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Finance

11 Online Loans in Nigeria and their Requirements

Are you looking for a quick loan in Nigeria? If yes, see the List of Online Loans In Nigeria and their Requirements. make sure you check their terms and conditions before you apply.

More often than not, a lot of individuals and even business owners usually need some money to boost either their businesses or in handling some of the financial issues that are around them.


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Especially, in a situation, where every possible mean of having money has been exploited and exhausted, the only best alternative available could be to consider sourcing a quick and at most, easily affordable loan from online.

Read Also: 11 Places To Get Online Loans Without Collateral in Nigeria

11 Online Loans in Nigeria and their Requirements
Online Loans in Nigeria – Photo Source: https://www.moneycontrol.com

However, nowadays, the procedures and processes of obtaining quick loans in most of the Nigerian banks are quite lengthy and also tedious for any person, who want to, at least, access some amount of loan for as quickly as possible in a short period of time.

Many thanks to the online loan revolution in Nigeria. It will interest Nigerians to know that, online borrowing startups are making enormous progress, and are also making it quite easy and possible for businesses and private individuals to have access to such quick loans offered through a number of apps available online.

Nevertheless, here is a list of online loans in Nigeria, and these are mobile apps basically for online businesses and personal loans in the country.

Read Also: Kenya gets $250m World Bank’s housing loan

1. Paylater

Requirements And What You Need To Know:

-Valid bank details / BVN and

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-Platform must be Android and

-Interest rate is between 5% to 30%, depending on credit you want

-Loan tenure ranges from15 days to 6 months

-Multiple loans at a time is not permitted

-Repayment channels are simply, Debit Card, and Quickteller as well as, direct transfer. Accessing loans from Paylater, all you have to do is to own an Android device, and data connection as well as, valid bank details.

2. KwikCash by 9mobile

-Requirements And What You Need To Know:

-A 9mobile line and valid bank details and

-Platform must be USSD (*561#)

-Interest rate is between 10 % to 20%

-Loan tenure is about 14 days

-Multiple loans at a time is not allowed

-Repayment channels are simply ATM, and debit card, and USSD as well as, direct transfer/deposit

The process of borrowing begins and finish with *561#, from a 9mobile line. You can actually borrow up to ₦100, 000m and you can also get the loan within 3 minutes.

Read Also: How to Get Instant Loan in Nigeria

3. Aella Credit

Requirements And What You Need To Know:

-Valid bank details, and BVN, including employer registration, that is, for in-network loans

-Platform: in this case must be Android

Interest rate: is between 20%  to 27% for out of network loan

-Loan tenure is about one month

-Multiple loans at a time is not accepted

-Repayment channel(s) is Debit card

In Aella Credit, there are two options, one is in-network, and it is for users whose organization is registered on the platform, whereas, the second one is out-of-network, and it caters for individuals whose organization is not registered.

4. SnapCredit

Requirements And What You Need To Know:

-Employer registration, and valid bank details

-Platform: must be Web

-Interest rate is the function of how much credit loan and its tenure.

-Loan tenure here is between 1 to 12 months

-Multiple loans at a time is possible

-Repayment channel is that, loan repayments are deducted from salary monthly

SnapCredit serves as an avenue for those employers who do not desire to give direct loans to the members of their employees,  as employees are provided with instant access to money with no paper work.

5. KiaKia

Requirements And What You Need To Know:

-Work ID card, and valid bank details

-Platform: must be Web

-Interest rate between 5.6% to  24%

-Loan tenure is about 7 to 30 days

-Multiple loans at a time is not possible

-Repayment channel remained Debit card, and direct deposit

KiaKia will necessarily makes use of a chatbot that will tale you through all the processes of registration and also other activities that gear towards getting your loans.

Read Also: 21 Quick Loans without Collateral in Nigeria

6. FINT

Requirements And What You Need To Know:

-Valid bank details, and valid ID card, as well as,  bank statements

-Platform must be Web

-Interest rate is between 9% to 39%

-Loan tenure is about 2 to 12 months

-Multiple loans at a time is not accepted

-Repayment channel include, Debit card, and direct deposit

FINT is more or less a marketplace, such that synchronizes lenders with creditworthy borrowers. The minimum credit loans given out is about ₦60,000 , while the interest rate is actually based on borrower’s risk score.

7. C24

Requirements And What You Need To know:

-Physical documents, and valid bank details

-Platform is Web

-Interest rate is between 4% and above

-Loan tenure is about 1 to 9 months

-Multiple loans at a time is not permitted

-Repayment channel are Debit card, and direct deposit

C24’s application requires that you submit  some documents at their office or have them pick it up from your house.

Documents include, means of national identity,  and proof of employment, and direct debit mandate, and post-dated cheques, and bank statement as well as, a passport photograph.

8. Zedvance

Requirements And What You Need To Know:

-Valid bank details

-Platform: is Web

-Interest rate is between 7.5% to 58%

-Loan Tenure is about 1 to 12 months

-Multiple loans at a time is not allowed

-Repayment channel are Cheques, and direct debit/deposit

To apply loan online on Zedvance, you have to uploadi some supporting documents.

Read Also: 10 Best Quick Loans in Nigeria for Civil Servants

9. Branch

-Requirements And What You Need To Know:

-A Facebook Account, and  BVN and also valid bank details

-Platform is Android

-Interest rate is about 20%

-Loan tenure is only one month

-Multiple loans at a time is not allowed

-Repayment channels are Debit card, and auto-debit, and mobile banking app.

Branch will makes use of some of the information available on your phone in order to make lending decisions. For instance, handset details, and SMS logs, and call logs as well as, contact list. Loan on Branch is repaid in 4 weekly instalments.

10. Sharp Sharp by Credit Direct

Requirements And What You Need To Know:

– No guarantor, and  physical documents, and  personal bank details

-Platform: is Web

-Interest rate is about 3.4% monthly

-Loan tenure is one month and above

-Multiple loans at a time is acceptable

-Repayment channel is Direct debit

Sharp Sharp provides loans to the salary earners and the entrepreneurs. Loan tenure can actually be extended to 12 months. It provides loans to young salaried employees also, I mean those in the private sector, even those youths, who are on their national youth service year.

11. QuickCheck

Requirements and What You Need To Know:

-Facebook account, and valid / active phone number, and bank details, including source of income

-Platform is Android

-Interest Rate is only 1% daily

-Loan tenure is about 5 to 30 days

-Multiple loans at a time is not possible

-Repayment channel include, Debit Card, and Direct Deposit

To apply for a loan on QuickCheck  you have to get a source of income, irrespective of your employment status option, whether you are a student, or an unemployed or a retired individual as your employment status.

Read Also: Quick Loan In Nigeria – 10 Places To Get Loans Right Now

Conclusion:

Many thanks to the online loan revolution in Nigeria. It will interest Nigerians to know that, online borrowing startups are making enormous progress, and are also making it quite easy and possible for businesses and private individuals to have access to such quick loans offered through a number of apps available online. Nevertheless, here is a list of online loans in Nigeria, and these are

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Ifiokobong Ibanga

Ifiokobong Ibanga is the founder of InfoGuideNIgeria.com. You can get in touch with him on Instagram @ifiokobong. If you need a personal assistance on this topic, kindly send a message. Much Love!

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