In the past, we had to go through long processes to obtain a loan. Thanks to technology, getting an instant cash loan is now simple. In fact, numerous financial institutions currently provide instant cash loans without needing collateral or paperwork.. Also check out: Interest Rates of Some Mobile Loan Apps in Nigeria.
Another exciting aspect of instant cash loans is the speed at which you can receive them, depending on the lending platform. For certain lenders, it might take as little as 5 minutes, while others might require up to 24 hours to process your loan.
Now that you’re here to learn more about instant cash loans, you’re in the right place. This article will cover everything you need to know about cash loans and provide guidance on how to secure a loan. You may like to check out: how to access Zero Interest Loans through Nirsal Microfinance Bank.
Apply For: CBN Non-Interest Loan 2023
How Instant Cash Loans work?
Instant cash loans, also known as quick loans, are provided within a short period. To access this loan, you don’t have to go through lengthy and rigorous processes. If you have bad debt or need to settle bills quickly, then your go-to option is the instant cash loan.
Furthermore, instant cash loans don’t require a guarantor, and they offer a flexible repayment schedule. With instant cash loans, you can borrow a minimum of N5,000 up to about N5 million Naira.
The amount you can borrow depends on various factors, including your credit record and creditworthiness. The tenure for instant cash loans mostly ranges from 1 month to a year, although this depends on the lender or financial institution.
Features of the Loan
Below are the features of instant Cash loan;
Registration Process: The first thing to do if you want to obtain instant cash loan is to register with the lender. In most cases, this procedure requires no documentation. However, you will have to provide them with your bio-data, BVN, and every other information that seems fit by your lender of choice.
Quick Verification: After you must have registered successfully, the lender will do due diligence by verifying your details to ensure they are valid. And depending on the lender, in most cases, this usually takes around 1 minute–24 hours. Once they verify you, they will process your loan immediately.
No Collateral: Instant Cash loans are indiscreet, hence they do not require collateral. All you need to provide is your personal details.
Interest Rate: The interest rate of most instant cash loans is very high. This is because of the risks involved in the lending process. In addition to this, might also be because of the short period of disbursal.
Tenure: Instant Cash Loan tenure is short. The repayment period is usually a minimum of 1 month and the maximum period can be 2 years or more, depending on the lender.
Advantages and Disadvantages of Instant cash Loan
- You do not need collateral
- The application process is very easy
- Little or no documentation
- Flexible repayment schedule
- The Interest rate of Instant cash loans is high.
What are the Requirements for the loans?
The requirement for an instant cash loan defers from one lender to another. However, here are some general requirements by Nigerian lenders.
- You must have a stable source of income
- Bank Verification Number is required
- You must have a satisfactory credit report.
- To access instant loans, you must not be in default to another lender.
Where can I get instant cash Loan in Nigeria?
There are many financial establishments giving out instant cash loans in Nigeria. Here are some you can leverage for quick loans;
- Aella Credit
- Social Lender
- C24 Loan
- Fint Loan
- Specta Loan
- Jumia Loan
- Opay Loan
Having known about instant cash loans, you can therefore leverage any of the following means should in case you need urgent financial aid to sort your needs.
Apply For: CBN Non-Interest Loan 2023