It is no longer news that there are now many loan companies that cater for different segment of the populace some focus on salary earners while some on personal loan and some on business loan.
In all of this, few loan company can actually disbursed loan within minutes of application, some even take as much as 5 days before they will apply thus defeating the purpose of applying for the loan in the first place.
We take our time to look into Quick and fast online loan in Nigeria that does not request for collateral or paper work and not only that they are easy and fast in disbursing loan to the requester, within minutes of application you will get an alert on your phone.
We try as much as possible to filter out the fake and bad loan apps in Nigeria; those loan companies that harass and invade the privacy of their customer and loan apps that continue to charge customer even after paying all their debt.
Fast and quick online loan in Nigeria (quick approval and no collateral)
Branch
The first on our list of fast and quick online loan in Nigeria is branch, one of the reliable loan company we have in Nigeria, they are professional who does not call out their defaulters on social media nor send their obituary and embarrassing massage to their friends, they know how to get their money form their defaulters.
With branch you can loan up to #150,000 without collateral or guarantor, they give their user enough time to pay back which ranges from 4 weeks to 40 weeks but the longer the pay back time the higher the interest rate. Their interest rate ranges from 15% to 30% according to the amount of loan request for.
Branch is a mobile money app therefore they have other features like saving, transfer and bill payment, if you save with them you stand a chance of having 20% interest rate per year.
To apply head over to play store or app store download the carbon app, register with your detail and request for the loan within minutes of submitting your application you will be approve and your loan will be disburse.
Carbon
Carbon is another loan company that provide quick and fast online loan in Nigeria, with carbon you can access up to #20m loan without collateral but as a first timer you won’t get up to this amount until you spent some time with the company.
Their interest rate is between 5% to 15% and the pay back time depends on the amount of loan request for.
Carbon use bvn to check your credit score so if you have defaulted before you will not receive any loan form the company.
Like branch carbon also have feature for saving, transferring money, paying bill in fact they offer free transfer to any bank account in Nigeria,. If you save your money with them you will have 11% interest rate annually.
Aella credit
Aella credit is an international loan company, they have presence in Nigeria, Ghana and Philippines and so far they have been proven to be one of the best. Their focus is on personal loan and they give out up to #700,000 loan at a go without guarantor.
The payback time is between 1 month to 2 months and the interest rate can be as much as 29%. They also have option to save, transfer and pay bill. You can also earn from your long term saving and interest can be as high as 26%.
Aella credit is available on play store and app store, download it, register and request for your loan, in minutes your loan will be disbursed.
Fairmoney
Fairmoney target people that want to pay bill or meet emergency financial obligation they give loan of up to #150,000 without collateral or guarantor.
Their interest rate is between 5% to 28% depending on the amount of loan taking and the pay back time which ranges between 4 weeks to 26 weeks.
One of the god thing about fairmoney is that if you pay up your loan before the due date you will pay less interest rate.
They also have option to save , transfer, pay and also open account
Migo loan
Migo is one of the best fast loan or quick loan company in Nigeria, they should be listed first but the amount of loan they give out is small and depend on transaction volume per month. Their interest rate is also high at 3.5% with pay back period of 1 month.
But if you want a quick and hassle free loan they are the go to.
Migo does not give loan directly, they partner with banks and telecommunication companies such that if you want to request for loan you just need to dial a code on your phone (*561#) and the amount to loan will appear.
Jumia loan
Jumia an ecommerce store also offer quick loan in Nigeria through it subsidiary called jumia one app. With jumia you can loan as much as #100,000 with no guarantor, the pay back period is 15days to 30days depending in the amount of loan taking.
As a first timer you will have high interest rate but the subsequent loan will come with lower interest rate.
They use credit score to give loan so endure you have good credit score before applying.
Okash loan
Oaksh is a subsidiary of one of the popular web browser in Nigeria, they also give quick loan but their interest rate is high at 3.5% per month and the pay back time depend on the amount of loan request for but usually the pay back time is a month.
They are very fast and hassle free within minute of applying your account will be credited.
To apply head over to play store or app store, download the Okash app, register with your detail and request for loan, it won’t take more than 5 minute for them to accept or reject your application.
Eyowo loan
Eyowo is an online banking with deferent approach you don’t need to have a bank account your phone number is your bank account, like traditional bank you can save, transfer, pay bill with ussd code or download Eyowo app on play store or app store.
Eyowo also offer fast loan in Nigeria, though the amount of loan to take depend on the transaction volume per month, it is quick and easy. Their payback time also depend on the amount of loan request fore but usually it is 1 month.
Kuda bank
Kuad bank is another online bank that you can get you quick and fast online loan in Nigeria, their loan is called over draft and the amount they give out depend on the monthly transaction volume of the recipient, for instance if you transfer and receive up to #100,000 per month you will be able to get loan of #30,000 or less.
It is easy and hassle free, the pay back time is a month and the Interest rate is 0.3% per day, if you pay back your loan before the due date you will pay less interest rate since the interest accrue daily.
To apply head over to play store and download their app.
Before you can have a loan offer you must have use the app for more than 3 months.
Alat loan by Wema
Alat is another online banking app develop by Wema bank it is one the first full-fledged online banking we have in Nigeria.
They also give fast and quick loan in Nigeria without collateral or guarantor, they give out loan of up to #200,000 but it depend on the recipient monthly transaction volume and how long you have been using the app.
The interstate is 3.5% per month and their pay back period depend on the amount of loan taking though it is usually a month. To apply head over to play store or app store and download the app, use it for like three months and request for loan it will be disburse in minutes.
Kia kia loan
You can get your loan in minute with kia kai loan, they are very fast in approving application and disbursing loan. Their interest rate is 3.5 % per month and the pay back time is a month. They focus on business and individual and the minimum you can loan from them is #50,000 without collateral or paper work.
Before applying you need to have a bvn which will be use to determine your credit score.
Quick check
Quick check give out maximum loan of up to #200,000 at a go without collateral or guarantor but as first timer you can only access #10,000 which will increase as you take loan and pay back regularly.
Their interest rate can be up to 30% and pay back time depend on the amount of loan taking.
Quickcheck is fast in approving and disbursing loan once you have your email address, bvn and phone number at hand you are god to go.
To apply head over to play store or app store download the Quickcheck app and request for loan within minutes of application your loan will be disbursed.
Specta loan
Specta loan target both business and individual, they also give fast or quick online loan in Nigeria without collateral or guarantor.
They give up to 2 million naira at a go if the requester meet their requirement which is provision of income statement spanning 6 months, ID card, and bvn. If you can provide all this you will revive loan from them.
The interest rate can be as high as 30% depend on the amount of loan request for,. To apply download their app on play store or app store register and request for loan.
C24 loan
C24 is another loan company that gives fast and quick online loan in Nigeria, they give up to 1 million naira at a go, but you must provide income statement spanning 6 months and be above 21 years of age.
Their interest rate depend on the amount of loan taken and as well as pay back time.
They check credit score before disbursing loan so ensure you have a good credit score before applying which means you must not have defaulted on any loan before.
Conclusion
There are many loan company you can get quick or fast online loan from in Nigeria I will advise you to only take loan from one source, taking too much might cripple your finances and send you back to square one.
Most of these loan companies are there just for business immediately you default they will start showing you their real colour
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