As loan industry continue to boom in Nigeria we see loan app going for deferent segment of the populace. Some are targeting non salary earner, business, while some are targeting salary earner.
As at the time of writing this article there is few loan company targeting federal workers alone instead they add them together with salary earner, therefore our list contain both loan for salary earners and loan for federal workers in Nigeria.
Loan for federal workers in Nigeria
Credpal is one of the best loan companies in Nigeria that provides loans to salaried individuals with no collateral. With Credpal, you can get up to 5 million naira, but you must have been with them for a long time before you can access this large loan, as the loan will be smaller for first-time users.
Their monthly interest rate is 3.5 percent, and you have maximum of 12 months to repay your loan.
Another intriguing aspect of Credpal is that they have partnerships with many restaurants and stores; once you have a Credpal account, you can buy on credit from these establishments.
To apply, go to the play store or app store, download the Credpal app, and request your loan. It is simple and easy; with just a click, your loan will be disbursed.
However, before applying, you should have your income statement, BVN, phone number, and email address ready.
Carbon loan app
Carbon is one of the professional loan companies in Nigeria; it is simple to obtain a loan from them, and you stand a chance of receiving a loan of up to one million naira.
The interest rate is determined by the loan amount and the repayment period, which can be up to 12 months, but keep in mind that the longer the repayment period, the higher the interest rate.
Carbon is mobile money which means you can also transfer, save, and request a credit card. On carbon you will pay a lower interest rate if you pay your loan before the due date.
To apply, go to the app store for iPhone users or the play store for Android users, download, and request a loan. Before applying, make sure your credit score is good and you have never defaulted on a loan.
Specta is another loan company that caters to salary earner and federal workers in Nigeria; with them, you can get up to 5 million naira loan, but as a first timer the amount of loan you can access is small, it will increase as you take loan and pay back regularly..
They lend to anyone in Nigeria, there is no physical barrier, and no collateral is required. The annual interest rate ranges from 23% to 30%, and the payback period ranges from 6 to 12 months.
Specta also lends to Nigerian businesses, but you must have a steady cash flow and a physical address. To apply, download their app from the app store or the play store and request a loan.
I’m sure you’re unaware that you can get a loan from Jumia. Jumia also provides loans through their subsidiary app called jumia pay; however, this service is not limited to salaried individuals; anyone with an account with them can apply for a loan.
It is simple and straightforward; in fact, it is one of the best loan in Nigeria that provides instant loans. Their repayment period is one month, and the interest rate is 3.5 percent. You can borrow up to #200,000 without putting up any collateral.
To apply, go to the play store or app store, download the app, register with your information, and request a loan. Your loan will be disbursed in minutes if you meet their requirements.
Get your bvn and email address ready before applying, and make sure you have a good credit score.
This is yet another loan company in Nigeria that provides loans to Federal workers or salaried individuals. Their loan repayment period is three months, and the interest rate is determined by the amount borrowed.
Once you meet their requirements, such as having bvn and a good credit score, their loan application and disbursement are quick. On the subject of credit scores, Quickcheck uses AI to determine your creditworthiness, so if you have previously defaulted on a loan, don’t bother to apply.
They give loans of up to #200,000 to repeated customers, but for first-time customers, you can only access #10,000, which isn’t much, but as you progress, you will be able to access more loan.
Kiakia loan is very fast within five minutes your loan will be disbursed, the minimum amount of loan here is #50,000 isn’t that much, yes it is that is why they require too much before you can access their loan, you need to get your ID card, income statement, bvn and other of your details ready before you can access loan, you need to get your ID card, income statement, bvn and other of your details ready.
Their monthly interest rate is 3.5 percent, and the repayment period is determined by the amount borrowed.
Their loan is quick, simple, and easy to apply for; simply go to the play store or app store, register, and request a loan, but make sure your credit score is good.
As their name suggests, they give cool bucks; you can get up to 5 million naira loan from them without collateral; their primary target is salary earners; and they have a long payback time; their maximum payback time is 12 months, while the minimum time is 3 months; they want you to have peace of mind when paying back.
