Top 6 Loans for People with Jobs
This article discusses loans available to Nigerian wage earners. Do you receive a wage in Nigeria? Do you work for the Nigerian government or for private businesses? You require loans to launch a business, pay your rent, or purchase a car, but you are unsure of where to find loans with the lowest interest rates.
Read the entire story. You can get your loan at the cheapest or lowest interest rates by using the loan apps, microfinance banks, or commercial banks I’ll be providing with you in this article. I’ll discuss a variety of online loan applications in this article.
Also, how simple it is to obtain loans from them in terms of the conditions you demand. You should thoroughly read each one before selecting the one that best suits you.
Here are the best online loan applications in Nigeria for salaried individuals with the lowest APRs.
Top 6 Loans for People with Jobs
1. fair Money
Another well-known digital bank in Nigeria that provides loans to wage earners is called Fair Money. Despite having been formed back in 2017, it only lately began to gain popularity. You can apply for a loan using Fair money, and within minutes, you’ll have the money in your bank account.
If you meet the requirements, you may be eligible for a loan up to 1,000,000 NGN. Similar to Kuda Bank, Fair Money does not need guarantors or security for loans made through the app. You only need to provide your BVN and a few more things.
The monthly interest on loans with FairMoney ranges from 10% to 30%. This means that if you borrowed 1,000,000NGN, your interest payment would be between 100,000 and 300,000NGN per month.
2. Kuda Bank
For Nigerians who earn salaries from the government and the business sector, this is one of the online microfinance banks. The Bank of the Free is another name for Kuda Bank. As one of Nigeria’s top banks for digital microfinance, Kuda Bank has made a name for itself.
Although young people make up the majority of their clientele, they have also been able to draw in older Nigerians. Due to Kuda’s exceptionally low fees, many businesspeople (non-salary earners) use them for their daily transfers (almost zero charges).
Yet, the major benefit of choosing Kuda bank is that they offer loans to both salaried and non-salaried individuals. As long as you use your Kuda app frequently, you will be eligible for a loan (for transfers and withdrawals).
About the query of whether collateral or a guarantor are required to obtain a loan from Kuda bank. No, you don’t need a guarantee or collateral to borrow money from Kuda. However, the amount of the loan is determined by the greatest deposit you have ever made into the account or your annual earnings.
As long as you don’t pay back all of your loans, Kuda will charge you 0.3% interest every day on any amount you borrow. The iOS store and Google Play stores are where you can find and download the Kuda app.
The branch is a different Fintech business that provides online loans to Nigerian wage earners. It is a worldwide Fintech company that has its offices in key cities in the world. San Francisco in the United States, Mumbai in India, Nairobi in Kenya, and most recently Lagos in Nigeria are some of the cities where they have branches.
Your phone number, Bank Verification Number (BVN), and bank account number are all you need to apply for a loan from Branch. If all the information is entered correctly, a loan between 2,000 and 500,000 NGN should be issued to you.
Downloading Branch’s mobile app from the iOS or Play stores is the first step in applying for a loan. Hence, if you’re seeking for a quick loan in Nigeria, this is your finest alternative.
Another online loan app in Nigeria is Specta, which allows salaried individuals to obtain loans up to $5,000,000 in 5 minutes without providing any collateral as long as they have a bank account connected to BVN. Although Specta is not as well-known as Fairmoney or Kuda, it is nonetheless succeeding since its customer base is growing every day.
Specta’s loan interest rate is 23% annually, or 1.92% monthly. When you obtain a loan from Specta, you have between 7 and 12 months to make payments.
5. Rapid check
Another online lending application that employs machine learning to predict consumers’ behavior and immediately review loan applications is called Quickcheck. But, you must have a decent credit score in order to apply and be approved for their loans.
If you have a smartphone, either an Apple or an Android phone, you can get Quickcheck loans from anywhere in Nigeria. If it is your first time seeking a loan you can get along of 10,000NGN quickly.
Your chances of obtaining a larger loan with lower interest are higher the earlier you repay your loan. If you’re seeking for quick loans in Nigeria, this is an excellent alternative for you.
The Vbank app is a digital offering from the 2015-founded VFD Microfinance Bank in Lagos. When you register an account with VBank, one of the best features is that you can acquire a virtual card.
Customers that require loans with low interest rates and quick approval times should use Vbank. I’d say that Vbank caters primarily to salaried individuals with modest earnings.