Quick Loan Lenders in Nigeria – Comparison

There are several online quick loan lenders in Nigeria today that you may at a point feel overwhelmed with the challenge of making a choice. 

However, you should relax, we have done your homework for you as this guide contains a comparison of the most notable quick loan lenders in Nigeria, their interest rates, the incentives they give, time for repayment, whether or not they require collaterals, the maximum/minimum issuable loans, and all that each lender has got to offer you.

1. Pennylender

PennyLender is an online quick loan lender that in their own words “aims at providing easier access to credit or loans at a cheap borrowing cost that other lenders may be unable to serve.” 

PennyLender promises to give out loans without collateral, with no guarantor requirement, within a secure process, and with fast approval. 

This platform has an online website where intending borrowers can quickly access details about the available loan types, check for requirements, and see if there are incentives or promos to leverage on. See the bullet points below for their requirements and all that PennyLender has to offer:

Available loan types

• Single Payment Loan: Offers you from ₦10,000 up to ₦50,000. Note that you have to pay back within a period of 11 to 35 days depending on the amount you applied for.
• Instalment Loan: Here, you can get up to ₦500,000 and repay back in instalments.
• Payroll Loan: This is a special loan category for salary earners, you can apply for more than ₦500,000 depending on your salary or financial strength.

Requirements

To use PennyLender’s services, you need to provide the following documents:

• A National ID Card, an International passport, a Driver’s license or other valid means of identification.
• You have to provide a recent utility bill.
• Evidence to show your employment status; this could be a contract review document, employment letter, or a promotion letter.
• A 3-months bank statement, and
• Passport photographs.

Incentives and Promos

PennyLander gives out points when you refer other customers, payback promptly, take their courses/quizzes, or post about the platform online. These points, in turn, makes you climb up a ladder of relevance that allows you to enjoy lower rates and bigger loan value.

2. Renmoney

Renmoney is another online quick loan lender in Nigeria which in their own words “aims at making life easier by providing flexible and simple loans for Nigerians.” Renmoney promises to give loans without guarantor or collateral requirement, at competitive rates, within the fastest time possible, and with flexible repayment requirement. 

This platform that was established in 2012 has a detailed website that shows you all the necessary details. However, the following are the key facts you need to know about the Renmoney:

Available loan types

Renmoney offers micro-businesses and personal loan which ranges from ₦50,000 and up to ₦4,000,000 payable within a period of 3 to12 months with a percentage that is determined by the weight of the sum borrowed. Take, for example, you borrow a sum of ₦1,000,000 to be repaid in 12 months with an annual rate of 33.9%. On this sum, you will also be charged an upfront management fee payment of ₦35,700, which leaves the total sum of repayment to be ₦1,386,467.

Requirements

To apply for Renmoney loans, you are required to:

• Complete an online application form
• Upload personal information documents such as your valid National Identification document, a proof of your current address, and your recent bank statement.

You should expect your credit alert within 24 hours after your application is approved.

3. FINT

Fint is a peer to peer quick loan platform, it connects voluntary investors with prospective borrowers. This organisation offers products such as Asset-Backed Loans, Agriculture loans, Power, Insurance, and Real Estate loans. 

Fint “seeks to connect borrowers looking for affordable loans with lender looking for attractive deals. Consequently, on this platform, you can either opt-in as a lender or a borrower, of which the lender/investor is promised up to 39% per annum on the invested sum. See below for requirements and loan range.

Available loan types

You can apply for loans or invest from ₦20,000 to ₦1,200,000 payable within a period of 3 months to 12 months. You can easily calculate your loan and the interest payable with the Fint website calculator.

Requirements

To use Fint’s services you have to sign up with your personal details, these include your full name, valid National ID card, address, and email. You will also be required to satisfy your loan capacity by providing your bank statement and a recent utility bill. Once your application is approved, you will be connected with the investor who will then fund your account.

4. C24

C24 is also a Nigerian online quick loan lender which promises to “help their clients reach their financial goals by offering great rates, unprecedented service, and fewer fees.” The company offers business loans, personal loans, and quick cash loans.

Available loan types

C24 allows you to apply for up to ₦5,000,000 depending on whether you are applying for a business, person or quick cash loan. Note that the rate payable also depends on the nature of the loan.

