Reviews

Fint loan is a unique money lending product. The platform connects borrowers to lenders. On the loan website, investors register as lenders, and it connects them to borrowers who need loans. These loans come with a pre-agreed interest rate that depends on the tenor of the loan. 

Fint loan services are for individuals who need loans and investors who want to grow their money by lending to people.

Individuals can borrow little as N20,000 with a maximum of 1 million while businesses can borrow up to 20million. You can access a loan by getting your company to sign up for Payday loans, or you can go through the companies in partnership with Fint loans. Some of these partners include First Registrars, Thrive Agric, Old Mutual, Farm Forte, Vetiva, and Paystack.

Currently, Fint has no mobile app, so all operations are available on their website.

The Fint loan calculator helps you calculate your loan and the repayment plan. To calculate, choose the sector that applies to you, the amount of credit you are taking and the duration, after which it calculates how much you can pay back monthly.

Fint loan Requirements

Some of the requirements for Fint loans include

• You must be 21 and above
• Valid Nigerian bank account
• Bank Verification Number
• Account Statement
• Photocopy of a valid Nigerian identity card

How to Get a Loan on Fint

To apply for a loan on Fint, follow these steps

• Go to the Fint’s website and click on the “Borrow” tab.
• Some details will have to be available to create an account. These details include your names, date of birth, email address, employment status and organization to create an account. 
• After inputting the information, you will see an estimate of the loan amount you can borrow.
• Accept terms and conditions as well as the interest rate on loan.
• You are to pay some money for your profile verification and credit history check.
• Once it is successful, upload the necessary documents requested.
• When you are verified, your loan request will appear on the platform.
• Once an investor funds the application, the money will get to your account.

It is important to note that the speed of loan disbursement depends on the lender involved not Fint.

How to Repay a Fint Loan

Your account details are in the system, so they will automatically deduct the loan from your account when the duration expires. Before the agreed date, you will receive reminders so you can pay back the loan before the due date. The platform will then send your payment to the lender you borrowed from, and if you fail to pay back the loan, they might report you to a debt collection agency who will try to retrieve the loan.

Before taking a loan on Fint, you will need insurance to cover unexpected circumstances that may not allow you to repay the loan. Also, you will pay a commitment fee (8%) after payment of the loan. Interest rates also vary according to the sector and the lender, but it is about 39% for a year.

Conclusion

Fint helps in the wealth creation process by enabling people to invest in the money lending business and also connecting people to those who want to borrow money. The platform is transparent and straightforward, which makes the process very useful. We have a whole lot of other posts that explain how to get quick online loans in Nigeria from platforms like Renmoney and the likes.

About Specta Loan

Specta Loan is a digital lending platform offered by Sterling bank to give loans to profiled business owners and salary earners in Nigeria.

It seeks to provide a more convenient way to get an instant online loan in Nigeria, and credits by using standardized data processing techniques and analytics to review loan applications and eliminate the difficulties that come with the traditional lending system.

Specta Loan gives you access to loans up to N5,000,000 without paperwork or collateral, and you will receive the funds within five minutes. This feature makes it a top loan product in Nigeria.

The platform operates nationwide and offers loans to all salary earners without considering their occupation. It provides salary advance, asset acquisition, and personal loans (rent, education, wedding, medical, etc.). An important thing to note when you are applying for a Specta loan is that you must be part of an organization.

Specta Loan Interest Rate and Repayment

Interest rates on Specta Loan largely depend on the loan package you opt for. However, they range from 20%-30% per annum.

Repayment also depends on the package you’ve chosen and the refund has a tenor of 1-4 years.

You can set up a monthly repayment plan to enable you to pay back at your comfort. Also, the following fees are charged on all loans.

• Management fee (maximum 1%)
• Commitment fee (Maximum 1%)
• Insurance fee (1% flat on salary advance and personal loans)
• Household/ Asset acquisition (7% flat)

Specta Loan App

The Specta loan app is available for just Android mobile devices on the Google Play Store with a star rating of just 2.6/5.0. This could mean that users are not entirely satisfied with the functionalities of the app, and you may be better off accessing loans through the website instead.

