Personal Loans are loans obtained in order for an individual to settle financial issues. The loan purposes may include paying tuition fees, paying house rent and so on. In Nigeria, there are platforms that allow you to borrow personal loans and pay later. In this article, you will be reading about these platform. This article would be covering a thorough information about the personal loans in Nigeria and how they work. Let’s begin!
Best Personal Loans In Nigeria
Here is a list of the best personal loans in Nigeria:
1. FairMoney
FairMoney ranks first among loan platforms that offer the best personal loans in Nigeria. They offer quick and stress-free loans to individuals who are in urgent need of money. With FairMoney, you can get loans of up to N3 million. Also, depending on the amount you borrow you can get interest rates of 2.5% – 30%. No wonder it has gradually rose to become one of the most used platforms to obtain personal loans in Nigeria.
Requirements
To obtain FairMoney loan, here are the requirements you’ll have to meet:
- Your Bank Verification Number (BVN).
- Your personal phone number.
- Your Debit Card details.
- A valid means of identification (Driver’s License, Voters Card, Government Issued ID)
Pros Of Obtaining Loans With FairMoney
Here are the positives of obtaining loans with FairMoney:
- There is no collateral attached before a loan is granted.
- Applicants should expect their cash within hours after submitting loan request.
Cons Of Obtaining Personal Loans With FairMoney
Here are the downside of obtaining personal loans with FairMoney:
- The loan amount available for first-timers to obtain is low.
- Individuals can only obtain loan through the FairMoney app only.
- The FairMoney app interface can be complex.
How To Apply
To apply for FairMoney personal loan, signup on the FairMoney mobile app.
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