Before we present the list of places to get unsecured loan in Nigeria I will like to first, define what is loan, type of loan and some terms attached
What is loan?
Loan is the exchange of money between two parties where by one party is the giving party also known as the lender and the second party is the receiving party also known as the borrower. The second party which is the borrower sometimes is required to present some documents as a collateral or garantor before he/she can be given loan, meanwhile he must pay back the money borrowed with additional money called interest at a fixed and agreed date in the future.
What are the types of loan?Loans are typically categorize into secured or unsecured. A secured loan involves pledging an asset (such as a car, boat or house) as collateral for the loan. If the borrower defaults , or doesn’t pay back the loan, the lender takes possession of the asset. An unsecured loan option is preferred, but not as common. If the borrower doesn’t pay back the unsecured loan, the lender doesn’t have the right to take anything in return.
According to investopedia, an unsecured loan is that issued and supported only by the borrower’s creditworthiness, rather than by any collateral.
In simple and plain language, a loan is said to be unsecured when it does not require or being backed up by collateral of any kind. These kind of loans are as well referred to as soft loans.
Say Mr. Kenny is in financial need of $150 to pay his apartment fees, he probably got referred to a credit facility outfit who could offer him assistance with this sum. In cases like this, Mr Kenny may not be required to provide collateral as a backup for this loan, however could require he gets a guarantor etc, which is very easy to get than keep a collateral he might not afford.
15 place to Get unsecured loan in Nigeria
with recent improvement in digital financial services in nigeria, one can easily access unsecure loan provided you know how to go about it.
Below are listed of sources where you can easily get unsecure loan
The companies will be listed based on track records so far in financial service delivery considering how they have satisfied individuals in short term financial needs.
- PAYLATER UNSECURED LOAN Paylater now known as carbon is one for the most effective ways to access an unsecured loan in Nigeria.Paylater is a simple online lending platform that provides short-term loans to help you cover unexpected expenses or urgent cash needs.It can be accessed 24/7 a day and can know your application status almost instantly on application, this platform however, requires you have an android device.One of the reason I recommend paylater is that guarantor, collateral or application fee are not required,
- GROFIN UNSECURED LOAN
Grofin is a private development institution specialized in financing and supporting Small and Growing Businesses (SGBs) across Africa and the middle east by combining medium term loan capital and value added business support.
Grofin is mostly ideal if you are sourcing funding for your Small and Medium Enterprise, specifically in Africa, they provide you business solutions with an eye to the African all round financial inclusion project.
Their activities had overtime brought about improved living conditions in low and middle income countries.
Grofin was established in 2004, and since then had invested in over 675 SMEs across 14 countries.
Do not waste this opportunity, kindly click here to visit Grofin and start your application. You do not need collateral to access this loan.
- QUICKCHECK UNSECURED LOAN this is basically a Nigerian Fintech Startup with the responsibility and aim of providing banking services to the under served. Build by people who work towards solving real world problems including your unsecured loan. Looking at a population with no access to proper banking services, they want to fill the gap.
They use machine learning to predict user behavior and evaluate loan applications. This has been their competitive advantage ahead of traditional banking being that they match current market trends.
- PALMCREDIT UNSECURED LOAN Palmcreditis an adroid app that makes getting a mobile loan very easy in Nigeria, with Palmcredit you can access a short-term loan without collateral.Visit their website www.palmcredit.com to learn more
- SNAPCREDIT UNSECURED LOAN
this system provides instant credit solutions to employees. They collaborate with employers of labor to provide employees’ with an online platform to access loans.
Snapcredit eliminates all the hassle and gives employees’ instant 24/7 access to credit at a very competitive and fair rates. To learn more visit www.snapcredit.com
- CREDITVILLE UNSECURED LOAN
with Creditville you can get an urgent unsecured loan in your account within 48 hours of application, documentation confirmed Ok.
You have the grace to pay back in full at any time if you so wish without any penalty, you can as well apply for a top-up loan without a waiting period.
They operate a low interest unsecured personal loan, no hidden charges involved. The online application is very easy without collateral, identifying them as one of the best credit companies in Nigeria. Visit www.creditville.com to know more.
- KIAKIA UNSECURED LOAN
Kiakia utilizes Psychometric, big data machine learning and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.