Loan packages They Offer

1. Specta Xtreme: This package needs no profiling and is open to salary earners and business owners. It offers up to 2 million with a maximum tenor of one year.
2. Specta Basic: This loan package is open to only business owners who have a Sterling bank account and salaried employees (regardless of their bank). It offers up to 5 million with a maximum tenor of 4 years and flexible interest rates.
3. Specta Prime: This loan package allows you to earn money on your investments while you lend for urgent needs. You can borrow in the following currencies; Dollars, Naira, Euro and Pounds.
4. Specta Allawee: Youth corp members are not left out as this package enables corpers access funds to expand and develop their entrepreneurial dreams.
5. Specta Quick Cash: This loan package is open to everyone irrespective of their banks. It offers up to N20,000 quick cash to individuals based on their transaction history and social media reputation.

Specta also offers loans for business under the loan package Specta4Business, and this offer is available to small, medium and large enterprises. 

Specta Loan Requirements

The Specta loan package you choose determines the condition, but generally, you will need

1. A bank account number(sometimes only Sterling is accepted)
2. Bank Verification Number 
3. A valid means of identification
4. valid email address

How to Apply for a Specta Loan

To apply for a Specta loan, follow these steps

-Request to get profiled either as an individual or a business by sending an email to Specta

1. Select the loan package that you find suitable
2. Begin the application by clicking on the loan offer
3. Fill out the application form and submit
4. If you are eligible and the application is successful, your account will be credited immediately.

Conclusion

Specta Loan is just one out of the numerous platforms for accessing quick online loans in Nigeria. With an interest rate in the range of 20 – 30%, we think it’s really on the high side.

A rating of 2.6 on Google Play Store is really low for an app that is supposed to cover all your loan needs. Therefore, if you really have to give Specta Loan a try, you might want to go through their website.

To find out more information, you can call their customer service on this number 017004271.

How Does a Branch Loan Work?

Branch Loan is a leading loan platform where you can get an instant online loan in Nigeria. It uses data science to increase access to financial services for millions of Nigerians. The platform offers instant loans that help people achieve their business and personal needs. The company operates in Nigeria, Kenya, Mexico, India, and Tanzania.

The Branch Loan App

The Branch loan app first launched in 2015 and became available for Nigerians in 2017. Over the last couple of years, the app has seen incredible growth with over 1.2 million users and over one million loans disbursed, worth over N9 billion in Nigeria alone. This incredible growth rate is a testimony to its service demand and usefulness.

The app is available for download via the Google Play Store if you’re an Android user. The firm started operations in the country’s financial-technology industry in 2017 and has garnered over 10 million app installs with 4.3 star ratings on the Google Play App Store.

Some Branch Loan FAQs

How Do I Get A Loan From Branch?

Borrowing money from Branch Loan is very easy and can be done within 20 minutes, or even less! You can follow the steps below to get access to a loan.

1. Download the Branch Loan app from Google Play Store (there’s no Branch Loan app for iOS users at the time this post was published)
2. Create an account and fill out a simple form. Ensure that you provide your accurate details to avoid unnecessary delays in receiving your loan
3. Find out the amount of money you’re eligible to receive as loan and apply
4. Receive the money in your bank account in not more than 24 hours

What Happens If You Don’t Pay Branch Loan?

If you don’ repay your Branch loan when it’s due, you’ll be penalized, and interests on your loan will continue to pile up.

What is the Interest Rate of Branch Loan?

Branch Loan is designed to fit individual needs and help it’s users grow. Their loans range from between ₦1,000 to ₦200,000 with a repayment period of 4 to 40 weeks. 

As you build credit with Branch, you unlock larger loan amounts, and all loans are approved, disbursed, and repaid directly from the app.  In addition, Branch does not charge late fees or rollover fees which makes them a favorite. They also boast of a swift and responsive customer support that is available 24/7 via the app.

How Legit is Branch Loan

From our experience with Branch Loan, I can say that they do what they say. No hidden charges. You just need to ensure that you make your loan repayment once it’s due to avoid having issues with the credit bureau.

How to Repay Branch Loan

1. Open up your Branch Loan app
2. Select ‘My Loan’
3. Click on ‘Tap to pay
4. Put in the amount of money you intend to pay back
5. Select your preferred method of payment – bank or debit card
6. Click ‘continue’

Your loan repayment would be made within 24 hours. If you encounter any issues in the course of repaying your loan, contact the Branch Loan customer service on nigeria@branch.co or support@branch.co for assistance.

Conclusion

At the moment, the Branch loan app is one of the top most-downloaded finance apps in Africa and widely used when compared with other loan products in Nigeria. The app takes care of loan needs with ease, allowing you to focus on growing your business and achieving your personal goals. In the process, it has reached more people, pulling them out of financial exclusion.