Requirements

To use C24 services you have to complete a 4-step online application form, the content includes:

• Check your eligibility for a loan and sign up with your personal details (note that you must be 22 years – 58 years old to possess the capacity to apply,
• The second step is to provide valid means of identification and details of your next of kin.
• Next step is to provide your employment info or details, take for example your contract of employment document.
• The last step is to provide your current financial status by uploading your most recent bank statement.
• Now you can input the amount of money you wish to borrow, and how long it will take you to pay back (which must fall within a period of 3 to 12 months
• After your application is approved, you get credited within a matter of hours.

5. Fastcredit – Quick loan lender

Fastcredit is one of the well-established quick loan lenders in Nigeria, it has up to six service outlets situated in Lagos, Abuja, Ondo, Ogun, Ibadan, and Victoria Island. It also has a detailed website where clients can peruse all that the platform has to offer. Fastcredit promises loans with attractive rates to fit the budget of their clients. 

This Fintech company offers up to ₦3,000,000 loan depending on the category you opt for.

Available loan types

Fastcredit offers SME Loans, Personal Loans, Corporate Partnership (group) loans, and Public Sector loans.

Requirements

You do not need to have collateral or guarantor to apply for loans

• You are required to repay within 3 to 12 months.
• Upload your bank statement of the recent 6 months.
• Upload a copy of your Workplace ID card,
• Input your personal details in the application form online.
• Upload your national identity card and your current address.

You will receive your funds the same day the loan is approved.

6. GTB – Quick Credit

Guaranteed Trust Bank (GTB) is one of the most popular financial institutions in Nigeria, and in order to serve their customer better have created the Quick Credit platform. This subsidiary branch of GTB aims at giving affordable personal loans to Nigerians at a fixed price of 1.75% of the loan received.

Available loan types

Quick Credit is more of a personal loan plan available to both salary and non-salary earners. You can apply for a loan sum from ₦10,000 to ₦5,000,000 which you have to pay back within a period of 6 to 12 months. GTB promises that you will not be charged any extra charges or management fee.

To apply for Quick Credit you have to own a bank account with GTB. Upon registering with GTB, the platform is already integrated with your personal details, your home address, your bank statement, and your BVN. You can then proceed to apply for the loan.

Requirements

• You must be 18 years and not older than 59 years.
• You must have a GTB account.
• You must have a minimum monthly deposit of ₦20,000 in your account or earn at least ₦10,000 net monthly salary.
• You must have satisfactory credit reports.
• You must not have pending debts.
• Your account must not have a history of dud cheques.

7. Pettycash

From the name of the company, you already know that Pettycash does not offer huge loans, and as a matter of fact, the highest you can apply for is ₦50,000 or 20% of your salary. Pettycash also has an investment option where willing lenders can invest their money for future interests. The platform also promises to require no collateral and to fund your account within a matter of 5 minutes.

Available loan types

• Personal Loans where customers can apply for 20% of their monthly salary which must not fall below ₦30,000.
• Federal Staff Loan where federal government workers can apply for funds ranging from ₦5,000 to ₦50,000.
• Pettycash+ that offers salary earners an emergency loan of up to ₦5,000 within 5 minutes.
• Pending loan types: Pettycash is also working on loan categories for NYSC (Corpers’ ₦1,000 to ₦5,000 loan) and selected market women.

Requirements

Note that the repayment rate depends on the type of loan you are applying for and the time of repayment, take, for example, a loan of ₦5,000 for 15 days only require you to pay back ₦5,625, whereas, you have to pay ₦6,250 if the loan repayment time is 30 days. You are also required to;

• Submit your bank account details
• Input your email address and other personal details.

8. Social lenders

This is a unique online quick loan lender. They award loans to customers based on their social media reputation. Social Lender simply requires you to sign up with either your LinkedIn, Facebook or Twitter and uses its proprietary social algorithm to calculate the client’s reputation score. 

This score, in turn, determines the likelihood of your loan approval. Social Lender partners with Sterling Bank, TechStars, Bincom, and Barclays Accelerators to make the business go smoothly.

Available loan types

Social Lender will give you a personal loan based on the strength of your social reputation. Know that you can only apply for a minimum of ₦1,000 up to a maximum of ₦100,000. New users can only get a maximum of ₦10,000 for their first few transactions.