This platform makes it possible for business people to receive loan easily, it enable people receive loan as quick as possible without collateral, go here to start your application.
- C24 UNSECURED LOAN, c24 understands how it feels to be down and out of cash, to this end they created a simple way to get back up on your feet almost immediately and actualize opportunities, they give loan without collateral.
The work with this drive to provide first class financial services in an atmosphere of transparency with competitive interest rates and a simplified repayment structure.
They however only operates within Lagos at the moment with a vision to expand their boundaries soonest.
- ZEDVANCE UNSECURED LOAN Zedvance Limited is a consumer finance company. They are committed to providing consumer credit to their target market in the most effective and efficient way while upholding best practices without collateral.
With a vision to be the retail banking experience of choice in Africa, surrounded around a mission of providing customer-centric financial solutions for all strata of the market, through user friendly technological innovations.
- LIDYA UNSECURED LOAN
Lidya is a financial services platform to improve access to credit and finance across frontier and emerging markets starting with Nigeria.
It was launched in November 2016, with a mission to close that yawning credit gap, both in Nigeria and across emerging markets where there is $2.6 Trillion SME credit gap worldwide. It offers unsecured loan as well.
Lidya assists businesses who are looking for $500 to $50k in working capital, application is online or via mobile phone, get a decision within 24 hours.
- AELLA CREDIT UNSECURED LOAN
it provides instant loan to Africans who can prove a source of income either through their employers or individually. We are at the forefront of financial inclusion and empowerment of the under-banked. Download Aella app from Google play store and start your application.
- BRANCH UNSECURED LOAN
Is a bank in your pocket, there for you at all times. Their service is credit, they use technology to dramatically reduce the cost of delivering financial services in emerging markets. Visit branch here and commence application.
- ALAT UNSECURED LOAN
this is Nigeria’s first fully digital bank. ALAT allow you to make and schedule transfers, save and pay bills automatically, get your bank card delivered to you anywhere in Nigeria, get a virtual dollar card, get up to 10% interest on your savings and apply for quick loans without collateral.
Check out Alat here and register.
- KWIKCASH UNSECURED LOAN
Kwikcash is a service that allow you get quick loan from N1k to upward of N100k credited to your account in few minutes.
Never get stranded again, kwikcash is always an option and works only for 9mobile subscribers, simply dial *561#, select from range of loan amount, confirm your bank, enter your account number and your account gets credited, it’s that easy.
- SMEDAN UNSECURED LOAN
the idea of Smedan is to create a data base of information in all the 36 states of the federation. It has a specific objective to identify the types of credit facilities available in the financial institutions in each state, find out if there’s a credit facility actually tailored for women by financial institutions as well as challenges faced.
Synopsis of best places to get unsecured loan in Nigeria:
Now let’s discuss some basic terms about unsecured loan:
Unsecured loans example: These are loans used for school fees, rent, hospital bills, emergency and even small business startups. The draft you get from the bank is an unsecured loan, the funds in your credit card as well is termed an unsecured loan. Given on the premise of your sound financial character and ability to pay back.
Unsecured loans for bad credit: There are no specifically loans backed by this claim, however, a loan can go bad either secured or unsecured. The distinctive point there is that the loan eventually goes bad, which has to be written off.
Unsecured loans rate: Now this is one aspect people tend to dwell on while trying to access unsecured and secured loan. Generally two factors determine to a great extent what a rate should be in loan assessment. These factors are duration for payment and security. The principle here is that the rate payable for an unsecured loan tend to be a bit higher, being that there’s no collateral to back it up and in most cases you have a long duration to pay back.
Unsecured installment loan: is the practice of paying back such loan in installment, you have a grace to pay gradually a certain amount until you are able settle in full all accrued and the principal. However, there’s no special place in the balance sheet for an unsecured loan, loans are treated evenly except when they go bad to be written off.
Now with the information shared on this article, one can not overemphasize how loans can help sustain individual needs as well small enterprises in a time Nigeria is vigorously routing for financial inclusion to better the quality of lives. Are there challenges you are facing with any loan company in Nigeria, are there areas you wish to get further clarification, share your thoughts and experience if any.
The positive possibility of loan on lives and business can not be overemphasize as any businesses which want to advance to it’s next level always make used of loan either from government firms, financial institution or friends & family. The major problem is that only few people know how to effectively use loan. So learn more about loan here.