after which the bank disburses the funds. 

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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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How to repay Access bank payday loan

Your Access Bank loan is eligible for repayment either by your next salary payment or 30 days from the day you take the loan. You don’t have to go through any process to repay. The loan amount is automatically deducted from your salary bank account.

Access Bank payday loan interest rate

The Access bank payday loan interest rate is 3% flat and this is subject to prevailing market conditions. This means that your interest rate may be different from 3%. Ensure that you make all the necessary enquiries from the bank before applying for a loan.

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Conclusion

Finding yourself in a financially hard situation is no joy. For a salary or steady income earner, the Access bank payday loan is a great soft loan option for the rainy days. You can check out the Zenith Bank loan for other options.

Ever since it began its operations in February 1991, Guaranty Trust Bank (GTBank) has grown into a major powerhouse in the financial sector in Nigeria. 

Guaranty Trust Bank or GTBank is one of the most prominent banks in Nigeria. The bank is a leading provider of financial services to the public, offering services such as retail banking, investment opportunities, corporate banking, amongst the other services it provides to its vast customer base. One of such extra services is the loan and credit facilities it gives to its customers. 

Here we look at Guaranty Trust Bank Loans and the GTBank payday loan in particular; and how you can apply for them. 

About GTBank Salary Advance

The GTBank salary advance is a type of GTB loan that is based on the payday or cash advance theme provided by Guaranty Trust bank. The salary advance is the same as a payday loan. 

With the GTBank salary advance loan, you can get up to 50 percent of your salary before month end to meet up with your financial and transactional needs. The loan tenure is up to 30 days, and you can apply monthly.

The payday loan, as mentioned earlier, is an unsecured instant loan and therefore does not need collateral for processing.

How Much Salary Advance Can You Get From GTBank? 

GT Salary Advance lets borrow a minimum of N 25,000 if you’re a civil servant or N 50,000 if you work in the private sector. As for the maximum amount, funds are borrow able up to 50 percent of your monthly salary.

How Long Does It Take To Apply For The GTBank Salary Advance?

The application process only takes within 24 hours, after which they disburse the funds. 

Who is Eligible For A Salary Advance From GTBank?

Anyone fully employed and can provide proof of employment, and their income statements, is eligible for a GT Payday loan. However, you must be a GT bank customer in the first place to access this loan. 

How To Apply For The GTBank Salary Advance

You can apply for the loan by logging into GT Bank’s internet banking platform, or dial *737*8*2#. You can also visit any of the bank’s branches.

GTBank Payday Loan Code For Non-Salary Earners

A loan for non-salary earners is also available at the bank under the QuickCredit loan scheme. The short code for QuickCredit is *737*51*51#

As a non-salary earner you can apply for the QuickCredit for as long as you are earning a minimum of N10,000 every month.

Conclusion

Finally, there are certain considerations before applying for any kind of loan from a bank.

However, if you are ever in a bind financially, and need some help, as a Guaranty Trust Bank customer, you can get that much needed financial assistance through the GTBank payday loan platform. You can check out our posts on other commercial bank loans like the Zenith Bank loan.

Borrowing money in Nigeria is easy, thanks to the boom of online loan companies in recent years. These companies provide quick, short-term loans for their customers without asking for any collateral. These days, you can easily access student loan in Nigeria, payday loan, and so on.

• About Opay
• Opay Loan App Review (Okash Loan)
• Pros
• Cons
• How to Borrow Money from Opay
• Maximum or Minimum Amount You Can Borrow
• Opay Loan Requirement
• Opay Loan Interest Rate
• How to Repay Opay Loan
• Opay Loan USSD Code

About Opay

Founded by the internet giant Opera, OPay is a mobile-based platform that offers essential services such as payment, commercial transportation services, food and grocery deliveries, and others.

OPay is short for Opera Pay. It’s a comprehensive online payment platform that allows you to carry out a host of transactions. They include buying airtime, buying data, subscribing to Pay TV, paying electric bills, hailing a rider with OCar and OTrike, food delivery with OFood, transferring money, sending and receiving payment with QR, investment with OWealth, lending services with OKash loan, funding your betting account, listing your products and services with OList and building an online presence with OLeads.

