Nigeria economy continue to worsen, I don’t think there is hope on the horizon, you spend huge amount of money to go to school or learn a skill or trade but after that graduate will be welcome with lack of job and artisan will find it hard to find customer and if you want to start a business where is the money?
Some that were laid off at work might need cash to hold body till they find another source of income but where will they get the loan, friends? Of course no they are going through the same financial difficulties.
We thought this through and began our research to find loan companies that provide loan for unemployed in Nigeria and they are
Baobab loan
The first on our list of loan app that give loan to unemployed in Nigeria is Baobab, they operate like Lapo microfinance loan. You can get up to #500,000 loan from them without collateral but he problem is that you need to give evidence of business you own before they can give you money
I’m sure you don’t have a business, to solve this find a friends that have a business , snap with it and use it for verification, but make sure you have a way to pay back to avoid trouble. They have good payback time and their interest rate depend on the amount you borrow.
Jumia loan app
Jumia loan app is one of the best loan app in Nigeria that give loan without collateral or documentation, in fact it is one of the best loan for unemployed in Nigeria but the little problem is that the loan is small though the highest amount they stated on their platform is #200,000, it is actually less down this for a first timer usually it is between #20,000 to #40,000 for the first time depending on credit worthiness.
They have a good payback time and their in test rate depend on the amount you borrow.
To use them, head over to play store and download the jumia pay app.
Carbon
Carbon is one of the most respected loan company in Nigeria, they are professional they do not invade peoples privacy. With carbon you can obtain loan without collateral but you must provide your BVN which will be used to access your credit worthiness. The pay back time is in months and the intrest rate is between 5 to 10%.
To use them head over to play store or app store to download their app, to register is simple just follow the prompt on the app.
Branch
Another loan company that cater for unemployed in Nigeria is branch, with them you can obtain loan of up to #200,000 without collateral but as a first timer you might not be able to get up to this amount.
Their interest rate is between 15% and 30% depending on the amount you request for. The payback time could be in month or weeks according to your specification.
To use them head over to app store or paly store download their app, register and request for loan, in 24hrs if you meet their requirement your account will be credited.
Fairmoney
As their name implies they are indeed fair in their operation, with Fairmoney you can get loan of up to #150,000 without collateral just your BVN, phone number and house address after this they will check your credit worthiness and credit your account.
If you have defaulted in loan before do not bother to go to Fairmoney they will not give you loan.
The pay back time can be as long as 26weeks depending on the amount of loan and the specification of the loan taker, their interest rate is between 5% to 28%.
To use them head over to paly store or app store download their app, register and request for loan if you have a good credit score your account will be credited in minutes.
Specta loan
Specta loan give out loan in minute once you meet up with their requirement they do not request for collateral or documentation but you must have a good credit score.
Specta is one of the best loan company that cater for unemployed people in Nigeria with a single tap you will get your loan but make sure you have a plan to pay back.
They have hood payback time and their interest rate depend on the amount you want to borrow. To use the app go to play store or app store and download it, register and request for loan, in minutes your loan will be disbursed.
Credit direct
Credit direct give loan of up to 1milon naira to business and unemployed individual once you have your BVN you are good to go.
But don’t let the 1milion naira fool you, you are not going to get up to that amount; you will revive less than that as a first timer but as you continue with them the amount you can loan will increase.
To use them head over to their website register and request for loan within 24rs your loan will be disbursed.
Fastcredit loan
As their name implies they give loan very fast and they do not request for collateral or documentation. As an unemployed you can get loan very fast with this loan company, in minutes your loan will be disbursed after applying.
When applying go for private loan as there are three categories of loan on the platform such as loan for SME, loan for public and loan for private.
Quickcheck loan
Quick check loan will give you up to 500k loan instantly without collateral just ensure that you have your BVN ready when registering.
Their payback time is in weeks and interest rate depends on the amount of loan you request for. To use them head over to play store download their app, register and in minutes your account will be credited.
Pagefinace loan
This is yet another loan company in Nigeria that will give any body loan including unemployed Nigeria without collateral they are very fast in analyzing credit score within hours of registering and requesting for loan they will credit your account.
Their payback time is in months and they can loan you up to 500k at a time but not for first timer.
Lendigo
Lendigo also give loan of up to #300,000 to the their customer, as a first timer you won’t get up to this but surely once you take loan and pay back regularly your credit worthiness will move up and you will be able to access more loan.
Their pay back is in months and their interest rate depends on the amount you borrow usually between 15% to 20%.
To use them head over to their website, register and request for loan in hour your account will be credited.
Lmoney loan
Lmoney loan is one of the best loan company that approve people quickly in Nigeria. Once you register and submit your BVN they will calculate your credit worthiness in minute and the loan will be disbursed in hours if you have good credit score, ensure you have not defaulted on loan before if you have you dont bother applying.
Their main focus is business but you can also request for loan as individual just ensure you have a plan to pay back.
Fastcash loan
Fast cash loan is a loan app developed by FCMB, with just a USSD code your account will be credited and you can get up to 200k it is very fast easy and hassle free, you dont need collateral or paper work but you must have account with fcmb before you can apply.
To apply dial *329*11#.
Renmoney
Renmoney is one of the best loan app in Nigeria, they do not harass their customer they are very professional.
With Renmoney you can get loan as quick as soon as you apply and not only that you can also save and transact with Renmoney.
Renmoney is licensed by CBN and insure by INDIC this further proof how professional they are.
They have a good pay back time which is usually in month but ensure you have good credit score before requesting for loan.
Aellacredit
Aellacredit is another professional loan app in Nigeria their loan ranges from #1,500 to #700,000 and their pay back can be as long as 2 months, their interest rate is between 4% to 29%.
To apply head over to app store or play store, download their app and request for loan it is easy and hassle but ensure you have good credit score.
Standard Chartered Loan
Standard chartered loan is a loan company with best interest rate in Nigeria, their interest rate is as low as 1% and their pay back can be as long as 63 months but it is hard to get loan from them, most time it is on luck but if you request you stand a chance of obtaining a loan of up to 2 million naira as an individual.
Quickteller loan
Quickerteller have their presence in many Africa countries including Nigeria they have been in the loan business for a long period of time they are professional who do not harass their customer.
They have one of the best interest rate in Nigeria and you know what obtaining loan form them is hassle free.
Migo loan
Migo loan is also a good loan from unemployed in Nigeria and they do not request for collateral or paper work but you need to have a good transaction volume per month that is you must be carrying out enough transaction with whatever bank you are using.
This is the reason
Migo loan work with banks in Nigeria and you will use ussd code to access the loan, if your transaction per month is low you won’t be able to request for loan from them.
Palmcredit
You can also obtain a quick loan as an unemployed in Nigeria from Palmcredit, it is easy and hassle free.
With palm credit you can have up to #100,000 loan and their payback time can ranges from 91 days to 180 days according to the amount you loan and do you know what; the loan will be disbursed in minutes once you meet their criteria they dont waste time.
Their interest rate is between 14% to 20% depending on the amount requested.
To use them head over to play store or app store download their app, request for loan and in minutes your loan will be disbursed if you have good credit score.
Conclusion
Above is the company offering loan for unemployed in Nigeria, most of them are easy, hassle free and does not require collateral, I will urge you to have a plan to pay back before applying for loan from anyone of them.
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