One of the ways by which we can source for funds to finance our project be it a short term, medium or long term is through loan.
Loan is when you borrow money and agree to repay it within a stipulated period of time and at a fixed interest rate.
Some people find it hard to secure a loan from their banks while some pay a high interest on the secured loan making it a burden on their part.
Are you trying to secure a loan, but you don't have collateral to provide or the interest rate is too high?
I'm happy to inform you that there are now some loan applications that allow you to borrow funds and repay at a stipulated time with its interest.
Let's now be taking them one after the other.
1. LCREDIT
This application offers you to borrow money online with a flexible repayment plan and favourable interest rate.
It offers loans from #5,000-#50,000 with the interest rate of 0.1 up to 1%.
Loan period ranges from 91-180days.
The interest rate is calculated on a daily basis.
ELIGIBILITY
Must be a Nigerian
Age:20-55 years.
And you need to have an Android phone to download their application.
2. Quick Check
Here's another loan application that pays with low interest rate. You neither need a guarantor nor collateral.
All you need is a smartphone and their loan application.
ELIGIBILITY
Strictly a Nigerian
Age:18+
How to apply
-Go to playstore and download the app
-Register to create an account
-Apply for a loan
-Credit scoring using algorithm, If you're eligible, the loan will be sent to your designated account within few minutes
Note: you can borrow up to #200,000 and choose your payment tenure.
You also have access to their support system 24hrs daily.
3. GOCASH
This promising application allows you to secure a short term loan up to #300,000 without mortgage and it comes with a very low interest, short term repayment, quick and credited to your bank account instantly.
ELIGIBILITY
Nigerian
20-55years
Loan period: You are required to repay the loan within 91days-365days
Loan amount: #5000-#300,000
Intersest rate ranges from 4.5% to 34%.
4. KASHKASH
kashkash is a platform that enables you to secure a loan at anytime you wish provided you prove to be always creditworthy.
You have the chance to apply for a loan from #3,000-#50,000.
Loan term- the shortest term is 91 days while the longest term is 365 days
Interest rate: o.1% up to 1%
Origination fee: ranges from #1,174-#6,000 for a one time charge.
ELIGIBILITY
You have to strictly be a Nigerian
Your age bracket must be 20-55years
You have to have a monthly source of income.
STEPS TO GET KASHKASH LOAN
Install their app
Sign up with them by filling out basic information and submit
Apply for loan
Repay your loan on time to build your credit limit.
5. OKASH
Okash makes it convenient and easy to access credit anytime, anywhere.
Their product:
Loan tenure: they require you to repay from 91days-365days.
Loan amount: from #3,000-#500,000
Interesrt rate: within 0.1%-1%. Interest is calculated on daily basis
Origination fee: ranges from #1,229-#6,000 for a one time charge.
STEPS
Install the okash application on your phone
Register with them
Select the loan you will like to apply for
Fill out your basic information, then submit the application.
After the submission, you may receive a call verification. the final application will be shown.
E-sign the loan agreement after the appproval.
After the approval, the loan amount will be disbursed into your account and you will receive a notification.
6. NAIRAPLUS
So simple and secure to access. You won't be asked to make any upfront payment before loan can be disbursed to your account.
ELIGIBILITY
20-60 years
BVN holder
Must be a Nigerian
PRODUCT
#2,000-#50,000
Loan term: 92-365 days
Interest rate: 16-21%
No service fee.
STEPS TO GET THE LOAN
Download the NAIRAPLUS app and install it on your phone
Register your account using your BVN
Follow instruction to secure your identity
Verify your identity
The money will be paid directly to your designated account instantly.
Build your credit limit by repaying on time
Repay your loan through online bank account or the company's account number.
You have the option to pay partly before the due date
7. EASY CREDIT
Offers you to secure a loan ranging from #3,000 to #30,000.
Loan product
Loan term: 91days-365days
Loan interest rate: 0.1-1%
Processing fee ranges from #1,256-#6000.
STEPS
Install EASYCREDIT application o your phone
Register your account
Apply for your loan
Receive your loan
Build your credit limit
EASYCREDIT does not require mortgage or any collateral.
