In this article, we’d be seeing a comprehensive list and review of the seven best loans for salary earners in Nigeria.
A loan is an amount of money that is borrowed, especially from a bank or company, which you agree to pay back by the end of a period of time. It involves the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient of the loan incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed.
7 Best Online Loan for Salary Earners in Nigeria
We collect loans for different purposes, from starting a new business to paying off urgent bills and more. If you’re interested in knowing the best loan apps, microfinance banks, or commercial banks that can learn your loan at the cheapest or lowest interest rates, keep reading as we got them compiled for you.
Branch is a leading personal finance app that provides access to instant loans with no physical documentation. With the Branch app, you can transfer money, pay bills for free, enjoy investment yields of 20% per annum and of course, get instant loans up.
– Branch offers loans from ₦2,000 to ₦500,000.
– Loan terms range from 9 – 52 weeks.
– Interest ranges from 17% – 40% with an equivalent monthly interest of 1.5% – 20% and APR of 18% – 260%, depending on your loan option.
– On Branch, there are no late or rollover fees and you don’t need to present any collateral. Interest rates are determined by a number of factors, including your repayment history and the cost of lending for Branch.
QuickCheck is another popular online loaning app that has been in existence for quite some time in Nigeria. Just like Branch explained above, in QuickCheck, all loan applications are performed online.
QuickCheck is fully devoted to ensuring users are supported in micro lending. This means that you get just a little money to keep afloat until your payday.
– QuickCheck offers loans from ₦3,000 to ₦200,000.
– Loan repayment period is 30 days
– Interest varies, and I recommend you carefully review them before proceeding with the final stage.
– No collateral or paperwork is needed, just your BVN Number and your loan will be given to you.
• Fair Money
Fair Money is a digital banking and instant loan app in Nigeria. They provide collateral-free personal loans, a bank account with free bank transfers, and zero convenience fee on transactions. In short, Fair Money is a digital bank.
To access a loan on Fair Money, you need an Android phone and a BVN. After downloading the app from Google Play Store, you sign up with the phone number number linked to your BVN, answer a few questions and confirm your identity to receive a loan offer. If you accept it, the amount will instantly be credited to your preferred bank account.
• Soko Loan
Sokoloan is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs.
To use Soko Loan, you need to have an Android phone and a BVN. The application process is simple, download the app from Google Play Store, fill out the brief application form with your information and submit it for review. Once approved, the funds will be released to you (it typically takes 5 minutes).
• Kuda Bank
Kuda is a London-based start-up and digital-only bank operating in Nigeria since 2017. Kuda is Nigeria’s first mobile-only bank licensed by the Central Bank and is currently licensed for microfinance and mobile banking services.
You will be entitled to a loan (Kuda Overdrafts) as long as you use your Kuda app regularly (buy airtime, pay bills, make transfers etc.). Kuda Overdrafts has a daily interest of 0.3%.
To access Kuda Overdrafts, simply sign up on Kuda and upgrade your account with your BVN (Bank Verification Number) and a valid ID.