Today in this article we’ll be discussing the best personal loans in Nigeria for 2022 and also how you can apply and get personal loans in Nigeria and get approved.
A personal loan is a structured loan that is solely available for personal use alone. A personal loan is available from all retail banks in nigeria.
The consumer takes out a loan for a specific amount and repays it in monthly payments, including interest, at a rate that is set at the time the loan is taken out.
Getting a personal loan can help you in urgent circumstances to get access to quick money, that is why I have decided to bring you legit updates on the best personal loan for instant approval in Nigeria 2022.
All you have to do is to make sure you read through this post from the beginning to the end so you can choose the best out of my list.
We all have come to a point in life where we would have to borrow money just to meet our immediate needs. Maybe a business plan, Upcoming party, school Fees, or a need to change your haircut and many more.
But Then, you would not want to pick up your bag, go to a bank to secure a loan and then be hit hard by the high interest rate and that’s if the collateral doesn’t strike. Better still you could just borrow money from any of the best personal loans in Nigeria for 2022.
Many online lending platforms now offer quick and stress free access to small and medium size loans with instant payment, low interest rate and adequate repayment time frame and majorly no collateral.
In addition,these platforms are safe and also reliable and you could get a loan from your house, using their provided mobile apps.
In Nigeria,Securing a loan for personal or business purposes has evolved into a more easy process,no more long queues at the bank and many other obstacles.
With just your smartphone and internet connection, You can put in a loan request from any of the best personal loans in nigeria from this article. Above all, here are some notable and reliable personal loans that give loans instantly in Nigeria.
What are the Online Best Personal Loans in Nigeria 2022
1. Zedvance – Best Payday Loans Platform
Individuals in Nigeria can get personal loans from Zedvance, a consumer finance company. In collaboration with stores around Lagos, they also extend loans to groups and provide point-of-sale financing for consumer goods and appliances.
Zedvance provides two types of loans. Salary loans and Moneypal. Loans of up to N5 million are available to salaried individuals with a return period of up to 18 months.
To get a personal loan from zedvance, you must be able to pass the following requirements:
One Passport Photograph would be required, a valid means of Identification, Employee ID Card, Employment Letter and NUBAN Cheques or Direct Debit Mandate.
Loan amounts: to get is ₦5,000,000 with an interest rate of 4% – 20%. Loan tenure ranges from 3 to 18 months while it repayment platform is through ChatbotCheques or Direct Debit mandate
2. FINT – Best for P2P Loan
FINT is a platform that links creditworthy borrowers with lenders. Borrowers acquire loans at low interest rates, and lenders are paid back with interest.
You can apply for a loan on FINT by filling out the FINT Risk Assessment and Investors (Lenders) questionnaire, for which you will be charged N3,000. It will take 2-5 business days for your account to be funded once your loan has been funded.
You can get loans with interest rates as low as 2% per month. When your loan application is approved, you must pay an 8 percent commitment fee before the loan can be issued to your bank account.
You’ll be asked to provide bank Statements of at least 6 months, Proof of Employment/ Company ID, Proof of Identity (Passport, National ID, Drivers License.
The limited loan amount that would be disbursed to you ranges from N20,000 – N1,000,000, with an interest rate that is as low as 8% (Based on your risk score).
Loan tenure runs for 3, 6 & 12 months and an automated deduction would be made from your bank account during repayment session.
3. Standard Chartered Bank Nigeria – fast online personal loans in nigeria
A standard chartered loan is available for both nigeria and non non-nigerian citizens. How much do I need to earn to qualify for the loan? In order to qualify, you must earn a minimum of ₦30,000 monthly if you are a Nigerian and ₦50,000 for Foreigners.
You can borrow up to ₦20M depending on the organisation you work for and your income. All this would be noted during your application.
On registration, document required are a
completed application form, a bank statements for the last 3 months, Pay slips for the last 3 months and a letter of Awareness from employer to domicile your salary with Standard Chartered Bank.
Ages available to register is From 21- 60 years, and the minimum loan to expect is ₦175,000 and maximum of ₦20,000,000
ALAT is Nigeria’s first-ever digital bank, just like any other apps ALAT does not require you to visit its branch to get a loan nor does it require a physical location. To WOW you the more their response time between loan acceptance and loan disbursement is faster than how you could imagine.
How Does ALAT Operate?
Apart from lending you money,ALAT also offers other physical services such as Device-lending and the Goal-based loan program, which allows you to request a loan towards a specific goal, for instance if you want to get a new phone ALAT would help you achieve that with their Goal-base program.
ALAT Interest Rate | Which is one of the best personal loans in Nigeria.
Like I have told you, ALAT is one of the best loan apps with low interest rates in Nigeria. Their rate fee is structured to help you gain stability in paying back.
If you are a salary based person, you are eligible to receive about N50,000 and even up to N4 million while students are subjected to N5,000 – N900,000 with instant payment within hours.
In addition,you will have between 3 months to 24 months to pay back according to your schedule with only a 2% interest rate per month on a reducing balance basis.
