Olamide Famuwagun

Online loans are easy to get these days. There are lots of loan companies that promise collateral-free loans. This makes it easy to become a victim of loan scams and hackers looking to steal valuable personal data.

We checked loan websites and listed the best platforms for quick and instant loans in Nigeria.

Specta

Specta is an online loan platform offering up to 5 Million Naira loans. The loans are quick, collateral-free, and need zero paperwork.

Their interest rates are 25.5% to 28.5%, and you can repay in 1 to 12 months with a 1% penalty for late payment.

ALAT

You can borrow up to 2 Million Naira on ALAT instantly and without any collateral.

ALAT offers salary earners loans from ₦50,000 to ₦4 million, repayable in 3 to 24 months at a 2% monthly interest rate. To get a quick loan, download the ALAT app, apply, and receive your approval within minutes.

Credit Direct

Credit Direct offers Nano Loans, Buy Now Pay Later, and Paramilitary Loans.

You don’t need a guarantor or collateral before getting a loan from Credit Direct. Download the app, create an account, provide your details, and get funded. You can also explore their instant loan services using the sharp sharp loan code.

C24 Capital

With C24 Capital, you can access a loan of up to 5 Million Naira within a few hours. This comes with a low fixed rate and no ongoing fees.

To apply, download the app, check your eligibility, and then request to get a loan amount of your choice.

PennyLender

On PennyLender, you can borrow between 10,000 Naira to 5 Million Naira within 2 hours. There are several kinds of loans for salary earners, SMEs, and anyone with liquid assets.

Apart from their website, they have a Whatsapp contact which you can use to fast-track your loan.

Remita is one of the most popular digital transaction platforms in Nigeria, offering users a secure and quick way to get loans and transfer money. It exists to solve the problem of managing multiple platforms for varying financial activities. Therefore, with Remita, you can both transfer, recharge, access your balance, and many more. However, one of its most popular features is the Remita loans in Nigeria. This article discusses everything you need to know about its loans.

An overview of Remita

Remita started primarily as an electronic payment platform that allows users to effectively manage their accounts and make transactions at a low cost. However, since its establishment, the company has grown to offer several other financial services including payroll management, account management, tax analysis, and more. Today, Remita remains one of the top digital solutions for financial transactions all across Nigeria.

Remita loans in Nigeria

Remita loans perhaps, remain one of the most popular features of the platform in Nigeria. Basically, their loan system allows you access to loans through their partners, which includes payday, paylater, and page financials.

1. Payday loan

A payday loan allows you to borrow a certain percentage of your earnings in advance. Therefore, this sum is deducted as soon as your salary comes into your account. To access Remita’s payday loan, simply visit their website.

2. Paylater

Much like payday loan, paylater also follows the same principle of operation. Therefore, it is only accessible to customers with proof of steady income, which determines the maximum amount you can borrow.

Get a loan up to N100,000 at the best affordable rates in Nigeria

Did you know that you can now you can compare interest rates from different lenders with our loan simulator and get the best deal? Making an informed loan decision requires comparing different loan offers before making a commitment. Through our simulator, you can see at a glance, loan offers coming from different lenders in less than 5 minutes, so you can make the right decision regarding your financing. Try it today

3. Page financials – Remita’s financial partner

Page financials is a Remita partner and one of the top loan providers in the country. They allow you to opt for quick loans of up to N5million in less than 3 hours. Regulated by the central bank of Nigeria, page financials. However, note that you have to be a staff of a reputable organization, preferably a federal civil servant, and have very solid proof of income to be eligible.

Need a loan? Kindly check out this platform that allows you to compare loans from several lenders in minutes. This would help you make the best decision for you.

Remita mobile application

The Remita mobile application is a one-stop for all the financial transactions you might want to carry out as a business or individual. Basically, it gives you access to all Remita’s services at the snap of a finger. You can download the application from the google play store or the apple store and start using it today.

Some of its features include:

• Send money and pay bills with ease
• Manage your standing orders
• Request money in style through electronic invoice
• Easy tap to pay options through QR codes
• View and manage your several bank accounts
• Receipt generation and airtime/ data purchase

Conclusion

With Remita, digital financial transactions and money management have never been easier. All you need to do is download the app, register, and you would have free access to all the amazing benefits that come with the platform.

Definitely, no one plans to appear on a blacklist, nevertheless, unfortunate things happen that may lead to that. Basically, being registered on a blacklist comes with several downsides, including no access to loans and several financial restrictions. Most times, what gets people on a blacklist is the inability to repay loans in time. However, if you find yourself in this situation, not all hope is not lost as there are still loans for blacklisted in Nigeria.

Can I still obtain a loan while blacklisted in Nigeria?

Today, the credit bureau keeps records of the blacklist that flags your name in the event of any loan transactions. However, smaller lenders, fintechs and microfinance banks don’t really keep such records, unless, of course, you already have an outstanding loan with them. Basically, the whole point is to lend you money regardless of your financial history, and according to your capacity to repay the loan.

However, note that there are still fintechs, small lenders and microfinance banks that cross-reference your data with the central database to ensure you aren’t on the blacklist. Nevertheless, some reliable platforms would still offer loans despite your situation. This varies from one organization to another and is dependent on how they rate your ability to repay the loan.

What are the documents required in loans for blacklisted in Nigeria?

