Personal Loans

Soft Loans in Nigeria – Meaning and where to get it

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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.

  1. 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. 

  1. 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

  1. 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. 

  1. 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. 


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

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