Where To Get Loans If You Are Running Low On Cash

The coronavirus pandemic of 2020 is taking a toll not only on our physical and mental health, but also on our financial situation. With millions of people in Nigeria losing their businesses or being suspended from work, the need for cash is getting stronger by the minute. Here is where you can get a loan online in Nigeria right now.

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1. ALAT By Wema

ALAT by Wema launched in 2017 as the first fully digital bank in Nigeria and quickly became one of the most popular loan spots online. ALAT offers loan opportunities both for individuals and businesses, but you do need to be a regular ALAT customer and have frequent transactions in your account before you can get approved for the loan.

2. Easyloan

Easyloan is one of the few lending services in Nigeria that operate both offline and online. Easyloan takes your salary and other factors into account when deciding whether to grant you a loan. You can borrow between ₦50,000 and ₦1 million, and the loan must be repaid in 3 to 12 months, depending on your personal repayment schedule.

3. KiaKia

KiaKia is, perhaps, the most innovative loan service in Nigeria right now. Instead of manually reviewing every application, KiaKia instead utilizes advanced software to assess the borrower’s financial situation and potential risks. If the application is pre-approved, it is then reviewed by a KiaKia employer. All in all, the process takes less than 1 hour!

4. Pettycash

The name of the next loan service really describes its speciality. The service specializes in small loans that can help you last a few days before your salary arrives. Pettycash gives out loans from ₦1,000 to ₦5,000 and operates fully online. You need to be a salaried employee to qualify for a Pettycash loan, and there is a special program for federal workers allowing them to borrow up to ₦50,000.

5. Specta

Specta is an all-encompassing lending platform that operates online. Specta does not require you to provide collateral or extensive paperwork for your application, and all loans are processed within 24 hours. Specta provides loans both to individuals and businesses, and you can borrow up to ₦5 million without any visits to the offline office.

6. Access PayDay Loan

Once again, you can guess the speciality of the lending company by its name. The PayDay loan program, which is run by the Access Bank, provides quick payday loans to individuals who have run out of cash and expect to get paid soon. To qualify for the loan, you need to have consistent salary records for at least 3 months and a signature from a guarantor – for example, your employer.

7. Aella Credit

Aella Credit is an international lending platform that operates in several countries, including Nigeria. The company operates fully online and can give out loans from ₦1,500 to ₦700,000. Your loan application is first approved by financial software, which assesses your financial situation, and then the loan is manually approved by an Aella employee.