Olamide Famuwagun

If you ask anyone what they think about the concept of a loan, you’d find that almost everyone would have a similar definition— a loan is simply money or financial assets given to an individual in need of funds, with a promise to pay back at a specific time. It’s pretty much basic knowledge. 

If you looked further, you’d realise most persons were aware of the fact that getting a loan is not just clear and cut— no one technically lends anyone money without a guarantee, and that’s why collaterals exist. Additionally, the process of getting a loan admittedly can be complicated. This is because no one wants to lend to someone who can’t fulfil repayment obligations. 

However, not everyone can afford to provide collateral or even meet all the requirements of a standard loan application. This doesn’t mean that there are no loans to cater to this class. That’s where Microlending comes into play. 

What is micro-lending? 

Micro-lending, also known as microcredit refers to small loans given to people with (often without collateral) to start small businesses. Take, for example, Mr A, a trader in household provisions who needs to restock his shop. As a sole proprietor, he doesn’t have collateral to get the loan he needs. His low financial status and the lack of collateral do not necessarily tick the requirements boxes. With micro-lending, however, Mr A can get the funds he needs to carry out his plans. Micro-lending is usually centred upon the development of small businesses as opposed to the traditional motivation of making profits from interests on loans. Where conventional loans look to make a profit from interest received. Micro-lending offers the opportunity for businesses to grow and develop through loans, as well as eradicating poverty. Occasionally, some micro-lending facilities include options to coach these sole proprietors to be better in business. 

What is microfinance?

Micro-lending is a part of a much larger picture that is Microfinance. Microfinance is an umbrella term that refers to loans, savings, insurance, transfer services and other financial products targeted at people with deficient economic status. As aforementioned, these loans and other financial products are usually given without collateral. 

What is a Microfinance institution?

Every loan has a facilitator. The facilitators of microfinance are microfinance institutions or individuals that provide micro-lending services. 

How can you access micro-lending in Nigeria?

Micro-lending institutions are everywhere in Nigeria. They usually operate under the umbrella term ‘microfinance bank’. There are also peer to peer groups that help to facilitate micro-lending. The loans are typically low interest, and all you need is a valid reason for taking out the loan and a suitable repayment plan. Micro-lending is the quickest way to get small scale loans. Read on how to start Money Lending here.

Conclusion

Micro loans in Nigeria are moving rapidly to the traditional banks as well. This is because micro lending has become very profitable. The Central Bank of Nigeria also swung its full support around micro-lending in Nigeria in a bid to help them achieve their goal of financial inclusion.

Immediate cash loans or fast cash loans can be very helpful when in dire need. This is made possible by the rise of fintech companies in the Nation. Basically, these loans are available to businesses and individuals in Nigeria. As you would agree, back in the days, it can be quite difficult to get loans from commercial banks.

This is because you have to go through lengthy processes before the loan can be processed. In fact, today, with the emergence of lending companies giving out immediate cash loans, it is very easy to get quick loans that can cater to your business or personal needs. In this article, we will discuss explicitly all that you need to know on how and where to get immediate cash loans.

How can I get an immediate cash loans?

There are several mediums by which you can get immediate cash loans. You can leverage microfinance banks, commercial banks or some of the fast growing fintech companies. All that matters when choosing a lending platform is to ensure that the interest rate are not too high, and the repayment plans are flexible. This is because if you do not take all this into consideration, it might be very difficult to repay. In fact, this why most of the fintech lenders do a quick scan of your financial worthiness to determine how much you can afford.

Where can I get immediate cash loans?

Here is a list of the top 7 lenders giving out quick loans with considerable interest rate, and flexible repayment options:

•  Loanspot

Loanspot is a platform where you can get an urgent loan in Nigeria. Its main objective is to make it easier for individuals and businesses alike to access quick and affordable loans. This lending platform is prototyped using the marketplace model, just like Uber and Bolt, which helps their customers to get access to cost-effective transportation. Loanspot using this model helps customers to get access to different credit options at a cheaper rate as compared to other platforms.

