It is one thing to get a loan and another thing to retain your peace of mind after the transaction.
Several Nigerians have been embarrassed by these online loan apps for failure in meeting up with a life-threatening deadline.
You don’t need a loan platform that asks you to repay in a few days, at least not today!!
Good thing, the Federal Government of Nigeria has withdrawn the rights of these loan apps from accessing people’s contact and privacy.
Nobody will message all your contacts anymore.
Better still, you need to get a loan from a platform that gives you a good time to repay.
The focus of this article is to bring you a reliable list of online loans with monthly payments in Nigeria
Which of these would be your favorite in bringing convenient solutions to your financial struggle?
Let’s check them out!!
List of Online Loan Apps with Monthly Repayment
- Specta
Specta from Sterling Bank gives a window of 1-12 months for repayment, but if a borrower fails to keep to schedule, a Penalty fee of 1% is attracted.
That aside, it offers first-time loans of up to ₦5,000,000 without collateral and paperwork, with an interest rate of 1.5% to 30%.
- Fairmoney
With Fairmoney, you can get one of the largest first-time loans available, you can borrow up to N3 million and also get about 24 months window for repayment.
With good repayment behavior, you can scale up the amount you can borrow, as well as the repayment tenure.
The app requires no collateral, and loans can be repaid within 1-24 months, depending on the amount you chose.
Fairmoney provides one of the quickest and easiest application processes for its customers, which makes it one of the people’s choicest loan apps in Nigeria.
- Renmoney
When you talk about online loans with a monthly repayment plan, talk about Renmoney.
A low-interest loan app in Nigeria that offers loans of up to ₦6,000,000 and a repayment plan of 3-24 months without collateral and paperwork.
With Renmoney, all you need is to meet their criteria and apply, you’ll get credited within 24 hours.
- Palmcredit
Another loan app in Nigeria that offers a monthly repayment plan is PalmCredit, with about 5 million active users, the platform offers loans of up to ₦300,000 without collateral, paperwork, or hidden fees.
You also get a friendly repayment tenure of 3-12 months, depending on the amount you borrowed, and an interest rate starting from 4% to 24%.
- Aella Credit
Aella Credit is another loan app in Nigeria that offers loans of up to ₦1,000,000 without collateral.
Borrowers are given a time frame of 3-6 months, and the loan app has a low-interest rate of 2% to 20%.
You can invest and save on the platform, allowing you to earn interest on your savings.
- KiaKia
KiaKia is one of the household loan apps used in Nigeria that offers about 6-18 months tenure to repay loans of up to N10,000-N200,000 for first-timers.
If you’re able to repay as stipulated, you’ll get more loanable funds the next time.
Interest rates range from as low as 12% and as high as 40% which depends on the amount you borrowed.
- Branch
With Branch, you can enjoy a flexible repayment period of 1-5 months and an interest rate of 15% to 34% as the case may be.
Branch also offers loans of up to ₦200,000 without collateral, with a chance of increasing your limit, if you pay back on time
There is an investment and save opportunity on Branch where users earn interest on their savings.
- Quickcheck
If you’re looking for a loan with a repayment period of 1-12 months and an interest rate of 1% to 25%, here is Quickcheck.
A loan platform in Nigeria that offers loans of up to ₦200,000 without collateral.
For a new customer, you can only access ₦10,000 and gets a larger amount as you keep to the repayment terms.
- Lidya
With a repayment tenure of 3 to 36 months and an interest rate of 3% to 4.5%, Lidya has helped businesses secure loans of up to ₦35 million without collateral.
A successful application gets about 48 hrs to get credited.
Lidya has helped a lot of start-ups to access the capital they need to grow their business, in the area of, farming, real estate, hospitality, and the health sector
- Rosabon Finance
This platform operates with a repayment period of 3-18 months and an interest rate of 4.5% to 6%.
They stand out as one of the loan apps in Nigeria today that offers loans of up to ₦3 million without collateral.
