Instant loan in Nigeria Cheat-Sheet 101

Get now an instant loan in Nigeria – no collateral, no paperwork, no hidden fees, no waiting time. Fast cash for any needs, good interest rates, fast approval.

Where to get instant loan in Nigeria?

There are plenty of lenders and websites now offering fast cash and instant loans. Going to a bank is still a very difficult task when you don’t have a job with proper documentation. And getting a personal loan from a bank is taking so much time, it hurts.

Instant loan in NigeriaWhat do you need to get the money?

First of all, in order to qualify for an instant loan or any kind of cash advance or payday loan, you need:

  • To have an age of 18 or more.
  • To live legally and to be full time employed in Nigeria for at least last six months.
  • To have a personal mobile phone number.
  • To have a personal email address and access to Internet.
  • Be a confirmed staff of a reputable company (optional – very few lenders are asking this).
  • To have a verified monthly income paid into a current account with a commercial bank within Nigeria.
  • Not to have a history of returned cheques in your statement of account.

Then, the basic requirements are:

  • Up to six (6) months’ bank statements showing last six (6) salary entries (endorsed by the bank).
  • Copy of employment letter or Letter of confirmation or Recent promotion letter/salary increase.
  • Postdated cheques from salary account.
  • One (1) Recent Passport photograph & copy of staff identification card.
  • Copy of pension statement/Tax ID Number
  • A Recent Utility bill.

Actually, most of the lenders in Nigeria are not asking for so much information and documents. Moreover, the requirements are usually not so strict. But as an idea – these are the most difficult conditions and requirements you might be asked when applying for an instant loan in Nigeria.

At the opposite side – there are lenders who are only asking to be Nigerian resident and to have any kind of employment you can prove. But be careful, such lenders are never cheap.

How much you can get with an instant loan?

This is a hard to answer question. There are banks stating that they can get you a payday loan up to 1 million Naira, no collateral. Many other financial institutions are offering up to 500’000 Naira. But we search here for normal, accessible and affordable instant loans. Take a look at two examples here:

  • Quickcheck Loan App – up to 30000 Naira, 1% per day interest, up to 30 days.
  • Branch Loans App – up to 6000 Naira, 30 days with 1200 Naira interest.

Is there something different in accessing an instant loan, comparing Nigeria with – let’s say, United Kingdom or USA? Of course, there is a matter of lack of regulation in Nigeria (check the payday loans rules in USA for example). What this lack of personal loans in Nigeria means to you? First of all, the loans are much easier to get. Second, the loans are quite expensive. Third, you are at some risk of abuse from the lenders.

Who are the main lenders offering instant loans in Nigeria?

Here is a very short list of private lenders and banks offering payday loans – personal loans without collateral – online loans – instant loans:

  • Aella Credit
  • ALAT Loan – Wema Bank
  • Branch Loans
  • C24 Loans
  • CreditVille
  • FairMoney Loan
  • FINT
  • KwicCash
  • KiaKia Online Loans In Nigeria
  • One-Fi
  • Palmcredit
  • Pay Connect
  • PayLater 24hrs Loan In Nigeria
  • Quick Check
  • Snap Credit
  • Specta
  • Zedvance
  • … full list and details in the following page: Country Offers – Nigeria

Risks of getting an instant loan

debt collection in nigeria - the hard wayThe main risk is as always – not to be able to pay back. Don’t think if a loan is given with no collateral, this means the lender does not have the means (legal or otherwise) to get back the money you own.

Another risk is to get in a snowball of loans – getting a new loan to pay back the previous one. Adding interest to interest is always a bad idea, unless you manage to get a refinancing loan at better terms than the one you are refinancing.

Al you need to know BEFORE getting a loan, from banks or payday loans from private lenders, is this. Read carefully the contract, including the fine print. Don’t go to companies you never heard of before.

If you hear something bad about someone, it might be true. Don’t get money you don’t really need. You don’t actually really need. ALWAYS make sure you pay back what you owe, in due time and in full.

What if you find yourself in a situation of not being able to pay back in time your installment? Immediately contact the lender, explain your situation, work with him to find a solution.

Where to get a list of offers?

Simply: go to our recently updated list of Country Offers – Nigeria to get the best options in terms of Personal Loans.

States covered by the above-mentioned offers: Abia. Adamawa. Akwa Ibom. Anambra. Bauchi. Bayelsa. Benue. Borno. Cross River. Delta. Ebonyi. Enugu. Edo. Ekiti. Gombe. Imo. Jigawa. Kaduna. Kano. Katsina. Kebbi. Kogi. Kwara. Lagos. Nasarawa. Niger. Ogun. Ondo. Osun. Oyo. Plateau. Rivers. Sokoto. Taraba. Yobe. Zamfara.