8. 9CREDIT
Here is another platform that offers you loan without collateral or mortgage.
LOAN PRODUCT
Loan amount: #1,000-#100,000
Loan term: 91days-180days
Age: 18years and above
Processing fee: 5% minimum while 20% maximum
STEPS
Install the app from GOOGLE playstore
Create an account and submit the form
Choose loan amount and the tenure to repay the loan, then wait for the loan to be disbursed.
9. XCREDIT
XCREDIT uses the data on your phone to verify your identity and to create a credit score and the data you provided is highly secured with them.
LOAN PRODUCT
#5,000-#500,000
Loan term: the shortest is 91 days while the longest is 180days.
Interest rate is 12%
They do not charge you any service fee.
Anybody can apply.
10. NEWCREDIT
LOAN PRODUCT
Loan amount: #5,000-#300,000
Loan term: 91days-180days
Interest rate: 14-24% equivalent monthly interest 4-4.7%. Annual percentage rate is 48-56%.
They charge you no processing fee.
REQUIREMENT
Age: 20-55years
Nigerian
STEPS
Install their application
Sign up
Get approval
Loan gets disbursed to your registered account
11. CASHLION
Cashlion covers your financial needs to make your opportunity ready by providing you with affordable loans. install the app, sign up with your BVN, apply for a loan and you will receive the money directly to your bank account. The interest rate is low and the process is digital.
REQUIREMENT
Age: 20-60years
BVN Holder
Nigeria Citizens
LOAN PRODUCT
Loan term: 92-365days
interest rate: 16-21% APR
Loan Amount: #20,000-#50,000
service charge: nil
12. CASHPAL
This offers you loan based on your data collected to assess your credit limit.
The amount you're lent depends on your creditworthiness.
LOAN PRODUCT
Age: 18-50
Loan term: 91-180days
Annual Percentage Rate is 20-35%
Loan amount up to #100,000
HOW TO REQUEST FOR THE LOAN
Download their application on playstore
Sign up with them with your bank details
Agree with their terms and conitions
If the risk model approves your application, loan will be disbursed to your account.
You build your credit whenever you repay on time.
To contact them,
Visit www.cashpal.ng
Email: service@cashpal.ng
13. FAIR MONEY
This application is much more than applying for loan only, you can also pay for cables, buy airtime and mobile data anytime.
PRODUCT
Loan amount: 1500-500,000
Repayment period: 61days-1 year
Monthly Interest Rate: 2.5%-30%
Annual Percentage Return: 30%-365%
1% discount is given to customers that repays their loan in earlier than due date while 1.5% is charged for late repayment.
Processing Fee: 0
REQUIREMENT
Phone Number
BVN
How to Sign Up
Download the Mobile Application
Install the App
Register Your Account with Your Phone Number
Create Your Secure PIN
How to Apply for the Loan
Click Apply on the Homepage
Answer a Simple Few Questions
Receive a Loan Offer
Select Amount and Period
Accept Loan Offer
Enter bank Details to Receive the Loan
14. 9JA CASH
If you want a loan at an affordable interest rate, no mortgage and guarantee, then 9ja cash is for you.
SERVICES
Up to #300,000 loan
You have the option to choose term of repayment from 91-180days when you borrow loan from #5,000-#300,000.
Interest rate and service fee: 1%-34%
Monthly interest rate: 3%-29%
Annual Percentage Rate: 29%-365%.
ELIGIBILITY
Must be a resident in Nigeria
Age Bracket: 20-55years.
15. SOKOLOAN
This great loan application avails you to get loan directly to your bank account and you have the advantage to choose to repay within 2-6months. No loan collateral and guarantee before taking up the loan.
SERVICES
Loan Amount: 5,000-100,000
Loan Interest: 4.5%-34%
No Paperwork, Collateral or Guarantee.
The loan is easily accessibly 7 days a week.
ELIGIBILITY
Nigerian
Age: 25-50years
You have to have a fixed job.
PROCEDURE
Download SOKOLOAN mobile application on google playstore
Install the application on your phone
Sign up with your email and other details
Apply for loan and receive the funds in your account within minutes.
I hope this information is helpful
You can give your review by commenting below.
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