Regardless of whether you’re on the blacklist or not, the requirements remain the same for online loan applications across different lenders. Basically, they require you to provide the following:

As an individual:

• Bank verification number (BVN)
• Passport photograph
• Address
• Employment letter
• Tax ID, salary account or pension account

As a business:

• Passport photographs of certain directors as stated by the lending organization
• Memorandum of association
• Certificate of incorporation
• Post-dated NUBAN check from the client
• The business’s last six months’ statement of account
• A valid means of identification as approved by the organization (international passport, national passport or driver’s license)
• A suitable guarantor

Are there any other special requirements?

Asides from the documents listed above, there isn’t really any other requirement per say. However, as a blacklisted individual, you would have to go the extra mile to prove your credibility to the organization. Most times, the organization wants to be sure that you would pay back within the agreed time and collects documents or loan security like collateral.

What interest rates apply to loans for blacklisted in Nigeria?

Sadly, most of the organizations that still offer loans to blacklisted individuals do so with ridiculously high-interest rates and low credit limits. They set the prices after a thorough assessment of your personal details including your statement of account, type of job, salary, and more. However, being able to provide collateral dramatically increases your chances of getting the loan. It also affords you a lower interest rate.

How to find loans for blacklisted in Nigeria

There is no straightforward method to find these loans. However, you stand a higher chance with fintechs and microlenders. To know if you will be successful or not, you can apply for the loan and the platform will assess your creditworthiness after which they will decide to approve or decline your request.

Conclusion

In all, taking a loan and repaying in time could help improve your credit score even if you’re on the blacklist or have a history. Despite the high-interest rates and rigorous assessment, all hope isn’t lost and you can still get loans while on the blacklist. However, ensure that your ability to repay is sure or it could mean more trouble for you. 

Personal loans are the answer to so many debt or self-improvement problems. Basically, it has saved millions from getting into debt troubles, and also for growing personal projects. When it comes to personal loans, you don’t really have a problem as long as there’s a reliable plan on ground to pay it off. However, to get things right from the start, you need to understand the basics. This article contains a step-by-step approach on how to get a personal loan in 8 steps, to ensure you don’t take a wrong step.

What are the documents needed to apply for a personal loan?

Basically, the documents you’d need depend on the organization’s lending policies. However, some documents cut across all loan application processes, and they are:

• Means of personal identification (passport, driver’s license, National ID, and Voters card)
• Proof of income through a statement of account and tax returns
• Employment and employer details
• Residential address

What are the factors that affect your interest rate?

Although the requirement that determines your interest rate varies from one organization to another, they all generally consider the following:

• Your credit score
• The term of the loan
• Presence of a co-signer
• Debt to income ratio to determine your repayment capacity

How to get a personal loan in 8 steps

After all the considerations, if you decide that you need a personal loan, here are the steps to take:

1. Do the math

If there’s anything worse than taking a loan for absolutely no reason, then it’s taking a loan that you cannot repay. Therefore, it’s important to run the numbers and determine if you can afford to repay the loan before taking it. However, if you can’t afford to repay the loan, simply opt for a lower amount than you can. Also, while doing this, ensure you include the origination fee and other extra expenses. Better still, use a loan calculator to estimate how much you’d have to pay back.

2. Check your credit score

This is arguably the most important information in determining whether the lender would approve your loan or not. Basically, a good credit score would give you a higher chance of loan approval with a lower interest rate. This is why you should take active steps to cross-check your credit score if it is low or contains a mistake and also take active steps to improve it before applying for the loan.

3. Weigh your options

Depending on your credit score, you may be forced to obtain a secured loan that requires collateral over an unsecured loan or find a co-signer. One way or the other, the institution always takes active steps to ensure it is protected and the loan is secured. Therefore, it’s left to you to consider all your available options and select what would work best depending on the organization’s needs and yours.

4. Determine your loan type

At this stage, you are to choose the exact type of loan that is good for your particular situation. For instance, some lenders couldn’t care less about how you use the funds, while others only loan out when the money is for specific purposes. For safety reasons, it’s generally better that you find a lender who’s bent on loaning you money for the exact reason that you need it. Basically, this ensures accountability and that the money isn’t squandered.

5. Compare personal loan rates from different lenders

Before obtaining a loan, you can get quotes from different lenders to know what each entails. Therefore, you can use this to your benefit by putting together each loan quote and selecting the lowest interest rate. Don’t settle for the first offer you receive, instead compare several loans to make the best decision.

6. Make a choice and apply

After going through all the loan offers, it’s time to proceed and apply. At this stage, you should pick the lender with the best offer for you and apply for their loan. The application process varies from one lender to another and may be done online or at a local office. Also, during the application, you’d need to provide certain documents and also review the complete terms and conditions for the loan. Do well to read through and understand every clause in order to avoid future pitfalls.

7. Supply the necessary documentation

The documents you’d provide during the loan application vary from one lender to another. However, it usually includes your name, address, contact information, a valid form of identity, employment details and more. Also, depending on the channel of the application, you might need to scan and upload it online or submit it physically.

8. Obtain the loan and start making payments

At this stage, your loan application would be approved and finalized. Therefore, after this, your preferred account would get funded within days. Also, for easy repayment, set up an automatic payment system from your account at every repayment instalment. Finally, keep in mind that most lenders offer lower interest when you pay the loan off early.

How to find the best loan rates

Basically, you need to do a lot of research on companies that offer the kind of loans you need and compare their offerings. There is no simple way to do this and tools that can help you automate the process may cost money. You can browse company websites individually or signup in online marketplaces where such information is shared frequently.

Conclusion

Getting a personal loan is very easy, as there are several options today to choose from. However, selecting the right one for your need requires that you put in the effort and follow the steps we have discussed in this article.