Loan organizations in Nigeria are on the rise but with a lot charging high-interest rates, it is worth considering those with better offers based on tracked reviews from users.
Borrowing money is one of the ways you can meet your needs when the fund with you is not enough. It is not bad considering its power in improving your credit bureau profile.
With arrays of institutions offering varying interest rates on the given credit, taking money from that with the lowest rate goes a long way especially with the total value you will have to pay back with ease.
But there is no better way not to fall victim to paying higher, SMS-shaming, and more of the negative sides of late payback than considering one of the best loan companies in Nigeria with good reviews from users.
Most of the easy to access credit facilities are high risk personal loan providers with interest rates ranging from 7% to over 40% depending on the provider as well as how long you borrowed the money for.
There are also companies offering low risk loans for personal and business use with better rates between 2% to 10% depending on your income, employment type, nature of business, amount and the total tenor.
Nevertheless, you can always get what suits your need in times of emergency, whether it is for business or personal needs.
Loan Organizations in Nigeria
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CreditNigeria is one of the best loan organizations in Nigeria with a unique model of offerings.
This provider allows you to apply for loan easily by filling a form which will be sent to arrays of providers that meets your credit worthiness based on the submitted information.
It aggregates offers from loan companies in Nigeria that includes Baobab Microfinance Bank, Renmoney, Page Financials, CSAdvance and others.
CreditNigeria is a fully web based solution which requires just your browser to access its services irrespective of the operating system your device is on.
Getting a credit facility from this provider requires good credit rating and considering the requirements of its partners, a reliable source of income gives you an advantage to getting a quick loan.
Turn around time varies based on which partner your application is forwarded to, but with views on its partnering companies’ pages, you can get credited between the same day to two days of application submission.
Though there is a minimum of ₦ 10, 000 you can apply for, the total value cannot exceed ₦ 5 million and this should be fine to handle most credit needs.
Looking at its partners’ websites, the interest rates payable will range from 2% to around 5% on monthly basis which is good when compared to most of the popular personal loan companies in Nigeria.
Carbon is one of the well-known loan organizations in Nigeria, thanks to their fast to get personal loans.
It operates as an online based microfinance bank with services that includes savings, bills payment, airtime recharges and more which are additives to its primary loan business.
Though it provides small value loan up to a 1 million naira for personal use, it also has business-targeted credit facility that grants up to 10 million naira at the monthly interest rate of 5%.
With Carbon, you have different ways through which you can apply for its loan effortlessly using its website as well as mobile applications.
As one of the personal loan companies in Nigeria that can give you funds with a fair credit rating, accessing higher value demands an improved credit history.
Your credit worthiness can be calculated through analyzing your finance histories based on your provided BVN or growing usage of its platform.
Carbon personal loan turn around time is instant with new users provided small value to be repaid in 7 days after which you can get higher amount as you continue to use the platform.
When it comes to credit facility for personal use, Fairmoney is one of the loan organizations in Nigeria you can make use of.
It is a microfinance operator with other services that include airtime purchase and bills payments, whose usages are possible factors for increased credit value consideration.
With Fairmoney, you can access amount starting from ₦ 1, 500 to as high as 1 million naira to tackle your needs.
To apply for loan on Fairmoney, you will need to download its mobile app available for Android as well as iOS users.
Fairmoney considers a fair credit history similar to Carbon and some of the other loan companies in Nigeria. The more you use the platform, the higher the amount you will be able to access.
Getting the requested fund takes a few minutes with few checks needed once you add your banking information that includes your card, bank account details and bank verification number.
QuickCheck, just as most of the personal loan organizations in Nigeria provides credit facility fair enough to help you take care of emergencies.
To apply for loan using this provider, you will need to sign up through any of its mobile applications available on Google Play Store and iOS App Store.
With a maximum of two hundred thousand naira accessible, it might not be the best to consider for your business. However, this is sure worth it for small credit needs.
Getting a credit facility from this provider requires fair credit rating and as you stick to using it to borrow funds, you can access higher value.
QuickCheck is one of those loan companies in Nigeria with almost instant credit with few checks needed before your account gets credited.
The minimum you can apply varies but mostly starts from ₦ 3, 000. The maximum cannot exceed the permissible ₦ 200, 000.
Lendigo is an SME credit facility provider and with varying interest rates starting from 3.5% to 4.75%, it is one of the best loan organizations in Nigeria for businesses.