Opay Loan App Review (Okash Loan)

Okash loan is the loan outlet of the OPay group. With this platform, you can get a loan in Nigeria at any time within minutes.

Pros

1. Fast and secure processing of loan payments
2. No collateral and deposit requirements.
3. Easy sign-up process
4. They offer incentives such as bonuses from time to time.
5. You can do the whole process online on your mobile phone. You don’t have to pay a physical visit. 

Cons

1. Privacy concerns
2. Cost of loan repayment is high. There are other cheaper options
3. Loans are for short-term
4. It has a maximum amount you can borrow.

How to Borrow Money from Opay

The first step is to download the OKash loan mobile app. Open an account and fill in the necessary information; it takes less than five minutes to complete the registration. You will get a call or text option for verification. 

Apply for a loan on the app, read the Terms and Conditions and look out for the interest rate and the repayment date. If you are okay with the following listed above, confirm your loan request, and you will get the money within minutes.  

Maximum or Minimum Amount You Can Borrow

The maximum amount you can apply for at any given time on OKash is N50,000. You can apply for loans as low as N3000. 

Opay Loan (Okash Loan) Requirement

The requirement for applying for an OPay loan is easy. The loan service targets all Nigerians and doesn’t have any stringent conditions the average Nigerian is not able to borrow.

1. The applicant must be a Nigerian resident
2. The age bracket of the applicant has to be in the range of 20-55 years.
3. The applicant needs to have a source of monthly income or state the reason why he or she wants the loan.
4. Valid ID Card
5. BVN Number (see how to check BVN)

Opay Loan (Okash Loan) Interest Rate

The daily interest rate is between 0.1% to 1%, while the annual interest rate is between 36.5% and 360%. Apart from this, you will have to pay an origination fee with your loan ranging from N1299 to N6000. The duration of the loan is 91 days for the shortest tenure and 365 days for the longest tenure.

How To Repay Opay Loan (Okash Loan)

• Open your mobile app
• Log into your account
• Click on the button that says ‘make a repayment’
• Provide all required details
• Click on the ‘repay’ button

It’s important to note that the platform makes use of a system that automatically debits your bank account once you loan repayment is due. This means that you do not really need to go through the steps listed above as long as you have sufficient balance in your account.

Opay Loan USSD Code

The Opay USSD code is *955#. This works when you already have an account created on the platform. The code provides you with a seamless experience while making transactions on your account.

OKash (a subsidiary of OPay) is a reliable loan service provider that offers quick loans in Nigeria. Applying for a loan on the app is easy. You get it disbursed into your account within minutes.

KiaKia Loan

Kiakia is a financial marketplace that grants short-term business and personal loans.

If you speak pidgin English, you’d know ‘Kiakia’ means fast, or better still ‘quickly’. That is precisely the idea behind KiaKia Loan.

KiaKia loan makes it very easy to access a loan in Nigeria without any collaterals.

KiaKia Loan Requirements

• Valid means of Identification
• A bank account with Bank Verification Number
• Proof of income from the workplace or business
• A working email address
• You reside in Nigeria
• You must be 21 and above

How to Apply for KiaKia Loan

1. Visit the website and create an account with your accurate details
2. Start an application chat on the site
3. Upload a valid means of identification
4. Enter your desired loan amount
5. Choose the loan duration
6. Upload a screenshot of your last 3 salary or business income alerts
7. Accept the loan terms and conditions if your application is approved
8. Authenticate your bank account
9. Get credited

KiaKia Loan App

Currently, there is no KiaKia loan app in any of the mobile app stores. All borrowing services are conducted through their website. They claim that this is to allow customers with utility phones to access all their services.

How Much Can I Get from KiaKia Loan?

You can borrow as low as N10,000 and as much as N200, 000 from them. 

Interest Rates

This loan attracts as little as 5.6% to as much as 24% in interest rates. Considering the speed of applications, this isn’t a bad rate base.