Its successful loan applicants are completely credited within 48hrs,
Rosabon Finance has in-app investments and saving features, which lets its users invest, earn, and save their money on the go.
- Credit Direct Limited
If you’re thinking of getting a loan from this platform, you should know that the repayment period is a feasible tenure of 1-36 months.
You can get up to ₦5 million without collateral and can get credited within 24hrs of application.
Apart from using the app, the platform has integrated a Ussd Code.
*5120# is the code to get started.
- FINT
Users of this loan platform get a repayment period of 1-12 months and an interest rate of 2.5% to 30%.
You can get up to ₦500,000 in loan without collateral, if you need to quickly rescue your business from collapsing, Fint is the loan app you need.
That’s not all, you can invest your idle funds with a good return on investment (ROI) and savings features.
- C24 Limited
In C24, you can get up to ₦7million without collateral and also get repayment tenure of 5-8 months at an interest rate of 4% to 4.5%.
With about 100,000 downloads, the C24 Limited loan app has been the help Nigerians needed to acquire personal and business loans on the go.
- Quickcredit
Aside from the fact that you can borrow up to ₦1 million at an interest rate of 5% to 10%.
You stand a chance to choose your most preferred payment tenure, which may run into months, and your account gets credited immediately after your loan is approved
All of this happens without collateral.
- Page Financials
On-Page Financials, you can borrow and pay within 6-12 months, at the interest rate of 3.5% to 5%.
They offer loans of up to ₦5 million to their applicants without collateral.
Moreso, You can benefit from the investing & savings opportunities, if you don’t know what to do with your money.
While these are not all online loans with monthly payments in Nigeria, you are advised to do proper research about each of the loan apps.
So you can make an informed decision and choose the best app for your budget.
Benefits of Using Loan Apps in Nigeria
- Convenience
One of the biggest advantages of online loans with monthly payments is their convenience.
Unlike traditional loans, which require individuals to visit physical bank branches to apply, online loans can be accessed from the comfort of one’s home or office.
This convenience saves time and eliminates the need to travel long distances to apply for a loan.
Moreover, online loans with monthly payments have a straightforward application process.
Borrowers only need to fill out an online form with their personal and financial details and submit it for review.
The lender will then verify the information and provide an offer based on the borrower’s creditworthiness.
- Flexibility
Another advantage of online loans with monthly payments is their flexibility.
Traditional lenders usually have strict repayment terms, requiring borrowers to make fixed payments at fixed intervals.
In contrast, online loans with monthly payments allow borrowers to choose repayment terms that suit their financial situation.
For instance, borrowers can opt for longer repayment periods to reduce the amount of their monthly payments.
This flexibility allows borrowers to budget their finances and make payments without straining their income.
- Low-interest Rates
It’s possible to get loans at a lower interest rate from these online loan apps than traditional loans.
This is because online lenders do not have the same overhead costs as brick-and-mortar lenders.
As a result, they can afford to offer lower interest rates to borrowers.
Additionally, some online lenders offer lower interest rates to borrowers with good credit scores.
This makes them an attractive option for individuals who want to reduce their borrowing costs.
- No collateral required
You can get a loan from these platforms without providing collateral to secure them.
This is a significant advantage for individuals who do not have assets to pledge as collateral.
It also eliminates the risk of losing one’s assets if they default on the loan.
However, it is important to note that unsecured loans often come with higher interest rates than secured loans.
Borrowers should, therefore, carefully evaluate their financial situation before applying for an unsecured loan.
Final Thoughts
No doubt, online loans with monthly payments are an excellent solution to financial struggles in Nigeria.
They’ve come a long way in helping out.
At least, you can get a loan and repay in good time and not within a chokey duration.
Moreso, they offer convenience, flexibility, and low-interest rates, and do not require collateral.
However, you should exercise caution when applying for online loans and ensure that you only borrow what they can afford to repay.
Do your comparison on different lenders and their terms to find the best loan offer.
With proper research and planning, online loans with monthly payments can be a useful tool for scaling up your business and finances.