How to apply 

Connect with any of your social media platforms, and wait for your account to get approved. Once your account is approved, you can then apply via any of the following available methods;

• Web – Apply via the Social Lender website.
• SMS – Apply for up to ₦10,000 by texting SOCIALLENDER + (Space) + AMOUNT to 30812 then wait for about 10 minutes to get the fund in your bank account.
• USSD – Dial the code *348*3# to see your loan options. Note that as at 11/6/2019 the Social Lender USSD option is only available for 9mobile network users.
• Mobile APP – Download the Social Lender App from Playstore or your preferred Appstore then explore to see your options, social score, and all it takes to apply for loans.

Requirements

• Have a reputable social media account (Facebook, Twitter, and LinkedIn)
• Have a valid National ID card.
• Input your bank details.
• You are required to pay back within 1 month.
• Your interest payment ranges from 5% to 20% depending on nature and risk attached to the loan requested.

9. LAPO (Microfinance Bank) SME Loan

LAPO (MFB)’s “SME Loan” focuses mainly on Small and Medium-scale Enterprises as the product was established to facilitate small and medium businesses in Nigeria. LAPO “SME” loan requires no collateral, provides for professional financial advice in case needed, and promises a flexible repayment of loan structure.

Available loan types

LAPO (MFB) SME loan is a business loan product from which you can apply for up to ₦5,000,000 for a promised flexible rate.

Requirements

• Your National ID card or any other means of identification that states your age and current home address. (you can use your voter’s card; driver’s license or international passport).
• A recent utility bill.
• A loan application letter to show your interest in the loan.
• Complete the application form you are given.
• Two guarantors to stand for your credibility.
• 4 recent passport photographs.

10. Carbon (Formerly Paylater)

Carbon is another Fintech company and one of the quick loan lenders that offer several financial services such as pay bills, invest for up to 16% interest returns, airtime recharge, transfer money, and most importantly apply for quick loans. 

Carbon was formerly known with the name “Paylater” but switched the name recently.

Available loan types

Carbon gives out both personal and business loans and depending on the information you give the platform, the system will calculate a specific loan offer for you. It takes only a few minutes for the loan decision to be made after application.

Requirements

Carbon promises not to bother their customers with too many strict requirements such as guarantor, collateral or document uploads, all you need to use the platform are:

• A mobile device.
• To reside in Nigeria. 
• A valid bank account.
• Your BVN to confirm your credibility and financial status.
• A valid means of identification

Incentives: 

Carbon gives out bonuses and discount to customers who bring other customers on the platform using their unique referral link.

11. Aella Credit

AELLA Fintech platform offers both individuals and corporate entities a chance to take loans or invest for future interests. The quick loan lenders allow customers to satisfy their emergency situations with a payback interest that is determined by the length of time it took you to pay back.

Available loan types

AELLA credit offers personal and business loans which range from ₦1,500 to ₦90,000 payable within a period of 30 to 60 days, and with a monthly interest rate of 4% to 29%. Also, note that you get to borrow even more loans at much cheaper rates if you pay back on time and borrow more frequently.

Requirements

You do not need collateral or guarantor to use AELLA’s services. All you need to do is:

• Download the AELLA app on your mobile device.
• Register with your personal detail which includes your full name and current address.
• Fill the application form, 
• Wait for the approval of your loan request,
• Then receive your cash within a few minutes if approved.

12. Migo (9mobile)

Migo is a Nigerian quick loan platform powered by 9mobile with a major priority in the swiftness of the loan services, this is why they do not require you to upload any document, just a few clicks and you are good to go.

Available loan types

Migo offers both capital loan for businesses and quick personal loans. However, they calculate your creditworthiness by checking your bank records via your BVN, in other words, you only get credited if the platform deems it fit that you have the ability to pay back. You can apply for up to ₦500,000, however, the earlier you pay back the lesser your payback rate which starts from 5% and grows over a period of 14 to 30 days.

Requirements

Migo allows you to take your loan by completing the following process:

• Input your phone number.
• Enter the One Time Password (OTP) that was sent to your phone number.
• Pick the loan type that suits your budget.
• Input your bank and credit card details.
• Then wait a few minutes for the alert if your loan request gets approved.

13. Zedvance

Zedvance is a Nigerian Fintech company that aims at “financially empowering Nigerians with plans to do more.” This platform offers up to ₦5,000,000 to be paid back within a period of 18 months. You can also enjoy up to ₦50,000 for free by referring your friends to also take loans on the platform.

