History, benefits and features of quick online loans in Nigeria: How to apply and get loans in minutes

History, benefits and features of quick online loans in Nigeria: How to apply and get loans in minutes

A sudden financial crisis is unavoidable for anyone. Gathering funds to manage such circumstances could have been a challenge when there was no digital lending system. Today, the scenario is completely different. Technology has taken our lives to a whole new level. Getting online quick loans is possible within a few minutes from the moment you apply for it.

Quick loan is a new phenomenon in the financial realm that has become very useful for multitudes to meet all sorts of monetary needs. Quick loans may come in the form of short-term loans, salary advance, line of credit, business loan for working capital or some urgent business expansion or investment etc.

You can choose the option that is suitable for your need just right from your mobile.

Quick loans are different from the traditional loans that are available with banks and financial institutions. The lending process is quick which involves an easy registration and verification. If you are eligible for a quick loan, the lender will immediately transfer the required funds into your bank account. You can repay the loan in comfortable terms that is already opted by you.

Along with the regular products, most banks in our country have started offering quick loan product catering to the needs of varied borrowers. Apart from banks, one can avail quick loans from Non-Banking Financial Companies (NBFCs) and Peer-to-Peer lenders (P2P).

Applying for Online Quick Loans in Nigeria

Most of the quick loans have zero physical documentation, and it can be applied online just using your mobile phone. Though some of the banks provide quick loans, NBFCs and online lenders and apps are the popular channels for availing quick loans.

By visiting the official website of the lender, you will be able to apply for the quick loan. You will have to enter your personal and income details for loan processing. The lender might ask you to upload the proofs online for verification, following which your loan will be approved or rejected.

Downloading the mobile application is another easy way to apply for quick loans. You need to download the app from Google Play Store or App Store and register yourself with your social media profile or by creating a new profile. After entering basic details such as address, BVN, NIN, bank details, photograph, etc., upload the valid documents.

The app will review your request and the money will be disbursed to your bank account IF IT IS APPROVED.

Features of Online Quick Loans

When you need finance immediately in an emergency, quick loans come handy. Some of the salient features of quick loans are:

Registration Process 

One needs to register with the lender to avail a quick loan. This process is easy and requires zero physical documentation in most cases. Personal, income, employment details and credit history are to be provided.
Quick Verification:
Once you have registered with the lender expressing your interest to avail a quick loan, your details are verified immediately, and the loan is processed for approval.

No Collateral

Quick loans are typically unsecured loans, wherein you do not need to pledge any collateral to secure the loan.

Interest Rate

As quick loans are unsecured loans, the rate of interest will be higher, considering the risks involved in the lending process.

Tenure:

Quick loans are generally shorter. The maximum repayment period could be up to 2 years, and the minimum is 1 month. Most quick loans are discharged in 12 months or less. You can choose the quick loan that offers a comfortable repayment period.

Benefits of Online Quick Loans in Nigeria

Quick loans are beneficial in times of need and meeting emergencies. Some of the major benefits of taking a quick loan are:

Speedy Disbursal

One can avail a quick loan in the matter of hours and get the money disbursed on the same day.

No Credit Check:

Comparatively, most lenders do not require a credit check to be done of the applicant. It paves the way for first-time borrowers to access credit and build their credit in a positive way.

No Collateral:

Quick loans do not require a collateral or hypothecation of asset. This makes it very easy to avail the loan.

Easy Online Application:

Many lenders today have made the process of applying for a quick loan easier through online method. Less paperwork is involved.

Zero Physical documentation:

There is a very minimal documentation required for taking a quick loan. The entire process is carried out online including the document verification. available in an unsecured format, the risk is higher for the lender. Hence, the interest rates on quick loans are higher.



BECOME QUICK LOAN ARENA BUSINESS PARTNER

Register to become our business partner and enjoy our free advisory and consultancy services on getting a quick loan from our list of accredited lending partners and also guide on the process of loan application.

Disclaimer: Quick Loan Arena is not a loan agency and we do not give out loan to anybody. We are however a quick loan review blog that seeks to inform and educate individuals and small businesses about instant loan opportunities to help them take informed decisions.

We also provide loan advisory services, once you become our business partner

. Speak with any of our Quick Loan Consultants for more information! Call or Whatsapp +234 (0)803 385 7245.

Do remember to give us a feedback about your quick loan experience after the lending process is executed.

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About the Author: Kehinde Oluwafemi

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