How to get a loan in Nigeria

A loan is an essential tool that helps entrepreneurship, businesses and individuals that need a push to meet certain financial obligations. This is no easy process and not all applicants get loans when they apply. This is because a lot of loaners require a form of collateral to serve as security before they give-out the loan. This way they are able to guarantee the repayments.

With technology the process of getting loans in Nigeria is more simple and convenient. In this post, we talked about 5 websites in Nigeria that offer quick loans to small businesses and individuals.

5 ways to get a loan in Nigeria

#1: Lydia

Link: https://www.lidya.info/us/en/home/ 

The online platform Lydia offers businesses of all sizes unsecured loans that vary between $500 and $15,000.

The founders comment: “Lidya uses technology and algorithms to assess the risk before granting the loans, that allows them to offer financial products to these customers at a low cost.”

For a loan from Lidya you can contact them through the website or via their mobile phone. You will get a decision regarding your loan within a few hours. 

#2: Aella Credit

Link: Aella Credit https://aellaapp.com/

Aella Credit is an app-only platform for getting quick online loans. It is designed to help employees access more funds between $1,500 to $700,000 and an interest rate between 4% – 29% each month. 

This company is affiliated with three main credit bureau agencies in Nigeria, that allows them to provide quick and affordable loans with no paperwork.

To determine the creditworthiness of its users, Aella Credit uses a  proprietary credit scoring algorithm. The algorithm was built after five years of market data and analysis. They determine an applicant’s eligibility by considering two factors: social and demographic, as well as their debt to income ratio.

#3: KIA KIA

Link: Kia Kia: https://www.loanspot.ng/kiakia-loan/ 

The name KiaKia comes from a Nigerian language and it means “Fast Fast”. According to them, the solution they provide is simple and fast, nonetheless highly effective and efficient. 

Its minimum loan amount starts at N50,000 with an interest rate of 3.5% per month. This platform is supported by Sterling Bank Plc, which allows borrowers to get loans at low interests. 

You don’t need any credit information to use this platform.

#4: C24

Link: C24: https://www.loanspot.ng/c24-loan/ 

C24 prides themselves on their ability to provide quick cash loans in a short time. Their online loan process has been optimized to help applicants avoid the stress that is often associated with loan companies.

Their online application form can be completed in 5 minutes after which feedback is sent almost instantly.

The repayment structure flexible which makes the platform one of the top choices for a loan. 

#5: Quickcheck

Link: QuickCheck: https://quickcheck.ng/ 

This platform provides up to NGN 500,000 instant loan online in just a few minutes. 

The repayment terms offer benefits: early payers will receive lower interest rates and would receive higher loans in the future. The interest to be paid will only have to be paid for the number of days you utilize the loan. The loans can have a duration of either 15 or 30 days.

For security and verification purposes your BVN and bank account number are required. This will allow them to make the disbursal of your approved loan.