Available loan types

• Zedvance Nano: Funds your loan instantly into your bank account without any stringent requirement.
• Zedvance Payroll: a product that allows salary earners to apply for up to ₦5,000,000 to be paid back within 18 months.
• Zedvance Business: this service at November 2019 is not available yet but it promises a huge financial push for businesses wishing to grow.

Requirements

To use Zedvance’s you have to:

• Create an account with the platform via the website or through MoneyPal app (powered by Zedvance) or by sending “Zee” a chat on Whatsapp @09060003933.
• Proceed to the loan application form and select the loan category that suits your purpose.
• Give answers to questions asked about your Identity and your current home address.
• Receive your money within few minutes after your application is approved. 

14. Rosabon Finance

Rosabon Finance company is also one of those quick loan lenders in Nigeria with high priority for fast transactions and ease in the application for quick cash online. In their words “Rosabon loan is an innovative lifestyle product that allows individuals who are in emergency situations get fast access to the financial push they need with no need to bring collateral or guarantor.

Available loan types

Rosabon offers varieties of loan products, these include:

• Personal loans: You can apply for up to ₦3,000,000 within a period of 48 hours, with a payback rate that depends on the time you repay the loan. Note that this period of repayment may span from 6 to 10 months.
• Group Loan: This allows corporate entities or partnerships to apply for huge loans to finance their businesses.
• Business loans: Allows you to fund your business with the financial push it needs.
• Consumer Asset loans: This plan gives you a chance to apply for up to ₦15,000,000 by using your car or vehicle as an asset for the loan.
• Credit Cash Back: This plan is specifically made for regular customers of Rosabon, as it allows them to apply for more loans at cheaper rates.

Requirements

You must possess the following to be able to apply here:

• A current bank account.
• Must be between the age of 21 to 58 years.
• Must have a tax ID or pension account.
• Must be employed.
• Must have a valid National Identity Card.

15. Page Financials

Page Financials is a Nigerian Fintech company that offers you quick access to personal loans, Remit Credit, and group loans. This platform promises you up to ₦5,000,000 loan within 3 hours if your loan application is approved. Note that the platform does not require stringent paperwork, collateral or guarantors.

Available loan types

Page Financials gives:

• Personal loans: Starting with a minimum of ₦200,000 and up to ₦5,000,000 and payable within a period of 3 to 12 months.
• Remit Credit: This product can only be used by customers who receive their salaries via Remita. If you do, you can apply for up to ₦2,500,000 with lower interest rates. Note that the repayment will be deducted from your salary via Remita.
• Group Loans: This service is for corporate entities and partnerships. Apply for the loan at a flat rate of 3.75% per month repayable over a period of 15 months.

Requirements

To apply for a loan here, you have to possess the following:

• A valid National ID card.
• A bank account.
• A valid phone number (registered with your bank)
• A gadget with internet access.
• Email address.

16. Grofin

Grofin is an internationally recognised finance company with an active branch in Nigeria and other African countries. Grofin specialises in empowering small and growing businesses (SGBs) by offering or investing a sum between $100,000 to $1.5 million on selected businesses. This is no ordinary quick loan company, and their requirement is quite more stringent than that of the other companies.

Available loan types and investment criteria

Grofin only considers loan applications from businesses in the following fields:

• Business Profile: Grofin only invests in businesses with 1 to 6 years of operational experience.
• Geographical Location: Grofin only approves loan requests for businesses in Nigeria, Ghana, Zambia, Ivory Coast, Senegal, Kenya, South Africa, Rwanda, Tanzania, Jordan, Iraq, Egypt, and Omar.
• Business Sector: Grofin loans are majorly for Healthcare emergencies, Manufacturing, Energy, Education, Water/Sanitation, or Labour-intensive businesses. Other sectors may be considered if the platform deems such business fit.

Requirements

• Collateral – Although the value of the collateral required is not specified, it must be commensurate with the weight of the loan required.
• The person applying must be within the age of 22 and 58 years.
• The prospective lendee must be employed and be capable of paying back the borrowed loan within the period of time requested.
• Must have a valid National ID card that states clearly the client’s home address.
• Must have a valid bank account with your BVN handy.
• Complete the pre-assessment questionnaire.
• Complete the checklists and apply for the loan type that best suit your purpose.

17. Smedan

Smedan is a Nigerian quick loan company with a strong connection with top Nigerian government agencies. This platform provides easy access to personal, business, and home loans to Nigerians, either employed or unemployed. Their major aim is to “help individuals to achieve their aims and targets quickly with the necessary financial push they need.” 

