You need money in a short time, but you do not know where to apply for a loan with less risk and get approval. See how to get a loan within 24 hours without any problems or high risks.
If you get a loan of ₦100,000 with the term of 1 month, the fee will be ₦5,000 and your total payment will be ₦105,000.
If you get a loan of ₦150,000 with the term of 2 months, the fee will be ₦15,044 and your total payment will be ₦165,044.
If you get a loan of ₦1500 with the term of 4 weeks, the fee will be ₦1,190 and your total payment will be ₦2690.
If you get a loan of ₦1,000 with the term of 30 days, the fee will be ₦700 and your total payment will be ₦1,700.
If you get a loan of ₦500,000 with the term of 6 months, the fee will be ₦20,000 and your total payment will be ₦520000.
If you get a loan of ₦100,000 with the term of 30 days, the fee will be ₦3,500 and your total payment will be ₦103,500.
If you get a loan of ₦500,000 with the term of 6 months, the fee will be ₦39,800 and your total payment will be ₦539800.
Yes. These loans can be accessed within a few minutes or hours on the same day the loan is approved. In addition, some loan lenders can grant assess to the loan within 5 minutes.
No tangible collateral is required from you, and less paperwork is involved. Approval is given within minutes, and payment follows immediately.
No. The requirements for obtaining 24-hour loans differ from other cash loans. For example, some money lenders might require that you submit a passport, your Bank Verification Number (BVN), home address, salary account, pension account, and an Employment letter to get a loan.
Yes. It could be difficult to obtain low-risk short-term loans without getting taken advantage of by loan sharks in Nigeria's fiercely competitive entrepreneurial sector. However, you can quickly access loans in 24 hours and some of these 24-hour loans do not require you to tender collateral, while other financial institutions might still require you to tender collateral before approving your loan request.
These loans help business owners or individuals needing urgent funding options to grow. The lenders evaluate your creditworthiness and ability to pay back in a stipulated time frame before approving a loan request based on the assessment within minutes.
These quick 24-hour loans are usually not large amounts that you will pay over months or years with interest but small, short-term loans you can quickly apply for online and gain access to within 24 hours and pay within days.
There are specific criteria to meet to qualify for loans in 24 hours. According to Nigeria's money lending laws and regulations, it is crucial to ensure that you obtain a loan from a legitimate financial institution with a license. Any transaction between you and the financial institution will be backed and protected by separate legislation across various Nigerian states.
Once you have confirmed the credibility of the loan lender, you should check to meet the lender’s criteria before applying for a loan. Here are the common criteria for obtaining 24-hour loans online:
Other criteria might apply too, depending on the loan lender so ensure you meet the criteria before applying for a quick loan.
There are risks involved when you apply for 24-hour loans even though figuring out how to get a loan within 24 hours is not as difficult as obtaining a long-term loan in Nigeria. Therefore, you must consider these risks before applying for a 24-hour short-term loan.
The interest rates on small loans can be as high as 31%, depending on the financial institution. This is because the loan lenders know that you will need the funding urgently and might try to take advantage of you, increasing their interest rates.
Another risk you should be aware of is that if you give the loan lender access to a credit check or non-personal bank details like your account number, the loan with interest might be collected before and more aggressively after the due date. Therefore, if possible, ensure you pay off the loan with interest within the stipulated loan period. The money-lending section of the Nigerian law does not enable a money-lender to collect the money before the due date. However, it does allow the money-lender to collect the loan with interest after the stipulated time has elapsed.
While legitimate small money-lenders will have a license, they do not operate like other large financial institutions that give long-term loans and allow you to remodify the loan stipulations. The stipulations for the quick 24-hour loan can hardly be remodified. This leaves you vulnerable if you cannot pay the loan within the stipulated time.
To reduce the risks of obtaining loans in 24 hours, we recommend the best 24-hour loan lenders you can apply with. These loan lenders are licensed and work under the jurisdiction of the money-lending law in Nigeria. Here are the four best lenders to get 24-hour loans online:
• Zenith Bank
This is an old cash lender and one of the best in the market. The financial institution operates as a bank but also gives small business owners and individuals access to short-term loans with a 9% interest rate. This interest rate is considerably higher than the interest rates of other money lenders due to the higher amount of money you can obtain. You can receive loans from ₦10,000 to ₦5,000,000 within 24 hours and pay interest within 6-24 months. To get a loan from Zenith bank, you must be above 18. You can apply at a physical bank branch or online to obtain a loan.
• Sokoloan
This is another way to get a quick 24-hour loan. You can obtain loans between ₦5,000 and ₦100,000 without collateral through the app. Installing the Sokoloan app from Google Play and completing a simple application form with the amount you want to borrow both require a smartphone with an internet connection. The interest rate is 4.5%, and you can repay the loan within 7-190 days. They promise that the loan can be obtained within 5 minutes after approval. The usual criteria apply when obtaining a loan from Sokoloan, you must be above 18 and be a Nigerian citizen.
• Loan35
This loan lender is another excellent option for obtaining 24-hour loans online. Loan35 operates mainly as a licensed cash lender and allows borrowers to obtain loans from ₦50,000 to ₦2,000,000 within 35 minutes with a lesser interest rate of 4%. The maturity period for any loan from this lender varies from 1 to 60 months. You have to be above 18 too to obtain this loan and can easily access it online through Loan35's website.
• JumiaPay
This is a credible loan lender. JumiaPay allows Nigerian citizens to obtain loans between ₦1,000 to ₦100,000. This amount is not too big, and you repay the loan with a 3.5% interest rate in 30 days. This is a great interest rate, and they promise to give you access to the loan in 5 minutes. Since this loan must be applied for online, you will need a smartphone with an internet connection to access the official website.
If you need a 24-hour loan, you can consider applying with any recommended loan lender to reduce risk and get the best deal. Credit is becoming fast available, and Nigerians are growing their businesses.
