Opting for quick loans in Nigeria is advantageous to business growth and financial stability. It is also an essential part of capital funding, especially if you are financially incapacitated. It fosters independence when it comes to business funding.
Previously, the only way to finance your business (if you are incapable) was by borrowing money from a friend or any person who agrees to help.
While this worked well for most people in business, it became increasingly difficult to do so because of key factors like repayment terms, interest rates, etc.
This made many Nigerians lose faith in borrowing quick loans traditionally and wonder where to find quick loans in Nigeria.
Today, all that has changed with the advent of quick loan apps Fintech companies, and commercial banks. These banks often help people borrow with little to no charges and help to make their dreams come true (opening a business.
In this article, we will discuss where to Find Quick Loans in Nigeria, why opting for instant loans is important, etc. To know more, continue reading.
Why is Getting Quick Loans in Nigeria important?
Getting quick loans in Nigeria is crucial for several reasons. Firstly, it helps in debt consolidation and avoids harassment. By borrowing instant loans, you can ensure that you have enough money to pay the debts you used to start up a business or for something better such as house erection, investment, etc.
Secondly, getting quick cash loans in Nigeria can aid emergency expenses. It is essential to get a loan to foot Urgent financial needs in Nigeria like medical bills, household crises, etc.
By obtaining urgent Loans in Nigeria, you can avoid going into debt or accepting the consequences of sickness instead of paying for medical bills.
Thirdly, getting quick loans can help you to boost your credit scores. Any early repayment term can significantly enhance your credit score in a short period, thereby increasing your creditworthiness.
Generally, below are the importance of getting loans in Nigeria:
- Quick access to business and personal funding.
- Provides flexibility
- Invest in yourself
- Business growth
- To finance a marketing campaign, etc.
- Reduced interest rate
- No collateral
Where to Find Quick Loans in Nigeria
Now that you have known why you should apply for quick loans, it is necessary to know where to find them to avoid confusion.
Generally, we have some options where you can get quick loans in Nigeria such as online loan platforms, commercial banks, microfinance banks, Fintech companies, etc.
The cut the long chase, below are the internet load options you can get Quick Cash with minimal requirements:
- QuickCheck
- Paylater
- Branch
- Lendigo
- Fairmoney
- Kuda
- Renmoney
QuickCheck
QuickCheck is a one-stop place where you can get instant loans. It provides financial aid to businesses and entrepreneurs in Naija. It takes pride in quick approval and delivery. With a good internet connection, you can get your loan within 5 minutes of approval.
To be eligible for a loan from quick check, you must complete the application process, and have a bank account with a bank verification number.
With quick check online loans, you can get your loan without a guarantor or collateral. Interesting? Very.
Paylater
Are you looking for another place where you can get quick loans in Nigeria? Paylater is commendable. It is one of the online loan platforms that lend money to business persons or entrepreneurs.
The customers (borrowers) are allowed to borrow an amount up to the maximum limit set by the bank and reimburse the same within 45 days with zero interest.
To be eligible for PayLater Loan, you must be above 18 years old. You must have a current email address and a valid phone number. Your residential address must be valid, plus your active bank account where you will receive your loan.
One of the benefits of choosing PayLater as a place to find quick loans in Nigeria is that you can obtain business funding without a credit check. Additionally, you can repay your loan with any interest attached and many others.
Branch
The branch is another place where you can get emergency Loans in Nigeria. It is another online loan platform that provides quick access to instant loans in Nigeria with no physical requirements.
To qualify for a loan in the Branch, you must have a mobile number or Facebook media handle. You must also have a bank account plus many others.
Moreover, selecting a Branch as one of the places to obtain quick loans in Nigeria is beneficial in the sense that it requires little or no documentation, interest, and collateral compared to others.
Lendigo
If you are inquisitive about where to find quick loans in Nigeria, Lendigo is available. It is an internet institution that offers quick access to business funding for small businesses in Nigeria.
Qualified applicants must have an original passport-sized photograph, a transparent copy of their legitimate identity, and a bank statement that covers a minimum of 12 months.
The advantages of applying for a loan through Lendigo stand still as it accepts no collateral to eligible borrowers. It also has friendly repayment terms. Your loan can be approved without any unnecessary documents.
FairMoney
FairMoney Loan is an online quick loan option in Nigeria that offers fast access to financial support. You can get a loan from Fairmoney without collateral and paperwork. They also supply loans to small businesses to boost their growth.
FairMoney Loan app is quick, trustworthy, secure, and free, making it easy for all its loan applicants.
To be eligible for a loan in Fairmoney, you must have a good credit score. Therefore individual must demonstrate responsibility in repaying debts in times to boost their credit score.
Kuda
Kuda is another online platform and fintech company where you can find quick loans in Nigeria. With the quick loan options (Kuda) your financial services become more accessible, price-friendly, and Simplified for every Nigerian.
To be credited after applying for your loan through Kuda, you must have a smartphone with an active phone number that has a good network connection. You must also have a Kuda app for easy accessibility.
With Kuda, you make free transactions, earn interest, etc. Their loans with no paperwork as they offer short loans to their customers.
RenMoney
The 7th place you can find quick loans is Renmoney. Renmoney is an internet loan app and also one of the fintech companies in Nigeria. It provides personal and business loans to entrepreneurs and businessmen. Individuals who are interested in saving and investing can try out Renmoney.
To be qualified for loans from Renmoney, your age must be between 18 to 59 years. You must also have an active account linked with BVN, a mobile number, a valid identity, etc. Remember that unless you are a salaried employee or a self-employed person, your loan credibility will be weak.
Renmoney comes with no guarantor and collateral during the loan application process. It welcomes a high initial maximum loan amount.
Other places you can get quick loans in Nigeria are as follows:
- Carbon
- Aella
- Palmcredit
- First Bank
- Guarantee Trust Bank
- FCMB
- Sterling Bank, etc.
Final Words on Where to Find Quick Loans in Nigeria
There are many places where you can find instant loans in Nigeria. Thankfully, this article has listed them down. You should check well and pick any quick loan option that suits a demand or amount.
Good luck as you find where to get quick loans in Nigeria.