There are so many mobile loan applications for Nigeria due to the increase in demand for the product.For many banks, this is a source of income.
Banks in Nigeria make huge profits and generate massive income by making loans to needy clients and it doesn’t look like they are going to stop anytime soon.
Just so you know, instant mobile loans can not only be obtained by dialing a code but also through mobile loan applications.
As a customer, you can view all available loan products by downloading the mobile loan apps you want to borrow on the Play Store.
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Below is a list of the most popular mobile loan apps in Nigeria 2020.
- Access Bank Payday Loan.
This is one of the most popular instant mobile loans in Nigeria.
To get this loan or confirm your eligibility status, you just need to dial the USSD code for Access Bank * 901 * 11 # .
The loan is available to clients who have an existing salary account relationship with the bank.
Other federal and state workers can also apply as long as they are willing and able to comply with the terms.
Access Bank will give you up to 75% of your monthly salary.
The good thing about this mobile loan product is that it offers you a flexible payment plan.
Access Bank expects you to pay within thirty days or your next payday; whatever comes first.
The fees involved in paying off payday loans include: – interest rate, settlement fee, value added tax, and service charge totaling approximately 5.2% of the loan
The loan will be settled from the bank where your salary account is domiciled.
- Fast credit by Guaranty Trust Bank.
To get the Quick Credit loan from GTB Nigeria, simply dial the short code *737*5151 #
Paying off this loan shouldn’t be a problem because the payoff and repayment span a period of six months to a year. There are no hidden charges as far as this instant mobile loan is concerned and the monthly interest rate is 1.75%.
Unlike the Access Bank payday loan, Quick Credit is available to both salaried and non-salaried employees.
The fact that he can request as little as 10,000 naira confirms this even more.
If you are under 18 years old on the day you apply for this loan, your application will be rejected.
Also, you must not be older than 59 on the day the loan is expected to mature.
If your application for this loan is approved and confirmed to be successful, the amount deposited will be disbursed into your recognized Nigerian Guarantee Bank account.
Self-employed persons can also get up to $ 1,000,000 (one million naira) of quick loans.
However, if you earn substantial income as wages, your eligibility amount is # 5,000,000 (five million naira).
Your application for this fast mobile loan for Nigeria will be denied if you are in debt to the bank or other financial institution.
Your application will also be denied if you have a history of failed checks.
Upon successful expiration and settlement, you will be duly notified via the Alat app.
Obtaining a quick loan on this platform is not difficult.
To be eligible, your age must not be under 22 or over 59.
This loan is not intended for people who do not have a source of income or a stable job.
Through this platform, you can get a loan as high as NGN 4,000,000 (Four million naira).
RenMoney loan repayment is flexible and spans nine months.
The interest rate for this product is between 4% and 4.5% per month.
- Zedvance (Instant online loan in Nigeria without collateral).
Zedvance shares many similarities with Renmoney.
You must have a salary account before you can be considered for this loan.
To pay, you can write a check or a direct debit is made from your bank account.
The maximum tenure for this loan is 12 months and the interest rate ranges from 4% to 4.5% depending on how well you can negotiate.
Your eligible amount is a function of your net pay.
A valid regulatory identification card and a recent utility bill are some of the requirements for this loan.
The Zedvance loan application can be done online.
- Instant Mobile Loans from Kwik Cash Nigeria.
The good thing about Kwik Cash is that you can choose the means through which you want to apply for a loan.
Whether it’s the Kwik Cach mobile loan app, the USSD code, or the internet option, you’re ready to go.
You can make a request for up to NGN. 15,000. Pay off the loan in 2 weeks to get another one.
The requirements for this fast mobile loan for Nigeria are basic, although the repayment plan does not extend for a long period of time.
Kwik Cash can best be viewed as a loan option designed to meet your short-term needs.
Your bank verification number (BVN) is what qualifies you for The Kwik Cash instant loan product .
- Rosabon Finance Nigeria quick loan application.
Rosabon is a financial institution that has continued to support small and growing businesses in Nigeria.
The company is now one of the leading providers of personal loans.
If you are unemployed, this loan is not for you.
The interest rate is between 4% and 6% per month and you must have a tax ID or pension account to be eligible.