Loan Repayment

Repayment terms for the Kiakia loan are quite simple. You only need to have repaid the loan between 7 and 30 days. However, it is advisable to pay your loans earlier if you can because of the rewards that come with it.

Review

Pros

• The application process is easy and funds are released within minutes
• Does not require any serious paperwork
• No geographical restrictions, meaning you can apply from anywhere

Cons

• It comes with a loan processing charge
• The maximum amount of borrowable is quite low 

Conclusion

If short term loans are what you’re looking for, then a KiaKia loan is definitely what you should take a look at. You can apply for much bigger loans if you earn credit points with them for some time. All you need is to access their site, fill in the required steps, and you’ll have your loan application reviewed.

If it’s a success, then you get your loan in no time. You’re only advised to take up a KiaKia loan however if you can afford it. There is no room for defaults. 

Getting an instant online loan in Nigeria is not always a breeze. Getting loans is in itself, perhaps a full-time job. There are requirements to be met, forms to fill out, and series of cross-checks because to be frank, no one wants to be in a situation where they lend money out and don’t get paid back. That’s why it is so tedious for security. 

It’s not always so tricky, though.

In this article, we shall consider how to get loans from a special type of loan provider. Here is the low-down on Zedvance. 

About Zedvance

There is a massive list of loan providers these days, and where it’s naturally difficult to be distinct because most claim to offer the same thing, Zedvance stands out. Zedvance is an outfit that provides excellent loan services without collateral or with low interest. 

Pros and cons

There is nothing devoid of advantages and disadvantages. The simple rule is if it has an effect, it most definitely has its side effects. Zedvance is not excluded from this rule. Here are the pros and cons:

Pros

• The loans can be of high capacity. Meaning you could get a very substantial amount from them. It would take a lot to get a high amount of loan from any other credit facility, but with Zedvance, it’s much more manageable. Almost natural.
• They boast of a quick loan approval process, faster than the usual. Which means you can get your loan practically as soon as you need it. 

Cons

• Zedvance operations nationwide are limited. It only operates in Lagos presently, and so that means any applicants and their applications from outside the state are as good as void.
• There is too much paperwork involved. It requires a hefty amount of paperwork to fill out and completed in the application process, and at some point, it can get frustrating. 
• It requires proof of employment and quite a lot of it too if you’re self-employed or a freelancer that might prove challenging to present. 

How much can you borrow from Zedvance?

Zedvance loans allow you to borrow up to N5 million. 

What are the interest rates for Zedvance?

Zedvance loans attract interest rates of about 12 per cent to 45 per cent. 

Are there any additional fees for Zedvance?

There are no additional fees.

What do you need to take up a Zedvance loan?

The following are documents needed for a Zedvance loan application:

• Means of identity; passport, national identity card, driver’s license
• The Request of Account statement form; which you are to fill and taken to your bank for confirmation by the loan officer
• Your Employee Identity Card; to prove your employment status
• A Direct Debit Mandate
• Your Tax Identification Number or pension statement and letter of employment
• A passport photograph clearly showing your face. 
• For freelancers or contract term employees, for security, you would need to provide guarantors who are permanent staff in your workplace.

How fast are funds released?

Zedvance boasts of quick approval processes, and once they approve the loan, you get the loan in minutes. 

What are the repayment terms for Zedvance loans?

Zedvance loans are repayable for periods of up to 18 months.

Conclusion

Working-class? Need a quick loan that’s got a substantial amount? Then it would be great if you considered applying for and obtaining a Zedvance loan. 

Hands up if you’ve ever needed a bit of a “jolt” also known as you need to borrow some money. Furthermore, hands up if you called all of your surest guys and girls and they all gave you the “you know the economy is hard” line. 

Hands up if you ended up looking at the sky, hoping that it’ll start raining dollars. 

If you put up your hand to one of the three scenarios, you are a part of the 90% population and, we are right there with you also lifting up our hands

We are very familiar with this look, the state of confusion and frustration. It is well dear.

