Cash Strapped Nigerians Rush for Online Loans

Nigerian are embracing online loans to boost their businesses and solve impromptu financial problems, according investigations by Nigeria CommunicationsWeek.

These lending portals became common, not just because of their catchy names, but because they are a relief avenue where the average Nigerian can lend small amounts of money without collateral or the perceived humiliation of dealing with a physical moneylender.

Most Nigerians are however not aware of both the high interest rates and unfavorable terms that are not often clear to borrowers.

They can borrow up to N50, 000 depending on the platform. The loans are given out after the provision of basic details like BVN and of course the borrowers phone number.

Repayment usually comes with huge interest.

Some of the big names in the online lendin space are: Pettycash, Palmcredit, Aella Credit, Kwikcash, Pennylender, Paylater, Ferratum, Kiakia, Branch.

Below are some of the big names as compiled by politicsngr.com

Pay later

Pay later is owned by OneFi. It is trusted by many Nigerians for quick online loans. Users can borrow from 10,000 naira and will be able to borrow higher amounts if they gain the trust of company by repaying on time. For more information, visit www.paylater.com for more information. Pay later is widely rated as the best quick online loan platforms in Nigeria.

Fint

Fint’s mission statement is to empower Nigerians by making loans more accessible, affordable and quick. Fint has a risk accessment amount of #3000 which all intending borrowers must pay in order to access loans. Their loans are collateral free and can be accessed within minutes. Their loan amount ranges from #60,000 to #2,000,000 which ate repayable within 3 months and one year. To access fint loans visit https://fint.ng for more info. Fint is clearly one of the best and most reliable quick online loan platforms in Nigeria.

Zedvance

Zedvance gives loans to salary earners only. They offer collateral free loans up to #3,000,000 to be paid back within 12 months. They one of the most stable quick online loan platforms in Nigeria. Their interest rates ranges between 3.75 to 4.5% monthly. Visit their website for more information www.zedvance.com.

Kwikcash

Kwikloans is another reliable quick online loan platforms in Nigeria. They collaborate with banks, mobile operators and technology companies to offer quick collateral free loans to Nigerians. The repayment period is between 14 days and 30 days. It offers loan amount of up to #500,000 all with no collateral. Visit www.kwikcash.ng for more information.

Specta

Specta is owned by sterling bank. They offer quick online loans to Nigerians without collateral. Payment is done within 5 minutes and is strictly.for smart earners and business owners. They are clearly among the best quick online loan platforms in Nigeria. Users can get loans up to 5 million naira and payment period is within one month. For more information, visit their website https://www.myspecta.com/