5 Best Online Loans With Monthly Payments In Nigeria

What are the best online loans with monthly payments in Nigeria you might ask? In this article, QUICK LOAN ARENA, the number review website for loan apps in Nigeria and across Africa would tell you all about it.

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Circumstances happen which might necessitate you getting a loan. However, one place you might encounter issues is getting a loan that would fit your repayment plan. This is one problem a lot of people face.

It is quite easy to get an instant digital loan, however, it isn’t very easy to get online loans with monthly payments in Nigeria. Most loan applications tend to offer daily or weekly repayment plans. Infact most instant loan apps in Nigeria offer repayment plan of 7 days though this is illegal.

If you seek a loan with monthly repayment plans in Nigeria, then you have come to the right place. We are going to be discussing the 5 best online loans with monthly payments in Nigeria.

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Let’s delve straight in.

Top 5 Best Online Loans with Monthly Payments in Nigeria

Below is our list of 5 reputable and best online loans with monthly payments in Nigeria.

  1. Renmoney 
  2. FairMoney
  3. Specta
  4. Baobab Loan
  5. CarrotPay

1. Renmoney

Online Loans with Monthly Payments in Nigeria
Online Loans with Monthly Payments in Nigeria

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Renmoney is a loan site that is perfect for all your needs. It also has one of the best repayment plans among other loan sites. With Renmoney, you can access a loan of up to #2,000,000 with a repayment plan as long as 12 months. They also have a low-interest rate which is why this site is one of the best available.  All you need to take a loan here is your bank statement and your ID card.

2. FairMoney

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Online Loans with Monthly Payments in Nigeria

FairMoney is another digital bank and lending app you can use if you are looking for online loans with monthly payments. With FairMoney, you can borrow money from anywhere and at any time in the country. They give you looks within minutes once your application is completed and approved.

FairMoney also offer a monthly repayment plan that goes as long as 3 to 6 months. This is to ensure that you do not have to break a sweat while trying to pay back the loan. FairMoney is your go-to loan application for fast and easy loans. Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%). They also give interest discounts of up to 90% for early repayments.

An Example of a FairMoney Loan

Borrow ₦100,000 over 3 months
Interest (total cost of the loan): ₦30,000 (30% rate)
Three monthly repayments: ₦43,333
Total amount payable: ₦130,000
Representative: 120% APR

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FairMoney app is more than just a loan app. The platform owns a Microfinance bank that is duly licensed by the Central Bank of Nigeria. As such, all your deposits are insured with the Nigeria Deposit Insurance Corporation (NDIC).

3. Specta

5 Best Online Loans With Monthly Payments In Nigeria
5 Best Online Loans With Monthly Payments In Nigeria

This is one of the best financial institutions that provide online loans with monthly payments in Nigeria. It is a website where you can access different types of loans for different purposes. With Specta, you can access loans as high as #5,000,000 with easy and flexible repayment plans.

You don’t need collateral or a guarantor to access the loan, all you are required to do is fill in your necessary details, apply for the loan, and boom, you’ll get credited into the bank account of your choice within minutes.  Their repayment plan goes as long as 12 months.

4. Baobab Loan

Online Loans With Monthly Payments In Nigeria
Online Loans With Monthly Payments In Nigeria

Baobab loan is an instant cash and easy website where you can access loans if you are looking for a list of loan sites with a monthly repayment plan. It offers you a very flexible repayment plan of up to  24 months.  Approval and disbursement of funds for your loan are within 72 hours. You can access a loan as high as #5,000,000 depending on your qualification.

What you get with Baobab Loan

  • Disbursement with in 72 hours
  • N20,000 to N50MILLION
  • Repayable in 1 to 24 month
  • Minimum administrative procedures

Frequently Asked Questions (FAQs)

How Much Can I Borrow?
Our minimum loan amount is N20,000 and a Maximum amount of N50,000,000. Both depend on the borrower’s repayment capacity assessed based on verifiable business inventory and other criteria.

What Type Of Loan Do You Offer?
What we offer are business loans for businesses that are already in existence/operation, and housing/house improvement loans.

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What Are Your Loan Requirements?
To access our loan facility, you must have a business, the location must be within our bank’s lending area (Lagos state, Oyo state and Ogun state) and it must have been in existence within a specific period.

What Is Your Interest Rate?
Our interest rate differs depending on the loan amount. However, it is very competitive.

Do I Need To Open An Account To Get A Loan?
No fee or mandatory account opening is required before you can get a loan from us.

5. CarrotPay

 Online Loans With Monthly Payments In Nigeria
5 Best Online Loans With Monthly Payments In Nigeria

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This is another loan application that can be perfect for your needs. With CarrotPay loan app, you do not have to worry about going through a cumbersome process before you can access a credit. The lending platform offers you credit as much as N50,000 with a repayment plan as long as 1 to 6 months. They also have low-interest rates with fast payments upon loan repayment.

With CarrotPay, getting a loan is almost as easy as thinking about it. Once you pass the automated checks and your credit score is favorable, you can easily get a loan within minutes.

How To Get Started With CarrotPay

*Download CarrotPay

*Create your account in minutes

*Apply for a loan

*Get the cash you need

About CarrotPay

CarrotPay provides loans for as low as N5,000 and up to N50,000, and you can pay back between 60 to 180 days. Usual repayment period is monthly. Minimum interest rates are determined by credit scoring algorithm which is usually 3% per month and a maximum of 10% per month. This comes to an Annual Percentage Rate (APR) of 36% to 120%.

You can apply for a monthly loan payment from CarrotPay either on Google Play Store or on Apple Store.

Frequently Asked Questions About Best Online Loans with Monthly Payments in Nigeria

You might have some questions when it comes to online loans with monthly payments in Nigeria.

Which app can I borrow money without asking for BVN?

There are a lot of loan applications available that don’t require BVN to grant loans. Apps like Xcredit, Sokoloan, and more are available.

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Is Fairmoney registered with CBN?

Fairmoney is a savings and loan company that is registered with CBN.

What is the best online loan app in Nigeria?

There are many good loan apps, it all depends on your preference. You can go with Fairmoney, Branch, etc.

Does Kuda bank give loans?

Yes, Kuda Bank gives short-term loans in the name of overdrafts.

What is the USSD code for loans in Nigeria?

USSD codes for loans in Nigeria vary from bank to bank. There’s *894# for First Bank and many more.

Where can I borrow money urgently online in Nigeria?

There are different sites where you can get a quick and urgent loan online in Nigeria. There’s Branch, Sokoloan, PalmCredit, and a host of others.

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About the Author: Kehinde Oluwafemi

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