The total money you can access depends on the nature of your business with distributors able to get up to 20 million naira, ecommerce merchants up to 10 million naira which also applies to POS based businesses and other qualifying SMEs.
As a high value fund provider, it is required you own a business of at least 6 months with a good revenue before you will be able to access credit facility from Lendigo.
Application is seamless with this loan company with options to use either its web based portal or simply submit your request by registering on its mobile application.
Renmoney is one of the oldest loan organizations in Nigeria before app based credit facility gained popularity.
Primarily a microfinance bank, the institution gives loan from ₦ 50, 000 up to 6 million naira depending on the purpose and your credit worthiness.
The minimum repayment length is 3 months which is extensible up to 24 months tenor. While the interest rate discovered on testing stands at 9.8%, pushing longer tenor reduces the rate you will have to pay on monthly basis.
It is one of the loan companies in Nigeria from which you can get funds for your business as well as for personal needs.
With Renmoney, application is either through its online portal or you simply make use of its mobile application.
CredPal is one of the loan organizations in Nigeria that incorporates a credit card model into its offerings.
With varying plans for its credit card plans, you can access up to a million naira with a top up of extra million naira as loan.
Its model is different considering that the interest you pay is only on running credit used from your eligible total accessible. That is, if your account can access up to ₦ 40, 000 and at the end of the month, you have used just ₦15, 000, you will only have to pay interest on the used ₦ 15, 000.
CredPal requires a reliable source of income for you to be considered for its facility hence, not a space for those unemployed.
Because of its model, you do not need to apply for its credit as once you have signed up and given a balance, you can use it anytime as long as you have not exhausted it.
You cannot have a list of business loan organizations in Nigeria without mentioning Baobab Microfinance Bank, thanks to their growing partnerships with other companies helping them to reach more audience.
With its SME credit facility, you can get yourself and your business an amount ranging from ₦ 20, 000 to 10 million naira.
In terms of tenor, you can have the credit for a minimum of 6 months up to a maximum of 24 months to repay your loan.
More so, your interest rates reduces when you take a higher amount for longer period but at the default six months, you will have to deal with 4.7% interest rate on monthly basis.
Requesting for a loan from Baobab MFB requires you to visit the website to submit your application.
At 3.5% monthly interest rate on a given facility, CoolBucks’ credit is one of the best loan organizations in Nigeria.
Working with this loan provider, you can apply for credit up to a maximum of 5 million naira that you can repay over a period of 12 months.
If you need funds for just one or two months, CoolBucks might not be the choice as you are mandated to a minimum length of 3 months.
CoolBucks is one of the loan companies in Nigeria that utilizes digital for its service delivery hence, your application will be handled on its website and mobile app without a need for you to visit any office location.
Its requirements are flexible and you should be able to conveniently provide the needed information at the point of filling the application form.
Bridge Credit is one of the best loan organizations in Nigeria considering its interest rates.
With its credit facility for people living in Nigeria, you can access up to 5 million naira for a period of two to a maximum of 10 months.
The first stage of its loan application is handled on its website, you might as well be needed to visit their office to complete the process depending on the situation of your application.
Similar to CoolBucks, its requirements are flexible and with details like BVN, identity cards to banking information being a core for application, you should be able to get going without hassle.
CreditVille is one of the best known loan organizations in Nigeria.
This provider grants loan of up to a high of 4 million naira for a maximum of 18 months. Though the amount you can access depends on your credit bureau profile.
In terms of the interest rate you will have to bear during the tenor of your loan, it stands at 6% for CreditVille.
The requirement is a bit not suitable for very young people who are just starting out as if you are not up to 25 years, you will not be able to get its credit and also, owning a current account is required.
One of the good things when it comes to taking funds from CreditVille is that they can buy out your existing loan if you have one with a different lender. Hence, you can conveniently switch to them and also get a top-up credit.
X3 Leasing is another provider of credit to individuals and businesses in Nigeria.
This lender allows you to access credit facility between ₦50,000 to 5million naira for a tenor not exceeding 12 months.
Applications are through its MyX3 portal. You can submit your request easily by filling in the required information alongside every needed document for the consideration of your request.
At 5% as monthly interest rate on borrowed funds, X3 is worth being on the list of the best loan organizations in Nigeria.
Credit Direct is one of the well-known non-bank loan companies in Nigeria.