• Renmoney:

Renmoney is one of the most popular lending companies in Nigeria. Basically, this is because they provide their users with loans up to #4 million. However, it is important to have good credit history and you must also have a good income statement. Their minimum loan amount is N100, 000 so far you meet up with all their lending requirments.

• Carbon:

Carbon is another lending platform where you can get access to instant cash loans in minutes. This lending platform has been around for over 3 years and they are dependable. All you need to access their lending options is your BVN and other valid information. Once you provide them with these, they will use it to determine your loan worth. Carbon offers their users up to N20million, with varying interest rates.

• Branch:

Branch is one of the best lending platform. This is because of their flexible interest rates, and mouth-watering loan options. With Branch you can access loan of up to N200, 000 and above within minutes of processing. Their interest rate is moderate as it is between 15-34%.

• Fairmoney:

They design the Fairmoney platform to cater to the needs of customers who needs immediate cash loans. To access their loan option, all you have to do is provide your Bank verification Number, and a debit card number. With Fairmoney, you can access loans of up to N150, 000 with no hassle, so far you meet up with all their lending requirements. Their interest rates are affordable as it ranges from 5-285 depending on the amount they disburse to you.

• Aella Credit:

This is an app-only platform that provide it users with immediate and reliable cash loans. They design this loan app to help employees, individuals and businesses access quick loans to sort out urgent needs. With Aella, you can access anywhere around N1, 500 – N700, 000. Their interest rate ranges from 4-29% monthly.

• Quickcheck:

Quickcheck provides their users with loans of up to N500, 000 in minutes. As a first time user you can access up to N10, 000 for a period of 30 days. It is important to note that with Quickcheck, early repayment means accessibility to higher loan options. Like every other lending platforms, all that you need to supply to access their loan option is your BVN and account Number for disbursal.

Conclusion:

Getting an immediate cash loan should not be so stressful afterall. If you are in need of immediate cash loans to settle your immediate needs you can leverage any of the platforms in this article. Click here to get cash loans of up to 50,000 immediately.

Although commercial banks and financial institutions have long provided loans to people in need, their services do not adequately cater to the needs of every class of citizen. Also, they have strict minimum requirements for obtaining loans, which is designed to favour those with on-ground assets. However, private loan lenders have fully saturated the market, providing an alternative for people. More so, they offer easy access to loans, with the lowest possible minimum qualification.

An overview of private loan lenders

Private loan lenders are essentially fintechs that offer online loans through their platform. Basically, you no longer have to leave your home to get a loan as long as you have an internet connection. Today, there are quite a number of companies that offer this, and you can freely choose from any of the options found in the latter part of this article.

What are the benefits of private loan lenders?

Obtaining loans from private loan lenders have the following benefits:

• Easy and stress-free process
• No need for collateral or a guarantor
• Zero paperwork
• Generally low minimum requirement

List of Private loan lenders

There are different types of private loan lenders in Nigeria, which also have different modes of operation. More so, some have mobile applications that allow users to access loans, while others strictly use web platforms. Some of the top private loan lenders in Nigeria are:

Carbon (Formerly Paylater): 

Formerly paylater, carbon is one of the best and most popular applications for obtaining a mobile loan in Nigeria. It features a simple design that is easy to use, and also a less stringent application process that allows you to apply any time of the day. Therefore, all you need is to supply a few pieces of information, and you would know your loan application status within minutes. Also, asides from loans, you can also use the app to make payments for utility bills and purchase recharge cards. Simply visit the official google play or iOS store to download the app.

Fair money: 

with fair money, you can obtain a loan without collateral or any form of paperwork, and payback within 15 days to a month. Also, like carbon, the app also allows you to pay for other utility bills. In addition, fair money has one of the best services for obtaining a mobile loan in Nigeria, therefore, it is available any time of the day or week.

Credit Ville: 

credit Ville is a mobile loan application in Nigeria that provides loans for individuals who have formal employment. Therefore, the loan is subtracted from your next salary. Due to this, it is only available to individuals through their employers.  

Sokoloan: 

Simple, reliable, and easy to use, those are the characteristics that describe sokoloan. Also, it requires no collateral and takes only minutes before disbursement. Sokoloan gives you the option of choosing the loan tenor with varying interest depending on the total sum and tenor.

