There are various options for obtaining online microfinance loan in Nigeria. You may now acquire a rapid online loan within 24 hours, or sometimes in less than five minutes, on numerous loan applications thanks to the growing number of digital service financial platforms offering quick loans to potential customers.
With the help of modern digital technologies, which make borrowing easier and more comfortable, traditional financial services companies are now being disrupted.
Let’s look at a list of loan companies in Nigeria in no particular order. The following list was produced based on popularity and acceptance among the general public: It’s significant to note that there are no additional fees, and this page lets you compare loan offers from several online lenders.
Top 7 Best Online Microfinance Loan In Nigeria
- Renmoney
- Carbon
- Branch
- Fairmoney
- QuickCheck
- Jumia One
- C24
1. Renmoney
Renmoney is one of the loan companies that provides online microfinance loan in Nigeria of up to N4 million. To get a Renmoney SME loan, your business must have a good income statement history and can boast of regular monthly earnings for repayments. The minimum loan amount is N100,000 while the interest rate is 2.8% per month.
For capital-intensive businesses like in the case of a real estate company in Nigeria, the platform also makes their process of getting access to funds quick and easy.
2. Carbon
Carbon Loan, formerly and widely known as PayLater, is a lending platform that enables you to obtain a loan in Nigeria within a short period of time. The three-year-old lending application takes pride in being “a straightforward digital finances management platform” that offers immediate online loans to support you in meeting short-term cash requirements. Its our second pick for online microfinance loan in Nigeria.
To calculate the value of your loan, the site uses your Bank Verification Number (BVN). It offers loans up to N20 million with variable interest rates.
Both mobile apps and the web offer Carbon (Android and iOS). Depending on the loan payback duration and the amount you want to borrow, their rates might range from 5 to 15%.
Apart from being one of the top loan companies in Nigeria, Carbon provides a platform that allow its customers to recharge airtime, transfer funds, and pay bills.
3. Branch
Another website that provides speedy online loans in Nigeria is Branch Loan. Within 24 hours, you can apply for loans ranging from $1,000 to $200,000 with repayment terms of 4 to 40 weeks.
Because of how it functions, it is likely one of the most dependable lending apps in Nigeria. Its interest rate fluctuates between 15% and 34%. It’s our 3rd pick for online microfinance loan in Nigeria.
You don’t need any assets that can generate revenue or serve as collateral in order to be a borrower. The lender’s history of repayment and the cost of lending to Branch are two variables that affect interest rates.
Branch has made it easy for Nigerians to access loans from anywhere in the country without physical engagement or collateral.
4. FairMoney
FairMoney provides rapid loans to cover demands like bill payments. To get a loan (from 2,500 to 150,000), you need your debit card and bank verification number. Depending on how much you borrow, FairMoney’s loan interest rates might range from 5% to 28%. Additionally, the loan length extends from four to twenty-six weeks.
On FairMoney, you would pay back your loan at a lower interest rate if you paid it off before the due date. Its our fourth pick for online microfinance loan in Nigeria
5. QuickCheck
QuickCheck offers a quick online immediate loan of up to NGN 500,000. However, during your first 30 days as a user, you can only access up to N10,000. Its our fifth pick for online microfinance loan in Nigeria.
Early repayment of loans, according to their repayment terms, ensures reduced interest rates and bigger amounts. In addition, interest is only charged on loans for the days they are actually used.
For security and verification reasons, QuickCheck, like other loan platforms, needs your BVN; for the disbursement of your authorized loan, QuickCheck also needs your bank account number.
6. Jumia One
Jumia developed this platform for quick cash loans so that customers may get loans right away. The JumiaPay Android app on the Google Play Store provides access to the Jumia loan.
Simply download the app, navigate to the “financial services” area, and enter your information. If your request is granted, you won’t need to provide any security for the loan. Consider a Jumia loan the next time you’re trying to figure out how to secure a loan. Its our sixth pick for online microfinance loan in Nigeria
7. C24 Capital
Another website where you can obtain an urgent loan in Nigeria is C24 Capital. Their application form may be finished in under five minutes, and you will receive application feedback very instantly.
They have a flexible repayment schedule, so paying them back won’t break the bank.
The loan platform states that it has provided credit facilities totaling more than NGN 5 billion to more than 150,000 consumers. Its our last pick for online microfinance loan in Nigeria
Frequently Asked Questions (FAQs)
How Can I Get A Loan From Microfinance?
- Loan application form.
- Excellent Business Proposal (for SMEs)
- Letter of Application (for individuals)
- Valid means of identification (National I.D card, International Passport, Driver’s License)
- Copy of recent utility bill.
- 4 recent passport photographs
How Much Can I Borrow From Renmoney For The First Time?
How Much Can You Borrow From Renmoney? You can borrow within the range of N50,000 – N6, 000,000 to be repaid within a year.
Which Loan Gives More Money In Nigeria?
Carbon is an easy-to-use and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs. With carbon, you can access up to 500,000 Naira loan with no collateral.
Is Renmoney Only For Salary Earners?
Renmoney offers customers unsecured cash loans of up to NGN2. 5 million for up to 9 months to salary earners or self-employed as long as they can provide a verifiable source of income.
