Like many of us, you’ve probably gone through a rough patch financially when only a quick short-term loan was needed to spare you the blushes of having to ask family and friends to ‘help with a little something’ yet again.
Well, getting instant loans has never been easier what with the surge in FinTech industry,
there are number of companies willing to provide collateral free loans to meet the needs of individuals and small and medium scale enterprises (SMEs).
Here, we review five of them.
Known formerly as Paylater, the Carbon mobile app is owned by One finance & Investment limited.
It offers loans ranging from N500,000 to N1,000,ooo at different interest rates between 5 and 12.6% depending on the payback period (3 to 12 months) and the risk level involved.
To qualify for a loan, you’d have to provide your BVN, passport photograph and address.
Loans can be disbursed in as little as three minutes.
This loan service can be accessed through the popular Opay mobile app, however independently owned and managed by a different company.
Users have the chance of borrowing from N1,500 up to N50,000 at about 10 to 24% interest with a repayment tenor of 7 to 90 days.
You should note, however, equity research house Hindenburg Research suggested that the lending app is flouting Google’s play store policies by demanding repayments within a 30-day period — with steep interest rates.
Formerly known as Kwikmoney, Migo loans can be accessed through the internet, app or via USSD code (*561#).
Registration is easy as only a Bank Verification number is needed.
Interest rates, however, are high, between 15% and 25% depending on whether you’re paying back in two weeks or a month.
4. Aella Credit
The app-only based platform is mainly focused on employee lending. It is designed to help employees access more funds between 1,500 to 700,000 and an interest rate between 4% – 29% monthly.
The app makes use of an algorithm that processes an applicant’s eligibility for a loan by considering social and demographic factors as well as their debt to income ratio.
Aella credit is available in Ghana, Nigeria and the Philippines
5. Fair Money
It offers short-term loans to help cover for urgent needs, bills, business and much more. They give access to loans at anytime and anywhere with loan application within 5 minutes.
FairMoney packages include personal loan, education loan, business loan & more.