Unexpected expenses come up and with the unstable Nigerian economy, it can exhaust your savings with just one mishap. So what happens when you just need a bit of cash to get you by for the next couple of months and your family and friends can’t seem to help you? Soft loans may be an option for you!

What are soft loans?

Soft loans (or quick loans) are typically loans given by financial institutions at below the market rate. They grant these loans without collateral and have a simple process. One has a higher chance of getting approved for these loans if they are salaried or have an established business with trackable profit. 

Where to get soft loans in Nigeria

Below are 5 companies that offer quick loans in Nigeria. Please note that the list is in no particular order and are simply for informational purposes only. These organizations have their various requirements, but one thing they all have in common is no collateral (for the most part!).

1. Paylater (Carbon):

This online lending platform processes your approval within minutes. This soft loan is available to businesses and salary earners in Nigeria. With Carbon, you can access up to N500,000 and they disperse funds within 1-3 days.

2. Kia Kia:

The name of this organization, translated from the Yoruba language to English means “Quickly”. That’s essentially the bane of their business, in the sense that loans if approved, are quickly disbursed. KiaKia also allows individuals to invest in loans as a means of investments on the premise of an interest return. 

3. C24 Limited: 

What’s pretty amazing about this company is that, right on the home screen of their website, it has a repayment calculator so you can easily see what your repayment will look like using that calculator. As with the other companies listed, the application is also a digital process

4. Quickcheck:

This is for people who need a quick boost of less than N100,000. They complete the application online or on their application. Its fairly quick and easy and approval can take less than 30 minutes with disbursements happen as quick as an hour. 

5. Specta:

This lending company disburses loans of up to N5 million without collateral! Application processes can be as little as 5 minutes and funds disbursed within the hour. 

Conclusion

While loans need to be repaid back and with interest, it may be a viable option if used responsibly. To find out more about soft loans and repayment plans, click here

About FairMoney

FairMoney is a Nigerian-based online loaning platform that offers its users a easy and stress-free way of lending money.

They launched FairMoney Loan around early March 2018. The online lending platform can now boast of disbursing over one thousand five hundred loans daily to Nigerians.

Before the launch, FairMoney has been able to help thousands of Nigerians and Nigerian businesses inch a bit closer to their dreams by providing them with the financial backing they can not afford at the moment. They have made it possible for individuals and small businesses to thrive in spite of the reality of their situation.

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FairMoney Loan

This loan platform provides you with a different way of getting a loan in Nigeria and it does this with no collateral. With FairMoney Loan, you can get an instant loan up to as much as ₦500,000 without needing any paperwork or even collateral. This would be done in under five minutes or lesser.

FairMoney Loan App

The app helps you gain access to critical finance via the power of modern technology. It is fast, reliable, secure, and most of all, free!

It’s an android mobile banking app that makes getting loans and paying bills very fast and easy.

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How Much Can I Borrow from FairMoney and for How Long?

You can access a FairMoney Loan in the range of ₦1,500 to ₦500,000 with durations for loans up to 60 days and above. The monthly interest is also about 10%-30% monthly. The process does not incur any additional fees or hidden costs when processing your loan.

FairMoney Loan Requirements

There are no requirements for getting a FairMoney loan. Simply sign up on the app and your loan will be processed. This is done without the rigorous due processing like documentation and collateral.

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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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How to Apply for a FairMoney Loan

Follow the steps below to get a loan from FairMoney

1. Download the Android application from Google Play Store. 
2. Sign up or log in with your phone number or Facebook profile. 
3. Create a profile of you’re a new user or apply for a loan as an old user. 
4. Get credited with money in your bank account within a matter of minutes.

FairMoney takes customer experience and satisfaction as a major priority. To this effect, they have launched a new app that does this perfectly. The app is easy to use and reliable, announcing their next phase of growth as the easiest way to get a loan in Nigeria.

Getting a loan on FairMoney is easy and of course, a very straightforward process that can be done by anyone at all. Here are the few steps to follow when you’re trying to get a loan.

