7 Best Loans For Salary Earners In Nigeria

July 14, 2022

7 Best Loans For Salary Earners In Nigeria

In this article, we'd be seeing a comprehensive list and review of the seven best loans for salary earners in Nigeria.

A loan is an amount of money that is borrowed, especially from a bank or company, which you agree to pay back by the end of a period of time. It involves the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient of the loan incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed.

7 Best Online Loan for Salary Earners in Nigeria

We collect loans for different purposes, from starting a new business to paying off urgent bills and more. If you're interested in knowing the best loan apps, microfinance banks, or commercial banks that can learn your loan at the cheapest or lowest interest rates, keep reading as we got them compiled for you.

• Branch

Branch is a leading personal finance app that provides access to instant loans with no physical documentation. With the Branch app, you can transfer money, pay bills for free, enjoy investment yields of 20% per annum and of course, get instant loans up.

  - Branch offers loans from ₦2,000 to ₦500,000.
  - Loan terms range from 9 – 52 weeks.
  - Interest ranges from 17% – 40% with an equivalent monthly interest of 1.5% – 20% and APR of 18% – 260%, depending on your loan option.
  - On Branch, there are no late or rollover fees and you don't need to present any collateral. Interest rates are determined by a number of factors, including your repayment history and the cost of lending for Branch.

• Quickcheck

QuickCheck is another popular online loaning app that has been in existence for quite some time in Nigeria. Just like Branch explained above, in QuickCheck, all loan applications are performed online.

QuickCheck is fully devoted to ensuring users are supported in micro lending. This means that you get just a little money to keep afloat until your payday. 

  - QuickCheck offers loans from ₦3,000 to ₦200,000.
  - Loan repayment period is 30 days
  - Interest varies, and I recommend you carefully review them before proceeding with the final stage.
  - No collateral or paperwork is needed, just your BVN Number and your loan will be given to you.

• Fair Money

Fair Money is a digital banking and instant loan app in Nigeria. They provide collateral-free personal loans, a bank account with free bank transfers, and zero convenience fee on transactions. In short, Fair Money is a digital bank.

To access a loan on Fair Money, you need an Android phone and a BVN. After downloading the app from Google Play Store, you sign up with the phone number number linked to your BVN, answer a few questions and confirm your identity to receive a loan offer. If you accept it, the amount will instantly be credited to your preferred bank account.

  - Fair Money offers loans from ₦1,500 to ₦150,000.
  - Loan maturity period is 1-3 months
  - Interest varies, and I recommend you carefully review them before proceeding with the final stage.
  - No collateral or paperwork is needed, just your BVN Number and your loan will be given to you.

• VBank

The VBank app is a digital product of VFD Microfinance bank which was incorporated in Lagos in 2015. VBank loan products are available to salary earners, entrepreneurs and businesses. Some of the benefits of the VBank loan products include; fast processing, competitive rates, ease of repayment, no early repayment penalty and reducing balance calculation, amongst others.

Vbank is designed for customers who need loans at a small interest rate and in the shortest period of time.

• Soko Loan

Sokoloan is a simple, entirely online lending platform that provides short-term loans to help cover unexpected expenses or urgent cash needs.

To use Soko Loan, you need to have an Android phone and a BVN. The application process is simple, download the app from Google Play Store, fill out the brief application form with your information and submit it for review. Once approved, the funds will be released to you (it typically takes 5 minutes).

• Kuda Bank

Kuda is a London-based start-up and digital-only bank operating in Nigeria since 2017. Kuda is Nigeria's first mobile-only bank licensed by the Central Bank and is currently licensed for microfinance and mobile banking services.

You will be entitled to a loan (Kuda Overdrafts) as long as you use your Kuda app regularly (buy airtime, pay bills, make transfers etc.). Kuda Overdrafts has a daily interest of 0.3%.

To access Kuda Overdrafts, simply sign up on Kuda and upgrade your account with your BVN (Bank Verification Number) and a valid ID.

• Specta

Specta is a loan app in Nigeria from Sterling Bank and provides credit facilities to salary earners and profiled business owners in Nigeria. It gives you access to loans up to ₦5,000,000 without paperwork or collateral, and you will receive the funds within five minutes.

Interest rates on Specta Loan depend on the loan package you opt for. However, they range from 20%-30% per annum. Repayment also depends on the package you’ve chosen and the refund has a tenor of 1-4 years.

What more?

These are not the only loan apps, you can also check out: 
• Aella Credit
• GroFin 
• Kiakia

The interest rates and other information stated on this page were sourced online and assumed correct at the time as of curating this article, but we always advise you to verify the information and carefully go through the terms and conditions before applying for the loans.

Which of the above platforms have you used? What's your review? Kindly drop us a comment and don't forget to share with your friends.

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