In your search for an online loan, you should look for loans without Collateral or guarantee. See how to get loans in Nigeria without Collateral.
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.
Yes. You can get an online or offline loan without Collateral or a guarantee. These loans can be assessed anytime and anywhere apart from banks who need Collateral from you in case you cannot repay the loan
Specific criteria apply to qualify for a loan, even though Collateral is not required. For example, you have to be above 18 years and have a means of identification. There will be different criteria set by other loan lenders too.
This depends on the loan lender you receive the loan from. Some loan lenders approve and pay out your loan within 24 hours. Others take a week or two to release the funds after approval.
Collateral is an item or property of value that is used to secure a loan. The Collateral reduces the risk for the loan lenders or financial institutions. For example, if the borrower defaults on a loan or cannot pay, the loan lender can seize the item or property given as Collateral and sell it to pay the loan back to the vault.
This is why loans with Collateral have better terms than loans in Nigeria without Collateral.
The thought of losing something else while looking for a loan does not sit well with most Nigerians hence the search for a loan without Collateral. Some specific criteria still apply to qualify for these loans. Here are the requirements to qualify for an instant loan in Nigeria without Collateral:
Anyone can easily access a loan without Collateral, but they also come with risks. One risk is the very high-interest rates that accompany these loans. On the other hand, loans with Collateral are friendly and have more reasonable terms than those without Collateral.
Another risk will be having to give out additional details like your BVN. This could also be an information you might be reluctant to give out while applying for a loan, as it can also be used to carry out fraudulent transactions.
When looking for this kind of loan, you need to be aware of the top platforms to use to lessen your risk of getting taken advantage of by loan sharks. These are three platforms that provide loans without Collateral or guarantee.
Migo gives you access to loans between ₦500 - ₦500,000 with an interest rate of 5% within 24 hours. You can repay this loan within 30 – 365 days. This loan can easily be accessed online through an easy application without Collateral. However, you must provide a BVN and a Nigerian Identity Card.
Creditville gives you access to loans between ₦100,000 - ₦4,000,000 at an interest rate of 5% within 24 hours. The period to repay this loan spans between 1 – 18 months. The only requirements to qualify for the loan are that you are 18 years old and possess an identity card. Getting the loan is simple.
KiaKia gives you access to loans between ₦1,000 - ₦200,000 in one hour with an interest rate of 5%. You can repay this loan in 7 – 30 days without extra fees. Normal qualifying criteria apply for this loan, including being above 18 years, having a bank account with your name, and having an identification card. In addition, all you need is a mobile phone with an internet connection to access the loan.