Zedvance: 

This platform offers you a loan for up to 12 months, with varying interest rates. However, their interest rates are not very favourable as they could rise as high as 58%.

Palm Credit: 

Palm credit loan ranges from as low as N2,000 to as high as N100,000, and you would be done in a few steps. However, it requires that you are a minimum of 18 years of age and that you provide your bank account details. Also, asides from that, the app also gives commission to customers for referring them to someone else.

C24: 

C24 makes loan applications easy by allowing you to upload necessary documents online. However, you need to have a paid employment to qualify for their loans. Also, C24 loan tenures span up to 9 months at an interest rate of 4% or more.

Pay connect: 

Pay connect has a more strict qualification for loans, in that you have to be an employee of a reputable organization. However, they offer loan with one month maximum tenor and interest rate of up to 31%. Also, you would be required to provide some documents information on application.

Kia Kia Loans: 

The name of this app was taken from the Yoruba word “Kiakia” which means quick, and the app portrays exactly that. KiaKia Loans takes into account your credit score and they have a varying interest rate with a tenor between 7 and 30 days. Also, it is very easy to use, and quick when disbursing loans.

Snap credit: 

Snapcredit platform allows employers to easily give loans to employees. Therefore, as an employee, you can get a loan with a tenure of up to 12 months. Your employer would deduct the loan sum from your next salary.

Aella Credit: 

Aella credit is known for its zero fees on late payment unlike other apps offering mobile loan in Nigeria. Also, its interest rate varies, and it has a tenor between 30 and 60 days. However, as a reward, you are granted access to a higher loan amount, every time you repay your loan before the deadline.  

Quick check: 

Quick check loan is designed for single individuals who are in need of little emergency funds. As of the time of this writing, they offer up to N30,000 for a start with a tenor between 15 and 30 days. Also, as you pay in time, your maximum accessible loan amount is increases.

Fint: 

Fint is like a middle man platform that connects borrowers and lenders. Essentially, it allows you to borrow loans from N60,000 with a tenure of 13 months maximum. Also, the platform determines your interest rate through your credit risk score.

Kwikmoney (Formerly Migi): 

Kwikmoney is one of the quickest and most popular mobile loan apps in Nigeria. All you need to use the app is the sim that is registered to your bank account. Also, it allows you to apply for a loan through USSD codes or through their application or online website.

Branch loan app: 

With your bank account details, and phone number, you can apply for a loan on branch and receive it within 20 minutes. Also, the app allows up to N200,000 in loans or more as you pay up previously taken loans in time.

Conclusion

Private loan lenders are very important in the country’s ecosystem, as it offers loan services to unbankable customers. As long as you have your mobile and an internet connection, you can always apply to private loan lenders for loans. 

Although one of the smallest state in Nigeria, Lagos is arguably the most developed state in the whole of Nigeria. Although, there are quick loan companies in Nigeria, Lagos is the financial capital and that is why most companies have their headquarters located there, as the state has a market that appeals to all. Also, another area where Lagos excels is in the presence of loan companies and fintechs looking to supply small business owners. Therefore, if you are a small business owner, knowing where to get loans in Lagos is very important, as it could make or break your establishment.

Where can I obtain a loan in Lagos?

Basically, you are spoilt for options when choosing where to borrow a loan in Lagos. Firstly, the obvious option is to first go to the bank. However, since commercial banks are virtually everywhere in Nigeria, we would leave them out of this article. In Lagos, there are a good number of financial institutions offering loans asides commercial banks.

Institutions that provides loans in Lagos

Some of the best places to obtain loans in Lagos are:

Rosabon Financial Services: 

Rosabon financial services can be summed up in four points; partnerships, personal loan, vehicle lease, and investments. They are one of the major game players in the loan industry in Lagos. More so, they help you achieve your financial goals by providing access to millions of naira in loans. Also, one of their strong points is the quick disbursement duration. Apply and get a loan as quick as possible.

Skystone capital: 

SME funding, personal finance, funds management, leases, debtor factoring, and Financial Advisory, are some top Services that sykstone capital provides. Also, they provide cutting edge financial solution with excellent customer service and fast disbursement of loans.

