How to get a fast Loan in Nigeria

Oct 5th, 2020

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The ever-evolving nature of technology means that people now prefer quicker and less stressful ways to do traditional things. One excellent example of this is the loan application process.

Once upon a time, you would have to join a queue, submit many documents, as well as collateral to be even considered for a loan. Now, how to get a fast loan in Nigeria has become as easy as ever, because of the emergence of digital fintech companies.

Is it possible to get a fast loan in Nigeria?

Yes, it is. There are a ton of platforms that offer extremely fast loans with easy eligibility requirements. From microfinance banks to independent fintech companies, you can get your desired loan from many sources. Even traditional commercial banks are adapting to the faster way of offering loans. With the channel, you can receive a loan in minutes.

What are the requirements for obtaining a fast loan in Nigeria?

The eligibility requirements vary from one institution to another. However, they generally have the following in common:

  1.  A functional bank account
  2. Valid form of identity
  3. An account with the financial institution offering the loan
  4. Other requirements as requested by the organization

For many of these quick loans, you do not need collateral. This, however, depends on the sum in question. Loans that do not require collateral are usually not of high value.

Where can I get a fast loan in Nigeria?

There are a large number of companies that offer such loans. This ranges from fintech to commercial and microfinance banks. Some of the best loan platforms in Nigeria are:  

  1. Renmoney
  2. Xcredit
  3. Carbon
  4. Aella Credit
  5. Branch Loan
  6. Fair money
  7. C24 Loan
  8. Fint Loan
  9. QuickCheck
  10. 9ja Cash loan app
  11. Spectra
  12. Fast Credit Nigeria Limited

Do I always need to download the company’s mobile app to get a loan?

No, not necessarily. Although there are many companies that require you to download and register on their application, some do not. There are essentially two ways through which you can apply for a fast loan. They are:

Mobile/ online application: 

This means requires you to download the company’s official application or visit their official website, to access the loan. On visiting either of those platforms, they require you to create an account, and supply all requested details.

Your credit history and bank account details would be properly assessed before they disburse the loan. Examples of companies that offer this are Xcredit and 9ja cash app loan.

USSD codes: 

USSD codes require little process. You can get a loan by simply dialing a designated USSD code on your mobile phone. All you require is a mobile network connection. On dialing the code, a menu pops up which you follow accordingly to complete the process. Some examples of companies that offer this are kiwi cash, GTBank, Glo cash loan, and Interswitch.

Conclusion

The ease and advantages of having access to a fast loan in Nigeria cannot be overestimated. It saves you from emergency financial distress, and stressful paperwork.

However, just as borrowing the loan is easy, it should not be difficult to pay back too. Failure to do so could attract dire consequences.

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The demand for loans in Nigeria has been on
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