We have curated posts on some other lending platforms such as Renmoney and the likes.

Before the likes of GT Bank’s QuickCredit and other platforms where you can get an instant online loan in Nigeria today came into play, getting a loan was never a stroll in the park.
The thought of approaching commercial banks for a loan used to be a tedious affair in the past. From submitting numerous documents to convincing someone to stand as a guarantor and risking your request rejected. Thank goodness for technology that has taken all these complicated processes and made them more enjoyable by simplifying them.

What is QuickCredit?

QuickCredit is a payday loan product by GTBank accessible to salary and non-salary account holders. It has a minimum loan amount of N10,000, a maximum of N500,000 for non-salary holders and 5million for salary holders.

How Can I Access QuickCredit?

You can get access via;

1. Internet banking
2. Mobile banking app 
3. USSD code *737*51*51#. 

How Do I Know I am Eligible for QuickCredit?

To qualify for this loan, you must be an existing GTBank customer with a monthly net salary of at least N20,000. Also, you must have a satisfactory credit score and no unpaid obligations.

Why Should I Pick QuickCredit Over Other Loan Products?

QuickCredit has one of the lowest interest rates compared to other loan products. With an interest rate of 1.33% monthly and a maximum tenor of 12 months, it is easy to see why it is a favorite of many loan facility users. However, In the event of you defaulting on payment, an interest rate of 1% is added to your debt.

QuickCredit For Small Business

Just like the loan product for salary and non-salary earners, GTBank has tailored one for small businesses. QuickCredit For Small Business makes soft loans available for SMEs to run their day to day operations smoothly. This loan product finances SMEs in the Education and Healthcare industry.

Features of QuickCredit For Small Business

It is quite similar to the regular QuickCredit product and yet, has its unique feature.

• Prequalified customers are eligible for the loan
• Customers get a Loan tenure of 6 months. However, schools get 12 months.
• It has different rates for the two industries it places focus—1.33 % per month for the Education segment and 1.75% for healthcare.
• Customers have access to 50% of their average annual turnover
• Customers can also open a corporate account. They should have used this account for up to 12 months before applying for a QuickCredit facility
• The minimum loan amount is N250,000.00, and the maximum amount is N5,000,000.00

Like the regular QuickCredit product, customers also get their funds instantly. Another great benefit is its flexible payment plans. One can make interest payments monthly and quarterly principal repayments. Note, the quarterly repayment option is strictly for business in the Education industry. Note, if you have an existing loan facility with another commercial bank, you cannot apply. 

Conclusion

GTBank’s QuickCredit is easy to navigate and somewhat has the fairest interest rates in comparison with other loan products. Immediately you become eligible for QuickCredit, you will get a notification, and you can start taking low offers. The offers increase as your credit score builds up over time. You can give it a try. Good Luck!

Loan products come in handy nowadays. Sometimes, taking a loan is the best option in a sticky situation. In the search for the best platform for getting an instant online loan in Nigeria, you can become vulnerable. And in truth will opt for a loan you think serves your best interests, literally and figuratively.

Among the many loan products available in Nigeria, we have chosen three. They are Migo, Branch, and Quick Credit. We will review in terms of interest rates, tenor and some other criteria which you will see below.

Migo Loan Product

Migo, on the other hand, is a fully cloud-based money lending platform. The platform provides loans to make purchases from merchants and withdraw money without point-of-sale hardware or ATM cards.
A borrower can only access their loan services through a web browser because it currently has no mobile app. With Migo, your loan offers increases based on your borrowing history. More so, you can borrow a maximum of N500,000 and a minimum of N500.
There is no default interest rate. However, the interest rate ranges from 5%-25%. The price can reduce, but that is dependent on repayment history and product recommendation. It is one of the popular loan products around now.

Branch Loan Product

Branch Loan is an online lending platform that gives payroll loans, single payment loans, and individual payment loans to borrowers. It offers products for business, rent, and education. At the end of the tenor, the will take the amount you borrowed from your account you provided during registration.

The app allows you to borrow up to N200,000. It has an interest rate of 3%- 21% depending on your loan option, and the higher your credit, the higher your loan offer. Its tenor ranges from 4-40 weeks.

Quick Credit Loan Product

Quick Credit is a loan product by GTBank that offers loans to salary and non-salaried account holders of the bank.
Individuals earning a stable salary have a maximum loan amount of N5 million. For the self-employed, they can borrow up to N500,000. Quick Credit has an interest rate of 1.33%. However, you get an extra 1% of what you are to pay if you default on payment.

