Borrowing money online in this digital age has advanced considerably in Nigeria and many services provide different ranges of packages depending on the kind of loan one needs. These services usually are collateral-free but require authentic verification from the borrower with interest rates on repayment.
These online loan services do not usually require the physical presence of the borrower as everything is done digitally but most of them prefer people who are employed in order to guarantee a periodic – usually monthly – repayment option.
Some of these online services have online apps that can be downloaded to make borrowing very easy with disbursement taking from 15 minutes to 24 hours. Others provide borrowing options for employers to be able to meet the demand of their employees. A few require the addition of an attester before the money can be disbursed to the borrower as a way of added security.
READ ALSO: Business loans in Nigeria
Tips on borrowing online in Nigeria
– Be employed for at least 6 month
– Have a good credit history
– Be honest and provide correct answers to questions you encounter
– Pay back your loan on or before when due
– Get in touch with the borrower if you will not be able to pay back as at when agreed probably due to delay in salary
– Have authentic identification preferably a national ID card, Voters’ card, drivers’ license or an international passport
Services that provide borrowing opportunities online in Nigeria
Aella Credit
The service provides loan opportunities for employers and employees. Employers register on the platform and provide access to staff database to Aella Credit. Employees can then download the app and fill in the form stating how much they want to borrow. It takes 2 to 3 minutes for decisions to be made.
C24
C24.com.ng provides online collateral-free borrowing option that however requires some documents that can either be submitted at their location or picked-up at your office. Within 24 hours, your loan should be approved for disbursement.
To be eligible, you must:
– Be employed (for at least 6 months)
– Be aged 22 years or over
– Be employed and get paid into your bank account
– Have a functional salary bank account
– Have a good credit history
Required documents are:
– Passport Photograph
– Any Means of National ID
– Employment/Promotion/Confirmation Letter
– 6 months salary account bank statement
– Company Identification
– Direct Debit Mandate
– Post-dated Cheques
After the submission or pick-up of the documents, an agent will get in touch with you and within 24-hours, a decision is made and if it is satisfactory, disbursement of money to your bank follows.
Kiakia
Kiakia works just like the aforementioned two online services discussed above except it requires a Bank Verification Number and an attester.
After registering, you are expected to log into your KiaKia Account using your username (e-mail) and password. Initiate a loan application by selecting a KIAKIA DIRECT or KIAKIA PEER. Drag to select your preferred loan amount and duration. If you are a first time applicant/borrower, it is advisable to go with the KIAKIA DIRECT. Provide information about your job, marital status, vehicle ownership, work and home address, salary/income, business type.
Make sure you have a verified Facebook account with names and profile photo matching what’s on your ID cards. Provide a credible attester. Your attester must be employed (Not Self-Employed) and must be the same gender as you. Your attester must have a verified Facebook account with profile picture and names matching what you will submit and on attester ID Card.
Upload Screenshots of SMS OR E-Mail of your last 3 Months income (For Self-Employed) or salary (For Employed) and a six-month statement of account in pdf format.
Complete your application by granting Facebook access to your account and afterwards accept or reject the loan offer made, which displays a slide indicating the Maximum and minimum amount and duration accessible to you. Drag to select and your application is complete.
If the attestation is successfully completed and the system qualifies the attester as suitable, your application goes to the final stage of administrative review, where it could be approved or declined based on industry loan metrics. If approved, the applicant receives an E-Mail containing electronic loan agreement. If loan application is disapproved, applicant also receives E-Mail stating reason for loan application decline.
You will then receive electronic loan agreement to accept or decline loan. Loan Agreement is electronically signed with digital identity tokens.
Funds are disbursed within 15 Mins of loan agreement acceptance and signature
Pay Later
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Paylater.ng is also an online service that allows you to borrow money. In this case, you are expected to download their app and register. Payment of loan is done within 72 hours after you have done all the necessary requirements and your loan has been approved.
A Bank Verification Number is also required to verify that the person seeking to borrow money is also the owner of the bank details provided. The maximum amount for a first-time borrower is N10,000 and should be repaid with interest within 30 days. Consistent repayment of loan helps to increase the amount you can borrow and you can get as much as N1,000,000 although this will require additional documents.
Watch a ZENITHBLOG.com TV video below of what Nigerians say they will do if they suddenly get N100 million alert.
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