LMoney: 

Lmoney thrives on providing an excellent loan calculator that allows you to simulate and kick start your loan journey. Amazingly, you can get access to N2 million loan within only 24 hours. Also, with LMoney, obtaining a loan couldn’t be any easier.     

Migo: 

Migo is more than just a loan service provider. More so, it offers banking, merchant, fintechs and telcos financial services. As a fintech, you can make credit payments and overdraft facilities anywhere when carrying out digital transactions. Also, they offer amazing loans at flexible competitive rates that would suit just your needs.     

Zedvance Limited: 

the zedvance platform offers you loan through their website, moneypal app or by chatting with Zee on WhatsApp. Therefore, this tailors your application to your comfort, providing access of up to N5 million. Also, the loan is easy to access, only taking minutes to be disbursed, with no hidden charges of any sorts.

Easyloans Nigeria: 

Easy loan is a platform in Lagos Nigeria, where you can obtain loans with no hidden charges. Also, they have a team of experts that offers loan advisory services to help you make the best decision and also create the best repayment plan. Finally, and certainly the best of all, you do not need any collateral.

Kwickpay credit: 

located on the Island in Lagos, kwickpay credit have the facilities to provide loans of up to N2 million with less than 24 hours disbursement duration. Also, they do not require collateral, as long as you meet the minimum requirements and terms and conditions.

Creditville: 

creditville offers quick loans for customers to meet urgent needs, or business owners looking to upscale. Also, they offer auto lease, corporate lease and even cab leasing services for those who intend to purchase a car. With credit ville, you can access up to N4 million in loan.

Conclusion

This article is limited to Lagos alone, you can get a host of place to get loans in Nigeria. There are a good number of places to get a loan in Lagos. Although we have covered a few, there is still quite a number left out. Knowing where to get loans in Lagos is must-have knowledge for everyone looking to build a business in the area.

Businesses need money to survive, thrive, and go toe to toe with their competitors in the market. Narrowing down that list, it could be for an expansion, to handle a huge order or simply an influx of cash. However, for whatever reason it is, personal ones inclusive, always look to companies with the lowest loan interest rates in Nigeria when you need a loan. In addition, to further help your research, we have put together a list of some top companies with favourable loan rates. Therefore, simply feel free to choose, depending on which requirement and services best suit your needs.

Companies with lowest loan interest rates in Nigeria

Here are some companies with the lowest loan rates in Nigeria: 

Paylater (Carbon): 

Paylater (Carbon) is one of the fastest online platforms that provide short-term loans to businesses in urgent need of it. Furthermore, they provide loan amounts ranging from N500,000 to N1 million with varying interest rates. However, their interest rates are very competitive at 5% to 12%. Also, the amount you can access is known after a thorough look at the cash flow of your business.

Requirements:

• BVN
• Business/home address
• Passport photograph

Renmoney: 

Renmoney even pushes the bar higher by offering a maximum loan rate of up to N4 million with a medium tenor of 9 months. Also, it requires no guarantor or collateral, although you are expected to meet certain criteria. In addition, the amount you can borrow is determined after a background check and assessment of previous loans reports from a credit bureau. Their interest rate stands around 4% to 4.5%.

Requirements

• Minimum age range between 22 and 59
• A steady source of income with proof of bank statement
• Valid means of identification
• Verification of your standard monthly income
• Report on previous loans from a credit bureau

Aella credit: 

Aella credit is a quick loan platform available in Nigeria and Ghana that provides short-term loans to individuals and businesses. In addition, they provide loans as little as N1500 and as high as N700,000 with an interest between 4% to 29%.

Requirements: 

the only basic requirements you would need for this loan is your Bank Verification Number (BVN)

Kwikmoney: 

Kwikmoney extends its reach from only accessing loan services through an app to also USSD loan codes. Therefore, it is in partnership with mobile network operators, banks and other tech companies to make services as accessible as possible. In addition, you can access short-term loans as high as N15,000 at an interest rate of 15%. However, their loan tenor is very short as it is only 15 days.

