Every businessman in Nigeria is prone to financial emergencies which can only be curbed through getting financial solutions. Imagine having business ideas but lack funds to establish it. That is why you need to know how to Apply for Quick Loans in Nigeria and grow your businesses.
Here, getting a quick loan is the best option. With it, you will Discover the Step-by-Step Guide on how to Apply for Quick Loans in Nigeria and the necessary documents for Quick Loan Application in Nigeria.
However, applying for quick loan options in Nigeria could be challenging, time-consuming, and tedious especially if you do not have the right information.
To ease the process, this article aims to provide you with a step-by-step guide to the quick loan application process. Interesting? If so, then let’s hop in.
Can I Get a quick loan in Nigeria?
Yes is the shortest answer. Nigeria is a country with numerous fintech companies and commercial banks where you can apply for a fast loan.
The financial institution comes with different loan interest rates, loan terms, eligibility criteria, and the amount to borrow. Remember that some loan comes with collateral while others come without collateral. Also, for your instant loan approval, you must meet up with the worthy criteria. Ensure that you choose the one that suits your capacity.
However, getting a loan might seem difficult especially if you are a first-timer but with proper guidance, you shall apply successfully.
Why Need a Quick Loan?
Arguably the need for a quick loan can never be overemphasized. As an entrepreneur, there must be a time you must a bankrupt of finance. So, you need a loan to meet up with your financial demands.
Below are reasons you may need a quick loan.
- Home improvements
- Vacations
- Debt
- Medical Bills
- Funeral cost
- Emergency expenses
- Large purchase
- Tax debt, etc.
Are there any Emergency quick loans in Nigeria?
If I say no to this question it means that this article is incorrect. Therefore, in Nigeria, there are emergency loans you can apply for. You can choose from the following:
- Quick check
- Paylater
- Branch
- Credit Direct
- GTbank Quick Credit
- Access Bank PayDay Loan
- Renmoney
- FCMB Fast Cash
- Mofo
- Zenith Bank Fast Cash
Necessary Documents for Quick Loan Application in Nigeria
Before we provide the precept-by-precept guide on how you can successfully apply for quick loans in Nigeria, we want to list the ten (10) necessary documents you may have on your desk before your application.
They are as follows:
- Legit government-issued Identification such as National Identity Card, international passport, voter’s card, driver’s license, etc.
- Current Utility bill which involves electricity bills, water bills, and many more.
- Bank account with Bank Verification Number (BVN)
- Filled Application Form filled with correct information
- Passport-sized Photograph
- Proof of income
- Collateral if required
- Guarantors Identity
- Evidence of Address
- Valid Phone number
- Email Address, etc.
Step-by-Step Guide: How to Apply for Quick Loans in Nigeria.
Do you want to apply for a quick loan in Nigeria, check the following guidelines.
However, there are eight (8) steps to choose from.
- Select a Legit Lender
- Check the Eligibility Criteria
- Keep the Necessary Documents Ready
- Select either an online Application or an in-person
- Fill out the Application Form with Valid Details
- Wait to be Approved
- Receive the loan
- Reimbursement period
Select a Legit Lender
Applying for a quick loan could be disadvantageous if you didn’t select a Legit Lender. Ensure you pick a reputable quick loan provider in Nigeria. It could be from commercial banks such as First Bank, GT Bank, UBA, FCMB, etc, or fintech companies like Fairmoney, Renmoney, etc. Remember, selecting a legit lender eases stress and prevents scammers and fraudsters. Be cautious of high-interest rates and fees during selection.
Check the Eligibility Criteria
You must meet the eligibility criteria for any quick loan before you can get it. To be on the best side, ensure you meet the lender’s requirements. This eligibility criteria includes age (18 years minimum), Nigerian citizen, self-employed or salaried, regular income, and many others.
Keep the Necessary Documents Ready
There are necessary documents that should be ready before any quick loan application. These documents will solidify your eligibility criteria. They are your bank account with BVN, proof of address, and many others.
Select either Online Application or in-person
Quick Loan application comes with an online application or you apply in person. So, you can decide the application process that suits your location, time, and interest.
If you want to apply online, you just have to know the quick loan option’s website and apply directly. Then you see an online form to fill out and then upload the necessary documents.
For those applying in person, you can visit any bank branch or agent location. Ensure that you fill out the application form presented to you with your valid information and provide the required documents. After, you can submit your form for verification. Carefully review the loan terms and conditions before accepting.
Fill Out the Application Form with Valid Details
During application, whether online or in-person application, you must fill out a loan form. The form is where you will write your name, valid contact information, bank account details, loan amount, loan terms, income information, plus other relevant information depending on the type of loan and the loan options you selected.
Wait to be Approved
After applying for a loan, you need to wait for approval. By this time, the lender will review your application form and know whether you are creditworthy or not. This is usually done after verification of your documents.
Receive the loan
If your application is approved, you must receive your loan. Then, the lender will disburse the loan amount into your bank account. This can take days, weeks, or months depending on the loan you applied for. Remember to borrow what you can afford to repay.
Repay the Loan
There is always a reimbursement after borrowing a quick loan for your business growth. If you do not refund your loan before the deadline, you will receive penalties that may damage your credit score. You can use a Bank transfer or directly. Ensure you make timely repayments to avoid damaging your credit score.
How can I Get a Personal loan?
Planning for a trip, perfect wedding, or renovating your home; getting a personal loan will help provide financial support to smash down your goals.
I know you might be wondering how you can get a personal loan, keep reading for more information.
- Know the type of loan, why you need the loan, and how much you need.
- Check if you are eligible for the personal loan.
- Calculate monthly installments
- Go to the bank and apply or apply online.
- Submit the necessary documents.
- Get your loan if approved.
- Repay your loan when necessary.
Final Thought
Knowing the step-by-step guide on how to apply for quick loans in Nigeria is very important. It will curb some unnecessary mistakes for you during loan application.
Do you know that many have applied for a loan but it wasn’t granted because they were not with the right documents needed for the loan? Some could not fill out the application form correctly. I don’t want you to suffer the same harm.
In this article, we have successfully listed the emergency loans in Nigeria, the necessary documents for quick loan application in Nigeria, How to Apply for Quick Loans in Nigeria, etc.
Therefore, carefully go through the article again for more insight.
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