Verdict on the Loan Products

Among the three loan products, Quick Credit has the lowest monthly interest rate and a fair tenure of 12 months. However, it is only available to individuals with GTBank accounts. You must also have a monthly net salary of N20,000 before you can be eligible. The Branch app is great to finance your immediate needs, and it helps you build your credit score by offering you higher loan options based on your repayment history.

However, it requires you to download the app before you can access its features. This loan product offers an incentive. “recommend us to your friends and repay your loans on time and we will reduce the interest rate on your loans”. However, you will incur an additional 5% (VAT included) o the interest rate of your if you default on payments.

Conclusion

Because loans are easier to access these days, many people tend to take this for granted and pile up credits. We advise you to repay your loan when it is due or even earlier to improve your credit history and credit score.

Related Post: Top 10 Products by Nigerian Banks

Introduction

The agricultural sector in Nigeria is one industry filled with untapped potentials as about 70% of the population engage in it on a subsistence level. If you are into agriculture and you are ready to push your business to another level, or you need business capital, taking an agricultural loan could be a solution.

The Central Bank of Nigeria announced a ten-year plan of 7% credit allocation into the Nigerian agricultural sector in the year 2011. This plan was established to encourage participation in the agricultural sector as well as improve agricultural production output. 

To achieve this feat, the central bank introduced some measures that included the creation of intervention funds like Commercial Agricultural Credit Scheme (CACS). The implementation of these measures is estimated to boost the agricultural sector by 400% growth from 2011 to 2021.

Wondering where and how to get agric loans in Nigeria, here are six lenders in Nigeria you could approach for a loan:

1. Bank of Agriculture

Popularly referred to as the “farmers’ bank”, the Bank of Agriculture is a government-approved bank whose aim is to provide banking services, financial loans and advice to farmers in Nigeria. The bank is supervised by the Federal Ministry of Agriculture and regulated by the Central Bank of Nigeria. Some loans provided by the Bank of Agriculture include; SME loans, Cooperative and farmer’s loans, Agricultural micro-loans, Non-agricultural micro-loans and Agri-business loans.

2. Agric-Business Small and Medium Enterprises Investment Scheme AGSMEIS

This is a funding scheme established by the Federal Government in collaboration with the CBN to promote a sustainable economy and increase employment opportunities through agri-businesses. It has an interest rate of 5% with a tenor of 7 years. Industries eligible for this scheme are the Agriculture sector, Service sector (ICT and the creative industry), Real industry (mining and manufacturing) and other SMEs approved by the Central Bank of Nigeria.

3. Commercial Agriculture Credit Scheme (CACS)

This is an initiative by the Federal Ministry of Agriculture and the Central Bank of Nigeria to boost the development rate of agric businesses in the agricultural sector. It is open to medium or large scale commercial farms, limited liability companies in the agriculture production process and state governments ( for lending to subsistence farmers). With 9% as its interest rate, this fund is open until 2025. 

4. Agricultural Credit Support Scheme (ACSS)

This is an agriculture funding initiative by the Federal Government and the CBN. Also, the Bankers Committee actively supports this scheme. Established to encourage farmers in the agricultural sector, the ACSS curbs inflation of agrarian produce reduces the cost of production and also helps to diversify Nigeria’s revenue base. The ACSS loans have an interest rate of 8% (6% if you pay earlier) and you can access it through the respective state chapters of Farmers association or directly from banks if you are a large scale farmer.

5. Agricultural Credit Guarantee Scheme Fund (ACGSF)

This initiative, established by the Federal Ministry of Agriculture and managed by the Central Bank provides guarantee (about 75%) for loans extended to farmers from commercial banks. The ACGSF offers some products which include Interest DrawBack, the Self-Help Group Linkage Banking and the Trust Fund Model. Interest DrawBack subsidies interest rates. Self-Help Group Linkage Banking encourages group savings and loans, and the Trust Fund Model complement farmers security for loans.

6. The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL)

This initiative launched in 2011 and incorporated in 2013. The purpose of this scheme is to address the low funding level in the agriculture sector. Also, to channel finance into fixed agricultural value chains. NIRSAL specialises in Agribusiness Project Development, Agricultural Risk Management, Value Chain Fixing and Finance Facilitation.

CONCLUSION

These are the primary agricultural lenders in Nigeria, and they are in partnership with some commercial banks. These banks include; First Bank, United Bank of Africa, Access Bank, Union Bank and some other microfinance banks. 