ALAT also has special packages for students. They Build Your Side Hustle,make you Shop in Dollars and also Cut Cost on Movies. For this you just have to go to the cinema with the ALAT app and pay with the ALAT app at a discount Price.
ALAT offers Quick and Instant Loans, No Collateral Is Required, and Low-Interest Rate. They do not require paperwork, no visitation to any physical location, and the response time between your request and loan disbursement is just in minutes. You can now borrow as much as N2,000,000 without collateral.
How to apply for ALAT loan
To get an instant loan all you have to do is to Login to ALAT or just sign-up if you are new to the platform.
Click on the menu items, then on the drop down menu, click on ‘’Loans’’ make sure you must have read and understand the ALAT policies.
After checking your information, a loan offer is presented with duration and applicable interest based on your current risk score
You will have to understand that, ALAT will have your account debited for repayment at loan due date and provide your debit card details to be debited.
Then your account will be credited instantly. They are safe and easy to work with. Hope you liked that.
And number two of the best loan app in Nigeria 2022 with low interest rate is carbon (payback)
5. Carbon – best quick personal loans in nigeria
You can grow your small business or fix personal emergencies with affordable, collateral-free loans. Carbon, which everyone knows to be PAYBACK, is a simple money lending platform that gives access to loans instantly.
Carbon allows you to request and receive a loan effortlessly without any documentation and collateral. With this app, you can receive up to 20 Million with a low interest rate from 5% to 15%.
Apart from requesting a loan, Carbon also allows you to use the app to make payments like to recharge any network in Nigeria and also Pay bills for your services, and also transfer money.
Carbon, which is one of the best apps to borrow money, creates an easy loan process which is designed to fit your needs and help you grow. When you repay on time you stand a chance to unlock higher loan amounts and lower interest rates.
Carbon Zero Interest Loans Rate Feature
Carbon will reward you if you pay back your loans on time. You will get up to 100% cashback on the interest paid on all your 7 – 30-day loans, once you repay on time. I.e no interest charges at all.
How to apply for Carbon Loan
The first step is to download and install the app from the Google Play store or App Store. Then create an account,make sure you provide all correct details about yourself. Your personal details are safe and secured.
Then, Apply for your desired loan. Let them know how much you need. Your application would be reviewed. Once approved, your fund would be credited to your carbon account almost immediately.
Branch is one of the best loan apps in Nigeria in 2022 with low interest rate. You can borrow up to N200,000. Although the minimum you can receive from this platform is N1000. Branch repayment schedule is within 4 – 40 weeks,with little interest.
The interest you’ll have to pay depends on the user repayment history and amount you borrowed. In Nigeria, loan amounts are from N1,000 – N200,000 monthly interest between 1.6% and 23%.
They don’t charge late fees or rollover fees, nor don’t put restrictions on how you spend your money. Talking about customer service,they have 24/7 customer service.
How to apply for branch Loan
To get an instant loan from Branch, all you have to do is to Download the Branch app from Google play store. Create your account. Make sure you Fill out the form correctly and submit for a quick review.
After the review you can then apply for a loan that meets your needs. If you are approved,the loan would be sent to your mobile money or bank account in minutes. Repay with your mobile account, Build your credit to unlock larger loans.
With this app you’ll Never have to go broke again, No long queues, No bulky signs of documents.with just your smartphone and QuickCheck App You can receive loan from anywhere.
This is one of the best loan apps in Nigeria and this is because their procedures of borrowing money is really a great one.
You will have access to quick cash loans at single-digit interest rates, anywhere, anytime. This personal loans app helps Nigerians access instant online money without collateral and it works easier than thought.
QuickCheck aims at offering digital and financial services to help you get closer to your personal and business goals. You can choose when to pay back and also You can borrow money up to 200,000.
Honestly, I have never seen such an amazing App before. Prompt response, quick loan dispensation, payment, and prompt loan disbursement. If there is a 100 stars rating, I will humbly obliged.
8. Aella Credit
AellaCredit gives real money. They focus on employee lending and allow its users to receive quick loans with a monthly interest rate of 6% to 20% and require loan repayment within 3 months.
Apart from granting loans, AellaCRedit also provides other financial services like investments, bill payments and affordable insurance services. With Aella, all these are available at the snap of your fingers.
All they need from you is your phone details,Contacts,SMS logs and GPS data. You do not need to appear physically to request their loan.
How to Apply for online personal loans in Nigeria
When applying for a personal loan in Nigeria, there is no standard approach; instead, most lending platforms have their own procedures, therefore it is recommended to read over all of the basic requirements.
But then these procedures below would get you prepared to apply for a personal loan in Nigeria 2022.
1. Decide How Much to Borrow: It’s important to remember that when you borrow money, you don’t only pay back the money you borrowed, you’ll pay interest or on the money you borrow, with the exception of that 0% credit card that is paid off on time.
2. Check Your Credit score: Check your credit ratings and receive current credit reports from major credit reporting agencies or your bank before applying for a personal loan, as personal loans are strongly reliant on your creditworthiness.
3. Check Your Eligibility: Visit lender websites or contact to see whether your financial profile qualifies you for a loan from that particular lender. Find out whether there is a minimum credit score requirement and if there is an income limit.