One that has ever being in urgent need of money would understand that borrowing money from people is really a nightmare. Those you thought were your best friends would turn you down when it comes to borrowing money from them. This is why many platforms came up to offer 24hrs loan in Nigeria, inorder to save People in this ugly situation.
There are many platforms that promise to offer loan in minutes in Nigeria today, but people are always skeptical on how to really know the genuine ones. Since these platforms always require access to People’s BVN (Bank Verification Number) before accessing their loans, it becomes a matter of concern to be sure of the genuineness of the platform before giving them your BVN.
This is because scammers are everywhere today in Nigeria, of which it has been believed so long that scammers can have access to the money in your Bank account through your BVN.
This is Why I decided to compile in this post, the trusted and safest loan platforms where you can get 24hrs loan in Nigeria.
Is It Safe To Give Out My BVN?
This is where many people always get scared whenever they want to access 24hrs loan in Nigeria, but the truth is that your BVN is very safe in their hands as long as the platform is genuine. In fact almost every loan institution would always request for your BVN before you would be able to access their loans.
Remember that for any financial institution to start operating in Nigeria, such institution must have to be fully registered and must obtain license from the Government or the Central Bank. So with this, there is no way they would play any funny game with customers’ accounts, or vital details.
Why Do They Always Request for BVN?
Getting Customers’/borrowers’ BVN is a CBN policy applicable to financial institutions as part of KYC (Know Your Customer) requirements.
If you have ever lent money to anyone, then you would understand better how people behave when they borrow money. People can be very loyal whenever they are in need and want to borrow money, but would show you the other side of them when it’s time to pay their loan. That is why our people would always say that: 👇
It is not the same mouth People used to borrow that they always use when paying back.
Without collecting the best vital details like BVN of the borrowers, many people would always borrow and never wish to pay back their debt.
So to avoid this scenario, loan institutions would always go as far as collecting the BVN of anyone that wants to borrow on their platform.
With this, the borrowers would not be able to run with their money to anywhere.
What Would They Do If A Borrower Refuses To Pay Back Their Loans?
Since the BVN of the borrower is already with the loan institution, it means they have all the necessary and vital information about the borrower, and can take any action they wish against the person, if they refuse to pay their loan.
Since the loan institution have license from the government and from the Central Bank of Nigeria (CBN), they might decide to submit the defaulter’s details to the CBN, and such person may be added to black list. They may even decide to report to the defaulter’s Bank to block their account, or take other detrimental decisions against the defaulter.
If the defaulter is added to black list by the CBN, such defaulter would never have access to any form of loan in Nigeria, both private and Government loans.
In fact there are many detrimental issues that defaulters would stand to suffer if they refuse to pay back their loans.
So, to avoid this mess, it is advisable that while applying for instant loan in Nigeria, you should always borrow the amount that you would be able to pay back exactly at the due date. Or better don’t just borrow at all if you don’t have any hope or means of paying back at the due date.
Best Platforms To Get 24hrs loan in Nigeria
MySpecta is one of the best loan platforms that can give you loan in minutes in Nigeria. If you have been searching for how to get a quick loan in Nigeria, or where to get instant loan without collateral in Nigeria, MySpecta would really be a nice option.
MySpecta is a Sterling Bank loan platform that provides loans to profiled Busines owners, but the platform also provide loans to everyone who may need loans.
There are many loan packages meant for different purposes, like Salary Earners, Busines owners, Youth Corps Members (NYSC) and so on; but the package meant for everybody is known as that Quick Loan package, and this package can offer up to N20,000 to customers without collateral.
MySpecta Interest Rate
Loan interest rates on Specta may actually depend on the loan package, but they can range between 20% – 30%.
Requirements For MySpecta Loan
Before you would qualify to get 24hrs loan on MySpecta, the following may be required from you:
- Bank account number (sometimes they accept only Sterling Bank account)
- Bank Verification Number (BVN)
- Valid ID Card
- Email Address
Have you been searching for how to get quick loan in Nigeria? Okash would really be an answer to your problem. Okash is the automated lending service managed by Opay which is owned by the popular Chinese Company called Opera.
Over the time, Okash has remained one the best loan platforms that is dedicated in giving out 24hrs loan in Nigeria. When talking of collateral free loan, Okash is very good at that, because you don’t really need to bring any property before getting loans from them.
On Okash quick loan, you can borrow up to N50,000 depending on how long you have been borrowing from them, and how good you have maintained your reputation.
Okash Loan Requirements
For you to be eligible for Okash loan, you have to put the following in mind:
- You need to download the application
- You need to sign up on the platform
- Your Valid ID Card is needed
- Your bank details
- Your BVN
- You must be between the age of 20 to 55 years old.
- During your application, you will have to provide at least 2 guarantors phone numbers. Opay will call them to be sure they know you very well.
- You must have something doing
Okash Interest Rates
Okash Interest Rates range from 0.1% to 1% for daily interest rate; and from 36.5% to 360% for annual interest.
But one thing you should be very careful is that the interest rate increases as high as 5% daily if you fail to pay at the due date, seriously this is very detrimental. That is why you should never borrow if you don’t have any assured hope/means of paying back before the due date or exactly on the due date.
If you have been searching for a reliable loan platforms to get 24hrs loan in Nigeria, then PalmCredit would really be a nice option.
PalmCredit is one of the most trusted loan platforms that offer loan in minutes in Nigeria, and can give out loans up to N100,000 to customers depending on the situation on ground.
