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Rent loans in Nigeria – What you should know

Last updated on August 7th, 2023 at 04:31 pm

 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 the 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 their 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
  • Sparta capital limited 
  • Resort savings and loans plc
  • Kwaba

How do I apply for a rent loan in Nigeria? 

Most rent loan 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)


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 are also loan options available for Lease and Hire Purchase.