People borrow money for different reasons in Nigeria. They do this through lending platforms, and most of these lenders, charge high-interest rates and offer low loan limits. The exponential increase of collateral-free lending sites in Nigeria has birthed the competitive interest rates offered by these lenders. Nevertheless, when it comes to borrowing money from a lending agency, you must consider their loan approval time, interest rates, credit score requirements, and application procedures. These four (4) factors are important in determining the effectiveness of lending service providers. Information Guides Nigeria

Out of the many loan sites in Nigeria, we will be looking at the top 15 lenders with ease on borrowing. Read on to discover these loan sites in Nigeria, their requirements, interest rates, and how to apply.

Read Also: Top 20 Leading Solar Energy Companies in Nigeria 2021

1. Loanspot

Loanspot is arguably the best loan site in Nigeria. It offers instant and hassle-free loans to borrowers. More so, this lending platform assigns an expert to the borrower. This is to give them (the borrowers) advice on which loan to take based on their (current) conditions. This loan can be accessed by businessmen and individuals. 

Interest Rates, and Eligibility 

Loanspot loans can be authorized within three hours, and possibly be paid within 20 hours. Its interest rate starts from 6.95% and maybe more depending on your lending amount, income, and, credit history. 

To be eligible for application, you must be at least 18 years of age and have a stable source of income. 

To apply for Loanspot loans, visit its homepage, and click on the “Get Started” link; read the rules, and regulations, submit the necessary documents, and file in your application. Leading Loan Sites

2. Renmoney

Renmoney is a lending site in Nigeria that offers up to 6 million worth of loans. It does not require any guarantor, and its loan tenure is flexible. The minimum loan this lending site can give is N100,000. 

Interest Rates, and Eligibility

Renmoney approves loans in less than 24 hours. They charge borrowers a fixed 2.8% interest rate per month.

To be eligible for application, you must be between 22 to 59 years, have a source of income, possess a commercial bank saving or current account type, and live or work within the city where Renmoney is operating.

To apply for Renmoney loans, fill in your data, choose a loan amount, and tenure, and verify the application. 

3. Carbon

Carbon offers one of the best digital lending services. Commonly, and previously referred to as PayLater, Carbon gives borrowers access to hassle-free instant loans. More so, its users can pay bills, transfer cash, and recharge their lines. How to Restrict Background Data on iPhone

Interest Rates, and Eligibility

Carbon can approve loans in minutes, and the more customers timely payback, the better the interest rates and borrowing extension. They charge an interest rate of 2% per annum.

To be eligible for application, you must be at least 18 years old and have a stable source of livelihood.

To apply for Carbon loans, download the app or visit the site, fill in your info and, file in an application.

Read Also: Top 10 Leading Asset Management Companies in Nigeria and their Location

4. Branch

Branch is among the “top four” leading loan sites in Nigeria. It offers users a long loan repayment duration which spans from 4 to 40 weeks. Its minimum loaning amount is ₦1,000 while the maximum is ₦200,000.

Interest Rates, and Eligibility

Branch approves loans within a time frame of  24 hours. They charge an interest rate of 15% to 34%, depending on the borrower’s credit history, and loan duration. How to reset mobile data limit

To be eligible to apply for a branch loan, you must be at least 18 years old and have a stable source of income.

To apply for Carbon loans, download the app, create your account, and file in your application.

5. Aella Credit

Aella Credit is a loan service provider that offers fast loans to its customers. Its services are available exclusively in the Philippines, Nigeria, and Ghana. This lending platform gives a maximum loan of N1,000,000, and a minimum of N2000; repayable between a month to three (3) months. Npower recruitment

Interest Rates, and Eligibility

Aella Credit charges its customers interest rates between 4% to 29% with no additional late, and rollover fees.

To be eligible to apply for Aella Credit loan, download their app and register. Once this is done, check your eligibility status. Loans are given based on credit score, and, more so, they offer 26% interest on annual investment. dollar to naira rate

6. FairMoney

FairMoney is an automated moneylender that provides instant loans to its users. This licensed lending provider has a loan term minimum of 4 weeks and, maximum of 26 weeks. Loans approved ranches from ₦2,500 to ₦150,000 but new customers have access to borrow N40,000.

Interest Rates, and Eligibility

FairMoney charges interest rates that range from 18% to 30% depending on the borrowed amount and loan duration.

To be eligible to apply for a FairMoney loan, get the app, complete your registration, input bank details, and BVN number, and apply. Also, the more you pay on time, the better the interest rates.

