You can get instant loans before you finish reading this post if you want. Yes, reading this post to the end requires an average of 6 minutes, and you could get a loan before you read this post to the end.
You could get instant loans for health emergencies, business growth, house rent, overseas trip, school fees, family feeding, social events, and any other things you can use money for.
There is no point going to banks to borrow money because they won’t borrow you. They will tell you that you do not qualify and the collateral they will impose on you will send you running out of the bank.
You must also jettison the idea of going to cooperative societies to borrow money because it won’t work; they require that you become a member for at least six months before they lend you double of what you have as savings with them.
But you can get instant loans today, right now, and without any collateral. The caveat, however, is that you must have a smartphone. With a good smartphone with enough memory space, you only need to download the mobile apps of the lenders to your phone to access quick loans. You can visit Google Play if you use an Android smartphone to download the lenders’ applications to your phone.
Some of the most popular and tested online money lenders are –
- Carbon (formerly Paylater)
- Branch
- Fairmoney
- Palm Credit
- Aella
- Eloan (Sokoloan)
- Kwikcash
When you download the apps of these lenders from the Google Play store to your smartphone, you must run/open the apps and grant the necessary permissions they request before running on your device. These permissions include access to your phone contacts, messages, and location among others.
You must then fill out your personal details on the forms to get started. The personal details you will fill out include your phone number, personal names, date of birth, residential address, name, and number of a guarantor, and your job details among others.
Sometimes, your photo may be required at which case you upload your picture or take one with your phone’s camera.
As soon as you complete the forms, you will be taken to a section where you will input your bank account details and BVN for payment of your loan. You will also be taken to a section to enter the actual amount of loan that you require.
Depending on your credit worthiness or how active your bank account is, you may be offered a loan amount of N10,000 or lesser on your first attempt, and you may be offered up to N25,000 or more depending on how active your bank account is.
The appropriate interest rate will also be displayed alongside the initial loan offering for you to view and accept if you like it. For instance, if you are offered an initial amount of N10,000 the interest rate of N2,300 may apply if you are allowed 30 days for repayment. The interest rate is commensurate with the amount offered – meaning that the higher the loan, the higher the interest rate to be applied.
In many cases, first lenders are restricted to make repayments within one month. But subsequent lending unlocks higher amounts with longer repayments periods of up to six or eight months.
When customers default on repaying or make late repayments, they are penalized with a reduction in the amount offered on their next loan application. So it is best to pay before the due date to avoid late repayments.
The easiest and fastest way to make repayment is through the lenders’ apps on your smartphone. Just deposit the amount to be repaid in your bank account and then tap on the repayment button in your mobile app, and the due amount will be deducted and your status updated accordingly.