Despite the central bank’s effort to promote agricultural credit within the industry, there are still some challenges. They include but not limited to 

• Information gap within the industry 
• Inadequate understanding of requirements to access agric loans
• The bureaucratic and complicated process of obtaining an agric loan
• Commercial bank’s apathy to the agricultural sector

However, the emergence of agrotech companies has mitigated these challenges. They have encouraged agricultural participation from lenders, borrowers and investors alike. They have created simple ways of credit and investment management of the agricultural sector through technological advancement.

Are you looking for a loan? Here are top ten loan products by Nigerian banks

1. Quick Credit by GTB 

Guarantee Trust Bank launched Quick Credit to offer fast loans to their account holders. They get up to three month upfront in less than two minutes. People earning at least 10,000 or who have salary accounts with the bank are eligible for this loan. They can borrow from 10,000 to a million. Moreover, it also offers a convenient payment plan. This means you can share the plan over twelve months at an interest rate of 1.75%. 

Quick credit is available on all GTBank mobile and online banking platforms, and you can apply by dialling *737*51*51#.

2. Z-Women Business Package

The Z-Woman is a loan facility by Zenith Bank that caters to small and medium enterprises owned by women. It covers business expansions in sectors such as Confectionary, Agriculture, Beauty, Style, Fitness and others. Women with 55% shareholding in their business are eligible for this loan, and it has an interest rate of 9% per annum, which can be spread over 12- 24 months.

To apply for this loan, visit any Zenith Bank branch around you.

3. First-Edu Loan

The FirstEdu-loan is a loan facility by First Bank Nigeria Plc. It is available to private school owners who need funds to run their school operations. To qualify for this loan, the school must be relatively new and duly registered with the CAC. It should also have a minimum of hundred students and must have had an account relationship with any bank for about twelve months. The maximum loan amount is 20 million, with a tenor of 3months to a year. 

To apply for this loan, visit any First Bank around you or any of their online platforms.

4. MSME Loans

This loan facility given by Zenith Bank of Nigeria is available to small and medium-sized enterprises in need of finance. The MSME loan is also available to corporate bankers. To be eligible, you should have a business account with Zenith Bank for no less than six months. You also categorize your business as MSME. Lastly, you should have at least one of Zenith Bank’s electronic channels like the Zenith Bank app. This loan has an interest rate of 9% with a tenor of 12 months.

5. School Advantage Loan

This is a loan facility by Polaris Bank to complement the educational needs of private schools. It comprises overdraft facility, asset financing facility and short term loan. The maximum amount you can borrow is 100 million, and the tenor ranges from 180 days to 36 months.

6. UBA Click Credit

Click credit is a loan facility by UBA and is a fast and comfortable way to get loans. Customers with a salary account can get up to 5 million in less than two minutes without complicated paperwork. With a fair interest rate of 1.58% monthly, the tenor of this loan is 12 months.

Click credit is available on all UBA’s digital platforms including Leo, Mobile Banking and UBA internet banking and you can apply by simply dialling  *919*28#

7. Specta

Specta is a lending platform by Sterling Bank Plc that gives up to 5 million loans in less than 5 minutes. Offering a variety of packages such as SpectaBasic, SpectaPrime, SpectaAllawee, SpectaXreme, and SpectaQuick cash, it is available to everyone irrespective of bank and occupation.

8. PayDay Loan

This is a short term loan option by Fidelity Bank PLC under the Fast Loans package . The loan meets the immediate needs of salary earners with a salary account of 3 months. You can get it in less than 2 minutes through the Fidelity Bank digital platform. Dial the USSD code *770*08#. The interest rate for the loan is 2.95%  with a monthly tenor.

9. FCMB Fast Cash

This loan grants FCMB customers access to instant loans without collateral. It has a tenor of 30 days, and customers can apply many times as long as they qualified. To access this feature, just dial *329#.

10. Union Bank Term Loan

This is a long term loan available to all Small and Medium Enterprises owners. It is usually for business expansion, and the loan amount depends on cash flow in the business. Most importantly, You will need a collateral and the maximum tenor is 48 months.

Conclusion

Irrespective of financial needs, a lot of Banks in Nigeria as well as fintech platforms like Branch Loan have been devising innovative loan solutions to suit your projections. The onus is on you to do your due diligence and find the right solution. Good luck

Related post: 5 Checks To Access Loans In Nigeria

Years before now, putting up the title “banks offering instant loans without collateral in Nigeria” would have appeared blasphemous. Fast forward to a few years later; we can confidently compile a list of traditional banks in Nigeria providing the same service. This is in acknowledgment of the disruptive financial technology companies dominating the lending industry. Apparently, traditional banks have identified the need to change the narrative.

