Finance

11 Places To Get Online Loans Without Collateral in Nigeria

To access loans in Nigeria has actually taken a different dimension with respect to some of the service providers, who have to give out collateral-free loans online without a proof of being employed or even have to visit a banking hall for some sort of paper work.

However, the period of repayment for these ranges from about fourteen days to six months, and it depends on the providers.

Read Also: http://infoguidenigeria.com/get-instant-loan-in-nigeria/

11 Places To Get Online Loans without Collateral in Nigeria
Online Loans without Collateral in Nigeria – Photo Source: http://www.indorebank.org

The maximum amount of money you can initially access is dependent on the information you provided, and funds requested are transferred almost immediately.

Places To Get Online Loans without Collateral in Nigeria

The following are some of the places or the providers that provide free-collateral online loans:

1. Paylater

Requirements And What You Need To Know:

-Valid bank details / BVN and

-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.

Read Also: 21 Quick Loans without Collateral in Nigeria

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.

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.

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

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.

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.

Read Also: Loan in Nigeria; Top 20 Providers, Requirements And Conditions

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.

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.

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

11. QuickCheck

You can borrow

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.

Conclusion

However, the period of repayment for these ranges from about fourteen days to six months, and it depends on the providers.

The maximum amount of money you can initially access is dependent on the information you provided, and funds requested are transferred almost immediately.

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Joseph Athanasius

Joseph Athanasius is a Content Developer at InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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