7. Migo

Formerly known as Kwikmoney, Migo is one of the best lending sites in Nigeria. This loan service provider provides fast loans which can be accessed via USSD using *561#, online, and, on the app. They offer loans up to N500,000; repayable between the period of  14 – 30 days. WAEC result

Interest Rates, and Eligibility

Migo charges its customers interest rates which range from 5% to 25% depending on their repayment history and loan term. 

To be eligible for Migo loans, fill in all your personal information during registration to stand a high chance of approval. JAMB form

Read Also: 10 Leading Payment Gateways for eCommerce and Websites in Nigeria [UPDATED]

8. Lidya

Lidya is a moneylender that provides instant loans to its users. Loans can be applied both on the web, and, app and, can be cancelled within 14 days of applying. The minimum loan is N150,000 and can be more depending on your repayment history. 

Interest Rates, and Eligibility

Lidya charges its customers monthly interest rates of 3.5%.

To be eligible for this loan, document proof of 6 months’ steady income is required. Prospective borrowers are to register and file an application via their app.

9. Kiakia

KiaKia is a lending platform that gives loans mostly to steady income earners. This borrowing platform is affiliated with Sterling Bank Plc and, offers good P2P lending opportunities. For its new customers, the loan tenure is 30 days and, the minimum amount is N50,000. JAMB Result

Interest Rates, and Eligibility

Kiakia charges its customers monthly interest rates of 3.5%.

To be eligible for this loan, you must be above 21 years and, a resident of Nigeria; Have BVN and, commercial bank account, possess proof of a 6-month bank statement, have a verifiable source of income, and a form of identification.

10. Social Lender

Social Lender is a moneylender that gives loans based on social reputation. For customers to be approved for this loan, they must have good social standings and, scores. The more social accounts its users connect to the app, the higher the lending amount.

Interest Rates, and Eligibility

Social Lender charges its customers interest rates which range from 15% to 31%.

To be eligible, a good social profile is a must and, more so, its minimum loan is N10,000, while the maximum payout is  N100,000.

Read Also: 10 Best Accounting Firms in Nigeria

11. QuickCheck

QuickCheck is a loan service provider that provides quick loans to its borrowers. They offer loans ranging from N1500 (minimum) to N500,000 (maximum). Loan tenure is between 91days to 1 year. 

Interest Rates, and Eligibility

A first-time borrower is charged an exclusive 5% monthly interest rate, while subsequent loans are charged between 2% to 30% depending on the loan tenure.

For users to be eligible for this loan, they must register with the platform, fill in their data, and supply their BVN numbers. Loans are given based on credit score.

12. C24 Loan

C24 Loan is a moneylender that provides instant loans to its customers. It gives users loans within a minute to a maximum of 3 months depending on the amount and offers flexible loan payment methods.

Interest Rates, and Eligibility

C24 loans are charged at a 4% annualized Percentage Rate of Interest (APR). This applies to its direct loan and is subjected to go higher or lower depending on the repayable time.

To be eligible for C24 loan, you have to be at least 22 years, have a source of steady income, possess a good credit score, and be a resident of Lagos (for personal loans).

13. Fint Loan

Fint loan is one of the leading borrowing sites in Nigeria. It offers up to N2 billion loans for business owners. Also, to lend, your company must be registered on the FINT employment model. 

Interest Rates, and Eligibility

Fint Loan allows users to lend money at 2% per month. Loan eligibility is based on your company’s registration profile. A company must be registered on the FINT employment model to access its loan. 

14. Specta Loan

Specta loan is a moneylender that provides urgent loans to its customers. It gives loans of up to N5 million in 5 minutes and offers various lending products. 

Interest Rates, and Eligibility

Specta Loan charges an annual interest rate of 26% to 30%. Prospective customers must have a BVN, and a steady source of income.

15. Jumia Loan

Jumia Loan is a loan service provider that gives instant loans to registered users. It is owned by the popular e-shop, Jumia, and does not require any collateral.

Interest Rates, and Eligibility

Jumia loan charges 3.5% interest rates and can be accessed by registered Jumia members with BVN.

Read Also: 10 Leading School Management System Software in Nigeria

Deciding the Right Loan Site

There are several loan sites in Nigeria that offer instant cash to their customers. These lending platforms offer different payment methods, interest rates, minimum and maximum loan amount, tenure, eligibility requirements, and others. A lending site might give you low-interest rates but limited loan tenure, and amount. Another one might offer good rates and loan amounts, but strict verification and approval. So, the choice of choosing a lending site depends on the borrower’s need.

Check and Confirm: How much is Dollar to Naira today.

📢 We are hiring writers!