Emergencies come with needs that must be satisfied with money. When you do not have enough money for these needs, you can get emergency online loans.
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.
Some emergency loans can be approved and released within minutes, while others take days or weeks to be released. These loans that take longer are usually emergency funds for business owners, but this is still faster than a traditional loan that might be impossible to get.
The criteria for every loan differ depending on the money-lender, but there are similar criteria. For example, you need to be older than 18, have a salary bank account, and have good creditworthiness.
Emergency loans are approved within hours or two weeks and involve less paperwork, with no collateral. These loans can be applied for online even if you intend to get one from your workplace.
What are emergency loans? These are small, medium, or large instant loans. You can get enough money for a business or personal emergency immediately after your application is approved. This usually happens within minutes or hours at most. Ensuring that you can solve your emergency when due.
The whole application process is online and faster than the traditional loan processes. Depending on the money lender, you can get loans up to ₦5,000,000 to cater for car damage, accidents, sudden collapses, and any other emergency you may or may not have expected.
The process for receiving emergency loans is straightforward, but emergency online loans are the fastest compared to offline emergency loans.
There are criteria to meet to qualify for emergency loans online as an individual or a corporate body. Acting by Nigeria's money lending laws and regulations, it is crucial to obtain a loan from a licensed financial institution. This will protect you from fraudulent posers and loan sharks.
This law gives the loan lender the right to deduct the loan with interest from the provided active bank or salary account until the borrowed amount is fully paid. Here are the standard criteria to get emergency loans:
These criteria, while common, may not all be required by a credible loan lender, but it is better to have them ready upon request.
When you need an emergency cash loan, you might not focus on finding the best loan with reasonable terms. There are risks involved when receiving an emergency loan, especially those with harsh loan terms.
The first risk to consider is the interest rate. Since emergency online loans can be long-term and the interest rate could be as high as 31%. Another risk is falling into the hands of posers who have no license from the regulatory bodies in Nigeria as specified in the money lending laws and regulations.
The other risk you should look out for is that you get the loan payout immediately or within a short time. Some loan lenders have a specified waiting period for approval and payout period on their website, but there are times where the loans are approved and released much later after the specified time
If you need a fast emergency loan, there are banks and online apps you can receive loans from. These loans involve less paperwork and stress than traditional loans. These are some of the best emergency online loans to apply for.
You can get loans between ₦200,000 and ₦5,000,000 with an interest rate of 5%. You are to repay this loan within 1 – 12 months, and access to the loan is given within 3 hours. This is fast enough to solve an emergency, but the amount you receive varies if you are a new customer and can be increased depending on your creditworthiness.
You can get loans between ₦50,000 and ₦30,000,000 at an interest rate of 4% to repay within 12 to 60 months. This loan can be accessed online, and you can get the payout within 24 hours, which should be fast enough to solve an emergency. All you need is your bank account and a phone with an internet connection.
This loan platform uses machine learning to determine the borrower's ability to repay loans. It allows you to access any loan amount, as long as it is 30% of your monthly income. Depending on how much is borrowed and how long the loan is for, interest rates might range from 1% to 21%.
You can get a loan in 5 – 10 minutes with just a smartphone and the QuickCheck App. Your ability to receive higher loans increases as you maintain your credit score and pay previous loans on time.
With the above options, you can quickly access an emergency online loan if you lack funds. However, avoid loans with harsh terms, which could lead to long-term damage and high debt. Instead, get an emergency loan from a credible loan lender and confidently face any emergency.