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Money lending platforms in Nigeria and their interest rates

Are you looking for Money lending platforms in Nigeria for personal use or business loans?

Fintech companies are disrupting the lending industry and many of them offer quick and easily accessed loans with no collateral compare to the local banks that offer loans with neck-cutting interest rates, journey-of-no-return paperwork or requirements as well as provision of guarantors among others.

Fintech companies, also known as lending platforms provide loans in simple and effective ways using different types of platforms like USSD, Mobile Apps and websites to deliver loans to their customers.

 

PLATFORMS THAT LEND MONEY IN NIGERIA

Below are few popular loan lending platforms in Nigeria;

Paylater

Paylater is a quick and easy mobile app lending platform that offers short term loans without collateral for urgent needs and expenses.

You can get a loan of ₦10k to ₦1 million at different interest rates between 5 to 15% (depending on risk level) with your BVN, passport photograph and resident address via Paylater Android mobile app.

  • Requirements: Valid bank details, BVN, Android Phone and Complete application
  • Platform: Mobile App
  • Interest rate: 12 – 15% (Depending on risk level)
  • Loan tenure: 3 to 12 months
  • Top up: No
  • Repayment channels: Direct debit

 

 

Aella Credit

Aella Credit is a mobile app platform that offers easy and quick loans. It helps employees access more funds between ₦2k to ₦1million and an interest rate between 4% – 20% monthly.

Aella Credit is available in Nigeria, Ghana and the Philippines.

  • Requirements: BVN
  • Platform: Mobile App
  • Interest rate: 4 – 20%
  • Loan tenure: 1 to 3 months
  • Late/rollover fees: None
  • Repayment channels: Direct debit

 

 

kwikmoney (Migo)

kwikmoney (Migo) is an internet-based, app and USSD lending platform partnering with banks, mobile network operators, and technology companies on a mission to make personal banking services convenient and accessible to all Nigerians.

On kwikmoney, you can get a loan as high as ₦15,000 at a 15% interest rate for 15 days (half a month)

 

Kwik lending platform

  • Requirements: BVN
  • Platform: USSD, Mobile App
  • Interest rate: 15%
  • Loan tenure: 1 month
  • Top up: No
  • Repayment channels: Direct debit

Rosabon Finance 

Rosabon finance is one of the fastest and easiest platforms to access a personal loan in Nigeria without collateral.

On Rosabon finance platform, the interest rate range from 4 to 6% per month. Being in a paid employment, age between 21 and 58 years, have a salary account, have a pension account or tax ID, have valid Proof of Identification and a recent utility bill are some of the requirements for getting a quick cash loan from Rosabon finance.

  • Requirements: Employment letter, salary account, pension account or tax ID, Valid ID, Utility bill.
  • Platform: Internet
  • Interest rate: 4 – 6%
  • Loan tenure: 3 to 12 months
  • Top up: No
  • Repayment channels: Cheque, Direct debit

Zedvance

Zedvance Limited is a quick and fast loan company that provides loans to consumers at a highly competitive rate. the interest rate depends largely on your bargaining skills and the level of risk involved in your loan. It is a platform for employees (salary earners) in Nigeria.

 

  • Requirements: Employment letter, Salary account, Official email address, Valid ID, Utility bill.
  • Platform: Internet
  • Interest rate: 4 – 4.5%
  • Loan tenure: 3 to 12 months
  • Top up: Yes
  • Repayment channels: Cheque, Direct debit

Page Financials

Page Financials is an innovative retail financial institution that meets the financial need of its customers by providing various quick personal and salary advance loans to them.

For Page Financial, the following steps are required of you to request a loan which includes your BVN details, Personal Details, Employer Details, Loan Details, Account Details and Statement.

  • Requirements: Employment letter, Salary account, Valid ID, Utility bill.
  • Platform: Internet
  • Interest rate: 15%
  • Loan tenure: 3 to 12 months
  • Top up: Yes
  • Repayment channels: Cheque, Direct debit

FINT Loan

FINT is a platform that connects individual and corporate lenders with verified business borrowers seeking alternative credit sources for a competitive return and at an attractive interest rate.

The quick loan platform offers interest rates based on risk score – using a numerical expression based on a level analysis of a person’s information.

FINT charges the borrower two fees that are both one-time payments (verification fee of ₦3k and a closing fee of 8%). The closing fee is to be paid before disbursement of the fully-funded loan with a transfer fee (1.8% + ₦100) by the borrower.

FINT interest rates range from 3% to 5% per month depending on the borrower’s risk score.

  • Requirements: Employment letter, Salary account, Valid ID.
  • Platform: Internet
  • Interest rate: 3 – 5%
  • Loan tenure: 3 to 12 months
  • Top up: Yes
  • Repayment channels: Cheque, Direct debit

Renmoney

Renmoney is a lending mobile app where its customers can access loans up to ₦6,000,000 that can be repaid within 24 months without collateral or a guarantor.

To apply for a loan on Renmoney, you’ll have to meet certain requirements. Applicants are expected to be between the age of 22-59, have a steady source of income with a functional current or savings bank account and a valid means of identification.

 

  • Requirements: BVN, Bank statement, Valid ID card, Employment letter
  • Platform: Internet
  • Interest rate: 4 – 5%
  • Loan tenure: 3 to 24 months
  • Top up: No
  • Repayment channels: Quickteller, cheque, POS, Cash and Online transfers.

 

 

 

Now that you know how to get loans from money lending platforms in Nigeria.

Looking for a business plan to support your loan application in Nigeria or anywhere globally?

We have all types of business plans including (farming, livestock, hotel, IT, logistics rice, flour, restaurant, bakery, etc)

 

How To Download Business Plan of Your Choice PDF and Doc (With financial analysis)

Pay the sum of N5000 (Five thousand naira only) to the account detail below:
Bank: GTBank
Name: Oyewole Abidemi (I am putting my name and not our company account so you know I am real and you can trust me, and trace me)
Ac/No: 0238933625
Type: Saving

P.S: We can also tailor the business plan to your name, business size, capital requirements, and more to fit your direct needs. Call or message +234 701 754 2853 for inquiries.

Thereafter, send us your email address through text message to +234 701 754 2853. The text must contain the title of the business plan you want and also your email address. Immediately after the confirmation of your payment, we will send the Business Plan to your email address where you can easily download it.

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