Need A Loan? These Nigerian Startups are Making it Easy to Obtain Loans

We all can relate to how challenging it is to obtain loans from banks in Nigeria. From the endless processes to high interest rates, collaterals and all, it’s a nightmare for millions of Nigerians.

But all that is changing, and it’s now possible to obtain a loan within 24hours.

A number of FinTech startups have sprung up to provide lending solutions, making it possible for the financially undeserved to obtain loans with ease, hence ensuring financial inclusion.

Here are a few them:

• QuickCheck

QuickCheck is a modern app-based lending platform using technology to deliver financial services to individuals and small businesses.

Users can access quick and hassle free loans of up to 30,000 Naira without any collateral for a duration of either 15 or 30 days.

• KiaKia

KiaKia is a direct and P2P lender that uses technology to provide direct personal loans at flexible rates, and also match borrowers with individual or corporate lenders at mutually-agreed rates.

Launched in November 2016, the platform aggregates digital data and utilises machine learning, digital image forensics and psychometry to perform credit scoring and risk assessment services, to qualify and grant consumer and SME borrowers loans.

With improved credibility, borrowers are able to make their own interest rates offer to selected lenders while KiaKia takes a little fee for that.

• PayLater

PayLater is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs. You can apply for a PayLater loan 24 hours a day, 7 days a week.

For a first loan, users can borrow up to N10,000 for a period of up to 30 days at a rate of 1% daily. For returning customers, you can borrow up to N30,000 at a rate as low as 0.5% daily. The more times you take a Paylater loan and repay on time, the loan you can request for.

• The Advancer

The Advancer is your one stop, online solution to those cash flow crises that occur between pay days. The platform is an alternative lending platform that provides collateral free credit solutions to Nigerian salary earners.

Users can secure assured advances or request project financing in minutes, and all they require is a clear scanned copy of National ID, Work ID and a proof of salary for the last 3 months. The Advancer charges a flat rate of 7.5% monthly interest irrespective of how much you borrow.

• Kudimoney

The online lending platform provides short term credit for salary earners in Nigeria.

With an aim to provide Nigerians with access to easy, transparent, and flexible loans, Kudimoney sources its loans from third parties, and allows creditwothy borrowers apply for fixed-rate, no-fee personal loans of up to N1,000,000 over a  6 month period, at a low interest rate of 2% per month.

• GroFin

GroFin is a daevelopment financier specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East.

With an aim to help small an growing businesses develop, they combine medium term loans and specialised business support to grow emerging market enterprises, and offer access to loans of between US$100,000 and US$1.5 million.