Have you ever been in a situation where you need funds to attend to your numerous needs and wants and you wonder where to get a loan?Â
Most persons go through that phase in their lives, but what you know would determine whether you will remain in that situation or come out of it fast.
Really, the present economic situation in Nigeria is more frustrating without any employment or source of income, no matter how prudent you can be with your finance.
Sometimes, you could suspect you lost money if you go to the market.
Only a recount of the things you bought will confirm that you had even be prudent with expenses, yet, you have only bought a few things.
Things are even worse for persons that are unemployed.
Nigeria’s National Bureau of Statistics (NBS) explains that 53.40% of 151 million Nigerian youths which means that over 80 million youths are unemployed.
Unemployment is one of the major problems facing youths in Nigeria, worse than that is access to finance or credit.
In this article we shall look at sources, where or places an individual can gain access to loan facility.
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Ways To Get Loan In Nigeria?
Many people today are stuck because they do not know where they can get access to good loan facility that will not end up becoming a terrible adventure.
Lack of access to cash has left many in dire need of funds, which makes woes to keep piling unendingly.
Thanks to Fintech companies, accessing loans just became easier for both the employed and unemployed alike and these loans are easily accessible and have flexible repayment plans.
All you need to do is just fill the application form and loans will be released to you in less than 48hrs.
The best part of securing loans from these financial institutions is that it does not require you to present any document.
Aella Credit
This platform is an online app. Here, there are options for quick loans, that are easily accessible.
The Aella credit app is specially built to issue loans to those who need it, without any requirements.
You can access loan of up to ₦700,000.
Options for repayment are very flexible and will last for a minimum of two months. Aella Credit’s interest rate is between 4 to 29% in a month. The rates are fair enough.
Carbon
Over time carbon has become one of the most trusted quick loan apps in Nigeria.
Their app can be accessed on Androids and iOS. Carbon does not require much from you before releasing funds.
All that is required for you to be able to access a loan is your BVN, and some other detail to confirm your eligibility.
Once this is done, you will be getting your loan in less than 24 hours.
The loan repayment is easy, with an interest rate of 10%. The minimum amount given as a loan is ₦5,000.
Branch
Here is another reliable platform that loans a certain amount of money that will serve you.
With Branch, after filling the loan application form, you can get a maximum amount of ₦200,000 in a few hours.
The interest rates you are charged on the amount of money you ask for, from 15% to 35%.
The good thing about this loan app is that they do not require a credit history or any collateral.
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QuickCheck
Just as their name denotes, they grant quick loans, with very flexible repayment methods.
This financial institution offers you a ₦10,000 loan just for a start.
Then, over time dealing with them, they will let you access up to ₦200,000, the maximum loan amount is ₦500,000.
And you can only pull through with this if your application has been approved. This is done to know if you can be trusted and have no challenge repaying.
Interestingly, Quickcheck reduces your interest rates if you are forthcoming with repayment.
FairMoney
This financial organisation provides you with loans, maximum of ₦150,000.
To access their loans, they require you to provide your debit card and BVN.
They will also request your personal information such as your home address, your contact and most times that of your relatives.
Then, they will decide if you would be granted the loan or not. Their loan rates are from 5% to 30%.uses, landed properties, etc.
Qualification For Loan
Also, you may be qualified to take a loan if you have retirement benefits. When the benefits are paid, you can use them to repay the money you borrowed from lenders.
Another thing lenders consider is the debt-to-income ratio.
This determines if you can repay a loan in due time.
The debt-to-income ratio is the total debt payment in a month divided by payroll deductions.
If a lender finds out your debt-to-income ratio is high, they may conclude that you do not have sufficient income to repay a loan, and will not approve your loan application form.
Your credit history is one thing lenders look into before issuing loans. If you are in so much debt, it automatically disqualifies you from getting loans,
When you request for loans and meet these requirements, the money will hit your account within 24 hours.
