Financial technology companies are disrupting the lending industry and some of them offer quick, easy and cheap loans with no collateral. Unlike the traditional banks that offer loans with high interest rates, journey-of-no-return paperwork or requirements as well as provision of guarantors among others, these fintech companies, otherwise known as lending platforms provide loans in simple and effective ways. Notably of mention is Kwik Cash that offers loan on USSD platform in partnership with banks, technology companies. Kwik Cash is one of the most effective and convenient ways of getting quick and instant loans in Nigeria. Others also offer instant loan via mobile apps and websites. Business Insider Sub-Saharan Africa looks at some of the most popular loan lending platforms and their interest rates for consumers to make an informed decision while taking quick, instant and cheap loans in Nigeria. These are the popular loan lending platforms in Nigeria at the moment: 1. Paylater Paylater is a quick online lending platform that offers short term loan without collateral for urgent needs and expenses. Through Paylater, you can get a loan from N500,000 to N1 million at different interest rates between 5 to 12.6%. The loan is determined by the risk involved and cash activities via your BVN. When I checked out Paylater app, I applied for a loan of N70,000, the system automatically generated N68,500 (meaning some charges of about N2,000 have been incurred). The system also pegged interest rate at 12% monthly for a four-month repayment plan at N25,345 per month. This simply means I will return N101,380 to Paylater in April 2019 for a loan of N70,000 in January 2019. Here's a screenshot from the app: Paylater lending app Paylater Paylater lending app Requirements: BVN, Passport photograph and address Platform: Mobile App Interest rate: 12 - 15% (Depending on risk level) Loan tenure: 3 to 12 months Top up: No Repayment channels: Direct debit 2. Renmoney Renmoney customers can get loans up to N4,000,000 that can be repaid within a period of nine months without tendering collateral or a guarantor. To apply for a loan on Renmoney, you’ll have to meet certain conditions. Applicants are expected to be between the age of 22-59, have a steady source of income with a functional current or savings bank account and a valid means of identification. Upon request, the applicant is expected to provide verification of their monthly income and a report of their previous loans from a credit bureau. All these are to be submitted to any Renmoney office for confirmation. For Renmoney quick loan request, a N70,000 loan would worth N83, 690 in four months repayment plan. This implies a % between 4% to 4.5% per month. Renmoney lending app renmoney Renmoney lending app Requirements: BVN, Bank statement, Valid ID card, Employment letter Platform: Internet Interest rate: 4 - 5% Loan tenure: 3 to 12 months Top up: No Repayment channels: Quickteller, cheque, POS, Cash and Online transfers. 3. Aella Credit Aella credit is an app-only easy and quick loan platform. It is designed to help employees access more funds between 1,500 to 700,000 and an interest rate between 4% - 29% monthly. Aella credit is available in Ghana, Nigeria and the Philippines. Aella lending platform aella Aella lending platform Requirements: BVN Platform: Mobile App Interest rate: 4 - 29% Loan tenure: 1 to 2 months Top up: No
VERSION HISTORY
- Version 1.0 posted on 2019-08-15
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- Category: Business > Office Suites & Tools
- Publisher: sky squad team
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