With its credit facility product, you can apply for a minimum of ₦100, 000 which can not exceed the maximum of ₦2.5 million naira.
It has a 5% interest rate repayable on running credit on monthly basis until the end of your loan tenor.
While you can conveniently submit your application on its website, office visitation might be required when some necessary documents are needed.
However as applicable to most of the loan organizations in Nigeria, the usual documents of statement, banking details and others will as well be requested.
Page Financials is one of the best loan organizations in Nigeria catering for the credit needs of individuals and businesses with a verifiable source of income.
With this provider, you can apply for a loan of up to 5 million naira which is to be repaid within a maximum tenor of 12 months.
Application of credit facility from Page Financials starts from a minimum amount of ₦100, 000. If your need is below this limit, your application might not be considered.
With an interest of 3.75% on monthly basis, Page Financial is one of the loan companies in Nigeria you should have on your list when considering a credit facility.
At 3.5%, Zedvance is one of the loan organizations in Nigeria with a good monthly interest rate.
This financial institution can provide a credit facility between ₦50, 000 and 5 million naira to you if you are employed in the private sector or between ₦20, 000 and 3 million naira for public sector workers.
The latter group which works in the public sector will be eligible to have the credit facility running for a maximum of 24 months, and those in the private sectors are eligible for a maximum of 18 months tenor.
Applying for this provider’s loan is on its website or you download its MoneyPal application and sign up to submit your request.
C24 is one of the loan organizations in Nigeria where you can access credit for personal and business needs.
With this institution, you can get a loan starting from a minimum of ₦ 50, 000 up to 5 million naira which you will have to repay within a maximum of 12 months.
C24 loans are for people between the ages of 22 and 55 years and you must also have a verifiable source of income to be eligible for its credit facility.
To get started regarding accessing funds from this provider, you will have to submit your application through its website.
Branch is one of the loan organizations in Nigeria providing high risk credit facility to individuals, both employed and non-employed.
Just like other financial institutions on this list providing similar loans, its interest rate is high on borrowed funds starting from 20%.
While it has a maximum of up to a million naira, the amount you can access at the beginning can be very small depending on your credit profile once you submit your BVN.
Though this value, despite small increases as you continue to take loans and repay without extending beyond the due date, an internal credit scoring factor.
Applying for a Branch loan demands you download its application which is available for both Android and iOS users.
LMoney is one of the loan companies in Nigeria allowing you to borrow needed funds to meet your wants.
With this financial institution, you can access a loan ranging from ₦50, 000 to its maximum of 2 million naira which depends on how rich your credit profile is.
Though the accessible credit facility could be for different reasons, you are required to have a verifiable source of income on monthly basis to be qualified. Hence, a salary earner stands a better chance.
LMoney’s loan application is on its website with an easy to access form provided for you to fill in your details and submit to register your interest for a credit.
EasyLoan is another lender that can give you between the sum of ₦100, 000 and 10 million naira as a credit facility which you will have to pay back within the maximum of 24 months tenor.
Just as other low risk loan companies in Nigeria on this list, the maximum value you can borrow depends on your verifiable source of monthly income and how much it is.
At 5%, no doubt EasyLoan is a good alternative to consider as well on the list of loan organizations in Nigeria.
You can conveniently apply for its loan by visiting its website.
Rosabon is one of the loan organizations in Nigeria you can consider while sourcing for business and personal-targeted credit needs.
This lender can give you a loan starting from ₦ 50, 000 up to 6 million naira which you can hold for a tenor not exceeding 15 months.
The requirements for its low risk loan includes you having a source of income, a functional bank account which you will need to verify by providing your last few months statement of account as well as your bank verification number.
To apply for its credit facility, you can submit your application by visiting its website.
Whether it is to handle an emergency, get some foodstuffs at home until the next payday, start or improve your business, handle an urgent school fee payment, there are ample reasons you can consider taking a loan.
Luckily these days, you can get a loan of up to 5 million naira from most of the loan organizations in Nigeria without pledging your property to be seized in an event you are not able to pay back.
With collateral free offerings from these loan companies in Nigeria, you can be at ease applying for funds with no fear of losing your property at the end of the tenor.
Small value loans between ₦10, 000 to ₦50, 000 are mostly instant with high net value taking hours due to credit checks involved.
Nevertheless, you can get the funds you need from any of these loan organizations in Nigeria based on your credit worthiness.