Free loan in nigeria

There are times you need emergency cash for personal reason, which could be health issue, quick business opportunity etc. As a student you may need collateral free loan in nigeria for fees payment. It’s rather disappointing that the banks rearly give this nature of loan. I here someone say “micro finance banks does” yes they can but you need to have had some good volume of transactions with them and the long process and paper works before this free loan is gotten is much.

However, obtaining personal loans has taken a different measurement with a couple of service providers giving out collateral-free loans within 1 hour or less without needing a proof of occupation or possibly a visit to some banking hall for a few paperwork.

The repayment period for these ranges from 14 days to 6 months, depending upon the suppliers. The maximum amount an individual can access initially is determined by the supplied information, and requested funds are transferred almost immediately.

Free loan in Nigeria – Where and How

Below are some of the providers of these personal loans in no particular other.

PayConnect

payconnect free loan without collateral
Image by: connectnigeria.com payconnect free loan without collateral

Prerequisites: Government approved ID card, staff ID and salary accounts with a commercial bank in Nigeria
Platform: Android
Interest Rate: 28 percent — 31 percent
Loan tenure: 1 month
Multiple loans at a time: No
Repayment station: Direct Debit

To access loan from PayConnect, you’ve got to be a employee of a vetted firm with which you must have been working together for less than 6 months. You want to present 3 months announcement of account and you’ll also require the approval of your employer to access the loan.

Sharp Sharp by Credit Direct

Credit Direct Unsecured loan. Sharp Sharp
Credit Direct Unsecured loan. Sharp Sharp

Requirements: No guarantor, bodily documents, private bank details
Platform: Internet
Interest rate: 3.4% monthly
Loan tenure: One month and past
Multiple loans at a time: No
Repayment channel: Direct debit

Sharp Sharp provides personal loans to both salary earners and entrepreneurs. Loan tenure could be up to 12 weeks. It also provides loans to young salaried employees in the private industry as well as those on their federal youth service season.

Applying for a loan QuickCheck require you have a source of income, even selecting employment status choices like student, unemployed or retired because your job status. And besides obtaining loan, phone airtime can also be purchased using the program.

 
Paylater

Get free small loan in nigeria without collateral with paylater
Get free small loan in nigeria without collateral with paylater

Requirements: Valid bank particulars and BVN
Platform: Android
Interest rate: 5% to 30%, depending on credit rating
Loan tenure: 15 days to 6 weeks
Multiple loans at a time: No
Repayment channels: Debit Card, Quickteller and direct transfer

To access personal loans from Paylater, all you will need is an Android device, data link and legitimate bank details. Paylater claims that users that repay on-time have access to some greater credit limits. There is a validation charge of ₦100 on the loan.

The entire procedure of borrowing begins and ends with *561#, from a 9mobile line. You are able to access up to ₦100, 000 and you get the loan within 3 minutes. If you’re wondering exactly what happens when you port to another network, you may choose to pay with any of the available payment channels. There is a network fee of ₦20 each loan.

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Aella Credit

instant free loan in nigeria by Aella Credit
Image credit: cocreatit.com instant free loan in nigeria by Aella Credit

Requirements: Legitimate bank particulars, BVN and company registration (for in-network loans)
Platform: Android
Interest rate: 20 percent — 27% for out of network loan
Loan tenure: One month
multiple loans at a time: No
Repayment station (s): credit card

Aella Credit has just two options: in-network — for consumers whose firm is enrolled on the platform — and out-of-network, that caters for people whose firm isn’t registered. The in-network option promises higher loan amounts at reduced interest rates.

Section of the data requested on registration contain details of your next of kin, and there is a processing fee of ₦30.

 

FINT

Requirements: Valid bank details, legitimate ID card, and bank statements
Platform: Internet
Interest rate: 9 percent — 39 percent
Loan tenure: 2 — 12 weeks
Multiple loans at a time: No
Repayment station: credit card, direct deposit

FINT is more of a marketplace that matches lenders with creditworthy borrowers. The minimal amount of personal loans given out is ₦60,000 and the interest rate is based on debtor’s risk score.

SnapCredit

Loan made easy in Nigeria by snapcredit
Image credit: branded.me Loan made easy in Nigeria by snapcredit

Requirements: Employer registration, legitimate bank particulars
Platform: Internet
Interest rate: Function of the amount of loan and its tenure.

SnapCredit serves as a medium for employers who don’t want to offer direct loans to their workers, by providing employees with immediate access to cash with no paperwork.

1 outstanding feature of SnapCredit is that it allows you just take another loan even with a running loan. However, you can not borrow beyond your credit limit.

KiaKia

Free loans in Nigeria by kiakia
Image by: davieshubs.com Free loans in Nigeria by kiakia

Prerequisites: Work ID card, valid bank details
Platform: Web
Interest rate: 5.6percent — 24%
Loan tenure: 7 to 30 times
multiple loans at a time: No
Repayment station: credit card, direct deposit

KiaKia makes use of a chatbot that takes you through the process of enrollment and other actions towards getting your personal loans. You must have a job identification card before you can get a loan on Kiakia. You could even decide to enroll as a creditor.

 C24

Quick loans in nigeria
Image by: invoice.ng Quick loans in nigeria

Prerequisites: Physical records, legitimate bank details
Platform: Web
Interest rate: 4% and above
Loan tenure: 1 to 9 months
Multiple loans at a time: No
Repayment station: Debit card, direct deposit

C24 offers collateral-free personal loans but program requires you submitting some documents at their office or having them pick this up from yours. Documents required include means of national identity, evidence of employment, direct debit mandate, post-dated cheques, bank statement and a passport photo.

Zedvance

Zedvance free cash loans in nigeria
Zedvance free cash loans in nigeria

Requirements: Legitimate bank details
Platform: Web
Interest rate: 7.5% to 58 percent
Loan Tenure: 1 to 12 months
Multiple loans at a time: No
Repayment channel: Cheques, direct debit/deposit

Part of the process of applying for a loan online on Zedvance includes uploading some supporting files. Loan tenure can be up to 12 weeks with interest rate which could be as low as 7.5 percent.

Branch uses some advice on your phone to make lending decisions. This includes handset details, SMS logs, telephone logs and contact listing. Loans on Branch are reimbursed in four weekly instalments.

FairMoney

FairMoney Free loan in Nigeria
FairMoney Free loan in Nigeria

Prerequisites: Facebook account, bank details and proof of employment
Platform: Android
Interest rate: 20-30percent
Loan Tenure: one month
multiple loan at a time: No
Repayment station: Direct debit

About umoh

The CEO and founder of Business Ideas Incubation Services.Our services includes: Professional business plan writing for venture capital, market research and analysis, Feasibility studies and startup business consulting.+2348140970926

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