While securing loans with a salary account in Nigeria can be a bit easy, it may be a different case when you want to secure a loan without a salary account. But thanks to online lending platforms which have revolutionized the ways conventional lending was done.
Apart from securing loans without a salary account, most of these lending platforms also offer collateral free loans to Nigerians to enable them to meet their urgent financial needs.
However, before you take a loan from any lending platform, it is best to understand their terms and conditions like: loanable amount, interest rate, etc, to know if it is okay with you. Having said that, let’s proceed with the discussion.
Factors To Take Into Consideration When Applying For Loans As Non Salary Earner
As it is with other loan application processes, when you want to apply for a loan without a salary account, it is important to consider some factors to enable you to make informed decisions beforehand. Some of the factors to consider are outline below:
- The interest rate of the lending platform.
- Check the flexibility of the repayment plan.
- The loanable amount should also be considered.
- Also, check the loan disbursement process etc.
- In all, make sure you have a means of paying back the loan, on or before the due date.
Instant Loan In Nigeria Without Salary Account
There are numerous instant loan platforms where you can take instant loans to meet your urgent financial needs without a salary account. The overview of each instant loan institution is given below with their pros and cons.
1. Fairmoney
Fairmoney is one of the leading online lending platforms that offers collateral free loans to non salary earners in Nigeria. They offer instant and secure loans to their users.
Applying for the Fairmoney loan is pretty simple since the loan application process is done electronically with their mobile app. There’s also swift disbursement of loans to successful applicants.
Fairmoney loan amount: The loanable amount at Fairmoney ranges from N1,500 – N500,000.
Fairmoney loan term: The loan tenure of Fairmoney loan is between 61 – 180 days.
Fairmoney interest rate: The monthly interest rate of Fairmoney loan ranges 10%-30%.
Pros
- No hidden fees.
- Collateral free loans.
- Flexible repayment plan.
- Swift loan disbursement.
Cons
- Relatively high interest rate.
- The loanable amount is relatively small for borrowers with higher financial needs.
Fairmoney Customer Care
For questions, inquiries or assistance, you can reach out to Fairmoney via the following handles:
Call: 01 8885577 / 01 7001276
Email: help@fairmoney.in
2. Carbon
For instant loans without a salary account, Carbon is one of the options to consider. With Carbon, you can get up to N1,000,000 loan without collateral.
Carbon, which was formerly known as Paylater, is a digital lending platform that offers short-term loans to Nigerians who’re in need of instant cash to meet their urgent financial needs.
Carbon loan amount: Borrowers can get up to N1,000,000 loans from Carbon.
Carbon loan term: The tenure of Carbon loan is between 1 – 12 months.
Carbon interest rate: Carbon loan interest rate ranges from 1.75% – 30%.
Pros
- Flexible repayment plan.
- Hassle-free application process.
- The loanable amount is averagely good.
Cons
- The interest rate is not fixed, which may be a bit difficult to calculate.
- The loan application will be thoroughly reviewed which may reduce your chances of getting the loan.
Carbon Customer Care
You can reach out to Carbon customer unit via:
Call: +233240108580
Email: support@payl8r.com or info@paylater.ng
3. Aella Credit
Aella Credit is a digital lending platform that offers unsecured loans to Nigerians. You can access loans from Aella Credit without needing a salary account. Aella Credit serves as a lending platform as well as investment platform depending on your needs.
Applying for a loan on Aella Credit is pretty easy. To apply, just download the Aella Credit app from official App Stores and register an account with your details including your BVN to get started. Their loan disbursement doesn’t take time.
Aella Credit loan amount: The Aella Credit loanable amount ranges from N2000 – N1,000,000.
Aella Credit loan term: The maximum loan term of Aella Credit is 3 months.
Aella Credit interest rate: The interest rate of Aella credit loan is between 6% – 20%.
Pros
- There’s no hidden fees.
- Swift loan disbursement.
- Their interest rate is relatively competitive.
Cons
- Aella Credit repayment plan is rigid, it will be a bit difficult to meet.
- Your creditworthiness will be reviewed.
Aella Credit Customer Care
For inquiries, you can contact Aella customer care unit on support@aellacredit.com.
4. Branch
While Branch operates in different countries, their lending services in Nigeria cannot be overemphasized because they offer unsecured loans to Nigerians with both salary and non-salary accounts.
With Branch mobile app, you can complete the loan application within a few minutes. With Branch, you can get up to N500,000 without any form of documentation or physical verification.
Branch loan amount: The loanable amount at Branch is between N1,000 – N500,000.
Branch loan term: The Branch loan tenure 62 -180 days.
