Instant mobile loans is now a thing in Nigeria and there are obvious reasons for this.
A lot of Nigerians live from hand to mouth. Many do not have savings, and a large percentage of the country’s population live below the poverty line.
The Nigerian economy is one of the largest in Africa.
The country is blessed with so many resources yet the populace find it hard to thrive — the country is rich but its citizens are not rich.
The chasm between the upper and lower class citizens is enormous.
Even the bourgeoisie are not left behind as it is very easy for them to drop down the ladder if they are not diligent with their work.
A recent report released sometimes back revealed that quite a number of Nigerians live below a dollar every day. That is how bad it is.
It is safe to say that Nigeria has not realized her true potentials economically.
That said, there are so many reasons why the people of Nigeria opt for quick mobile loans.
Top of the list is inflation.
The country’s inflation figures are staggering.
Figures released in May 2019 shows that the country has hit double digit inflation figures.
This negatively affects the cost of living and standard of living of the populace.
Even before the next payday, quite a number of Nigerians are on the lookout for financial aid.
A financial aid for a Nigerian can come in any form but the most popular is fast mobile loan.
The people of Nigeria are quick to run to these financial institutions for succor in the form of online mobile loans.
These institutions leverage on this and charge enormous amounts as interest and charges knowing full well that the people are helpless.
How does online mobile loan work in Nigeria?
Usually, the amount you are eligible for is a function of how much you earn or your net pay.
Many of the top Nigerian banks have a low risk rating.
Hence, they do not give out more than necessary as instant mobile loan.
Also, if you do not have a banking relationship or an existing salary account, you may be ineligible for mobile phone loans.
The banks want to be sure that they can recoup their funds.
Typically, the interest rate varies from one financial institution to another as far as instant mobile loans is concerned.
Each institution has the right to choose an interest rate that they feel customers will be okay with.
However, this is subject to approval by the CBN (Central Bank of Nigeria), the country’s apex bank.
To obtain mobile phone loans in Nigeria, all you need to do is to dial a specific USSD code.
All loan facilitators have a specific USSD code that their customers must dial to confirm eligibility.
If ineligible, you will discover through a quick prompt or follow-up message.
The message will also state in clear terms what you need to do to be eligible for such a loan.
Also, if you are eligible for instant mobile loan, your eligibility amount will be disclosed to you alongside the repayment plan, interest rate, and service charge.
If you are satisfied with the terms and conditions of the offer, and you have read the disclaimer, you can proceed to requesting for the amount you desire.
Your eligibility amount will be credited into the bank account linked to your BVN (Bank Verification Number).
Liquidation of online mobile loans in Nigeria is mostly done through the bank account through which your salary is paid.
Failure to pay back at the appointed time would attract extra charges.
Note that if you take a quick mobile loans in Nigeria and fail to payback, you will find it difficult to make subsequent request. In fact, you can be disqualified for all future loans.
7 Most popular mobile loan Apps in Nigeria – Access The Loans Via USSD Codes
There are so many mobile loan apps for Nigeria due to the increased demand for the product.
For many banks, this is one source of income.
Banks in Nigeria make huge profit and generate massive revenue by giving out loans to needy customers and it doesn’t look like they will be stopping anytime soon.
Just so you know, instant mobile loans cannot only be gotten by dialing a code but through mobile loan apps too.
As a customer, you can view all available loan products by downloading the mobile loan apps you wish to borrow from in play store.
Below is a list of the most popular mobile loan apps in Nigeria 2020.
1. Payday loan by Access Bank.
This is one of the most popular instant mobile loans in Nigeria.
To obtain this loan or confirm your eligibility status, you only need to dial the USSD code for Access Bank *901*11#.
The loan is available for customers who have an existing salary account relationship with the bank.
Other federal and state workers can also apply provided they are willing and able to meet the terms.
Access bank will give you up to 75% of your monthly salary.
The good thing about this mobile loan product is that it offers you a flexible repayment plan.
Access bank expect you to payback within thirty days or your next payday; whichever comes first.
Fees involved when paying back payday loans include: – interest rate, liquidation charge, value added tax, and service charge which add up to about 5.2% of the loan
The loan liquidation will be done from the bank where your salary account is domiciled.
2. Quick Credit by Guaranty Trust Bank.
To obtain the Quick Credit loan by GTB Nigeria, simply dial the short code *737*51*51#.
Repaying this loan shouldn’t be an issue because liquidation and repayment is spread over a period of six months to one year.
