Private loan givers in Nigeria

Private loan givers in Nigeria

Need money? Searching for instant loan in Nigeria? We know the best ways of getting it! Read and choose the most convenient and easiest options!

Private loan givers in Nigeria

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In general loan in Nigeria can be received from:

  • Traditional or Commercial Banks
  • Microfinance Banks
  • Money Lenders
  • Online Loan Providers

All of these sources have advantages, disadvantages and peculiarities you should pay attention to. The choice of private loan givers in Nigeria depends on your needs, urgency and the amount of loan.

Commercial Banks in Nigeria

Banks like First bank, Zenith bank or UBA are commercial Nigerian banks and have a wide range of branch offices. Here you can get any loan: private, domestic, vehicle loan, business loan and others.

READ MORE: Functions of Commercial Banks in Nigeria

Usually it is not very easy to get loan there, as the requirements are high.

They can ask a full package of documents, the history of previous loans and details about the reason for the loan

Private loan givers in Nigeria

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Microfinance Banks

Before giving loans these kinds of banks must receive permission and approval. Microfinance Banks are both private and corporate loan givers in Nigeria. They offer mostly small or medium loans.

Loan amount is between ₦50,000 to ₦3,000,000. The cancellation period is from 3 to 365 days. Microfinance Banks are tend to be more loyal and not so strict as traditional ones.

Microfinance Bank is the place where loans in Nigeria without collateral are possible. These banks handle fixed deposit as well as savings accounts.

Money lenders

Money lenders are private loan givers in Nigeria. They are ready to offer loans in Nigeria with collateral but also without it.

The maximum sum for loan is ₦2,000,000. You can return money in the time interval between one month and a year. Money lenders are also controlled by the Central Bank of Nigeria and must have licenses.

Online Loan Providers

Getting online loans in Nigeria is possible, no queue and long procedures. Online Loan Providers provide getting instant loan in Nigeria even through mobile applications.

Private loan givers in Nigeria

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Loans in Nigeria without collateral

Many people strive to find places where it is possible to get loans in Nigeria without collateral and proof of employment. We have created a list of services you can turn to for collateral-free loans.

READ ALSO: How to Access Loan from the Bank of Industry in Nigeria

The period of time that is given for repayment is usually short - from two weeks to six months. If the loan is approved, the funds are received very quickly. So if you are searching for instant loan in Nigeria pay attention to the following.

Paylater

  • Demands: BVN
  • Works on Android
  • The rate of interest: 5% to 30%, it depends on credit rating
  • Loan period: 15 days to 6 months
  • Several loans at once: Impossible
  • Repayment: Debit Card, Quickteller and direct transfer
  • Charge: ₦100

KwikCash by 9mobile

  • Demands: A 9mobile line and actual bank details
  • Code: USSD (*561#)
  • The rate of interest: 10 – 20%
  • Loan duration: 14 days
  • Several loans at once: Impossible
  • Loan limit: ₦100, 000
  • Charge: ₦20

Aella Credit

  • Demands: actual bank details, BVN and employer registration (for online loans)
  • Works on Android
  • The rate of interest: 20% – 27% for off-line loan
  • Loan duration: One month
  • Several loans at once: Impossible
  • Charge: ₦30
  • Peculiarities: information about the nearest relative

Note that there are two ways of getting loan: online and offline. The first option allows bigger loans, but it is available only for registered clients.

SnapCredit

  • Demands: Employer registration, bank details
  • The rate of interest: depends on the amount of loan and its term.
  • Loan duration: 1 to 12 months
  • Several loans at once: Possible
  • Ways of returning: Repayments are taken from salary every month

It is the only service that may provide several loans at once.

KiaKia

  • Demands: Work ID card, actual bank details
  • The rate of interest: 5.6% – 24%
  • Loan duration: 7 to 30 days
  • Several loans at once: Impossible

FINT

  • Demands: actual bank details, active ID card, and bank statements
  • The rate of interest: 9% – 39%
  • Loan duration: 2 – 12 months
  • Several loans at once: Impossible
  • Minimum loan: ₦60,000

C24

  • Demands: personal documents, actual bank details
  • The rate of interest: 4% and more
  • Loan duration: 1 to 9 months
  • Several loans at once: Impossible
  • Ways of returning: Debit card, direct deposit
Private loan givers in Nigeria

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Other similar services for loans without collateral:

  1. Zedvance
  2. Branch
  3. QuickCheck
  4. PayConnect
  5. FairMoney

Now you know all the possible places to get any kind of loan in Nigeria. Think over these options and make the right choice!

READ MORE: Jim Ovia biography and story of success

Source: techpoint.ng, naijaonpoint.com, getgreeninfo.com

Source: Legit.ng

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