The payback rates are claimed to be friendly and will be determined by the sum of money you are applying for and the length of time it will take you to pay the loan back.

Available loan types

On Smedan, you can apply for personal loans, business loan, home loans and credit cash. Note that your request must fall within the following purposes:

• Start a Business

• Expand a Business
• Holiday
• Household goods
• Education
• Car/Vehicle purchase and other purposes the platform deems fit.

Requirements

To get Smedan loans, the customer must:

• Provide a recent bank statement of account.
• Must possess a certificate of incorporation if a company.
• Must possess a valid National ID card, and
• A functioning bank account.

18. Kiakia.com

“Kiakia”, a Yoruba word which means “swiftly” is the name of this Nigerian quick loan company – from their name, you know that they have a high priority for a speedy transaction. Kiakia offers Nigerians small business loans, personal loans, and creates a room for investors to lend money on their platform for future interests. 

To use this platform you have to communicate directly with “Mr K”, the company’s chatbot who will reply with automated messages and process your loan application.

Available loan types

Kiakia offers business and personal loans, and depending on your fixed or business income, Mr.K can offer you a minimum of ₦10,000 and a maximum of ₦5,000,000.

How KiaKia works: On the Kiakia website, you will see the “Apply” button, click on it and it will redirect you to a chat with Mr K. where you can either apply for a loan or invest money.

Requirements 

Kiakia does not require too stringent requirements and you do not need a guarantor or collateral. However, you must:

• Create an account with your email address.
• Be above the age of 21.
• Be employed or have a business.
• Possess a valid means of identification, e.g. International Passport, National ID card, or Drivers license.
• Bank statement not later than 3 months.

Note that as of November 2019, loans are not available for students on Kiakia.

19. Alat-Wema

ALAT is an instant loan product offered by WEMA Bank Plc. This product promises personal loans of up to ₦200,000 without any stringent paperwork or collateral requirements.

How Alat works

Before you can use ALAT products, you need to have a WEMA bank account, it is through this account that you will get credited and debited. Now, the process for loan application goes thus:

• Sign up on the ALAT website,
• Click the menu button for “Loan” options.
• Check the ALAT disclaimer and T&C.
• The system will evaluate for you a risk score and determine your loan worthiness. This risk score will also determine the interest percentage to be deducted.
• Wait for your loan request to be approved.
• Get your money within a few minutes.

Note that failure to pay at the agreed time may lead to automatic deduction of the cash from your bank account.

Requirements

• Have a valid means of identification, eg. A national ID card or Driver’s License.
• Must be above the age of 21.
• A photo of a recent utility bill (not later than 3 months), with an address matching your ALAT profile.

Freebies 

You can win extra cash by referring your family and friends to also use ALAT products. Get ₦500 for every friend you refer with your referral code. The person you refer also get ₦200 after their first transaction with the platform.

20. Payconnect

Payconnect is a Nigerian quick loan company that targets salary earners, the platform requires no collateral requirement or guarantors. Just have a valid bank account and apply from ₦5,000 up to ₦10,000 payable within a period of 30 days.

Available loan types

Payconnect offers personal and business loans, however, before your loan application can be approved here, you must first get your employer’s consent or show your certificate of incorporation. Note also, that the payback interest rate is determined by the nature of your loan request and the time frame it takes to return. Payconnect promises to give you higher loans if you pay back early (50% more each time you apply).

Requirements

To obtain Payconnect loans you have to:

• Be above the age of 18.
• Be employed.
• Submit a Valid Staff card or certificate of incorporation if a company.
• Submit Bank statement not later than 3 months.
• Must have a valid National ID card.
• Must have a bank account with at least ₦100 in it with a BVN.
• Must be a Nigerian earning income in Nigeria.

Before committing to a loan

Now that you have good knowledge about quick loan lenders in Nigeria, the next  step is to:

• Check what each platform has to offer you and how you can best maximise the opportunities you are offered.
• Make sure you confirm the payback interest rates and all fees that apply to each loan 
• Be sure you actually need the money you are applying for and you have the required capacity to pay back.
• If you notice anything fishy about a platform, search online for reviews about them and avoid the ones with too many bad reviews.
• If the payback rate is not convenient for you, avoid taking the loan totally.