In Nigeria, access to loans has always been a challenge for many individuals and small businesses due to the rigorous requirements and high-interest rates offered by traditional financial institutions.
However, with the rise of online lending platforms, getting access to loans with monthly payments has become easier than ever before. These platforms offer convenient and flexible loan options that are tailored to meet the needs of borrowers who require quick cash to handle urgent financial needs.
In this blog post, we will explore online loans with monthly payments in Nigeria, their benefits, and the best platforms that offer these services. Whether you are a salary earner, self-employed, or a small business owner, this article will provide you with all the information you need to make informed decisions when it comes to online loans with monthly payments. So, let’s dive in!
Online Loans With Monthly Payments In Nigeria
Below is the list of online loans with monthly payments in Nigeria
FairMoney
Fairmoney is one of the online loans with monthly payments in Nigeria. Fairmoney gives loan of up to N150,000 to their customer who has a good and reputable profile on the app.
Fairmoney loan app is considered to be the number one loan app in Nigeria that easily gives out loan to anybody that apply. Unlike loans from bank that requires you to submit paper works, provide collateral security and guarantor before your loan application can be accepted, Fairmoney only ask you to provide you bank details and other little information to approve your loan.
Once your loan application has been approved on Fairmoney, you can choose the duration of your payment that is if it will be a monthly payment till you pay back all the amount your we’re borrowed.
Carbon
Carbon is another online loan with monthly payments in Nigeria. The carbon loan application is done online using the Carbon mobile application. Getting a loan approval on Carbon is very easy and payment is mostly directed to the bank account you provided while filling out the application form.
Once you’ve received the loan amount you want, payment will be made monthly till you can make the complete payment of the total amount that was loaned to you.
Carbon in one of their advertisement said they offer loans up to a million to Nigerians.
Branch Loan App
The branch loan app is also among the online loans with monthly payments in Nigeria. Getting a loan from Branch requires you to have an account with the Branch mobile application.
Loans are given to you without any paper works or any physical contact with the physical agents. All loan applications are done online and when your application is received it will be processed online and money will be deposited into your account.
The branch app rarely rejects loan applications, when your application is rejected it could be a falsification in your document and as such if you want a hassle-free application, always provide authentic information about yourself when applying for the loan.
Depending on the amount that was given to you, payment is done every month until you make your payment complete. Consistent use of the Branch app will make you unlock a high amount of loans.
Specta
This is an online loan with monthly payments in Nigeria. Specta have demonstrated to be one of the easiest and safest loan mobile application in Nigeria that makes loans acquisition easy for Nigerians whom are in urgent need of funds and hopes on paying back every month.
On Specta one can whos a loan up to N5000,000 without a loan guarantor or any collateral security before your loan can be granted. The repayment duration could last up to 12 months, which means you can back every month till the amount lend to you is complete.
All loan application is done online through the Specta website or the use of the Specta mobile application.
Baobab Loan
Baobab Loan is another great loan platform in Nigeria. Baobab gives out a loan without adding any interest when you are paying them back.
The minimum amount of loan given on Baobab is 20,000 and the maximum amount given is 500,000. This was provided on the Baobab website.
The more often you make use of the Baobab loan and make a payment back, the more you have a chance to unlock a higher amount of loan.
A loan application is done online and it takes 72 hours for your loan application to be approved. You can choose any Payment duration and payment style that best suits you when making a payment.
Loan duration could last for months or years depending on the amount that was given to you. People with a big amount of loans have a large duration while those with a small amount have a short payment duration.
EZ Cash For SME
This loan is offered by Stanbic IBTC bank in Nigeria. This loan is for small business owners or entrepreneurs who want to expand their services but don’t have enough funds to embark on such projects.
You can apply for the loan using the Stanbic bank mobile applications. If you have all the requirement like Certificate of registration of your business or any other backup to show that you are genuine you can get loan of 5 million.
Payment can grade on monthly basis using the Bank mobile application. Repayment could last for a period of 2-24 months depending on the amount that was loaned to you.
In other to apply for this loan, you need to have an account with Stanbic IBTC banks.
ALAT Salary-Based Loan
Users of WEMA bank can pay for loans through the ALAT mobile application. This loan is given to you based on your salary scale. You can get a loan of N50,000- 5 million.
Payments are made on monthly bases with loan interest of 2%. In other to apply for this loan, you need to have a WEMA account.
Conclusion
The above-listed loan providers are Online Loans With Monthly Payments In Nigeria. Loan application on all the loan providers mentioned above are done online and payment are made monthly.
Some of the loans don’t require collateral security while others require especially if you want to apply for a high amount.
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