We have other posts on platforms like Renmoney loan, Specta Loan, Branch Loan, Fint Loan, C24 Loan, and Quickteller Loan where you can get an instant online loan in Nigeria. But for now, we’ll just focus on the traditional banks offering loans without collateral.

1. First City Monument Bank [FCMB] Limited

Regarded as one of the leading financial institutions in Nigeria, FCMB continues to deliver exceptional services to her customers. FCMB provides the following loans without collateral:

• Auto Loan
• Salary Top-Up Loan
• Fastcash Loan
• Premium Salary Loan

The FCMB FastCash Loan is an instant loan that can be accessed without collateral using the USSD code *329#.

2. WEMA Bank

Operating a Salary Current or Savings Account makes it easier to obtain a loan from WEMA Bank. The maximum loan amount is seven multiples of net monthly salary, subject to a maximum of N2 million. The WEMA Bank personal loan operates a 48-hour loan disbursement and is only available to confirmed employees.

3. Stanbic IBTC

The subsidiary of the Standard Bank Group is yet another Nigerian bank offering business and personal loans. Irrespective of whether you are a salary account holder or a business needing help with capital, Stanbic IBTC is one of the guys willing to grant access. The terms are based on repayment between one to five years. Within this period, payment is made on monthly instalments.

4. Zenith Bank

The innovative bank offers loans including SME Loans, Overdrafts, Receivable Discounting or Invoice Discounting, LPO Finance, Import Finance Facility, Export Finance Facility, Term Loan, Lease, Bonds & Guarantee and Retail Loans for Schemes.

For instance, the Local Purchase Order [LPO] is available to borrowing customers to finance the supply of materials. Overdrafts, on the other hand, grant the borrower a certain amount over the credit balance in their current account. This is set within a specified tenor, usually not exceeding twelve months.

5. Fidelity Bank

The SME-friendly bank has bagged several awards and recognitions to earn a spot in the retail banking sector. Fidelity Bank operates a Fidelity Easy Asset Leasing Scheme [FEALS] offering business and personal loans. FEALS is designated for the acquisition of household appliances, brand new vehicles, generators, inverters, laptops and the like by customers.

Its minimum contribution is as low as 20% with a 48-hour approval time. 

6. First Bank

Nigeria’s premier commercial bank is acknowledged with over 10 million active customer accounts. It provides a comprehensive range of retail and corporate financial services to customers and investors across Africa.

FirstBank operates a FirstEdu loan available to private school owners who require additional funds for effectiveness. It offers a N10M maximum loan amount with an account relationship of 9 months. Additionally, FirstEdu is only available to private schools registered with the Corporate Affairs Commission [CAC]. There’s also the 100 student-population it takes into account.

7. United Bank for Africa [UBA]

UBA is associated with the popular “No Wahala Loan”, as well as Personal Overdraft. With the former, borrowers have the jurisdiction to spend a little more on what they want. You may need some extra cash to fix your car, pay medical bills or take care of other emergencies. How you chose to use your loan is up to you.

8. GT Bank

The GTBank Quick Credit is one loan option from GTBank that is very easy and super fast to get. You get your funds to your bank account within two hours of approval. The more exciting part of this loan is that you only get to dial a shortcode to apply.

Like others, you do not require paperwork or documentation for the application. You can borrow up to N5 Million with ease using the GTBank Quick credit loan.

9. Access Bank

Access Bank Quick Bucks is a mobile app that allows you to access multiple quick and low-interest loan options from Access Bank. All you have to do is install the Access Bank quick bucks app and commence with the process. 

Conclusion

Just before you obtain a loan from a bank, we recommend that you do your homework. Other than the information we have provided, you want to keep tabs on these banks to ascertain what platform suits you the best.

Introduction

Just before we delve into the list of Mortgage Lenders in Nigeria, shall we define what the term is? Mortgage Institutions may be referred to as banks that offer mortgage loans to people for various real estate reasons. This is borne out of the inability of people to purchase houses off of their salaries. Ideally, it might take a while before this completed if people saved to buy or build a house. Mortgage banks thus step into the scene to save the day. They can loan out real estate investment capital and accept payment in installments.

