Where To Get Loan Without Collateral In Nigeria
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Nigerian Banks With The Quickest Loan Approval
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Apps To Borrow Money
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Quick Instant Online Loan In Nigeria Without Collateral (top Loan Apps)
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Other uncategorized cookies are those that have been evaluated and have not yet been classified in a category. In recent times, there has been an increase in the number of loan apps in Nigeria that offer unsecured funds. This is made more necessary by the need to bridge the impulse of financial inclusion.
If you are an individual or a business that needs finance to start a project, non-collateral loans are your safest bet because they minimize the risk to property and business assets.
Frequently Asked Questions (faqs) About Getting A Loan In Nigeria Without Collateral
Also known as unsecured loans, unsecured loans are loans that do not require any type of security. Instead of relying on the borrower’s assets as security, lenders approve unsecured loans based on the borrower’s creditworthiness.
This means that applications in Nigeria that offer unsecured loans can make funds available in minutes. Since there is no asset required to take this type of loan, there is a reduced risk for the loan.
Smaller amounts of money are available with unsecured loans, which allow businesses to cover slower periods without committing to the longer repayment terms often associated with secured loans.
In no particular order, these are the top 10 online loan apps in Nigeria that will give you a loan without asking for collateral.
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One of the most popular loan applications in Nigeria, Branch offers unsecured loans while helping borrowers build credit on time. As you build credit with the Branch’s unsecured loans, you unlock larger loan amounts.
With Aella Credit, you can access loans up to ₦1,000,000 in Nigeria without collateral. Aella loans can also be used to build credibility as early repayment gives borrowers access to higher loans. Aella loans have no rollover fees and no late fees attached.
OKash is a Micro-loan product provided by Blue Ridge Microfinance Bank. Its loan process takes a few minutes and is offered without the need for collateral.
The interest paid is 1.2% per day for a fixed term of 15 days. Users can download OKash from Google Play and set up their loan account, fill out a series of questions and get a decision on their loan application within minutes. the whole procedure is paperless.
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FairMoney is a Nigerian Digital Banking app that offers instant loans, with no collateral required. With FiarMoney, borrowers can access loans up to one million naira.
Customers can access instant loans without collateral, and skip the extensive paperwork or office visits that often make borrowing money stressful for users.
Typically, FairMoney loan amounts range from ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates ranging from 2.5% to 30%.
Like others, EazyCredit offers personal and payday loans to borrowers without the requirement to provide collateral.
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Once you provide the basic documents for verification, the loan request is approved, you will get the loan amount credited to your bank accounts.
Umba provides smart and affordable loans with low interest rates. It also makes the payment easier for you. That way, your wealth grows, not your debt.
With an Umba account, you can also pay bills, get loans and pay back all from your phone.
QuickCheck, a product of Arve Nigeria Limited, uses machine learning to predict borrower behavior and instantly review loan applications.
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Its goal is to offer digital financial services to help borrowers get closer to their personal and business goals.
As its name suggests, NewCredit offers a new way to get fast loans. With its mobile financial services, borrowers can access loans of up to N100,000 within five minutes without the need for any collateral or serious documentation.
The process of NewCredit is very similar to others. All borrowers have to do is download the app, register with their phone number linked to their BVN, and request a loan. Within minutes, the funds will be credited to their bank accounts.
Carbon is an easy to use app formerly known as Paylater. It is one of the leading online loan apps in Nigeria. You can get loans up to ₦1 million from this app without delay.
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No collateral or guarantor is required to get a loan from Carbon. All you have to do is download the app on your phone. Register with your exact details and then apply for the loan. The app is fast, you can get a loan offer in a few minutes.
With more than 100,000 downloads on Google Playstore, Irorun is a digital loan application that offers microloans to qualified users as quickly as possible and with little or no documentation.
Their Easy Credit loans are offered without collateral. It also has an interest-free loan with a tenor of seven days.
The procedure to get an uncollateralized loan seems easy, but without adequate documentation, your loan application may be rejected.
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As a borrower, a good credit score and history will ensure that your loan is approved quickly. If you are not sure what your credit score is, we can help you.
Other factors that contribute to faster loan approval include having a verifiable income, and a good loan repayment record.
Today there are many mobile loan applications that most of them offer to provide fast loans. Unfortunately, some of them end up deceiving customers.
Recently, the Nigerian government has started a clampdown on some of these platforms known to indulge in sharp practices.
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There are several steps you can take as a borrower to protect yourself from their activities. Some of them are listed below.
You can report these apps to the Google Playstore by marking them as inappropriate, and Google will act accordingly.
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In addition, it is naturally expected that you bring collateral to the table when you find yourself in need of immediate funds, meet a pressing need, or maintain your business. For the lender, the guarantees serve as security in case the borrower defaults.
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Time taken to curate 20 popular loan apps that offer you an instant loan without collateral.
One of the most popular loan applications in Nigeria, Branch has designed its loan process to meet the needs of borrowers and help them grow. At Branch, as you build credit at Branch, you unlock larger loan amounts.
It also simplifies the loan process by eliminating paperwork. All borrowers have to do is download the app, register, apply for a loan and wait for approval.
Carbon provides instant loans to borrowers whenever they need. This helps the borrowers
Banks Offering Instant Loans Without Collateral In Nigeria
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