Last updated on August 24th, 2023 at 12:27 pm
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.
Yes, it is. There are a ton of platforms that offer extremely easy and instant online 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.
The eligibility requirements vary from one institution to another. However, they generally have the following in common:
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.
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:
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:
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 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.
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.