Private Money Lenders In Nigeria – All You Need To Know

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Private Money Lenders In Nigeria - All You Need To Know

All You Need To Know Private Money Lenders In Nigeria.

For a very long time, the commercial banking system and financial institutions have provided loans to people needing them. However, their service mode does not adequately cater to the needs of all citizens. This is because their categories weren’t found in the loan option. 

This led to the development of private money lenders in Nigeria, which has saturated our markets and taken over our financial institutions.

In this article, we will discuss some of the private money lenders in Nigeria, what makes each of them unique, and their benefits. We will then conclude this article by answering some of the most frequently asked questions you may have in mind.

Private Money Lenders 

Private loan lenders are the Fintech companies that offer loans through digital means. This implies that you don’t have to leave your home to get a loan as you usually do with commercial banks. With an internet connection, you can quickly obtain a loan from the comfort of your home. 

The private money lenders have helped to breach the gap created by commercial loan lenders and banks.

Benefits Of Private Loan Lenders 

There are numerous benefits of private loan lenders, such as

  • Easy and stress-free process
  • No need for collateral or a guarantor
  • Zero paperwork
  • Generally low minimum requirement
  • Flexible repayment options

Private Money Lenders In Nigeria 

There are numerous types of private loan lenders in the country. We will be listing the top and best among them. They are 

  1. Carbon
  2. Fair money
  3. Credit ville
  4. Sokoloan
  5. Zedvance
  6. Palm credit
  7. C24.
  8. Pay connect
  9. Kia kia loan
  10. Snap credit 

1.Carbon 

Carbon is one of the best private money lender companies in Nigeria. It was previously called the paylater loan platform. The carbon loan platform designed an app that makes it easy for you to apply for a loan on the platform. With the app, it becomes less stringent to apply for a loan. 

Therefore, you only need to supply a few pieces of information, and you will know your loan application status within minutes. Also, aside from loans, you can use the app to pay utility bills and purchase recharge cards. Simply visit the official google play or iOS store to download the app.

2. Fair Money 

If you’re looking to obtain a loan without collateral or any form of paperwork and are ready to repay within 15 to 30 months, the fair money Loan Platform is the best option. 

Also, like carbon, the app allows you to pay for other utility bills. In addition, fair money has one of the best services for obtaining a mobile loan in Nigeria. Therefore, it is available any time of the day or week.

3. Credit Ville 

Credit Ville is a mobile loan application in Nigeria that provides loans for individuals with formal employment. This is a unique type of loan platform. This platform makes it very easy for individuals to repay the loan they borrowed from the platform. 

Every month, the loan platform subtracts a certain percentage from your salary in a way that won’t adversely affect you, and with time, you will repay the loan you borrowed from the platform. 

4. Sokoloan 

Simple, reliable, and easy to use are the characteristics that describe sokoloan. Also, it requires no collateral and takes only minutes before disbursement. Sokoloan allows you to choose the loan tenor with varying interest depending on the total sum and tenor.

5. Zedvance 

This platform offers you a loan for up to 12 months, this platform is widely loaned for providing the best interest rate, and it is categorized in such a way that makes it easy for individuals to choose the interest rate and repayment plan that best suits them. 

6. Palm Credit 

Palm credit loans range from as low as N2,000 to as high as N100,000, and you would be done in a few steps. However, it requires that you are a minimum of 18 years of age and that you provide your bank account details. Also, asides from that, the app gives commission to customers for referring them to someone else.

7. C24

The c24 loan platform makes loan applications easy by allowing you to upload necessary documents online. However, to apply for a loan on this platform, you must have a means of income. The c24 loan repayment plan spans up to 9 months with an interest rate of 4% or more. 

8. Pay Connect 

Pay connect has a more strict qualification for loans, in that you have to be an employee of a reputable organization. However, they offer a loan with a one-month maximum tenor and interest rate of up to 31%. Also, you would be required to provide documents and information on the application.

9. Kia Kia Loans 

The name of this app was taken from the Yoruba word “Kiakia” which means quick, and the app portrays precisely that. KiaKia Loans considers your credit score, and they have a varying interest rate with a tenor between 7 and 30 days. Also, it is very easy to use and quick when disbursing loans.

10. Snap Credit 

The snap credit platform is a unique type of platform. It’s a platform that allows employers to give loans to employees easily. Therefore, as an employee, you can get a loan with a tenure of up to 12 months. Your employer would deduct the loan sum from your next salary.

Frequently Asked Questions 

Do I need collateral to apply? 

No, you don’t need collateral to apply for the above loan platforms.

Can I apply online? 

You can easily apply for a loan from any of the above-mentioned loan platforms from your home. 

Can I Apply if I owe any loan platform? 

You cannot apply for a loan on any of the platforms above if you owe any loan platform.

Conclusion 

In Nigeria, there are countless private loan lenders. However, getting to know the best and cost-effective ones is always a pain in the ass. This is what we have  addressed in this article. We are confident that you found it helpful. Got questions? We are in the comments section to give you  a swift response.