The List

The Central Bank of Nigeria has licensed 35 primary mortgage lenders in Nigeria. They include:

1. Abbey Building Society Limited Mortgage Lenders
2. AG Homes Savings and Loans Limited
3. Akwa Savings and Loans Limited
4. Aso Savings and Loans PLC
5. Brent Mortgage Bank
6. Centage Savings and Loans Limited
7. City Code Savings and Loans Limited Mortgage Lenders
8. Coop Savings and Loans Limited
9. Delta Building Society Limited
10. FBN Mortgages
11. FHA Homes Savings and Loans Limited Mortgage Lenders
12. First Generation Homes [Savings and Loans] Limited
13. Gateway Savings and Loans Limited
14. Global Trust Savings and Loans Limited
15. Haggai Savings and Loans Limited
16. Homebase Savings and Loans Limited
17. Imperial Homes Mortgage Bank Limited
18. Infinity Trust Mortgage Bank Limited Mortgage Lenders
19. Jigawa Savings and Loans Limited
20. Jubilee-Life Savings and Loans Limited
21. Kebbi State Home Savings and Loans Limited
22. Lagos Building and Investment Company Limited
23. MayFresh Savings and Loans Limited
24. MGSL Mortgage Bank
25. Mutual Alliance Savings and Loans Limited
26. New Prudential Building Society Limited
27. Nigeria Police Mortgage Bank
28. Omoluabi Savings and Loans Mortgage Lenders
29. Platinum Savings and Loans Limited
30. Refuge Home Savings and Loans Limited
31. Resort Savings and Loans PLC
32. Safe Trust Savings and Loans Limited
33. STB Building Society Limited Mortgage Lenders
34. TrustBond Mortgage Bank PLC
35. United Mortgage Limited

Related Post: How Personal Loans Work in Nigeria

Thanks to the increasing number of technology-driven financial platforms, obtaining quick online loans in Nigeria without collateral is now feasible. What’s more interesting is that these loans are low-interest, collateral-free, and can be gotten within 24hrs or just a few minutes.

With technology, former financial services institutions are now experiencing disruption with innovative digital services that are making the process of getting loans in Nigeria more simple and convenient.

In no particular order, we shall examine some of these lending companies leading the loan space. We have, however, generated the list below based on dominance and acceptability by the general populace:

Platforms Granting loans in Nigeria without Collateral

1. Renmoney 

Renmoney is one of the loan companies in Nigeria that provides micro-business loans up to N4 million. To get a Renmoney SME loan, your business must have a good income statement history and can boast of regular monthly earnings for repayments. The minimum loan amount is N100,000 while the interest rate is 2.8% per month.

To learn more about how you can get a loan from Renmoney – the requirements, repayment, and so on, read this post.

2. Carbon

Formerly (and popularly) known as PayLater, Carbon is a loan app that gives you access to a loan in minutes in Nigeria. The 3-year old lending app prides itself as “a simple digital finances management platform” that provides quick loans to help you cover urgent and unexpected cash needs.

The platform accesses your Bank Verification Number (BVN) to determine your loan worth. Its loan amount is up to N20 million while interest varies.

Carbon is available on web and mobile apps (Android and iOS). Their rates range from 5 – 15%, and this depends on the loan repayment period and the amount of money you wish to borrow. 

Apart from being one of the top loan companies in Nigeria, Carbon provides a platform that allow its customers to recharge airtime, transfer funds, and pay bills.

3. Branch

Branch is another platform that offers quick online loans in Nigeria. You can get access to loans from ₦1,000 to ₦200,000 within 24hrs, with a period of 4 to 40 weeks to pay back. 

It is arguably regarded as one of the most reliable platforms where you can get an online loan because of its mode of operation. Its interest rate rages from 15% to 34%.

As a borrower, you don’t need any collateral to get a loan. Interest rates are determined by a number of factors, including the lender’s repayment history and the cost of lending for Branch.

Branch has made it easy for Nigerians to access loans from anywhere in the country without physical engagement or collateral.

4. Aella Credit

Aella Credit is an app-only platform for getting quick online loans in Nigeria. It is designed to help employees access more funds between 1,500 to 700,000 and an interest rate between 4% – 29% monthly. Aella Credit is available in Ghana, Nigeria, and the Philippines. Like other platforms, the Bank Verification Number is one of its requirements. Its loan tenure spans between 1 to 2 months.