Their monthly interest rate is 3.5 percent, which means that if you take out a loan for at least three months, your interest rate will be 10.5 percent.
Their requirements are bvn, income statement, ID card, email address, and physical address; you can submit all of this with your phone and your loan will be disbursed in less than 10 minutes if you meet their requirements.
They also check your credit score, so if you have previously defaulted, do not go to them.
Bridge is another loan for federal workers in Nigerian, they offer loans of up to 5 million naira with no collateral. You can request your loans by submitting all of the required documents on their website.
Their interest rate is 3.5 percent, and the repayment period ranges from 2 to 19 months.
Their loan is a little stressful because their website can be frustrating at times, but once you submit your application, you will be approved.
If your application is accepted, your account will be credited immediately.
X3 loan gives loan to salary earners and other individuals in Nigeria, they give out loan of up to 5 million naira but as a first timer you may not access more than #50,000, their payback time is good between 2 to 12 months but their interest rate is bad, they charge 5% interest rate per month, which is outrageous only use them if other loan companies are not working for you.
They are quick to approve applications and disburse funds; if you meet their requirements, the loan will be transferred to your account within minutes.
Before applying, make sure you have your BVN, income statement, ID card, and email ready, and ensure you have god credit score.
It is difficult to obtain a loan from Credit Direct, but they do provide loans to federal workers in Nigeria. You must have your ID card, BVN, email address, and other documents ready because they ask you to come to their location.
Their loan is not hassle-free or simple, but they are legitimate; they provide loans ranging from #100,000 to #25 million naira with a 5% interest rate.
Kuda Bank Loan
The Bank of the Free also lends to federal workers, in fact, to anyone, but wait, do you even know what kuda bank is?
Kuda Bank is a Nigerian online bank that provides all of its banking services online, such as saving, transferring funds, and opening accounts.
They also have a feature where you can borrow money, known as an overdraft, and the loan amount can be as much as #200,000 naira.
The amount you can access depends on your monthly transaction volume. The interest rate is 0.3 percent per day, with a maximum repayment period of one month.
It is simple and straightforward; no collateral or paperwork is required. To use them, go to the app store or the play store and download their app.
Fairmoney loan app
Fair Money is a popular loan app in Nigeria, and I’m sure you’ve heard of them. They’re professionals who won’t call you out on social media or invade your friends’ privacy, but borrow only what you can afford to pay back because they’ll collect their money.
They provide loans of up to #100,000 naira, but as a first-time borrower, you will not be eligible for this amount, and the repayment period can last up to 3 months.
Their interest rate ranges from 15% to 30%, depending on the amount you wish to lend.
They are simple to use and do not require collateral; all you need is your bvn. To use them, go to the Google Play Store or an app store.
Request a loan from the play store or app store, and it will be sent to your account within minutes.
Branch loan app
Branch provides loans of up to #200,000 without the need for collateral or documentation, and their loans are quick, simple, and hassle-free.
They have one of the longest payback periods in Nigeria, ranging from 4 to 64 weeks, with an interest rate ranging from 14 to 27 percent depending on the amount of loan taken.
They have been featured on Bloomberg and Forbes, demonstrating their expertise in their field. If you need a loan as a salary earner, this is the place to go.
To apply, download their app from the Google Play or Apple App Store, register for a loan, and your loan will be disbursed in 5 minutes.
Loan from Migo
Migo loan is not only for salary earners in Nigeria; they cater to everyone. They are one of the fastest loan companies we have in Nigeria, and they have partnerships with banks and telecommunication companies in Nigeria, so you can get their loan by dialing ussd code on your phone.
With that ussd code, you can see the amount you can loan based on your monthly transaction volume.
The interest rate ranges from 5% to 15%, depending on the loan amount, and the repayment period ranges from 14 to 30 days.
The loan companies listed above are those that provide loan for federal workers in Nigeria. Most of them have the same features, and you can test them out by applying for a small loan and seeing how they deal with customers.
Take note: Only borrow what you can afford to repay; otherwise, your credit score may suffer.
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