These steps can’t be wrong. It optimizes FairMoney to make their services accessible to every Nigerian.

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FairMoney Loan Review

Getting a loan can be a rigorous process, with all the requirements and time taken for processing it. FairMoney makes all of that easy. This makes them a fast and reliable option to use every time.

Pros

• Loan is approved within minutes
• No collateral or guarantor needed

Cons

We haven’t found any reason why you wouldn’t want to use FairMoney. This section will be updated if we do.

Creditville Limited is a private lending institution and asset management company operating and registered in Nigeria. They offer a range of lending services.

Let’s look at some reasons you should take a loan from them today

About Creditville

Creditville takes a business interest in Consumer Finance, Real Estate And Capital Markets. Their customer base includes distinct individuals in salaried employment and small and medium scale businesses in Nigeria.

It operates as a viable institution by delivering creativity and professional services on global best practices.

What is the maximum loan amount I can get from Creditville?

They design their loan products for salary earners and small businesses, and you can get between N100,000 and N4m loan in Nigeria.

The tenor for the loan is between six to twelve months

They offer the loan products listed below

Creditville Personal Loan (Pay Day Loan) 

Creditville made this product for professionals and other salary earners. They designed it to meet the immediate cash desires of customers.

With a tenor of up to 12 months repayment period, their payday loan offer is between N100,000 and N4,000,000. 

Requirements for Salary/Payday Loan

• Payday Loan request application letter.
• Copy of client employee ID Card.
• Copy of a valid Nigerian means of identification 
• Passport photograph
• Salary current account statement
• Duly completed salary loan application form.
• Letter of Employment or Confirmation of Employment.
• Proof of Address (Utility Bill, Rent Receipt).
• A Guarantor is necessary under some circumstances.

SME Loan 

This product addresses the gaps that may occur from day to day running of a business. The business must duly register with organised cash flow and financial records.

With a tenor of up to 6 months repayment period, the business loans offer between N100,000 and N4m. 

Requirements for SME/Business Loan

• One passport photograph
• Post-dated NUBAN cheques
• Statement of account
• CAC Certificate of Incorporation
• Memorandum of Association
• One means of identification (international passport, drivers license or national ID)
• A suitable guarantor 

Car Loan/Auto Lease

The product offers car loan facilities to individuals in salary employment in the form of asset finance towards the purchase of a personal vehicle.

The car purchased will solely be for private use and not for any commercial purpose. It transfers ownership of the vehicle to the customer upon completion of the loan repayment. See other car loan companies in Nigeria.

Requirements for Car Loan/Auto Lease

• Duly completed application form
• Valid professional driver’s license
• Copy of Office means of identification
• Recent utility bill of house address
• Six (6) months bank statement 
• A duly executed Asset finance agreement
• Evidence of equity contribution lodged with Creditville Limited’s account.

Other business interests include

Real Estate

Creditville Limited has a real estate and property management arm recognised as Creditville Properties.

It deals in real estate solutions ranging from agency business, property management and property development in major Nigerian cities.

They have a presence in other cities. like Lagos, Abuja and Port Harcourt.

Capital Markets 

Creditville licensed by the SEC and manages an array of investment portfolios and other investment advisory services to private investors.

Conclusion

Creditville is one of the fastest leading loan companies in Nigeria with an integrity-based practice, anchored on honesty and transparency. 

Emergency Loan in Nigeria

Emergencies come up when we least expect. If we do not have a savings or someone we can quickly ask for a loan, we experience severe distress. It can be some extra funds to run our business or to make a personal purchase.

Applying for emergency loans with financial institutions such as banks requires documentations and takes time to process.

What if you need the loan urgently? Several loan companies in Nigeria offer emergency loans to Nigerians with little documentation, and in five minutes! Yes, within five minutes or even less from applying for the emergency loan, you get a credit alert to your account.

Where to Access Emergency Loan in Nigeria?

The Fintech revolution gave rise to the credit sector boom in Nigeria by offering quick access to loans. There are many companies offering emergency loan services in Nigeria with competitive interest rates. Some of the companies providing fast access to loans include:

• Carbon

Firstly, Carbon, formerly known as Paylater, is an online loan service that provides short-term loans for businesses and people.

