Searching for how to access quick loan in Lagos? Anyway, one of the most difficult things to get in Nigeria is to access loan from the commercial banks. There are lots of bottle necks with getting loan from the commercial banks.
Even when you’ve a bankable business plan, they must have a reason to say no. If at all you make your ways through the top shots, the interest rate is nothing to write home about.
Is all hope lost? I am glad to inform you that there is hope. In fact, there is an easy and very affordable way of accessing quick loan without collateral in Nigeria.
Before providing you with comprehensive list of fast cash loan Lagos, I’ll like to tell you things you shouldn’t do with a loan.
Recently, due to lack of salaries from government a lot of civil servant decided to go into small scale business. In a bid to start, they were busy searching for where to get soft loans in Lagos. Most of them that I advised not to borrow money to start a business that refused are regretting it today.
So, if your intention is to access quick loan and start a business then have a rethink. Please don’t get me wrong. I am not discouraging you from starting a business. Instead I’m advising you to start with whatever you have and if it works then you can borrow to expand.
Therefore, these quick online loans in Nigeria platforms are designed to help you solve your immediate pressing family needs.
Factors to Consider Before Applying For Quick Loans in Lagos
Terms and conditions
Experience has shown that lots of people don’t bother reading terms and conditions of these quick loan providers. This is because of desperation, all they need is money and many of them end up regretting badly. So, take all the whole time you have to read the terms and conditions.
Interest Rate and Flexibility of Payment
The interest rates and flexibility of payment is a very big factor to consider if you’re considering using any quick loan in Lagos platform. As a rule of thumb, don’t go for loans with interest rate more than 5% monthly.
Also, don’t go for loan that have very short period of paying back. That doesn’t mean you should hold on to their money for long time. Anyway, the longer you hold their money the more interest will accrue. So, be very calculative before going for quick online loans in Nigeria.
Assuming you have gotten the messages I tried passing above; let’s take deep look on each quick loan in Lagos provider below.
Quick Loan in Lagos –Top 3 to Pick From
Paylater is the Nigeria’s best and fast loan platform for now because it is open to all. You can apply from every part of Nigeria without restrictions. They provide quick loan without collateral as long as you’ve a valid BVN.
Their interest rate and payment mode is flexible, which is why almost everybody goes for them.
How Does it work?
To access their loan you must start with downloading and installing paylater App from Google playstore. Immediately after installing, you launch. A page will open where you’ll input your details such as state of residence, age, home address, state of origin, and almighty BVN.
Initially people were skeptical of in putting their BVN but now they have proved to be genuine. Again, they can only track defaulters through their BVN details.
Therefore, make sure the information you provide in paylater platform tallies with your BVN details. If you’re new to their system, you can only access the sum of N10, 000 for a start. Your ability to pay off on time will increase your credit score, which means you can increase the amount next time.
As I earlier said, the whole process of downloading their APP, installing, launching and applying for loan does take more than 15 minutes. That is why they are the quickest loan in Lagos provider today.
Renmoney is another reliable quick loan in Lagos provider. It is registered as RenMoney microfinance bank, which is an evidence of integrity. They offer loan without collateral or guarantor.
Their services are similar to that of paylater. The difference is that their payment plans spans up to 12 months. Also, you can access up to N500, 000 as long as you meet their requirement.
Their requirement is that you must be gainfully employed and must reside in Lagos. You must be of age at least 22 and maximum of 59 years.
The disadvantage of using this quick loan in Lagos platform is that they have flat rate interest. Which means even if you partly liquidate your loan, the interest remains at the initial value of the loan.
Also, they only accept people residing in Lagos. There services do not have nationwide coverage.
Third on the list is ZedVance.com. They also provide quick loan without collateral and equally provide over the counter loan. This means you can visit their office if you’re not good with online form processing.
To qualify for fast cash loan from ZedVance you must be in a paid employment. Your age bracket should be between 22 and 55. You must have an active salary and pension account.
My problem with ZedVance is that their payment plan is not flexible. You can’t change the payment date as scheduled from the date of borrowing.
However, changing the date of repayment attracts more charges, which may not be healthy for you. The good thing about ZedVance is that you can apply from every part of Nigeria.
Quick Loan in Lagos – Wrap Up
Obviously, these quick loans in Lagos platforms are designed to help people out of immediate needs. Though, they promised to give out quick loans without collateral but remember your bank and pension account serves as one.
After going through so many of them I still recommend paylater because of the flexibility of accessing loan.
The information on soft loans in Lagos and quick loan in Lagos without collateral here is for information purpose. I am not anyway affiliated with any of them.
Therefore, any inquiry should be channeled to their website through the links provided above.
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