5. FairMoney

FairMoney is a licensed loan app that offers quick loans to cater for need like bill payments. It requires your Bank Verification Number and your debit card to obtain a loan (from ₦2,500 to ₦150,000). Loan interests on FairMoney start at 5% and can grow up to 28% depending on how much you are borrowing. Also, it runs a loan term duration of 4 – 26 weeks.

If you pay back your loan before the due date on FairMoney, you’d repay at a reduced interest rate. 

6. Migo

Formed out of a partnership between companies, banks, and other technology companies, Migo is a platform where you can get a quick loan in Nigeria. With your Bank Verification Number (BVN) and your account number, you can access up to N500,000 instant collateral-free loans.

You can access Migo’s lending services their web interface, or the loan app. If you don’t own an internet-enabled device, you can use the Migo USSD code.

Depending on how much money you borrow, Migo charges 5 – 15% on loans and you have to repay between 14 – 30 days.

It provides innovative financial services to the financially underserved mass retail segment. It’s a simple, digital-finance-management platform that provides fast cash loans to help cover unexpected expenses or urgent cash needs.

7. Lidya 

Lidya is one of the leading loan companies in Nigeria. It launched in November 2016 with a mission to close the credit gap, both in Nigeria and across emerging markets.

Businesses seeking a loan at Lidya can do so online or via their mobile phone and get a decision within a few hours pending all requirements are satisfied. 

The loan amount at Lidya ranges from N150,000 and above with an interest rate of 3.5% per month.

8. Kiakia 

The Abuja-based loan company offers instant loans to small and medium enterprises in Nigeria. Backed by Sterling Bank Plc, the lending platform also allows savers to lend out funds at negotiated interests through intuitive conversations. Its minimum loan amount starts at N50,000 with an interest rate of 3.5% per month.

9. Social Lender

Social Lender is a lending solution based on social reputation on mobile, online and social media. It bridges the gap of immediate fund access for people with limited access to formal credit.

With its own proprietary algorithm to perform a social audit of the user on social media, online and other related platforms, Social Lender gives social reputation score to each user.

10. QuickCheck

QuickCheck provides up to NGN 500,000 instant loan online in minutes in Nigeria. As a first time user, however, you can only access up to N10,000 for a period of 30 days.

Early repayment of loans guarantees lower interest rates and higher amounts. Additionally, interests on loans are only paid for the number of days you use the loan.

Like other loan platforms, QuickCheck requires your BVN for security and verification purposes; and bank account number for disbursal of your approved loan. 

11. C24 Loan

C24 Loan is another platform where you can get an urgent loan in Nigeria. Their online loan application can be completed within 5 minutes after which application feedback is sent to you almost immediately.

They have a flexible repayment structure which means you don’t have to break the bank to payback.

The loan platform claims to have empowered over 150,000 customers with loans of over NGN 5 billion.

12. Fint Loan

Fint loan grants you access to affordable loans. This is one of the loan companies in Nigeria that gives you the opportunity to borrow at as low as 2% monthly for your rent, medical bills utilities, school fees for yourself and your co-workers once you register your company on the FINT employment model.

13. Specta Loan

Specta loan is your source for an emergency loan in Nigeria. The company offers 3 different loan products which include:

• MySpecta – for quick loans of up to NGN 5m in 5 minutes
• SpectaScore – for checking your credit standing and forecasting your networth
• Specta4Business – for accessing business loans

USSD Codes for Loans in Nigeria

Loan Platform	USSD Code
AB Microfinance Bank Loan	*389*755#
Access Bank Payday Loan	*901*11#
Accion Microfinance Bank Loan	*572*6#
Airtel Quick Cash Loan	*561#
ALAT Loan By Wema Bank	*945*100
Aledin Nano Loan	*903#
Ecobank Xpress Loan	*326#
Etisalat Loan	*561#
Fairmoney Loan	*322*2#
FCMB Loan	*329#
First Bank First Advance Loan	*894*11# or *894#
Glo Cash Loan	*322*1*04225701*Amount#
GTBank QuickCredit	*737*51*51#
Interswitch Loan	*322#
Kwikcash	*561#
Migo Loan	*561#
MTN Cash Loan	*606*4#
Paylater (Carbon) Loan	*1303#

Conclusion

There are several other channels that can be used to access loans without collateral. However, it is clear that fintech businesses are leading when it comes to accessing instant loans and answering the question ‘where to borrow money in Nigeria’ with platforms like Quickteller Loan, Page Financials and Palmcredit Loan. They have continued to improve and update their services in tandem with customer’s needs at a given period of time.