You’ll agree that sometimes the long queues at banks can make getting loans frustrating. Along with that, the long application procedures also add to the stress of getting loans at the banks. However, with online loans, that has been solved. You can apply for loans and get credited that same day. In this article, you will be reading about what online loans are all about and the best online loan apps in Nigeria. Let’s get started with it.
What Are Online Loans?
Online loans are loans that are obtained with the help of mobile loans or websites. These types of loans are often very easy to get because they are quick, convenient, and do not require any collateral. In most cases, these kind of loans are obtained via mobile apps.
Requirements For Obtaining Online Loans
To get online loans in Nigeria, here are some requirements that should be met:
A Smartphone
A smartphone would be needed to apply for an online loan. You may find this application difficult if you do not have a smartphone. So, endeavor to have a smartphone before attempting to apply for an online loan.
Personal Identification
A personal identification document is a document that helps an online loan app have a hold of your details. This document tells the kind of person you are. A personal identification document can be in the form of a government-issued ID card, Driver’s License, or even an International Passport.
Bank Verification Number (BVN)
A Bank Verification Number helps give information about your bank profile to the online app. It also gives details about whether your bank account has been blacklisted or whether there are a n unresolved pending issues with your bank.
Proof Of Address
A proof of address is a document that shows your exact home address. This would be needed to prevent fraud on your part. Proof of address can be in the form of a light bill, cable TV subscription, or water bill.
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Proof Of Income
In some cases, a loan app may request that you provide proof of income. When this happens, you would need to submit bank statements, pay slips, employment letters, or any document that suggests that you are employed.
Now that you’ve read about the requirements needed to apply for online loans in Nigeria. Let’s consider the top recommended online loan apps.
Best Online Loan Apps In Nigeria
Here are recommended online loan apps that you can request a loan from:
Carbon
Carbon is one of the most used loan apps in Nigeria. It offers personal and business loans with flexible repayment plans and competitive interest rates that would be suitable for you.
Carbon is recommended by many because of its transparency and excellent customer service. The app interface is also smooth and easy to navigate.
Branch
Branch is another popular choice for online loans in Nigeria. It is known for its straightforward application process and the absence of hidden fees.
It offers faster loan approval than most loan apps in Nigeria. It has an easy-to-complete loan application process. You can also repay Branch loans without paying late fees.
FairMoney
FairMoney offers instant loans with a focus on accessibility and user convenience. The platform aims to provide financial inclusion to those who might be underserved by traditional banks.
FairMoney stands out because of its fast disbursement service. The variety of repayment options also makes it stand out from other apps. The app has so many positive reviews from several platforms.
Aella Credit
Aella Credit provides loans with a focus on speed and user convenience. The platform offers personal loans to both employed and self-employed individuals.
Aella Credit is used by many because of its transparency and its efficiency. It is also easy to use and certified gif operation by the CBN.
Palmcredit
Palmcredit is known for its high loan limits and competitive interest rates. The platform offers loans to individuals with varying credit histories.
Many users praise Palmcredit for its reliability and the ease of obtaining loans. The app’s customer support is also well-regarded.
Conclusion
Above all things, online loan offers convenience. That’s the main reason why many apply for these kind of loans. In the comfort of your home, you can apply for these loans and get credited in no time.