Requirements: 

the only basic requirements you would need for this loan is your Bank Verification Number (BVN)

Rosabon Finance Quick Loan: 

Rosabon finance loan is also one of the fastest ways to access easy loans in Nigeria. Amazingly, they do not require any collateral too. They have an interest rate of 4 to 6% per annum and offer loans of N100,000 and more.

Requirements:

• Must have a paid employment
• Minimum age of 21 and a maximum of 58
• Must have a salary account
• Recent utility bill
• Valid proof of identification
• Pension account of tax ID

Page financials: 

Page financial takes you through a comprehensive 6 steps procedure before granting your loan request. Also, they task a loan rate of 0.5% every day, which averages to about 15% monthly or more if you run into late payment. In addition, they offer loan through a debit card which is preloaded with N500,000 (could be more or less), depending on your monthly income.

Requirements

• Letter of employment
• Valid means of identification
• Utility bill
• Salary account

See also top 10 Best Loan Apps in Nigeria with low interest

What bank has the lowest loan interest rates?

It is difficult to tell the exact interest rate for commercial banks because they offer so many loan options and varying interest rate for each. Therefore, factors like the amount, personal asset, tenor, credit score, and many others are considered. Generally, commercial banks tend to offer loans to those with high net worth due to the low risk. However, some of the best banks with low loan interest rates in Nigeria are:

• GT bank (1.3% for salary advance loans)
• Zenith bank (9% for creative financing initiative loans)
• Polaris bank (2.5% for digital loans)
• Access bank (9% for creative loan)

Conclusion

Choosing the right loan company is all dependent on your specific needs. Therefore, it is important that you carefully consider the loan and its requirement before committing. Whether for personal or business, you can easily obtain that loan you so much need from any of the companies listed above.  

Forex loans, which we also know as margin, are slightly similar to other types of loans. The major difference is that it is not accessible to all, and it is strictly for forex trading purposes. You can take up loans in USD or Euro depending on your trading currency.

Furthermore, taking up a forex loan might not be difficult, but the major challenge is managing it well. It is important to note that in most cases forex loans are not always available to new traders. This is due to one reason or the other.

What is Forex Loans?

Basically, a forex loan involves taking up some securities from a forex financial lender to pay back at a later date. Your loan repayment is based on the exact amount you lend, and the interest rate agreed at the beginning of the deal. As we have stated earlier, this loan option is somewhat similar to taking a bank loan.

Furthermore, a forex loan can either be an open-ended credit or a pre-defined one-time amount. Also, the terms and conditions of a forex loan depend basically on your agreement with the lender. If your lender requires collateral, they will state it explicitly in the terms and conditions. You can get forex loans from fellow traders, financial organizations, investors, forex banks, and the government.

Types of Forex Loans

Forex loans are generally of 4 types. These are:

• Secured Forex Loan
• Unsecured Forex Loan
• Revolving Forex Loan
• Term Forex Loan

Secured Forex Loan:

A secured forex loan is a loan that you take as a trader with the expectation of pledging an asset in return. This asset can either be a car or property. The lender secures your loan with this asset as collateral. And if you default, the ownership of the asset will be transferred to your lender.

Unsecured Forex Loans

Unsecured forex loans are basically the opposite of secured forex loans. Forex loans in this category do not require you to secure your loan with collateral. But, as you would expect, loans in this category have higher interest rates as compared to Secured forex loans.

Revolving forex loan:

Just as the name implies, revolving forex loans are loans that orbit in a circle. In simpler terms, this loan option basically allows you to borrow a loan, invest, repay, and re-borrow. Because of its structure, many traders consider this loan as flexible.

Term Forex Loan

Term forex loan is a loan option that allows you to borrow a specific amount from a lender with a repayments schedule and a fixed interest rate. The majority of times loans in this category are usually paid in equal proportion and on a monthly installment basis.

Conclusion:

Forex loans have their own advantages and disadvantages. The advantage is that you can lend funds to trade when you need it. And, the disadvantage on the other hand is that it is a risky thing to do. But, if you know the nooks and crannies of the forex market, it might be a profitable thing. You can take up forex loans with investors, financial organizations, forex banks, etc.