There are no hidden charges as far as this instant mobile loan is concerned and the monthly interest rate is 1.75%.
Unlike the payday loan from Access Bank, the Quick Credit is available for both salary earners and non-salary earners.
The fact that you can request for as low as ten thousand naira further confirms this.
If you are less than 18 years of age on the day of application for this loan, your request will be declined.
Furthermore, you must not exceed 59 years of age on the day the loan is expected to mature.
If your application for this loan is approved and confirmed successful, the inputted amount will be disbursed to your recognized Guaranty Trust Bank account Nigeria.
Self employed individuals can also obtain as high as #1,000,000 (One million naira) of quick loan.
However, if you earn a substantial income as salary, your eligibility amount is #5,000,000 (Five million naira).
Your application for this quick mobile loan for Nigeria will be denied if you are indebted to the bank or another financial institution.
Your request will also be denied if you have a history of dud cheque.
3. Alat Loans by Wema Bank.
Alat is an initiative of Wema bank – one of the top tier-2 banks in Nigeria.
You can get up to NGN. 200,000 (Two hundred thousand naira) loan on this app without any collateral or paperwork.
To subscribe to this product, you only have to download the Alat Mobile Loan App on Playstore and register.
Upon successful registration, you can click on the loan tab which is conspicuously located on one corner of the app.
It doesn’t take long for your account to be credited when you request for this loan.
Upon maturity and successful liquidation, you will be duly notified via the Alat app.
Obtaining a quick loan on this platform is not difficult.
To be eligible, your age must not be less than 22 or greater than 59.
This loan is not meant for people who do not have an income source or a stable job.
Through this platform, you can obtain a loan as high as NGN. 4,000,000 (Four Million naira).
RenMoney Loan Repayment is flexible and it is spread across nine months.
The interest rate for this product is between 4% and 4.5% per month.
5. Zedvance (Instant Online Loan in Nigeria without collateral).
Zedvance shares a lot of similarities with Renmoney.
You must have a salary account before you can be considered for this loan.
To pay back, you can either issue a cheque or a direct debit is done from your bank account.
The maximum tenure for this loan is 12 months and interest rate varies from 4% to 4.5% depending on how well you are able to negotiate.
Your eligible amount is a function of your net pay.
A valid regulatory ID card and a recent utility bill are some of the requirements for this loan.
Request for the Zedvance loan can be done on the internet.
6. Kwik Cash Instant Mobile Loans Nigeria.
The good thing about Kwik Cash is that you can choose the means through which you want to make the loan request.
Whether it is the Kwik Cach mobile loan app, USSD code or internet option, you are good to go.
You can make request of up to NGN. 15,000. Repay the loan in 2 weeks to get another.
The requirements for this fast mobile loan for Nigeria are basic — albeit the repayment plan is not spread over a long period of time.
Kwik Cash can best be viewed as a loan option designed to meet your short term needs.
Your Bank Verification Number (BVN) is what qualifies you for The Kwik Cash instant loan product.
7. Rosabon Finance Nigeria Quick Loan App.
Rosabon is one financial institution that has continued to support small and growing businesses in Nigeria.
The company is now one of the top providers of personal loans.
If you do not have a job, this loan is not for you.
Interest rate is between 4% to 6% per month and you must have a tax ID or pension account to be eligible.
Bonus List – 3 More Instant Mobile Loans Apps for Nigeria.
- Sokoloan by SOKO LENDING COMPANY LIMITED Nigeria.
SokoLoan Customer Reviews.
Branch Instant Mobile Loans Nigeria.
Customer Reviews of Branch Instant Mobile Loans – Via Playstore.
Branch is a business operated with a golden heart. Their flexibility is second to none. Very compassionate. Minimal interest rate & zero interest on late payments. I give kudos to the promoters. It’s very convenient to all classes in the society. Ezinwa Nwokocha.
Branch International initial registration is simple and not much of documentation. My first offered loan was very small that I almost rejected it. In my sincere opinion the interest rate of 20% is rather too high for a loan to be liquidated within 28 days of taken the loan, with 1st payback on the 7th day of loan. The management should look into the interest rate charged and the payback period. Please have the interest of your clients/customers at heart. Thank you for being there for us… Emmanuel Oluwaseun via playstore.
Read more reviews of Branch Loan in Playstore .
Rapid Cash by Rapidcash Nigeria.
Customer Reviews of Rapidcash – Via Playstore.
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