Branch interest rate: The monthly interest rate of Branch loan ranges from 15% – 34%.
Pros
- Flexible repayment plan.
- Seamless application process.
- Quick loan disbursement.
- Collateral free loan.
Cons
- Branch interest rate is not fixed, hence it can change overtime.
- The loan amount that you’ll qualify for is totally dependent on your creditworthiness.
Branch Customer Care
For any assistance, you can reach out to Branch customer care unit via the following handles:
Call: +254 711 995555
Email: nigeria@branch.co.
5. KiaKia
KiaKia is an online lending platform that offers instant loans to non salary account holders. They offer safe and secure loans to borrowers without requesting for documentation, collateral or guarantor.
To apply, just download the Kiakia mobile app from the official app store and create an account with your personal details to get started. They offer both short-term personal and business loans.
KiaKia loan amount: The Kiakia loanable amount ranges from N10,000 – N200,000.
KiaKia loan term: The repayment plan of KiaKia loan is between 7 – 30 days.
KiaKia loan interest rate: The interest rate of KiaKia loan is between 5.6% – 24%.
Pros
- Collateral free loan.
- Swift fund disbursement.
- Hassle-free application process.
Cons
- The repayment plan is too short.
- The loanable amount is relatively small.
KiaKia Customer Care
For inquiries, questions or assistance, contact KiaKia customer unit on:
Call: 09055111140 / 08092245588
Email: 1helpdesk@kiakia.co.
6. FastCash
First City Monument Bank (FCMB) is among the few traditional financial institutions that offer loans without needing a salary account. FCMB offers an instant loan known as FastCash.
With FastCash, borrowers can get up to N200,000 instant loan. The loan application process is quite simple. To get started, you’ll need to open account with FCMB if you don’t have one yet, and after that, dail *329*11# on your device and follow the onscreen instructions to apply.
FastCash loanable amount: The loan amount by FastCash is up to N200,000.
FastCash loan term: The loan term for new customers is 30 days while the loan term for existing customers is 90 days.
FastCash loan interest rate: The FastCash risk – based interest rate per disbursal is 15% while the monthly risk – based interest rate is 3.5%.
Pros
- Quick fund disbursement.
- Safe and secure loans without collateral.
- Seamless application process.
Cons
- Their interest rate is not variable.
- The loanable amount is relatively small.
- Their loan tenure is not flexible for new customers.
FastCash Customer Care
For help, contact FastCash on:
Call: 07003290000 / 01-2798800
Email: customerservice@fcmb.com.
7. Palmcredit
For personal loans without a salary account, guarantor or collateral, Palmcredit is one of the options to consider. They offer unsecured instant loans without paperwork
Palmcredit loan amount: The Palmcredit loanable amount is between N2,000 – N100,000.
Palmcredit loan term: The repayment plan of Palmcredit loan ranges from 14 -180 days.
Palmcredit interest rate: The monthly interest rate of Palmcredit falls between 4% – 4.7%.
Pros
- No paperwork needed.
- Quick loan disbursement.
- Collateral free loan.
Cons
- The loanable amount is small.
Palmcredit Customer Care
Call: 017001000
Email: Palmcredit.support@newedgefinance.com.
8. Specta
Specta is a collateral free loan that’s offered by Sterling Bank. With Specta, borrowers can get a up to N5 million without salary account, paperwork or collateral. To apply, just download the mobile app from Apple Store or Google Play Store for iOS and Android users respectively.
Specta loan amount: Up to N5 million.
Specta loan term: 12 – 36 months
Specta loan interest rate: 25.5%-28.5%
Pros
- Good repayment plan.
- Large loanable amount.
- Fast disbursement.
Cons
- Interest rate is relatively high.
Specta Customer Care
For assistance, reach out to Specta on
Call: 01-7004271
Email: specta@sterling.ng
9. Quickcheck
Quickcheck is another online lending platform that offers collateral free loans, and doesn’t require a salary account. There is also no paperwork required. With Quickcheck, borrowers can get up to N500,000 instant loan which is safe and secure.
Quickcheck loan amount: Up to N500,000.
Quickchek loan term: 91 – 365 days.
Quickcheck loan interest rate: 5% – 36%.
Pros
- Flexible repayment plan.
- Quick fund disbursement.
- Collateral free loan.
Cons
- Relatively high interest rate.
Conclusion
There are several lending platforms where you can get loans without a salary account. Most of these platforms offer secure loans without collateral. However, before opting for the loaning service of any lending platform, ensure that you carry out a due diligence inquiry to ascertain their terms and conditions. Borrow responsibly and spend wisely!
