If you are a business owner or individual looking for how to secure a quick loan for the purpose of business expansion or project implementation without worrying about long protocols, then this article is for you. Here we will show you Institutions that offer cheapest or lowest loan interest rates in Nigeria and the most flexible loan options you can choose from. Also check out list of federal government free-interest loans.
Getting a loan for whatever purpose or intent can be a very cumbersome experience, especially with the increasing regulations by financial institutions and the central governing body, the Central Bank of Nigeria (CBN). Therefore, whoever opts for a loan should ensure that he/she has done due diligence on the lending platform, and also go with the option that offers the best interest rate and repayment plan. See how to apply for Market Moni Loan.
In Nigeria, there are a number of financial institutions which offer very low and flexible interest rates, and we have compiled them for you to choose that which meets your need. They are;
Paylater provides customers with quick loans up to the tune of one million Naira, with interest rates ranging from 5% to 12%. To qualify for Paylater (also known as Carbon) loan, Management of the Company will have to access and determine your business cash flow before granting the loan.
You may ask, what is required to apply for Paylater (Carbon) loan? Now here are the requirements;
- Bank Verification Number (BVN)
- Business/Home address
- Passport photograph
Another fantastic loan platform worth trying out is Renmoney. With Renmoney, one can secure a loan of up to four million Naira and pay up over a medium tenure of nine months. Currently, the interest rate for Renmoney is within the range of 4.0% to 4.5%.
Interestingly too, Renmoney does not require any collateral for loan applications to be processed, however, there is a criteria to be met before the loan request is granted which includes a background assessment on the business to determine its creditworthiness.
Requirements for Renmoney loan application:
- Applicants must stay within the age range of 22 to 59 years
- Applicants must have a steady source of income
- They must possess a valid means of identification
- Verification of applicant’s standard monthly income
- Previous loan report from a credit office.
3. Aella Credit
Aella Credit is another seamless loan platform which offers its customers loans as low as one thousand five hundred Naira (1,500NGN) and up to the tune of seven hundred thousand Naira (700,000NGN). Aella Credit is operational in Nigeria and Ghana, and their interest rate ranges from 4% to 29%, depending on factors determined by the Company.
Requirements: To qualify for Aella Credit loan, the most important thing you would need is your Bank Verification Number (BVN)
With Kwikmoney, you can access a loan instantly by just dialing a code on your mobile phone, and not worry about using apps which require an internet connection. The company liaises with Network Service Providers, financial institutions and technological firms to make the process smooth and easily accessible.
You can get a fifteen thousand Naira (15,000 NGN) loan in a matter of minutes, and payback within 15 days with an interest rate of 15%.
The standard requirement for accessing Kwikmoney loans is your Bank Verification Number (BVN)
5. Rosabon Finance Quick Loan
This is one of the business friendly loan platforms one should consider, as they provide loans from one hundred thousand Naira (100,000 NGN) and with interest rate as low as 4 to 6%. Though Rosabon Finance Quick Loan do not require any collateral, the following conditions must be met to be eligible for the loan;
- Applicants must have a paid employment
- Applicants must stay between the ages of 21 to 58 years
- They must possess a salary account
- Must possess a valid means of identification
- Utility bill will be required
- Pension account will also be necessary
6. Page Financials
Page Financials is not really a fast method loan option, as compared to the examples listed above, because the company’s policy require that borrowers follow a six-step process before loan requests are granted. Their interest rate per day is 0.5% and 15% monthly, however this might increase if one runs into a late payment.
They offer loans to the tune of five hundred thousand Naira (500,000 NGN) through debit cards which have the said amount preloaded. This amount is however not static, as the company may loan out a lesser amount, depending on the monthly income of the customer.
- A valid means of identifiation
- Letter of employment
- Valid utility bill
- Salary account with a known bank
Are you searching for the bank with lowest interest rates?
This might be a bit difficult to ascertain, as many banks offer different loan options with varying interest rates, and this is dependent on customer behaviours and factors such as amount to be borrowed, tenure of loan, personal asset, credit score among others, before being considered.
However, we have done our research and from our findings, the following banks offer relatively cheap interest rates, and they are;
- Guaranty Trust Bank (GTB) – 1.3% (Salary advance loans)
- Polaris Bank – 2.5% (digital loans)
- Access Bank – 9% (Creative loans)
- Zenith Bank – 9% (Creative loans)