PalmCredit Loan Requirements
For you to be eligible to get quick loan from PalmCredit, you would have to provide the following during application:
- Bank Verification Number
- Full Name
- Phone Number
- Bank Details
- Your Occupation Information
PalmCredit Interest Rates
PalmCredit loan interest rates ranges from 4.6% monthly interest, and 56.78% annual interest.
When talking of the reliable online platforms that offer 24hrs loan in Nigeria, then FastCredit would never be left aside. Over the time, it has remained one the best platforms to get loan in minutes in Nigeria, and can give up to N100,000 loans and above to their customers.
FastCredit Loan Eligibility & Requirements
For you to be eligible to get quick loan from FastCredit, you must:
- Be a paid employee in any sector
- Be between 18 years and 58 years
- Have active salary account
- Have a clean Credit Bureau Report.
- Recent Passport PhotographValid Government ID Card
- Employee ID Card
- 4.NUBAN Cheques and Direct Debit Mandate
- Salary Bank Statement for the last 6 months
FastCredit Interest Rates
The interest rate of FastCredit loans is as low as 2% per annum.
Carbon is a very popular online investment platform which also offers 24hrs loan in Nigeria. It has a very friendly service for those that would need loan in minutes in Nigeria, and can give up to a loan amount of N50,000 or even above, depending on your level.
Carbon Loan Requirements
There may or may not be much things needed from you before your would get fast loan from carbon. All that is required from you are:
- Download their Mobile App
Carbon Loan Interest Rate
The interest rate of loans on Carbon are really very friendly, and can range from 12% to 15% per 3 to 12 months.
FairMoney is another trusted online platform that offers 24hrs loan in Nigeria. If you have been searching for a reliable place to get loan in minutes in Nigeria, this platform would really meet your needs at ease, as their loan service is very friendly. On FairMoney, you can borrow from N1,500 to as high as N50,000 and above, at a low interest rate.
Among all the platforms that offer 24hrs loan in Nigeria, FairMoney is one the easiest to access, as there are no much requirements or stress in getting their loans.
All you need is just to sign up on the platform with your name and other personal information, and you would be set for your instant loan.
FairMoney Interest Rate
Among all the platforms that offer 24hrs loan in Nigeria, FairMoney is one them that has a very friendly interest rate; as their interest rates ranges from 10% to 30% monthly.
Kwikcash has remained of the most popular and trusted platforms that offer 24hrs loan in Nigeria. So if you have been searching for a place to get loan in minutes in Nigeria, this platform would really serve great for you.
For you to access quick loan on kwikcash, the following requirements may be needed from you:
- Phone Number
- Bank account that has been used for at least 3 months
- You must be at least 18 years old
Kwikcash Interest Rate
Kwikcash interest rate is very low, and can range from 5% and above depending on the condition available.
Migo which was formerly called Kwikmoney, is a very genuine online platform where you can get 24hrs loan without collateral in Nigeria.
You can access from N500 to over N500,000 on KwikMoney, depending on how long and trusted you have being on the platform.
Most platforms that offer collateral free loan in Nigeria usually have strict loan requirements, but Migo requirements are really very friendly.
So, for you to get 24hrs loan without collateral on Migo, the following requirements may apply.
- Your bank account details
- Your account number must have been active for at least 90 days.
- Your BVN
- Your phone number
- Your phone number must have been active ffor at least 90 days.
- You must be at least 18 years old
Migo Interest Rate
Among all the platforms that offer 24hrs loan in Nigeria, Migo is one them that provides a very friendly interest rate. The interest rates range from 4% to 15% depending on the condition available.
If you have been searching for a place to get 24hrs loan in Nigeria or a collateral free loan, then RenMoney would really answer your needs.
There are many loan packages available on RenMoney, of which each of them has their minimum and maximum loan amount.
On the quick loan package, you can borrow up to N70,000 and above depending on the condition available.
For you to access instant loan without collateral on RenMoney, the following requirements always apply:
- You must be between 22 to 59 years old
- You must have a source of income
- You must live/work in cities they operate especially in Lagos
- You must have a bank account
- Your bank statement is needed
- Valid means of Identification (ID Card)
RenMoney Interest Rate
The loan interest rate on RenMoney may vary depending on the loan package. But the interest rate for the quick loan package range from 4% to 4.5% per month.
Moniva which was formerly called SnapCredit, is one of the most reliable loan platforms which offers 24hrs loan mostly to salary earners.
On Moniva, salary earners can borrow from N10,000 and above, and can payback within months, depending on the duration selected.
- You must be a salary earner
- Your bank details
Moniva Interest Rate
The loan interest rate on Moniva varies with customers, and may depend on the amount borrowed. You can check your interest rate on your SnapCredit login dashboard. But most times, the interest rate may vary from 3.5% to 4% in a month.
There may be nothing bad in taking loans, but it becomes very bad if you make it your habit.
No one can actually say what may happen in future time; most times emergency needs may come up unexpectedly, such that the only option left would be to take loans.
But while taking your loans, always make sure that you borrow what you would be able to pay at the due date, to avoid embarrassment and other detrimental issues.
There are some people that are fund of borrowing; not even for serious emergency needs, but because they cannot manage the little income they earn in a month before another month comes.
So, to reduce the temptation of taking loans, try to cut your expenses according to your level; because it is very hard to achieve financial freedom if you are always borrowing.