Download the App and enjoy access to quick short-term loans.

The App also processes bill payments, airtime recharge, smart investments and provides your credit reports.

In conclusion

The service runs non-stop. If you repay on time, you can access up to all a million of loans with no collateral.

• Palm Credit

Secondly, Enjoy access to loans up to ₦100,000 with Palm Credit. You can apply for loans from anywhere and anytime.

All you need is to provide your personal information, including your Bank Verification Number (BVN) and if your loan request gets approved, you will receive the requested loan within minutes.

Like Carbon, if you repay on time, you will get access to a higher loan figure. Download the App to enjoy this quick loan service.

• Branch

Third, Branch is a simple mobile app that offers loans up to ₦150,000. The sign-up process and loan application for Branch is the simplest in this list.

Branch requires your phone number and personal information but does not ask for your Bank Verification Number (BBVN). If you need a quick short-term loan for a pressing emergency, Branch is a suitable option.

Its interests rate is flexible and set at 20% per month for most loans. 

Download the Branch App online to enjoy their loan service. 

• Fair Money

Furthermore, Fairmoney is another mobile loan app that offers quick loan services to Nigerians. The sign-up process is simple to do within minutes.

Once your loan is approved, it takes less than five minutes to get the loan into your bank account.

What do you need to apply for emergency loans in Nigeria?

Applying for emergencies loans in Nigeria with online loan services is easy. What you need include a smartphone, stable internet connection, your Bank Verification Number (not all will ask for this) and to supply your bio-data at registration. 

Conclusion

These emergency loan apps make loans available to all Nigerians from 18 years upward. The no collateral requirement is an immense relief.

In conclusion, read the terms, conditions, expected pay date and interest rates before applying for loans finally.

Social Lender is a financial solution for individuals looking to get a loan in Nigeria. It serves as a proper lending solution for individuals that don’t have the usual requirements for a conventional loan.

They serve as leading pioneers in the fight to make financial services easier to get for more Nigerians. This push continues to gather momentum and make these services more accessible and affordable for Nigerians. 

A Brief Background to Social Lender Loan

Founded by Faith Adesemowo and Bade Adesemowo in 2015. Social Lender was established with the belief of creating more straightforward access to financial services.

It has become a bridge for immediate access to funds for individuals with limited access to funds. Social Lender originally targeted banks; with Sterling Bank being the first to get on board with the product idea.

How Does Social Lender Work?

First, Social lender offers financial help by using the individual’s social reputation to determine and decide their creditworthiness.

It has an existing algorithm that uses the user’s social media activity, profiles, and their reputation to generate credit scores. It determines their loan worthiness.

This proprietary software and algorithm deliver these scores based on the pre-defined parameters for worthiness. A loan service that credits you based on your social media reputation is as good as it gets.

Social Lender does not require a collateral. All they require giving you a loan is your data, and they would process this to determine if you are eligible for a loan or you are not.

This data needs to be authentic, and your social reputation score would serve as your collateral. It guarantees loans a user’s network, reputation and social profile.

The service then grants a user the ability to borrow from banks and other financial institutions solely based on their social media repute.

The social reputation score boosts in the presence of a social guarantor. The social guarantor provides a personal electronic guarantee on the borrower’s personality.

How to Get a Social Lender Loan

Getting a loan from social lender is not a complicated process. Social lender has made the process as easy as sending a text message. It can lend user money through the use of text messages.

This service works with customers who can get a loan as easy as using the app, a USSD code, text message, or through the website.

As of February 2018, social lender had about 15,000 registered users. It operates in South Africa, in collaboration with ABSA Bank.

Conclusion

Getting a loan can be a tedious process; amidst providing the right documents and collateral, it just doesn’t always happen, or you may not even have these.

Social lender can change all that for you in just an instant. The current services they offer makes it easy for anyone to get loans based on evaluation of your online reputation.

Try out their services for more accessible financial assistance.